Dáil prepares to vote on IBRC liquidation

The former Anglo Irish Bank is to be liquidated tonight as part of a proposed deal on banking debt.

Emergency legislation to liquidate the IBRC has been drafted and will go before the Dáil in the next half hour, and the Seanad in the early hours of tomorrow morning.

President Michael D Higgins has tonight cut short his official visit to Rome and returned to Ireland to sign any Bill into law.

All of this depends on the firm agreement of the ECB, which has still not signed off on the proposal. That may come at tomorrow's Governing Council meeting or in the days after.

A full Cabinet meeting is continuing in preparation for the vote.

The Coalition was left with no choice but to move to secure and liquidate the IBRC after details of its plans were leaked.

The assets will be transferred to Nama tomorrow.

The promissory notes will then be replaced with long-term bonds to be paid between 25 and 40 years from now.

The Coalition hopes the plan will save at least €1bn for the taxpayer in next year's budget and subsequent Budgets, meaning the cuts and taxes will be eased somewhat.