Building societies ‘could be part-nationalised’

BUILDING societies could be part-nationalised under new laws announced by Finance Minister Brian Lenihan last night.

Mr Lenihan signalled the move as part of a number of amendments to the National Asset Management Agency Bill agreed by the Cabinet.

Government investments in Irish Nationwide and the Educational Building Society would see the state receive a “golden share” which would give the Minister for Finance special privileges on appointments and direction intended to protect the taxpayers’ interests.