State has received €280m from liquidation of IBRC

The State has received a payment of €280m from the liquidation of the Irish Bank Resolution Corporation.

It is the first dividend payment of 25% of what is owed to the taxpayer.

The liquidators have said they hope to pay out somewhere between 75 and 100% of what's due to unsecured creditors.

Finance Minister Michael Noonan says the payment will reduce the amount he has to borrow.