The Taoiseach has revealed tonight that the plan to liquidate the Irish Bank Resolution Corporation (IBRC) was "planned for quite some time".

The Dáil is sitting in a special overnight session to secure the assets of the former Anglo Irish Bank immediately.

It is part of a plan to not pay the promissory notes as scheduled next month and replace them with a bond not to be repaid for between 25 and 40 years.

The European Central Bank (ECB) has yet to rubberstamp the move but will effectively be left with no choice as the coalition would be unable to reverse the liquidation of the bank.

Opposition leaders objected to the rushing through of the legislation tonight but the Taoiseach Enda Kenny says the Government has to act.

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