Irish Nationwide Building Society Statement

The board of Irish Nationwide Building Society accepts with great regret the resignation of Dr Michael Walsh as chairman of the board and a director of the society and thanks him for his enormous contribution as a director from April 1995 and chairman since May 2001.

Dr Walsh has informed the board that there are no commercial issues which would have impacted on his decision.

The board understands and fully accepts that he can no longer devote the increasing amount of time required to provide the necessary oversight and leadership in the current challenging times for all financial institutions.

The board of the society at a meeting held today agreed that the vice-chairman, Mr Terence J Cooney, would be acting chairman until such time as a successor is appointed.