Irish Nationwide may need more funds
Chairman of the nationalised lender Danny Kitchen told shareholders at yesterday’s AGM that if losses this year are worse than projected the society will need additional funding on top of the €2.7bn already pledged by the Government back in March. Mr Kitchen said the losses sustained last year were truly shocking.
Brendan Burgess, a long-term critic of the society, said it could need a further €2bn top-up depending on the scale of the total discount imposed on the loans.
