Michael Fingleton's Pension

Michael 'Fingers' Fingleton, former CEO of the Irish Nationwide Building Society, will have felt his ears burning on 12th May 2009. Between 300 and 400 INBS members gathered at the society's annual meeting to hear why it made a pre-tax loss of €280m last year. They also wanted to know why Mr Fingleton was allowed to retire with a €1m bonus and a pension pot of €27.6m (£24m).

Fred Goodwin - eat your heart out

But answers were in short supply. The remuneration board: absent. Former chairman Dr Michael Walsh: absent (resigned). Non-executive director David Brophy: absent (resigned). Former vice-chairman Terry Cooney: absent (too ill to attend). 

And Fingers was nowhere to be found.

Mr Fingleton, who retired last month, has agreed to repay the €1m bonus following a national outcry but, so far, has hung on to his pension. He was paid €2.47m last year and €2.31m in 2007.

Steve Tilston's credit crunch classic: 'A Pretty Penny'

Massive Speculation

Michael Fingleton all but abandoned the society's role as small-time mortgage provider in favour of massive commercial property speculation. Some eighty percent of the group's €10.47bn loan book at the end of 2008 was related to commercial property. A third of that was classified as 'impaired' or was being closely managed. So a large capital injection will probably be needed, and the Irish state is the only body likely to write such a cheque.

Green Party spokesman Senator Dan Boyle said: 

'Mr Fingleton has run the Irish Nationwide Building Society like his own personal fiefdom. His conduct shows little care for savers and home-owners who have placed considerable faith - and in some cases placed their life’s chances and the fortunes of their families - in the care of that institution.'

Fingers' current whereabouts are unknown.

27-05-09