[1][2] Following a High Court order on the application of the Minister for Finance, Michael Noonan,[3] the Irish government drove through overnight legislation to liquidate the IBRC in February 2013, with the emergency action required given a leaking of plans in the press.

[3] Michael Noonan, the Minister for Finance, made an application to the High Court[10] using his powers under the Credit Institutions (Stabilization) Act 2010, requesting that the assets and liabilities of INBS be immediately transferred to Anglo Irish Bank.

The Finance Minister stated that the new name was important to remove the "negative international references associated with the appalling failings of both institutions and their previous managements".

Michael Noonan introduced emergency legislation to liquidate IBRC, and replace its promissory notes with bonds with an average maturity of 27 years.

[11] Opposition politicians reacted with instant universal dismay and condemnation of the Fine Gael-Labour coalition's actions and the driving through of legislation during the night.