That this meeting instructs the Board of Irish Nationwide Building Society to immediately take all the necessary steps in order to demutualise the Irish Nationwide Building Society and that a demutualisation motion be put to the members within 18 months of the date of the 2003 Annual General Meeting and that in preparation for this, a ‘due diligence’ report from independent auditors be commissioned immediately, the results of which to be published to members by the 31st December 2003.
That the members of Irish Nationwide Building Society have no confidence in Michael Fingleton as Managing Director.
This meeting welcomes the board's announcement that penalty interest will no longer be charged on mortgages in arrears and resolves
A. that Rule 18 is hereby removed from the Memorandum and Rules of the Society so that no such penalty interest can be reintroduced.
And that this meeting instructs the Board of Irish Nationwide Building Society
B. to introduce a published standard variable rate.
C. that all current and future mortgage interest rates be expressed as a margin at or above this rate.
D. to credit all current mortgage account holders for penalty interest amounts above 8% per annum previously charged to their accounts.
That this meeting instructs the Board of Irish Nationwide Building Society to treat the borrower & depositor members of Irish Nationwide Building Society as key partners in the future success of Irish Nationwide Building Society and to invite borrowers to attend and vote at future Annual General Meetings.