It’s been confirmed that the wind up of Irish Nationwide is one of the options being considered in their new restructuring plan.

The Building Society yesterday published results showing losses of almost €2.5 billion for last year – that’s more than their total profits over their entire history.

The European Union requires a new plan for the future of the business to be submitted, after they received €2.7 billion of taxpayers money to stay afloat.

Gerry McGinn is the new chief executive at Irish Nationwide.

“The restructuring plan obliges us to look at a whole range of options – that is one of them” he said.

“Obviously what we will now do, because we need to create the restructuring plan for the end of June, is consider the costs involved in each of the options”.

“That will be assessed as part of the exercise over the next two months” he added.