Fingleton paid himself 1 million bonus AFTER bank guarantee...

Factorem

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Can we just burn the place down now?

(along with CIF HQ while we're at it. Might need a very big bad wolf though: concrete built is better built).
 


conservative green

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Fingleton made a deliberate decision to move away from residential mortgages and the like and into commercial property loans to a hand-selected group of 'the boys', thinking it was a much better filled trough to suck from. The Irish Nationwide thus stopped being a building society in any sense that, for example, people in Britain would recognise. It's British namesake, entirely unrelated, is a responsible and reasonably ethical operation, keeping to its founding principles, and is now one of, if not the, best placed financial institution in Britain to comfortably ride out the recession. The Irish Nationwide, in contrast, is ridiculously highly exposed, 80% of its comercial property loans being at risk from massive write-offs. That's what happens when you put someone like Fingleton in charge of anything...

Good analysis.
 

Factorem

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We should ditch the floats and divert the Paddy's Day parade to IN HQ.

But no, the Irish people will simply bend over and take it up the ass (as usual). Drinking and paddy-whackery is far more important than dealing with the corruption issue. Twill all be forgotten about by about 10pm this evening when the Paddy's Weekend mindset kicks in fully.
 

EarlyBird

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We should ditch the floats and divert the Paddy's Day parade to IN HQ.

But no, the Irish people will simply bend over and take it up the ass (as usual). Drinking and paddy-whackery is far more important than dealing with the corruption issue. Twill all be forgotten about by about 10pm this evening when the Paddy's Weekend mindset kicks in fully.
Don't rain on the parade, sure begorra won't it be a great day to be Irish, if your Irish come into the parlor, etc. Grubby fingers hid his Crock-o-gold, an Irishman to the core.

 

jmcc

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I think Ireland is fast approaching a stage where the public will not be satisfied until there is blood split. Whether it is that of politicians or bankers will not matter.

Regards...jmcc
 

Gadfly

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Don't rain on the parade, sure begorra won't it be a great day to be Irish, if your Irish come into the parlor, etc. Grubby fingers hid his Crock-o-gold, an Irishman to the core.

A parable for the last twenty years right there: we caught the leprechaun, had the crock of gold right in front of us, then the bugger slipped away, and the gold disappeared.

Tell me it was all a dream.
 

essexboy

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Fingleton is a Sligonian (from Tubercurry). Why do the natives of that county always rub people up the wrong way? Apart from Micky there are Drumm of the HSE and Mannion of Aer Lingus.
 

wombat

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Drumm was born in Manorhamilton, Leitrim.
I never heard Drumm claim to be anything other than a Leitrim man, even when he was drinking in his student days.
 
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Sunday, March 15, 2009 By Nicola Cooke and Cliff Taylor
The Minister for Finance, Brian Lenihan, has written to Irish Nationwide Building Society stating that the payment of a €1 million bonus to chief executive Michael Fingleton was in breach of the terms of the state banking guarantee. The Department of Finance is to seek the repayment of the money to the building society, though Irish Nationwide is likely to argue that it was part of a contractual commitment with Fingleton.

Lenihan is also believed to have insisted to Irish Nationwide that Fingleton’s salary for this year must be in line with the cap proposed by a special committee which reported to government on the issue of bank executives pay. The report from the Covered Institutions Remuneration Oversight Committee (Ciroc) said that the base salary for the Irish Nationwide chief executive should be €360,000.
I'll believe it when I see it. I have a feeling this will all wither on the vine and they'll hope we forgot...

Sunday Business Post | Irish Business News
 

/etc

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do these people know that their greed or incompetence or both has already put the country's finance at risk.

if they still have any conscience, they should just return the money to the state! not impressed? c'mon. do something!
 

/etc

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Irish Nationwide is a mystery to me. It is still a mutual society, supposedly run for the benefits of its members. Its purpose was to gather deposits and loan money to people who wanted to buy houses. We find now that it was being used to loan money to property developers & cronies and the man running it pays himself whatever he wants. It is now kept in business by govt. gaurantee but the govt. does not replace the man responsible for destroying the society.
What really annoys me is that I left my savings on deposit with this organisation, thinking they were in the business of providing loans for houses. It looks like I should have loaned the money to a cocaine dealer who would be just as honest.
Fingleton made a deliberate decision to move away from residential mortgages and the like and into commercial property loans to a hand-selected group of 'the boys', thinking it was a much better filled trough to suck from. The Irish Nationwide thus stopped being a building society in any sense that, for example, people in Britain would recognise. It's British namesake, entirely unrelated, is a responsible and reasonably ethical operation, keeping to its founding principles, and is now one of, if not the, best placed financial institution in Britain to comfortably ride out the recession. The Irish Nationwide, in contrast, is ridiculously highly exposed, 80% of its comercial property loans being at risk from massive write-offs. That's what happens when you put someone like Fingleton in charge of anything...
From what I can gather, the two posts above are pointing to a possibility that Fingleton's decision to move away from residential mortgages might breach what is laid down in the company's M&A. If this is the case, he will no longer be protected by the limited company status of the bank. He can become personally liable.

