The State is expected to be paid €275m by the liquidators of IBRC, formerly Anglo Irish Bank and Irish Nationwide. 

The Finance Minister Michael Noonan said that an interim payment of 25% of claims made by creditors would be made by the end of this year. 

The unsecured creditors include the State, credit unions and local authorities. 

Minister Noonan said liquidators expected the creditors will eventually be paid 75% to 100% of what they are owed. 

After creditors are paid, the remaining funds could be distributed to junior bondholders. However, this would depend on future asset sales and litigation.  

IBRC now only has 37 employees and all of the bank's offices have been closed. 

Today's progress report on the special liquidation of IBRC says litigation continues to be a "key risk" and 29 new sets of legal proceedings have been added since January of 2015. 

"I am satisfied with the financial outcome of the liquidation to date which has far exceeded our expectations and has not resulted in any further cost to the Irish taxpayer," Mr Noonan stated.