The cabinet has approved new legisatlion that will pave the way for the demutalisation of the Irish Nationwide, leading to a possible windfall payment for members of the society.
A spokesman for the Department of Environment confirmed the new legislation was agreed an cabinet today and will hopefully be passed by the Oireachtas before the summer.
The legislation will also be crafted to allow EBS to maintain its mutual status, whilst also removing a a 5 year takeover protection clause from Irish Nationwide.
Irish Nationwide chief executive Michael Fingleton said he looked forward to the detailed bill being published in the new year.
