The Commercial Court has heard the Irish Bank Resolution Corporation (IBRC) is suing former auditors Ernst & Young over its handling of alleged transactions by ex-chairman Sean Fitzpatrick.
The bank has succeeded in having the multi-million euro case fast-tracked to the commercial division of the High Court.
Ernst & Young received fees of over €9 million for auditing the former Anglo Irish Bank for a decade up to its nationalisation in 2009.
But in an unprecedented move the accountants are now being sued by the bank for their conduct in the run up the financial crisis.
'Bed and breakfast transactions'
The case relates solely to what were described in court as the 'bed and breakfast transactions' of former chairman Sean Fitzpatrick over a number of years.
This relates to an allegation that loans were temporarily transferred to Irish Nationwide Building Society at the end of the financial year so they would not appear on Anglo accounts.
Today Senior Counsel Maurice Collins for IBRC said a very substantial sum is claimed by the bank in excess of €50 million.
The case has been fast tracked to the Commercial Court and is in again for mention next May.
