INBS announces losses of €243m

IRISH Nationwide Building Society last night announced a post-tax loss of e243m and operating profits of €260m.

The society said its total assets decreased by 10% to e14.43bn and that its loan book now stands at e10.47bn, a decrease of 15% on the previous year. Customer accounts at e6.78bn are 65% of loans compared to 59% in 2007. It said the its liquid assets amounted to e3.26bn which represents a liquidity ratio of 24% and the reserves of the society now stand at e1.2bn.

“2008 was a very disappointing year for the society due to the severe disruption in the global financial markets, the onset of recession in Ireland together with declining property values and serious budgetary issues in the national finances,” a spokesman said.