The Dáil has passed emergency legislation which seeks to wind up Irish Bank Resolution Corporation.

Key Points

- IBRC business and operations to be wound up
- Net debt owed by IBRC to the Central Bank and its associated floating charge security will be purchased by NAMA 
- Ministerial Guarantee underpinning the net debt owed to the Central Bank will also be transferred to NAMA 
- All employee contracts will be terminated on the winding-up of IBRC

Main Provisions of the Bill

Section 6 provides for an immediate stay on all proceedings against IBRC
Section 7 provides for the appointment of the Special Liquidators
Section 8 limits the power to grant injunctive relief in certain proceedings
Section 12 provides for the sale or transfer of assets and liabilities in IBRC
Section 17 provides that the Minister may issue securities