TWO bidders are fascinated with snapping up the financial savings arm of embattled Irish Nationwide, the Irish Impartial has learned.
But the move is unlikely to save lots of most of the 400 jobs in danger in Irish Nationwide, since each potential new house owners would slot the savings enterprise into their existing operations.
The event comes after it emerged the European Fee is poised to drag the plug on Irish Nationwide after deciding the society has no viable future.
Led by disgraced banker Michael Fingleton, Irish Nationwide racked up billions of losses despite its tiny scale, prompting the State to step in with a €2.7bn bailout earlier this year.
Weekend experiences suggest the building society is being primed for an Anglo Irish Financial institution-style answer, which would see it divided up into a new financial savings financial institution and an "asset restoration division" that will accumulate repayments on remaining loans.
Nonetheless, the Irish Independent has learned there's important commercial interest in buying the €4bn deposit book of Irish Nationwide amongst the bidders for EBS.
That field of bidders is led by Irish Life & Everlasting and a consortium including worldwide funding group Cardinal Capital. Sources near Irish Life & Everlasting (IL&P) last evening confirmed the bancassurer would be eager about shopping for the Irish Nationwide deposit e-book even if its bid for EBS fails.
Successful
IL&P desires to set up a dedicated banking arm including Permanent TSB, which it already owns, EBS and the Irish Nationwide deposit book.
Sources close to the Cardinal consortium stated it will "completely" be taken with shopping for the Irish Nationwide deposit e-book whether it is profitable in shopping for EBS. The comparatively small measurement of Irish Nationwide's deposit wing means Cardinal would solely be all for shopping for it if it may connect it to one thing "chunky" like EBS.
Irish Nationwide is transferring 80pc of its €10bn mortgage e-book to the Nationwide Asset Management Agency (Nama), leaving the society with simply €2bn mortgages on its lending book.
Sources final night time stated the Authorities always deliberate for Irish Nationwide to be shut down, given the depth of the society's issues and its comparatively small scale.
The remaining €2bn mortgage e book may be run down using an unbiased "asset recovery division" that would settle for repayments but might carry out no new lending. Commercial options might also be explored, probably out-sourcing the mortgage collections to a 3rd get together if the mortgage e book itself cannot be sold.
Job safety for Irish Nationwide's 400 employees is more likely to be greatest if the society is split into a financial savings financial institution and an asset restoration unit, without any third-party intervention.
That option is more likely to be the most expensive for the taxpayer, since it might be extra efficient to handle Irish Nationwide's comparatively small e book as part of an even bigger bank.
The European Fee is expected to signal Irish Nationwide's wind-down over the approaching weeks after mulling over restructuring plans put forward by the society's management.
"We have now not received any indication of the doubtless end result (of the European deliberations), due to this fact we can not comment additional at this stage," a spokeswoman for the constructing society said.
But the move is unlikely to save lots of most of the 400 jobs in danger in Irish Nationwide, since each potential new house owners would slot the savings enterprise into their existing operations.
The event comes after it emerged the European Fee is poised to drag the plug on Irish Nationwide after deciding the society has no viable future.
Led by disgraced banker Michael Fingleton, Irish Nationwide racked up billions of losses despite its tiny scale, prompting the State to step in with a €2.7bn bailout earlier this year.
Weekend experiences suggest the building society is being primed for an Anglo Irish Financial institution-style answer, which would see it divided up into a new financial savings financial institution and an "asset restoration division" that will accumulate repayments on remaining loans.
Nonetheless, the Irish Independent has learned there's important commercial interest in buying the €4bn deposit book of Irish Nationwide amongst the bidders for EBS.
That field of bidders is led by Irish Life & Everlasting and a consortium including worldwide funding group Cardinal Capital. Sources near Irish Life & Everlasting (IL&P) last evening confirmed the bancassurer would be eager about shopping for the Irish Nationwide deposit e-book even if its bid for EBS fails.
Successful
IL&P desires to set up a dedicated banking arm including Permanent TSB, which it already owns, EBS and the Irish Nationwide deposit book.
Sources close to the Cardinal consortium stated it will "completely" be taken with shopping for the Irish Nationwide deposit e-book whether it is profitable in shopping for EBS. The comparatively small measurement of Irish Nationwide's deposit wing means Cardinal would solely be all for shopping for it if it may connect it to one thing "chunky" like EBS.
Irish Nationwide is transferring 80pc of its €10bn mortgage e-book to the Nationwide Asset Management Agency (Nama), leaving the society with simply €2bn mortgages on its lending book.
Sources final night time stated the Authorities always deliberate for Irish Nationwide to be shut down, given the depth of the society's issues and its comparatively small scale.
The remaining €2bn mortgage e book may be run down using an unbiased "asset recovery division" that would settle for repayments but might carry out no new lending. Commercial options might also be explored, probably out-sourcing the mortgage collections to a 3rd get together if the mortgage e book itself cannot be sold.
Job safety for Irish Nationwide's 400 employees is more likely to be greatest if the society is split into a financial savings financial institution and an asset restoration unit, without any third-party intervention.
That option is more likely to be the most expensive for the taxpayer, since it might be extra efficient to handle Irish Nationwide's comparatively small e book as part of an even bigger bank.
The European Fee is expected to signal Irish Nationwide's wind-down over the approaching weeks after mulling over restructuring plans put forward by the society's management.
"We have now not received any indication of the doubtless end result (of the European deliberations), due to this fact we can not comment additional at this stage," a spokeswoman for the constructing society said.