Taxpayers shoulder e5.4bn Nationwide burden

The horror show at Irish Nationwide Building Society (INBS) took a fresh twist last week as the bill for shoring up the society doubled from €2.7 billion to €5.4 billion.

2nd October, 2010

The horror show at Irish Nationwide Building Society (INBS) took a fresh twist last week as the bill for shoring up the society doubled from €2.7 billion to €5.4 billion.

The increased capital requirement, which followed heavier-than-expected discounts on loans transferred from the nationalised lender to the National Asset Management Agency (Nama), meant that Irish Nationwide will eat up more of the taxpayer’s money than Bank of Ireland.

This is despite the fact...

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