IBRC's 2012 action against EY over pre-crash auditing settled

The legal action was delayed for several years, by a number of criminal cases involving Anglo Irish Bank

Anglo Irish Bank was nationalised in 2009, and became Irish Bank Resolution Corporation (IBRC) in 2011. Picture: Julien Behal/PA

A High Court action taken by the former Anglo Irish Bank against its pre-financial crash auditors more than 10 years ago has been settled on confidential terms.

The State-owned bank, which became Irish Bank Resolution Corporation (IBRC), sued Ernst & Young (EY) for more than €50m in damages over losses allegedly resulting from the auditor’s “repeated failure” to uncover alleged “highly unusual and improper” loan transactions, known as “bed and breakfast” transactions, of former Anglo chairman Seán FitzPatrick.