INBS reports losses of €2.5bn

IRISH Nationwide Building Society has reported a loss of almost €2.5 billion for last year, having set aside almost €2.8bn for bad debts.

The figures compare with a loss of €243m in 2008, when the modestly sized society set aside just €464m for bad loans.

The former chief executive of INBS Michael Fingleton walked away with a €27m pension last year, after running the business virtually single handedly for 37 years.