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And the brass neck of the year award goes to...
The bonus was coincidentally paid just prior to the date that two government representatives were to be appointed to the Board. Lenihan is said to be 'not impressed', and the government are saying they will pursue the matter further. All this despite Nationwide being the most exposed to commercial property of all lenders in Ireland, up to 80% of its property loans being badly affected by the crash. A situation designed solely by one Michael Fingleton.
I've said it before and I'll say it again. If there aren't horror stories waiting to emerge from Fingleton's little empire, then I'll eat my own feet. It's just a matter of time...
Fingleton was paid €1m bonus weeks after guarantee - The Irish Times - Sat, Mar 14, 2009THE CHIEF executive of Irish Nationwide Building Society, Michael Fingleton, was paid a bonus of 1 million just weeks after the Government introduced the 440 billion guarantee to protect the entire banking system.
However, it emerged last night that the Department of Finance intends to put pressure on Mr Fingleton to repay the bonus.
Mr Fingletons pre-contracted incentive bonus for 2008 was revealed in the report of the Government committee set up to assess executive pay in the seven banks and building societies covered by the guarantee, which was introduced on September 30th.
The report from the Covered Institutions Remuneration Oversight Committee (Ciroc) showed that Mr Fingleton was paid the bonus in November. The building society agreed to the bonus early last year and it was paid before the two Government-nominated directors were appointed in December.
The Ciroc report showed that Mr Fingletons annual salary increased at a time when the banking sector came under severe stress and the Government moved to protect the financial system with the guarantee.
Mr Fingletons overall pay package for 2008 totalled 2.34 million, which included benefits and fees of 453,240. This was higher than his 2007 pay of 2.31 million and made him the best-paid chief executive in Irish banking for 2008.
The bonus was coincidentally paid just prior to the date that two government representatives were to be appointed to the Board. Lenihan is said to be 'not impressed', and the government are saying they will pursue the matter further. All this despite Nationwide being the most exposed to commercial property of all lenders in Ireland, up to 80% of its property loans being badly affected by the crash. A situation designed solely by one Michael Fingleton.
I've said it before and I'll say it again. If there aren't horror stories waiting to emerge from Fingleton's little empire, then I'll eat my own feet. It's just a matter of time...