Thursday 19 January 2017

Mortgage arrears among the worst and longest-lasting legacies of crash

Published 03/09/2015 | 02:30

Michael Fingleton (far right), former chief executive of the Irish Nationwide Building Society, arriving at the Banking Inquiry at Leinster House yesterday. Photo: Tom Burke
Michael Fingleton (far right), former chief executive of the Irish Nationwide Building Society, arriving at the Banking Inquiry at Leinster House yesterday. Photo: Tom Burke

It was something of an irony that just as ex-mortgage issuer Michael Fingleton was giving evidence to the Banking Inquiry yesterday, new figures were published on mortgage arrears - one of the worst and longest-lasting legacies of the property/banking crash.

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Before discussing the still slow pace of tackling this legacy, it is worth considering for a moment the often bizarre spectacle that took place in Leinster House yesterday.

Fingleton, who ran Irish Nationwide Building Society for many decades, put in a performance matched only by the former regulator, Patrick Neary, in its demonstration of ineptitude. In self-exculpatory delusion, it was in a league of its own.

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