Irish Bank Resolution Corporation

Irish Nationwide Building Society (INBS) had been effectively nationalised in August 2010, after receiving a €5.4bn government bailout., while Anglo Irish Bank had been taken into state ownership in January 2009. The two institutions had been widely criticised for their role in the risky lending practices that led to the Irish banking crisis.

The removal of both failed banks from the Irish banking system was a key objective for the new Fine Gael-led government. Michael Noonan, the Minister for Finance, made an application to the High Court using his powers under the Credit Institutions (Stabilization) Act 2010, requesting that the assets and liabilities of INBS be immediately transferred to Anglo Irish Bank.

The newly merged entity was named the Irish Bank Resolution Corporation. The Finance Minister stated that the new name was important to remove the "negative international references associated with the appalling failings of both institutions and their previous managements".

Commission of investigation

In 2015, the government proposed a motion in the Oireachtas to establish a commission of investigation into the operation of IBRC. On 10 June 2015, it was announced that Mr Justice Daniel O'Keeffe had agreed to serve as Chairperson of the Commission of Investigation.