THE chairman of First National Building Society, Prof Michael MacCormac, yesterday appeared to all but dismiss any imminent conversion of the society to a publicly quoted company.
Speaking to shareholders at its annual general meeting in Dublin, Prof MacCormac insisted that conversion remained under review, but that it was "not imperative" for the society to changes its status.
Referring to speculation that the State's largest building society would follow the Irish Permanent in becoming a public company, he said that while it is an "obvious assumption" to make, it was no more than an "option" at this stage.
Addressing more than 150 shareholders at the meeting, Prof MacCormac said the society had an "outstanding year".
A 20 per cent rise in profits to £24.1 million last year had been achieved against strong competition in the mortgage market, and after a £100 million payment in interest to its depositors.
This year, Prof MacCormac said the outlook for the group remained positive. However, the UK market, where its Mortgage Trust subsidiary is based, had failed to show signs of a "feel good" factor in 1995. Mortgage Trust, he said, was "well positioned" to benefit from any upswing in the British market.
