Monday October 26, 2020

ICI bailout company has claims of €76million

The administration company set up by the state after its bailout of the Insurance Corporation of Ireland (ICI) in 1985 had net claims of €76 million outstanding at the end of last year.

17th June, 2006

Icarom plc, which was formed to handle the liabilities of the former AIB-owned insurance group, had a deficit of €218 million at year-end, down from €220 million in 2004, according to accounts just filed.

The company was set up after ICI collapsed with debts of €400million.The state intervened, to prevent ICI bankrupting the rest of the AIB group, by nationalising the insurer and placing it in administration.

Under a deal struck between AIB and...

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