A novel design for a two-channel IIR quadrature-mirror filter (QMF) bank with near-perfect reconstruction (NPR) is presented. The analysis filter-bank is given by an efficient polyphase network (PPN) implementation based on allpass filters. The arising phase distortions are almost compensated by stable allpass filters, designed via analytical closed-form expressions. In a first design, the remaining aliasing, amplitude and phase distortions become arbitrarily small in dependence of the tolerable system delay and algorithmic complexity, respectively. In a second design, aliasing and amplitude distortions are completely canceled and phase distortions are minimized at the expense of an additional signal delay. The proposed QMF banks have a lower algorithmic complexity than comparable designs.