Thursday July 9, 2020

Irish Nationwide reliant on guarantee

Irish Nationwide Building Society would be forced to pay investors up to 11 per cent interest on its bonds if it did not have the backing of the government guarantee, according to a banking industry analyst.

28th February, 2009

Irish Nationwide Building Society would be forced to pay investors up to 11 per cent interest on its bonds if it did not have the backing of the government guarantee, according to a banking industry analyst.

Investors would demand such a high interest rate to compensate them for the risks of holding such bonds after the troubled building society was downgraded to near-junk status last month.

Irish Nationwide, under chief executive Michael Fingleton, is due to...

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