-Ireland to liquidate Anglo Irish Bank.
Global Banking News - 07 February 2013
The Irish parliament has voted to liquidate Anglo Irish Bank.
The liquidation is to proceed through emergency legislation. The move will cut costs to taxpayers who would otherwise have to bear the costs of the bank's rescue.
The bank, now known as IBRC, will be liquidated under the plan and its outstanding debt converted into a new long-term bond. The creation of the bond will spread the repayment over a longer period of time.
The plan has to be approved by the European Central Bank.
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