Against the backdrop of the chaos at Irish Nationwide, fellow building society EBS managed to appear a model of financial probity last week despite reporting pre-tax losses of €99 million for 2009.
The losses were almost treble the €38 million deficit recorded a year earlier. For members and taxpayers, however, it could have been a whole lot worse.
The society’s relatively conservative loan portfolio - whether by accident or design - meant losses would be nowhere...
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