INBS €3.3bn loss ‘final act of tragedy’

THE IRISH Nationwide Building Society (INBS) has reported “catastrophic losses” of €3.3 billion for 2010 in what management has called “the final act of a tragedy”.

The institution’s current executive management team — chief executive Gerry McGinn and chief financial officer John McGloughlin — said the losses reflected a “totally flawed” business model at the company, while the new figures also revealed that nearly 30% of its mortgage customers are in arrears.

In its last two years of existence — the company is currently in wind-down mode and is due to be merged with Anglo Irish Bank later this year — INBS has recorded a combined loss of €5.8bn, having made a loss of €2.5bn in 2009.