The Chairman of the Irish Bank Resolution Corporation, Alan Dukes, has said he's reasonably hopeful that the final cost to the taxpayer of the wind down of the former Anglo Irish Bank will be closer to €25 billion.
That compares to a previous estimate in the range of €29 to €34 billion.
Alan Dukes was addressing the Joint Oireachtas Finance Committee.
He told the committe that impaired loans on the bank's balance sheet amounted to €18 billion with cumulative impairment provisions of almost €11 billion.
Impaired loans account for approximately 66% of the bank's total balance.
Alan Dukes also told the committee that staff numbers at IBRC had been reduced to 50% of peak staffing levels in 2008.
By the end of the year, core staff levels will be below 800, he said.
Almost a quarter of staff at IBRC were on short term contracts and the number is increasing.
Alan Dukes said the final bill for Anglo will depend on property markets not deteriorating any further, adding that if the maturity or the rate of interest on the promissory note is changed it could affect the amount of income that IBRC receives.
He said IBRC owes €43 billion to the Central Bank which is paid back by the bank selling assets.
Deputy Michael McGrath asked if the bank could reassure the committee that culture has moved away from old Anglo and Irish Nationwide. He asked about text messages sent to developer Paddy McKillen by IBRC chief executive Mike Aynsley which informed the developer of decisions made by the board of the bank.
Mr Aynsley said that there was nothing untoward in the decision to inform McKillen of decision of the board.
My Aynsley said: "Mr McKillen doesn't do email and I sent him a text." He added there was a "well structured governance process" about communicating with clients.
Mr Aynsley said there was still client entrainment in certain circumstances. There is a full policy covering that area. He added there was no participation in flying in jets in staying in people's personal homes as has been alleged in anonymous notes circulated to politicians and journalists.
IBRC's chairman Alan Dukes said: "We would hope to accelerate the process of winding down the bank. We need to minimise cost to taxpayer. We could sell the whole lot tomorrow if we did not have to worry about price."
When the INBS mortgage book was taken over it was in rather bad condition, he said. "Whether it is possible to get it into shape for sale is a work in progress," he added.
The bank's executive Richard Woodhouse said the bank was selling €100m euro of assets per month.
