The emergency legislation to liquidate the former Anglo Irish Bank was passed through the Dail and Seanad in the early hours of this morning.

Michael Noonan says he was forced into liquidating the zombie bank in a dramatic late night Dáil sitting because he was not able to deny media reports that this was what he intended to do.

He says while there was no specific threat to €14 billion worth of assets he needed to act before the Courts open later this morning.

Promissory deal expected later today

A deal on the promissory notes is now expected to be announced later today with An Taoiseach Enda Kenny having referred to it in his Dáil speech.

The next step will be the European Central Bank (ECB) signing off today in Frankfurt that the debts of IBRC be taken by the Irish Central Bank and a bond be issued for them, not to be paid back for up to 40 years.

Taoiseach Enda Kenny certainly expects that going from his Dáil speech overnight.

Fianna Fáil said they took the word of the government this move was necessary and backed it although Sinn Féin and most independents rejected it.

The Dáil passed the measure to liquidate IBRC by 113 votes to 35, and just before 6am the Seanad backed it after hearing from Michael Noonan that there had been several previous "scares" that would have forced them to take this action.

Newstalk's Business Editor Ian Guider explains last night's event.