Plans to transfer the remnants of the Irish Bank Resolution Corporation (IBRC) to the National Asset Management Agency (Nama) have been delayed due to the general election. Enabling legislation was stalled, pushing back the timeline for the takeover, initially expected by the end of 2024 or early 2025.
Government aimed for agency to take over IBRC by end of 2024 or early this year - but enabling legislation was stalled by general election . Officials at the Department of Finance remain wedded to winding up the National Asset Management Agency ( Nama ) by the end of the year, even as enabling legislation was stalled by the general election .
Minister for Finance Jack Chambers published the general scheme of draft legislation in July that was to pave the way for State-owned bad bank to take over the remnants of Irish Bank Resolution Corporation (IBRC) by the end of 2024 or early 2025 – and dissolution of Nama itself by the close of this year. While the Oireachtas finance committee engaged in pre-legislative scrutiny of the of the plan, the planned publication and enactment of the enabling bill was put on ice when Taoiseach Simon Harris called an election in early November – affecting timelines around the IBRC transfer in the first instance. “Officials in the Department of Finance are working closely with the Office of Parliamentary Counsel and the Attorney General’s Office at present to draft the legislation, which will be published and brought before the Oireachtas,” a spokesman for the Department said.Meta kills its fact checking programme and house prices keep rising The special liquidators of IBRC, which was set up during the financial crisis to take over the assets failed lenders Anglo Irish Bank and Irish Nationwide Building Society, continue to progress the substantial conclusion of the company’s liquidation, pending the drafting and enactment of supporting legislation, he said. “The legislation, when enacted, will facilitate and support the orderly conclusion of the special liquidation of the Irish Bank Resolution Corporation Limited, and the dissolution of the National Asset Management Agency by the end of 2025,” he adde
IBRC Nama Irish Bank Resolution Corporation National Asset Management Agency General Election Finance Legislation
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