IBRC look for Ernst & Young legal action to be fast tracked

IBRC is to apply today for its legal action against former auditors Ernst & Young to be fast tracked to the commercial division of the High Court.

The former Anglo Irish Bank is suing over Ernst & Young's role at the bank before it was nationalised.

It is an unprecedented move by IBRC to sue the auditors over their conduct before the bank's collapse.

Ernst & Young were paid over €9m in fees for auditing the bank in the decade up to its nationalisation in 2009.

Ernst & Young, who signed off on the 2006 accounts, prior to the financial crisis, have indicated they will vigorously defend the proceedings.

This legal action was initiated just before a six year time limit would have prevented IBRC from taking a case.