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IBRC’s Dukes Says May Repay 8 Billion Euros to State in Time

Oct. 31 (Bloomberg) -- Irish Bank Resolution Corp. Chairman Alan Dukes said the nationalized lender, which has cost 34.7 billion euros to rescue, may return as much as 8 billion euros to the state when it is wound down.

“We would reckon that if things go as we forecast at the moment, we would end up with approximately 8 billion euro to hand back to the shareholder at the end of the process,” Dukes told lawmakers at a parliamentary committee meeting in Dublin today. The bank could be wound down “sometime in advance” of its official timetable of 2020, he said.

IBRC Chief Financial Officer Jim Bradley said at the same meeting that the return to the state will also include capital reserves that the lender is required to hold as it is wound down. The final repayment will be influenced by the performance of the property market and interest rates, Bradley said.

“If we’re doing well we will be faced with a situation where it would be conceivable to take the remaining residual loan book, package it in a way that would be possible to sell it to maybe three or four buyers without damaging the capital,” said Dukes.

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To contact the reporter on this story: Joe Brennan in Dublin at

To contact the editor responsible for this story: Finbarr Flynn at

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