Under NAMA, deal could proceed despite objections

ANY deal allowing EBS Building Society to absorb the assets of Irish Nationwide Building Society technically needs the approval of both sets of members.

It is understood, however, that under NAMA the deal can proceed even if INBS members voted against it.

In reality, INBS has no market value and the transfer of €2bn in dated mortgages and about €5bn of deposits would give a substantial benefit to EBS and reduce its debt equity ratios.