EBS mortgage customers currently suffering negative equity can forget about having their debt forgiven as part of a takeover deal for the beleaguered building society, The Sunday Tribune reports.

A “senior source” close to the bidding process described the speculation as “absolute rubbish”.

Irish Life & Permanent, the only trade bidder for EBS, is still believed to be ahead in the race but there is also interest from a number of private investment consortia. A preferred bidder could be announced as early as this week.

EBS announces its interim results on Tuesday. The accounts are expected to show large losses – the building society has taken a cumulative writedown of 38% on Nama transfers of €1bn.

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