The statement from the Department of Finance is here.
A quick reaction. That the new bank isn’t making lending is a good thing. The bank didn’t have the capacity to transform itself into a small business lender or the other proposals that the management were floating. It will presumably need less money to be capitalised as a pure deposit-funding bank. However, nothing in this statement about the bad bank gives us any reason to think that Anglo will cost the taxpayer less than the projections that have been floating around. That it is still going to be “a licensed regulated bank” (unlike, I believe, the Northern Rock equivalent) could be interpreted as a sign that all bondholders will get their money back, though that may be over-reading this (pretty minimal) statement.