Tuesday September 29, 2020

Where now for INBS customers?

Irish Nationwide is unlikely to survive as an independent entity, but what will happen to your savings or your mortgage if it is wound up, asks Dick O’Brien

24th April, 2010

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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