Irish Nationwide members have been told that the building society may need more capital on top of the €2.7bn already committed by the State to recapitalise it.
The society's chairman told its AGM the future of the organisation involved a return to its traditional roots as a savings and loans organisation.
Daniel Kitchen said under the society's reconstruction plans due to be submitted to the EU by June, all options available will be considered.
However, he said there would be no continuation of the sort of commercial lending, which led Irish Nationwide to 'this position'.
Mr Kitchen said losses sustained by Irish Nationwide last year were 'abysmal, truly shocking'.
In his address to shareholders, Mr Kitchen formally thanked Minister for Finance Brian Lenihan and his department for their support in recent months.
He said Mr Lenihan now has effective control of the society.
Irish Nationwide's entire commercial loan book is being taken over by the National Asset Management Agency.
Last month the building society reported a loss of almost €2.5bn for 2009, after setting aside almost €2.8bn for loan losses.
Almost all of the loan losses were linked to commercial property lending.
Chief Executive Gerry McGinn said that at the end of 2009, INBS employed 399 staff and they were paid €15.9m, which is an average salary of €40,000.
This compares to a staff of 385 at the end 2008, who were paid €18.5m.
Mr Kitchen did not rule out court action against previous members or directors of the society, but he said no actions were under way.