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INBS merger negotiations on hold

Merger negotiations stall between Irish Nationwide Building Society (INBS) and EBS Building.

30 April 2010

Merger negotiations between Irish Nationwide Building Society (INBS) and EBS Building Society have been effectively put on hold.

INBS reveals that negotiations over a deal have stalled as a result of losses for 2009 increasing tenfold due to bad loan provisions, according to Reuters.

The outfit is regarded as having one of the biggest proportional exposures to Ireland's property market crash - it required state capital in order to survive.

Gerry McGinn, chief executive of INBS, said that merger proposals had fallen down the list of priorities with regards to how the company planned to move forward. Survival was now the key.

He said: "When you arrive at the scene of a car crash, you try to keep the patient alive and deal with the issues," reports the news provider.

INBS posted a 2.49 billion euro loss for 2009. This figure was significantly higher than the 243 million euro loss incurred in the previous year.

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