The Irish Bank Resolution Corporation has succeeded in having its legal action against accounting firm Ernst and Young transferred to the Commercial Court.

The former Anglo Irish Bank is suing the auditors over the so-called “bed and breakfasting” transactions that are alleged to have taken place over a period of years.

The bank is seeking a sum in excess of €50m.

Mr Justice Peter Kelly said that the sum fell well within the remit of the Commercial Court.

He also approved of a draft timetable agreed between the two sides for the exchange of pleadings.

The case was listed for 20 May, 2013.