Nationwide staff pay-outs opposed

DEMUTUALISATION campaigners at the Irish Nationwide are opposed to staff being given a large chunk of the proceeds of any sale of the building society.

Brendan Burgess and Shane Hogan, who have led a campaign for some years to demutualise the society and to make its lending rates more transparent, said any proposal that staff would be given a 10%-15% stake (similar to the sale of the State banks ICC and ACC) in the society in the event of a sale was wrong and would dilute windfall gains for the society’s members.

Mr Burgess said he was not opposed to any employee of the society getting a share of the spoils but it must be in line with that received by members.