EBS to write off €100m by year end

EBS Building Society will have written off more than 20% of its €500 million development lending portfolio between 2008 and 2009.

The group’s annual report for last year said by the end of this year it will have written off over 20% of its development lending, equal to 45% of a writedown against the value of its original purchase price paid for the land.

Last year, the society wrote off 14% of its development book, amounting to €69m, and says a further 6% of “provisioning” will be required in the current year as the market continues to deteriorate.