Monday 23 October 2017

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.

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