Report: EU opposed to continued Nationwide operation

Report: EU opposed to continued Nationwide operation

The European Commission is preparing to trigger the closure of Irish Nationwide Building Society, it was reported today.

The Sunday Business Post reports the move - similar to that at Anglo Irish Bank - would veto plans by the building society to reinvent itself as a mortgage and savings provider.

Irish Nationwide came under state control earlier this year following a €2.7bn government injection to plug a capital shortfall.

The European Commission is understood to be opposed to the building society continuing to operate in its current form - and plans are being agreed that could see the society withdraw from new lending and keep its deposit book in a separate vehicle.

That is similar to what was announced last week by the Government for Anglo Irish Bank, which is to be banned it from new lending and split into a savings bank and an asset recovery bank in preparation for its closure in the medium term.

The Sunday Business Post also reports the final cost of Anglo to the taxpayer is likely to be less than €30bn.

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