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IBRC awaits end of Ukraine conflict to dispose of Russian assets – Irish Examiner

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The special liquidators believe it is extremely difficult to assess the current value of the assets in Russia and Ukraine, nor would it be possible to launch a sales process in these countries.
The Russian invasion of Ukraine has impacted the continued liquidation of assets by the IBRC, as liquidators await the resolution of the conflict before they can assess the value of assets remaining in both countries.
According to the ninth update report from the IBRC — the amalgam of former bust banks Anglo Irish Bank and Irish Nationwide — the winding-down of the remaining €3.5bn loan book is on course for the end of 2024. 
However, this assumes there is a stabilisation of the Ukraine conflict to enable the sale of assets in Russia and Ukraine.
Sixty per cent of the remaining loan and asset portfolio are located in Russia and the Czech Republic, with a further 4% in Ukraine. 
“At the present time, the special liquidators believe that it is extremely difficult to assess the current value of the assets, nor would it be possible to launch a sales process in these countries,” the report states.
The liquidation process, which began in 2013, is forecast to cost up to €327m by the time it is complete.
Finance Minister Paschal Donohoe said he was confident of the completion of the liquidation in a manner that “maximises the ultimate return for the State”.
“The conclusion of outstanding legal cases, Covid-19, and more recently the Russian invasion of Ukraine, have affected the asset realisation strategies of the special liquidators,” he said. 
“This report shows a decreasing number of legal cases which the joint special liquidators are managing, which is a good indicator of the progress being made.

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