Irish Nationwide loses 243 million in 2008

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The loss compared to a net profit of 309 million in 2007.

Irish Nationwide said it trimmed its loan book by 15% to 10.4 billion in 2008, with the depreciation of the pound accounting for more than 1 billion of that decrease. However, the bad debt charge still comprised 4.4% of the loan book at the end of the year.

Irish Nationwide said it also had 2.2 billion in debt maturing in 2009, which it plans to repay through the reduction of its loan book, selling its loans on to investors in securitisation deals and selling new loan notes.

Irish Nationwide was one of six institutions covered by an emergency government plan formed in October, which insured unlimited deposits and interbank debts totaling 440 billion for two years.

"The society's ability to remain as a going concern and achieve its business plan is dependent on the continuation of government support," Irish Nationwide said.

With government aid and its own reserves of 1.2 billion, it hoped "to continue as a viable and systematically important credit institution," it said.