Members left with no choice as third banking force edges closer

WITH shareholders of Irish Nationwide and EBS voting in favour of allowing the Government to pump a total of nearly €2.5 billion into their coffers the process of creating a third banking force has taken a step closer.

Both societies, under instruction from Finance Minister Brian Lenihan, have already started merger talks, but these are only at an early stage.

Irish Nationwide’s chairman Danny Kitchen told shareholders at yesterday’s special general meeting there was little substantial to report on the talks, which were at an early stage.