Fingleton bonus repayment
THE 2009 Annual Report of Irish Nationwide Building Society reveals that the Government has thrown €2.7bn of public money into a black hole.
A long time ago, Irish Nationwide abandoned the principal purpose of a building society, that of making loans that are secured on residential property and are funded substantially by its members. Nobody said boo, or cared two hoots.
If there had been a scintilla of regulatory oversight, this would not have been tolerated by the Financial Regulator, by Brian Cowen, as Minister for Finance or, indeed, by the Department of Finance.