The former chief executive of IBRC has claimed Finance Minister Michael Noonan should extend the Siteserv probe to include multi-million euro debt write-downs by AIB and Nama if he really wants to uncover the full depth of the situation.

Finance Minister Michael Noonan has insisted that a review of the Siteserv deal can be done at arms length before a full-blown inquiry into the controversial sale is decided on.

Junior bondholders of the doomed Anglo Irish Bank could be in line for a multi- million euro payout as the sale of assets of the Irish Bank Resolution Corporation (IBRC) continues to surpass expectations.

JUST sold for year’s end, after 40 inquiries and a competitive tender process for a receiver, is the Kinsale Road Business Park in Cork - by the city’s busiest traffic junction, the Kinsale Road Roundabout, passed by 85,000 cars a day.

A High Court judge has strongly criticised the continuing failure over months to make a decision whether accountancy firm KPMG should, in its capacity as former auditors to Irish Nationwide Building Society, be sued as a co-defendant in separate actions by State-owned IBRC against Michael Fingleton and other former directors of the society over €6bn losses.

The Kinsale Road Business Park which is largely let, has a current rental income of €420,000, representing a c 11.5% net initial yield to investors.

A judge said he wants to be told by the end of October whether it is proposed to join accountancy firm KPMG, former auditors of Irish Nationwide Building Society, as a co-defendant in a legal action brought over €6bn losses at the society.

An application may be made to join accountancy firm KPMG as a defendant to a legal action arising from €6bn losses at Irish Nationwide Building Society.

The final link between the State and Anglo Irish Bank has been broken with the announcement that none of the banks assets will transfer to the State.

A law firm has been retained by KPMG, the special liquidators of IBRC, to decide whether legal action should be taken against KPMG as auditors of the former Irish Nationwide Building Society.

Only €1.9bn of the €21.7bn par value IBRC loan book will go into Nama following the completion of the sales process.

The US fund Lone Star has acquired the bulk of Anglo Irish Bank’s €7bn UK loan book sold by the special liquidators for IBRC.

The agreement of the bidders on the IBRC mortgage book to voluntarily comply with the consumer code on mortgage arrears is unenforceable and has not even been written down, according to the IBRC special liquidators.

Legal proceedings by three former executives of the Irish Bank Resolution Corporation against their former employer have been adjourned at the High Court.

It is understood that compensation of €67m was paid out to IBRC customers who were overcharged by the bank.

The IBRC — comprising former Anglo Irish Bank and Irish Nationwide — will have €3bn less to repay creditors after the Government sped up its liquidation, two sources said on condition of anonymity.

The special liquidators of IBRC, KPMG’s Kieran Wallace and Eamonn Richardson, are writing to all its clients over the next few weeks to solicit their views on how the sales of their loans should be handled.

Forty employees of the former Anglo Irish Bank, IBRC in special liquidation, have been made redundant at the bank’s London and Belfast offices.

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.

Mortgage holders who missed payments due to the liquidation of IBRC will have to check their accounts are up to date by the end of April or else their credit rating will be affected.

LIQUIDATORS have taken control of the assets, records and bank accounts of Home Payments.

MEMBERS of Superquinn’s board of directors have differed on whether it made a formal decision to apply for examinership shortly before a receiver was appointed to the supermarket chain.

THE Musgrave Group is facing serious competition and obstacles in its €220 million-plus bid to take over rival retailer Superquinn.

THE battle over the future of Superquinn has intensified at the High Court with claims by two of its directors that the appointment of joint receivers to the retail chain this week was invalid, while the receivers disputed the validity of a company resolution to present a petition for examinership.

The chief executive of Superquinn has resigned just days after the appointment of receivers to the supermarket chain, which was promptly sold to Musgrave Group.

The Musgrave Group has purchased Superquinn, subject to regulatory approval.