Building societies back plans for State funding

Building societies back plans for State funding

Members of Irish Nationwide Building Society and the EBS have overwhelmingly backed resolutions today which clear the way for the Government to inject taxpayers money into the institutions.

The societies, which also began talks on a merger last month, need fresh capital to complete the move and had motions to issue special investment shares to the Minister for Finance Brian Lenihan at separate meetings today.

Irish Nationwide needs up to €2bn in capital as a result of heavy losses on bad loans, while EBS will require up to €400m in State investment when it transfers €1bn worth of loans to NAMA.

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