Irish Nationwide Building Society has reported a 'substantial' after-tax loss of €3.3bn for the year to December 2010, mainly due to provisions for bad debts.
The figure was in line with expectations and was higher than the €2.5bn loss reported in 2009.
During the year, the company transferred €8.5bn in loans to NAMA, for which €3.1bn will be received in bonds.
Irish Nationwide said the losses not only reflect the significant deterioration in economic conditions, but also the extent of its significant exposure to the commercial property sector and the underwriting decisions of the former management team.
It has transferred its deposit business to Irish Life and Permanent and its amalgamation process with Anglo Irish Bank is now under way.
Chief Executive Gerry McGinn said: 'Our focus in 2010 was on getting to the bottom of the bad debt issues, so that the exposure of the Irish Government and taxpayer to the problems at the society could be fully understood.
'In particular we concentrated activity on assessing the commercial loans and getting them ready for transfer to NAMA. This process is now largely complete.'
Mr McGinn described the 2010 results as 'catastrophic' and said he was angry at the losses and also saddened at the closure of the society's branch network.
The Government has injected €5.4bn of capital into Irish Nationwide.
