EBS is 'on the mend'

EBS outlined that it was "on the path to viability" and the society's recapitalisation is well advanced.

The building society group reported a pre-tax loss of almost €250m for the first half of the year, but it noted that impairments on loans would peak during 2010.

EBS Chief Executive Fergus Murphy said that funding is positive and it expects to minimise any future exposure to the Exchequer. Before provisions, EBS made an operating profit of €25.6m in the first half. Excluding NAMA business, it made a pretax loss of €93m.