Unsecured creditors of the former Anglo Irish Bank and Irish Nationwide financial institutions are set to receive their first dividend over the next two weeks.
Irish Bank Resolution Corporation liquidators, Kieran Wallace and Eamonn Richardson of KPMG, said in a statement that “a first interim dividend is being paid to admitted unsecured creditors of IBRC in the amount of 25% of admitted unsecured creditor balances”.
The unsecured creditors include the State, credit unions, and local authorities.
The State, which is the largest unsecured creditor, loaned IBRC €1.1 billion to cover depositors under the State guarantee.
It is set to receive around €275m as its expected dividend.
In their progress report published in May, the special liquidators said they expected unsecured creditors to eventually get between 75% and 100% of the amount they are owed.
There has been major controversy over whether junior bondholders, who are owed money by IBRC, would be paid.
Minister for Finance Michael Noonan has previously said that after creditors are paid, the remaining funds could be distributed to junior bondholders, but this would depend on future asset sales and litigation.
