Irish mortgage lender may sue Reuters

Reuters retracted the story late on Friday night, admitting that material elements were incorrect and that it contained false information.

A spokesman for Irish Nationwide confirmed to The Irish Times on Sunday that "the society is discussing the matter with legal advisers".

The society's chief executive, Michael Fingleton, told the Sunday Independent that the story was "irresponsible, false and untrue", adding that "in the present highly sensitive economic, financial and commercial climate, the putting out of such statements is tantamount to commercial sabotage".

Reuters did not check the story "in the way that you would expect", Fingleton said, adding: “The society will, of course, be vigorously pursuing the matter - including legal action. We believe that we have the evidence to support our case and that what Reuters did was indefensible.

“It took Reuters 2 hours to put up the Irish Nationwide’s denial, and it was another hour-and-a-half before they withdrew the original story because, they said, ‘material elements were incorrect’. They also withdrew the denial story because, they said, it contained ‘incorrect information’.”

A spokeswoman for Thomson Reuters, quoted by The Irish Times, said the reporter had misinterpreted the source of the story, which was filed out of London.

The spokeswoman added: "Accuracy, reliability and integrity are at the heart of the Reuters operation - and we deeply regret that our standard operating procedure in this case was not followed." ■