A firm holding the riskiest debt in Anglo Irish Bank has given up a long-fought battle to recover some of the £300 million (€337 million) owed by the defunct lender. Lambay Capital Securities, a Dublin-based special purpose vehicle, was used in 2005 to raise money for Anglo Irish Bank from international investors by way of the sale of preference shares, a hybrid between debt and equity. Many of the securities were snapped up by hedge funds at pennies on the pound, when Anglo Irish went into default on dividend payments in 2009 and the lender, by then renamed Irish Bank Resolution Corporation (IBRC), was put into liquidation in 2013. The Quinns claim Anglo Irish lent them billions of euro illegally in 2008 to shore up their investment in the bank. Mr McDonagh declined to comment when contacted by The Irish Times this week, while the liquidators also declined to comment.

Source: The Irish Times January 05, 2018 06:33 UTC