EBS committed to keeping mutual status

THE EBS building society says it is committed to maintaining its mutual status for the foreseeable future.

The EBS said maintaining its mutual stance would benefit members in the long run. The society is just one of two independent building societies left in the State, but new legislation is being drafted, which will pave the way for the other, Irish Nationwide Building Society, to convert to a bank.

The society's chief executive Ted McGovern said the EBS has made a submission to the Department of the Environment, which is drawing up the new building societies legislation and it is expecting the changes will allow it offer more products and find new methods of funding.