IBRC is sued over interest rate swaps

30th December, 2014

The Irish Bank Resolution Corporation (IBRC) is being sued for allegedly mis-selling of interest rate swaps, by Limerick developer Richard Dineen.

Dineen, who was pursued by the former Anglo Irish Bank for €21.3 million arising from loans and guarantees provided by him and others in 2010, lodged proceedings in the High Court earlier this month.

It is understood that the case relates to interest rate swaps, controversial hedging derivatives that were sold widely to business borrowers...

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