EC may curb business activities of EBS

THE EBS Building Society may be asked to curtail its business activities as part of its restructuring plans to justify keeping the €875 million it received from the state.

The European Commission has opened “an in-depth investigation” into the restructuring of the EBS, currently the country’s biggest building society and one of only two left, both in state hands.

The building society is currently for sale and the search for a buyer will continue in tandem with the commission’s investigation, a spokesperson for the Department of Finance confirmed, adding that the sale process will move to its final stage in the coming days. The sale will be narrowed down to Irish Life & Permanent and one leveraged buyout firm, according to sources.