The IBRC special liquidator’s decision not to challenge a ruling by Justice Briggs in London could end up costing Irish pillar banks hundreds of millions of euro.

AIB will ask the High Court tomorrow to rule whether or not it has to make certain coupon payments to junior bondholders this weekend.

A “MARKET-BASED solution” to taking out junior bondholders in AIB should have been adopted by the Government rather than seeking a court order forcing them to sell at huge losses, a Cayman Islands investment firm representing bondholders has told the High Court.

AN investment firm representing some subordinated bondholders in AIB is expected to ask the High Court today to make orders which would delay plans for a debt buyback aimed at raising up to €2 billion to meet the bank’s additional €13.3bn capital bill.

Copper prices tumbled below $6,000 a tonne today, sending shares in the mining sector down as much as 5%.