Members of the Irish Nationwide today heard that the Department of the Environment is drafting the bill for legislation, which the board says is needed to ensure a quick sale. The Nationwide held its AGM in Dublin today
The board favours a trade sale of Irish Nationwide. Its managing director Michael Fingleton said that a €1 billion price tag was modest.
He also said that he was not prepared to talk to potential bidders until legislation on the building society's sale is passed.
Motions put forward by John Burgess and Shane Hogan, dissident members of Irish Nationwide Building Society, were defeated at the AGM today.
Burgess was hoping to be elected as a director and Hogan hoped to convert the society to a PLC, not waiting for legislative change.