Can someone with some legal background take a brief look at Irish Nationwide's M&A to see if Fingleton was authorized to do what he did? Worth a shot if we are to punish these fat cats.
 

conservative green

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From what I can gather, the two posts above are pointing to a possibility that Fingleton's decision to move away from residential mortgages might breach what is laid down in the company's M&A. If this is the case, he will no longer be protected by the limited company status of the bank. He can become personally liable.

Can someone with some legal background take a brief look at Irish Nationwide's M&A to see if Fingleton was authorized to do what he did? Worth a shot if we are to punish these fat cats.
There is no prohibition in the Building Societies Acts on a building society giving loans for property development as opposed to home loans. EBS did property development lending too (though not to the same extent.)
 
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Does anyone know what to make of this case involving a Nationwide manager in Limerick? He says he is not responsible for a 36 million loan to a property developer that was transacted at his branch, that it was a direct order from head office, and that he is being scapegoated by those above him:

The High Court heard during the two-day hearing that the investigation was into Mr Harrington’s conduct relating to his own borrowings connected with properties at Catherine Street, Limerick, and relating to the handling of certain customer accounts.
Mr Harrington claimed the building society was using the investigation to engage in “a scapegoating exercise” .
He said he was not responsible for the handling of accounts of a property developer who owed some €36 million to the building society and alleged those accounts were mandated and controlled from Irish Nationwide head office. He also said he had an explanation for matters related to his own borrowings.
He argued that an inquiry into his conduct should be carried out in a more open and transparent way.
Irish Nationwide argued the investigation was fair and was being carried out by a solicitor who was independent of the company. It further contended the investigation was necessary and rejected Mr Harrington’s claims to have fully co-operated with it.

Anyone know the story?


Nationwide official fails to halt inquiry - The Irish Times - Tue, Mar 17, 2009
 

cyberianpan

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Does anyone know what to make of this case involving a Nationwide manager in Limerick? He says he is not responsible for a 36 million loan to a property developer that was transacted at his branch, that it was a direct order from head office, and that he is being scapegoated by those above him:


Anyone know the story?

Nationwide official fails to halt inquiry - The Irish Times - Tue, Mar 17, 2009
Not that one... but in general INBS churns its way through management staff at a terrifying rate ... Fingleton isn't a nice man to work for... he never was ... but over recent years staff haven't minded taking court action to protect themselves

cYp
 

essexboy

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I never heard Drumm claim to be anything other than a Leitrim man, even when he was drinking in his student days.
he went to school in Sligo - Summerhill. On mature reflection, maybe it is Sligo schools that are the problem: Mary Coughlan went to the Ursulines in Sligo.
One of Drumm's classmates told me that he was a bright student apart from mathematics - just could not cope with figures. Now he is in control of the HSE budget!
 

locke

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Does anyone know what to make of this case involving a Nationwide manager in Limerick? He says he is not responsible for a 36 million loan to a property developer that was transacted at his branch, that it was a direct order from head office, and that he is being scapegoated by those above him:




Anyone know the story?


Nationwide official fails to halt inquiry - The Irish Times - Tue, Mar 17, 2009

It's certainly not the first time we've seen allegations like that

RTÉ News: Court rules Fitzgibbon should be re-instated
RTÉ News: High Court to hear Fitzgibbon case

However, knowing the history, the local manager could just as easily see it as a handy excuse as be telling the truth.
 
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Good article this morning from Matt Cooper in the Examiner, after he suffered the tragic misfortune of being stuck on the same LUAS carriage one evening as a cocky Michael Fingleton, speaking loudly into his mobile:
Fingleton guffawed to a person at the other end that he was only on the train because his car was in the garage for a service. It has a unique colour apparently, which makes it hard to get a proper paint-match for scratches. I was glad to be able to disembark quickly not to have to listen any more to him.

Whatever about the LUAS, it appears that Fingleton has no intention of getting off the gravy train. Amid the debris caused by the implosion of the Irish banking sector — and the tales of recklessness and greed — there are still some stories that have the capacity to shock. One came last weekend when it was revealed that Fingleton had taken a e1 million bonus from his society last October, just weeks after it was rescued from oblivion by the state’s guarantee scheme, along with the rest of the Irish financial sector...

... But why then has the Government not moved Fingleton out? It is true that it does not own it, but the guarantee is keeping it afloat.

International ratings agencies have described its bonds as worth little more than junk, even with the government support. Could it be that the state has to keep him there in the hope of finding out what was going on because nobody else knows?

Even that is true it is not a good enough reason for the State’s effective endorsement of Fingleton. It is an insult to everyone who is expected to suffer financially during next month’s budget that somebody like Fingleton not only took so much money but remains in position to take even more.

The whole article is well worth a read...
Irish Examiner | Irish News | News from Ireland
 


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