EBS ceases to be mutual.

M

Meme22

Guest
Have received a letter today from them to confirm we no longer have membership rights. Can they do this without any kind of compensation or at very least a vote from members. Thank you in advance.
 
You should read the letter you were sent which explains the situation.

I think, in times of insolvency, the idea of compensation is almost touching.

mf
 
2nd paragraph, 1st sentence. It couldn't be clearer.
 
I dont recall public outcry in the noughties that EBS was not floated or sold off.... Hindsight is a wonderful thing, everyone thought Irish Nationwide was the best run ship of them all...look at them now

Pre- 2007 I found EBS to be very competitive on mortgages & savings which can be argued was good for competition, market is healthy when it has a mix of mutual/co-ownership and banking.

The choice in 2009 was simple. Vote in favour to allow government to take over EBS to avoid it going to the wall, or allow it to go under- which I doubt would have happened as the vote was a geature in my view, the goverment would have taken over EBS one way or another to ensure it wasnt a threat to the irish banking stability at the time
 
A lot of top brass in the EBS made a great living, eating and drinking out of the mutuality issue. I can still see them baying on like smug deities in front of their captive audience...
 
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