State receives €280m payment from the liquidation of IBRC

It is the first dividend of 25% of what is owed to the taxpayer

State receives €280m payment from the liquidation of IBRC

File photo of the Irish Bank Resolution Corportation Limited in Dublin | Image: RollingNews.ie

The State has received a payment of €280m from the liquidation of the Irish Bank Resolution Corporation (IBRC).

It is the first dividend payment of 25% of what is owed to the taxpayer.

The liquidators have said they hope to pay out somewhere between 75% and 100% of what is due to unsecured creditors.

Finance Minister Michael Noonan says the payment will reduce the amount he has to borrow.

The Joint Special Liquidators - Kieran Wallace and Eamonn Richardson of KPMG Dublin - say a first interim dividend is being paid to admitted unsecured creditors of IBRC in the amount of 25% of admitted unsecured creditor balances.

The payments will be issued over the next two weeks.