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Last summer the Building Societies (Amendment) Bill was passed through the Dáil which allows INBS to ends its mutual status and the sale of it to a private buyer. Members may get windfall of over €10,000 when the business is floated on the stock market. In 2006, gross lending rose by 38% to €4.96 billion, which brought the value of the society's loan book 37% higher to €10.41billion. In 2006 the 133 year old building society lent €5 billion. Pre-tax profits rose 34% to €237m, and the society's total assets rose 33% to €14.62 billion. Irish Nationwide said its cost-income ratio of 14.58% 'continues to be the lowest of any financial institution in the country and a new low for the society.' Managing Director Michael Fingleton said that last year's results are by far the strongest since the formation of the Society in 1873. "In a year which may well be the last reporting year as a building society, it is appropriate that the Society should present such an outstanding set of results', he said. In relation to Demutualisation, he said that '"despite relentless opposition from some of our members and other vested interests," the legislation formally become law in August. In September the Board of the Society decided to await the publication of the 2006 audited accounts before formally going to the market." He said that vendors due diligence will be completed in the coming weeks. "We will then be in a position over the coming months to market the Society and to effect a trade sale to another institution," he said. On the housing market he said he expects the number of completions to fall to 80,000 this year from 92,000 in 2006. A slowdown has occurred, and the extent and effect of it is not yet clear, but that more people seem to be postponing a purchase which is reflected in higher rents, which have increased 10% overall. He said the price of houses is not expected to increase in real terms during 2007 and this may be no bad outcome.
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