Irish Nationwide to hold last AGM

After 140 years, Irish Nationwide Building Society (INBS) will hold its last AGM today before the Government takes full economic ownership of the institution

Last month the society reported a loss of almost €2.5bn for last year, after setting aside almost €2.8bn for loan losses.

Almost all of the loan losses were linked to commercial property lending.

Chairman of INBS, Danny Kitchen, described the losses as "massive" and admitted it was due, in part, to the society's "flawed model of business".