Many questions remain over dramatic move

The Government is hoping the winding up of IBRC will be “very advantageous” — but a lot of questions still have to be answered after the shock move was announced during a frantic day yesterday.

The governor of the Central Bank of Ireland, Patrick Honohan, held talks in Frankfurt with his counterparts and ECB banking chiefs over plans to dispose of the toxic lender.

The bank, favoured by property speculators and developers before the 2008 crash and since rebranded the Irish Bank Resolution Corporation (IBRC), has cost the State €28bn.