resolution corporation fate placed into liquidation overnight by emergency legislation predecessor anglo irish bank founded 1 july 2011 2011 07 01 defunct 7 february 2013 2013 02 07 headquarters ireland key people alan dukes chairman mike aynsley group ceo owner state of ireland number of employees 0 7 february 2013 850 6 february 2013 website www.ibrc.ie the irish bank resolution corporation ibrc was the name given to the entity formed in 2011 by the court mandated merger of the state owned banking institutions anglo irish bank and irish nationwide building society . 1 2 formed on 1 july 2011 following a high court order on the application of the minister for finance michael noonan 3 the irish government drove through overnight legislation to liquidate it in february 2013 . 4 contents 1 history 2 liquidation 2.1 reactions 3 commission of investigation 4 references 5 external links history edit irish nationwide building society had been effectively nationalised in august 2010 after receiving a 5.4 bn government bailout . 5 while anglo irish had been taken into state ownership in january 2009 . 6 the two institutions had been widely criticised for their role in the risky lending practices which led to the irish banking crisis . 7 8 9 the removal of both failed banks from the irish banking system was a key objective for the new fine gael led government . 3 finance minister michael noonan made an application to the high court 10 using his powers under the credit institutions stabilization act 2010 requesting that the assets and liabilities of inbs be immediately transferred to anglo irish bank . the newly merged entity was named the irish bank resolution corporation . the finance minister stated that the new name was important to remove the negative international references associated with the appalling failings of both institutions and their previous managements . 3 liquidation edit on 6 february 2013 the board of the ibrc were stood down by the irish government and replaced by accountancy group kpmg . fine gael minister for finance michael noonan introduced emergency legislation to liquidate ibrc and replace its promissory notes with bonds with an average maturity of 27 years . d il ireann began debating the legislation a few minutes after midnight on 7 february . 11 opposition politicians reacted with instant universal dismay and condemnation of the fine gael labour coalition s actions and the driving through of legislation during the night . independent td john halligan deemed the legislation madness with people before profit alliance td richard boyd barrett protesting only 2 hours 15 mins to read & vote with no details of broader deal in europe . 12 independent td shane ross called the showdown a humiliation and expressed particular concern about section 17 of the bill which awards wide ranging powers to the finance minister while his fellow independent td stephen donnelly suggested it was entirely plausible that section 17 is unconstitutional . 13 socialist party td joe higgins described the rapid developments as chaotic . 14 finance minister noonan also made reference to the hundreds of people who were effectively sacked on live television ; according to sinn f in finance spokesperson pearse doherty the workers found out they had been sacked on bloomberg . 13 15 the d il debated through the night before 7 february on emergency legislation on the future of the banking system as the opposition criticises the hurried manner of business being enforced by the government . 16 reactions edit the bank of england publicly announced their own intentions to keep up unchanged amid the current financial risk ground in britain . 17 the governing council of the european central bank ecb met in frankfurt to discuss the overnight events regarding ibrc . 18 european leaders began a two day summit in brussels relating to the long term eu budget . 19 commission of investigation edit main article o keeffe commission in 2015 the government proposed a motion in the oireachtas to establish a commission of investigation into the operation of ibrc . 20 21 on 10 june 2015 it was announced that mr justice daniel o keeffe had agreed to serve as chairperson of the commission of investigation . 22 23 24 25 references edit irish nationwide bs assets liabilities transferred to anglo irish bank . the wall street journal . 1 july 2011 . retrieved 1 july 2011 . meet anglo 2.0 ... irish bank resolution corporation . the journal . 1 july 2011 . retrieved 1 july 2011 . . the names anglo irish bank and irish nationwide building society inbs are no more after the assets and liabilities of the latter were transferred to the former with immediate effect today . a b c transfer order in relation to irish nationwide building society and anglo irish bank . irish department of finance press release . 1 july 2011 . retrieved 1 july 2011 . irish bank resolution corporation bill 2013 pdf . fingleton s successor says events at inbs an outrage the irish times tuesday april 20 2010 . the irish times . 