Monday 22 January 2018

Fingleton must pay back the lot

Almost two-and-a-half years after he was forced to "retire" as Irish Nationwide Building Society chief executive, Michael Fingleton's baleful legacy continues to linger like a particularly unpleasant odour.

Not alone has he failed to fulfil his promise to repay the €1m "performance" bonus which, in its wisdom, the Irish Nationwide board awarded him just weeks after the government was forced to unconditionally guarantee the deposits of the Irish banks in September 2008, it has since emerged that he was paid €88,000 in expenses and received a watch worth €11,500, paid for by Irish Nationwide, on his retirement.

This for someone who presided over a financial horror show where the normal rules of prudent banking were thrown out the window as Mr Fingleton chased balance sheet growth at almost any price as he attempted to "fatten up" the Irish Nationwide in advance of its being sold to another bank.

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