IBRC Faces Uphill Battle In U.S., As Well As At Home

As the first tranche of sales of the Irish Bank Resolution Corporation (IBRC) loan book auction concluded, it was looking as if the organization, placed into liquidation by the Irish government in February of this year, would face its end respectably. However, that hope has now dimmed with a host of legal challenges in Ireland and in the US on the very same day that a US court granted bankruptcy protection to the former bank.

Shaky foundations

Founded in 2011 by the merger of failed banks, Anglo Irish Bank and Irish Nationwide Building...