23 april 2010 . archived from the original on 9 august 2010 . retrieved 14 may 2010 . ireland s banking crisis timeline . the daily telegraph . 31 march 2011 . retrieved 31 march 2011 . rogue banks merged into new body . the belfast telegraph . 1 july 2011 . retrieved 1 july 2011 . anglo irish bank renamed after appalling past failings . bloomberg . 1 july 2011 . retrieved 1 july 2011 . moody s lowers anglo irish irish nationwide ratings closer to default . the wall street journal . 24 june 2011 . retrieved 24 july 2011 . in the matter of the irish nationwide building society and in the matter of the credit institutions stabilization act 2010 and in the matter of an application by the minister of finance for a transfer order in relation to the irish nationwide building society pursuant to section 34 of the credit institutions stabilization act 2010 and ancillary orders the high court before justice mcgovern . 1 july 2011 government proposes legislation to wind up ibrc . rt news . rt . 6 february 2013 . retrieved 6 february 2013 . as it happened d il approves bill to liquidate ibrc . the journal . 7 february 2013 . retrieved 7 february 2013 . a b michael noonan says ibrc action taken to secure assets . rt news . rt . 7 february 2013 . retrieved 7 february 2013 . irish lawmakers vote to liquidate anglo irish bank . france 24 . 7 february 2013 . retrieved 7 february 2013 . law to liquidate ibrc complete after night of high drama as president higgins signs it into law . breakingnews.ie . 7 february 2013 . retrieved 7 february 2013 . the irish times the new york times rt news rt bbc channel 6 news ibrc investigation will cover doherty allegations . rt . ie . 10 june 2015 . retrieved 10 june 2015 . draft commission of investigation certain matters concerning transactions entered into by ibrc order 2015 motion . d il ireann debates . oireachtas . 9 june 2015 . retrieved 10 june 2015 . d il approves terms of reference for ibrc investigation . rt . retrieved 11 june 2015 . more ibrc revelations on the way tds claim . independent.ie . retrieved 11 june 2015 . d il votes to establish commission of investigation into ibrc . newstalk.ie . retrieved 11 june 2015 . shane ross criticises partisan tribunal practices . irish times . retrieved 11 june 2015 . external links edit official website v t e great recession by region africa americas united states south america asia europe oceania united states specific automotive industry crisis california budget crisis housing bubble housing market correction subprime mortgage crisis banking losses and fraud anglo irish bank hidden loans controversy libor scandal tom hayes soci t g n rale trading loss forex scandal se n fitzpatrick bernard madoff tom petters scott rothstein allen stanford government entities consumer financial protection bureau federal deposit insurance corporation federal home loan banks federal housing administration federal housing finance agency federal housing finance board federal reserve system government national mortgage association irish bank resolution corporation national asset management agency office of federal housing enterprise oversight office of financial stability uk financial investments government policy and spending responses banking and finance stability and reform anglo irish bank corporation act 2009 banking special provisions act 2008 china japan south korea trilateral summit commercial paper funding facility dodd frank wall street reform and consumer protection act emergency economic stabilization act of 2008 irish emergency budget 2009 irish budget 2010 irish budget 2011 irish budget 2012 irish budget 2013 temporary liquidity guarantee program term asset backed securities loan facility troubled asset relief program 2008 united kingdom bank rescue package bank stress tests eu u.s. stimulus and recovery 2008 european union stimulus plan 2008 09 keynesian resurgence american recovery and reinvestment act of 2009 chinese economic stimulus program economic stimulus act of 2008 fraud enforcement and recovery act of 2009 green new deal housing and economic recovery act of 2008 national fiscal policy response to the great recession zero interest rate policy government interventions rescues and acquisitions list of banks acquired or bankrupted during the great recession non banking chrysler general motors securities involved and financial markets auction rate securities collateralized debt obligations collateralized mortgage obligations credit default swaps mortgage backed securities secondary mortgage market social responses tea party protests united states ; c. 2009 may day protests europe middle east and north africa asia ; 2009 occupy movement worldwide related topics 2000s energy crisis central asia 2008 effects on museums decline of newspapers world food price crisis european debt crisis financial crisis of 2007 08 list of countries by public debt retrieved from https 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