Building society EBS has reported an after tax loss of €590m for 2010 - a year which it described as difficult. The figure compares with a loss of almost €80m for 2009.
The building society put the loss down to loan impairments and the transfer of assets to NAMA. It said its pre-tax losses rose to €620.6m for the year.
The company's chief executive Fergus Murphy described the building society's 2010 results as 'devastating'.
The building society said it transferred €836m worth of loans to NAMA, at a discount of 60.4%. It added that it expects to transfer another €65m in 2011.
The building society's operating profit was down 41% on 2009 figures to €56m. It requires a total capital injection of €1.5 billion.
It said that mortgage arrears are increasing but at 'slower rate', with 8.4% of residential mortgages now classed as 'non-performing'. That is up from 5.2% in 2009.
On the savings front, the company said it saw new savings inflows of €532m last year. Over 55,000 savings accounts were opened. Overall, however, customer deposits fell by €400m, mainly due to a fall in corporate deposits.
The Minister for Finance recently announced that EBS and AIB are to merge to form a second 'pillar' bank along with Bank of Ireland. The structure of the new institution is currently being finalised.
