IBRC division incurs loss due to the impact of the Ukraine conflict

The ongoing conflict in Ukraine has caused widespread economic instability and challenges for businesses operating in the region. Recently, one such business, the Irish Bank Resolution Corporation (IBRC), has been impacted by the war in Ukraine, resulting in significant financial losses. In this article, we will discuss the effects of the Ukraine war on IBRC’s operations and explore how the conflict continues to create substantial challenges for businesses in the region.


The holding company for QIPG Refinance Limited, an asset recovery operation established in 2013 to retrieve a portfolio of properties in Ukraine and Russia once worth €500m and formerly owned by Seán Quinn and his family, has reported a loss of $191,479 (€175,936) for 2022 due to its failure to collect outstanding debts and recurring hostilities in Ukraine. The subsidiary, BRC Investment Recovery Limited, is a subsidiary of the state-controlled Irish Bank Resolution Corporation. It posted an income of $11.8m in the previous year. QIPG Refinance was once a joint venture of the Russian oligarch Mikhail Fridman’s Alfa A1 and IBRC; however, the partnership ended in 2016 after only being able to sell one of the assets in Russia.


In conclusion, the ongoing conflict in Ukraine has had far-reaching consequences not only for the country and its citizens but also for businesses operating in the region. The IBRC unit’s recent loss is just one example of how the war has affected the economy, and unfortunately, it is unlikely to be the last. Despite the challenging environment, many companies continue to operate in Ukraine and support the local economy. It is our hope that the conflict will soon come to a peaceful resolution, so that businesses can thrive and the people of Ukraine can enjoy the prosperity they deserve.