THE Irish Nationwide Building Society has "no plans" to go public at the moment, but has no objections to the idea, according to managing director Mr Michael Fingleton.

"It's a question of timing and of the society achieving critical mass. We think that if we could acquire another institution and increase our resources and assets we would be better equipped to make that kind of progress, Mr Fingleton has told society members.

Speaking at its annual general meeting in Dublin yesterday, he reaffirmed the society's interest in purchasing TSB Bank "or another financial institution" that may be suitable. "We made a commitment at that time that if we did acquire the TSB we would go public within two years" he said.

While the present Government had failed to make a decision on the sale of the TSB, Mr Fingleton said he expected the matter would have to be brought to a conclusion if there was a change of government.

In any event, Mr Fingleton said the society would continue to compete strongly in the Irish market. "The market is changing. We have to take an overall view of the society's position."

While a number of the 60 members at the meeting congratulated Mr Fingleton and his senior management on the society's performance, one man questioned the extent to which the members were benefiting from its financial success.

Members, he stated, were tired of having their money "tied up" in the society, white hoping that some day it would go public. He also expressed his disappointment at the "lack of leadership" being shown by the board on the privatisation issue.

Mr Fingleton insisted, however, that the board's primary concern was to ensure the security of members' funds. "If we do go public, it will be from a position of strength. We are always running this society for the benefit of members, not for ourselves, and in time they will realise this and will be very pleasantly surprised," he said.