The Irish government announced a package at the start of February 2013 to resolve the €28bn of outstanding debt created by the bail-out of Anglo-Irish Bank in 2008. This capped a highly successful month of deals that seemed to offer hope of rehabilitation for a country forced to take on assistance from the EU and the International Monetary Fund (IMF) in November 2010.
Unable to fund itself in the capital markets, Anglo-Irish had borrowed money from the Central Bank of Ireland (CBI) under the short-term Emergency Liquidity Assistance facility, collateralised with a promissory note for €28bn written by the Irish treasury. Anglo-Irish was subsequently merged with the equally stricken Irish Nationwide Building Society to form a wind-up vehicle for legacy assets, Irish Bank Resolution Corporation (IBRC).
