Business Irish

Saturday 3 December 2016

Fingleton's pot of gold escapes liquidation

Published 13/09/2010 | 05:00

HE'S personally blamed for bringing Irish Nationwide Building Society to its knees, but disgraced Michael Fingleton stands to lose nothing from the society's shutdown.

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The long-serving chief executive left Nationwide with a pension pot of more than €26m.

That nest egg is understood to have taken a "significant" hit at the hands of the imploding property market.

But the liquidation of the building society would not inflict any further pain, since Mr Fingleton's pension is in a special, "self-administered" fund that's entirely ringfenced from Nationwide.

A liquidation would also do nothing to compel the banker to return the €1m bonus he infamously promised to return and then hung on to.

Sources last night confirmed the bonus had still not been paid back.

If anything, the winding up of Nationwide could enable Mr Fingleton to argue that there was no society left to which the money should be repaid.

Irish Independent

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