Customer Fingleton sticks with Nationwide
Published 24/03/2010 | 05:00
IRISH Nationwide might still be waiting for former boss Michael Fingleton to honour a promise to pay back a €1m bonus but at least the building society is still enjoying his custom.
Mr Fingleton is no longer running his old building society, but clearly maintains a banking relationship with the company and was yesterday spotted visiting a branch in Bray.
Mr Fingleton said in March last year he would repay the money, but despite extensive correspondence with his old employer the bonus has not been repaid.
The society has all but given up on the money being repaid, but its next set of results will be so poor that fresh pressure is likely to come on Mr Fingleton.
The annual statement to members of the society is expected to specifically mention the issue.
Mr Fingleton, who lives in Shankill, south Dublin, was chief executive of the society when huge property exposures were built up in Ireland and the UK. Over 85pc of the society's property loan book will now be dumped into NAMA, effectively ending the society's chances of remaining independent.
Mr Fingleton received the money as a "loyalty bonus'' which formed part of an agreement the society reached with him before the bank guarantee scheme came in September 2008 and he received the money after the guarantee became law.
In a statement in March 2009 Mr Fingleton said he was entitled to the payment, but wanted to repay it "because of the effect on my family with a continuing 24-hour media siege on my home''.