EBS today announced that it to hold a special general meeting of its members later this month to vote on resolutions to amend its rules to allow the Government to take shares in the society.
The special investment shares are to be issued to the Minister for Finance in return for investing extra capital in EBS.
The building society is seeking additional new capital of between €300million and €400 million as a result of a transfer of about €1 billion of land and loans to the National Asset Management Agency (Nama).
Members of the building society will gather for the meeting on Friday, December 18th whether they will be asked to vote on resolutions to amend the society’s rules to approve the issuance of shares in EBS to the Government.
Directors of EBS are unanimously recommending that members vote in favour of the proposed resolutions to secure the financial position of the Society.