The fallout from the liquidation of the former Anglo Irish Bank is becoming clearer this weekend as new details emerge about the Governments handling of the issue.

The Sunday Business Post is reporting that the Governments economic management council had decided to restructure the promissory note even if no agreement was received from the ECB the following day.

The liquidators now have six months to find buyers for the IBRC's 16 billion euro loan book after which NAMA will be forced to acquire whats left.

Minister of State at the Department of Finance, Brian Hayes describes how the agreement was reached at the eleventh hour.