Revelations about the losses suffered by Irish Nationwide appear to have sealed the fate of the troubled building society. Last week, it reported a net loss for 2009 of €2.5 billion.
The main cause of this haemorrhage of cash was property development loans. Nationwide was forced to write off nearly €2.8 billion in loans - almost a quarter of its entire loan book -much of which will now be transferred to the National Asset Management Agency...
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