The joint special liquidators of the Irish Bank Resolution Corporation (IBRC) have had the timeframe for its final winding up extended from the end of next year until the end of 2024.
The Minister for Finance said he had granted the extension to Kieran Wallace and Eamonn Richardson because of the impact of Covid-19 on their asset realisation strategies and the conclusion of outstanding legal cases.
"This will allow the Special Liquidators to achieve the best possible return for the taxpayer on the remaining assets while also concluding the remaining legal cases which IBRC are party to," Paschal Donohoe said.
"Despite the challenges caused by COVID-19, the Special Liquidators have continued to make progress on the tasks which remain in the liquidation with outstanding legal cases reducing during 2020 and other projects moving towards conclusion."
News of the extension came as the minister published the eighth progress update report from the joint liquidators of IBRC, which was formed from the merger of the remnants of the failed Anglo Irish Bank and Irish Nationwide Building Society.
The report shows that last year the liquidation incurred fees totalling €16.4m, bringing the total cost of the liquidation since February 2013 to €294m.
The liquidators expect to incur additional fees of up to €33m before the wind down of the bank is complete.
The prediction is based on a number of assumptions, including that there is no new material litigation taken against IBRC and that the current Covid-19 restrictions are lifted by the end of this year.
IBRC's remaining loan book is worth around €3.4bn.
The report states that during 2020, a total of 152 unsecured creditor claims were reviewed and adjudicated, bringing the total number of agreed claims to 3,170.
21 sets of legal proceedings were also substantially concluded during the year, the report shows.
The bank also says it substantially completed the interest overcharging remediation project, known as Project Mozart, during the year.
A further interest overcharging remediation project, known as Project Amadeus, also got underway.
Around the start of February, IBRC had net cash of €76m, following cash inflows of €19m and outflows of €57m over the previous year.
