IBRC liquidators given more time to sell loan book

IBRC liquidators given more time to sell loan book

The Irish Bank Officials Association has welcomed news that extra time has been given to the special liquidators of IBRC to sell its multi-billion euro loan book.

The Finance Minister Michael Noonan has set a new deadline of December 31, 2013, for the completion of the sale of assets in the bank.

More than 1,000 staff were employed by IBRC at the time of the liquidation in February.

Up to 12% have since left the company and the remaining staff face being made redundant when the bank is wound up.

Under the newly extended timeframe to sell IBRC's €27bn loanbook, KPMG’s Kieran Wallace and Eamonn Richardson have until midnight on November 30, 2013, to conclude the valuation process on the loans.

They are now expected to have agreed or completed the sale of assets in the bank by December 31.

The Irish Bank Officials Association welcomed the announcement as "providing a modest degree of assurance to workers in a very difficult and uncertain situation".

However, the association said it cannot offer a more positive response until it has more information about the precise implications for its members in IBRC.

The association is to seek clarification on the matter next week at the earliest opportunity from the Special Liquidator and the Department of Finance.

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