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Bank of Ireland to pay €250 million for IBRC mortgages

That’s quite a chunk of change.

Image: Shutterstock/bikeriderlondon via Shutterstock

BANK OF IRELAND has agreed to take over a portfolio of performing IBRC mortgages, it’s been confirmed this evening.

The loans will be acquired from Kieran Wallace and Eamon Richardson, the special liquidators of the institution.

Bank of Ireland says it will pay €253 million for the portfolio.

“The acquisition is consistent with the Bank’s plan to grow its lending volumes,” a BoI statement said.

The transaction is expected to close shortly.

“We are pleased to announce this transaction which is a positive development for our business and look forward to welcoming a new group of customers to Bank of Ireland,” Gavin Kelly of BoI Consumer Banking said.

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The government voted to liquidate IBRC following a mammoth emergency session in the Dáil and Seanad in February 2013, which stretched into the early hours of the morning.

The entity was formed in 2011, following the merger of the Anglo Irish Bank and the Irish Nationwide Building Society.

Read: US court hears IBRC overcharged some customers for 14 years

Read: Former Anglo Irish Bank files for US bankruptcy

About the author:

Daragh Brophy

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