The EBS has rebuffed calls from some of its members to demutualise the society, pointing out that the potential windfall from such a move would be much smaller than in the case of Irish Nationwide.

The EBS annual general meeting in Dublin heard a number of members urge the building society to abandon its commitment to mutuality.

The individuals in question rejected the arguments of the society's chairman, Brian Joyce, who said the philosophy of the EBS was based on "cross-generational capital".

"I want it before I go," said one member, aged in his 80s.

"Why not spread it around?" asked another older gentleman after highlighting the €90,000 paid to the society's chairman last year.

The points were greeted with much applause by attending members.

Mr Joyce referred to the average estimated windfall of about €7,500 due to Irish Nationwide members, claiming that a sum of this magnitude would simply not be available in the case of the EBS. This was because the society had about about five or six times the membership of Irish Nationwide, he said.

He also told members attending the packed meeting that a strong mutual was good for the financial sector as a whole.

"We provide a useful competitive edge in the marketplace," Mr Joyce said. It would be "fundamentally wrong" for the EBS to abandon its mutual ethos.

Earlier, Mr Joyce had told members that the EBS was committed to improving its "financial condition" rather than to making "excessive profits".

He said the society did not see forthcoming legislation on building societies as "essential" to the achievement of its overall objective of widening and deepening its offerings.

EBS chief executive Ted McGovern later acknowledged, however, that delays in delivering the legislation had made it "complex" for the EBS to reach a deal with Rabobank, the Dutch mutual it was courting last year.

The two mutuals had looked at the possibility of establishing a cross-border joint venture but talks ended without success.

Mr McGovern said the society had "no specific deal" in mind at the moment but was "talking to loads of people all the time".

He indicated that future joint ventures would involve new product lines and more sophisticated product structures.

The society is currently tendering for its bancassurance needs. These products have, until now, been offered by a range of operators, including Allianz and Caledonian Life.