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INBS needs govt support after E243m loss
Friday, April 17 07:42:32
Irish Nationwide Building Society's ability to remain a going concern depends on continued government support, it has said, announcing a 243m euro after-tax loss for 2008.
The society, which in 2007 made an after-tax profit of 309m euro, said a loan loss impairment charge of 464m euro was the main reason for last year's loss.
"The society's ability to remain a going concern and achieve its business plan is dependent on the continuation of government support," it said in a statement.
Irish Nationwide, one of the institutions covered under a state guarantee scheme for 440 m euro of bank liabilities, said it had 2.23 billion euro of debt maturing this year.
It plans to finance the repayment of the debt through the reduction of its loan book, the securitisation of loans and the issue of new notes, it said.
"The ability of the society to raise new funds in the market will depend to a large extent on the state of global markets at that time," said INBS, whose chief executive announced this month he would retire after a controversy over his pay package.
The society's ability to raise wholesale funding was dependent on the state guarantee, which the government plans to extend to cover securities with a maturity of up to five years, it said.
The government, which has injected 3.5 bn euro of capital each into top lenders Allied Irish Banks and Bank of Ireland, has said it would set up an agency to take over banks' risky assets in exchange for government bonds.
The plans for a national asset management agency, which could also lead to the state taking majority stakes in banks and a jump in the national debt, has brought the loan losses of Irish institutions into even sharper focus among investors.
Irish Nationwide had 1.2 bn euro of reserves to absorb any future impairment losses, it said, which together with the state guarantee, its Tier 1 ratio of 7.2 percent and an own funds ratio of 10.2 percent made it confident it could remain a viable and stable institution.
(c) Reuters
