Irish Nationwide, Michael Fingleton: Could it go bust?

stanley

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Carry on in his absence and track down his assets with him and Junior, simply confiscate them.
 


Ardillaun

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Great thread. As usual, some of the experts were way off the mark here. You’d really wonder what the point of auditors is at all.
 
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stanley

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Finger's continuous delay tactics pay off and the Inquiry shudders to a halt and he gets to keep his fortune most of which was long ago passed to Junior.

Surely they can track financial transactions and have them reversed, Fingers took part in many profit-sharing schemes a large % overseas which were not effected by the Celtic Pussy and surely can be tracked down.
 

stanley

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Gayle Killilea

@KillileaGayle

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9h

Maybe. But irrelevant to €€€ blown on kangaroo court by Irish State witch-hunting a man whose age and health destined this enquiry to death. They knew it. Why do it? Creating then feeding a mob frenzy. Hiding their favourite banksters from view.
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Brendan Cafferty

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Replying to @KillileaGayle
he was a rogue and a gangster



What can anyone expect from Gayle but to seek to drum up sympathy for this bastard who cost the State at least 5.4bn, Gayle has still not coughed up the 18m she has been ordered to by the Court, she and her "husband" have equally cost the State 800m some of which was though their good friend, Fingers.
 

stanley

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"He had amassed a pension of €27.6 million. He was paid €2.34 million in 2008, up from €2.3 million the year before, which made him the best paid bank executive in Ireland at the time. He was also paid a €1 million bonus in 2008, weeks after the state bailed out the building society. The government publicly called for him to give it back, but the bonus money has not been repaid".


And so Senior and Junior got on their hosses and rode out of town.
 

firefly123

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The start of this thread is fascinating. A real historical document and a good example of why this site is so important.
 

Ardillaun

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I‘d like to see much more detail on how pre-crash loans, esp. the big ones and those to political insiders, were managed by the banks and building societies, and how the value of the collateral offered was assessed. It’s poor old simple Paddy who ended up footing some of the bill after all. One would assume that porkies were told by various parties.
 
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Lumpy Talbot

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'The value of the collateral offered' is an interesting area. From the Anglo capers with Fitzpatrick, and I doubt Nationwide were doing much different than Anglo, a strange phrase was heard quite often. That phrase was 'Non-recourse'.

There appear to have been quite a lot of 'non-recourse' loans offered to politically exposed persons and I have little doubt that that would include the judiciary and the media.

'Non-recourse loans' are inherently problematic from the bank shareholder and bank bondholder point of view because they are loans not based on any collateral at all. Which means they are a default risk from day one of the loan with no protection for the shareholder and bondholder because there isn't any way of enforcing repayment of the loan.

Any financial institution where senior people are nodding through non-recourse loans with no underpinning right to place a lien over collateral where the borrower defaults is a serious issue, and should open those senior people up to charges of failing to protect the shareholder and bondholder interests in the bank.

Fitzpatrick even had a chap at Anglo whose role was to administer these backstairs loans. There didn't seem to be much concentration on that 'non-recourse loan' area in the various investigations at that bank, and I would have a hard time accepting that INBS were doing anything different to Anglo in the run up to the tiger-shooting in 2006/2007.
 

oleoleole

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I‘d like to see much more detail on how pre-crash loans, esp. the big ones and those to political insiders, were managed by the banks and building societies, and how the value of the collateral offered was assessed. It’s poor old simple Paddy who ended up footing sme of the bill after all. One would assume that porkies were told by various parties.
And if they tried to prosecute Fingers or Fingers Junior then you would have.
 

Disillusioned democrat

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And if they tried to prosecute Fingers or Fingers Junior then you would have.
Which is basically the whole drive of this thread.

We know Fingleton gave unsecured loans to many of the elites - the same people who the Gardaí were deleting penalty points for, which also fizzled out because it would have taken too many resources to resolve - funny that.

An Post can put their hands on 100s of TV license inspectors to put the frighteners on the little people to pay their Pravda license, but can't find enough resources to enforce the law on one or two of the well connected - it's all part of the circle of life in Ireland.

Ironically it probably means there are several politicians in the Dail today who have benefited financially from the bust because their loans have largely been written off.
 
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ruman

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The start of this thread is fascinating. A real historical document and a good example of why this site is so important.

This site is in no way important other than showing how utterly naive certain posters are about how Eire "works".

I'll choose to be generous and attribute it to youth. Happy new year.
 

firefly123

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This site is in no way important other than showing how utterly naive certain posters are about how Eire "works".

I'll choose to be generous and attribute it to youth. Happy new year.
Well I'll take the youth bit anyway.

I find the posting from that time a real insight into the psyche of many. The few calling it right. The many disbelievers. the few downright aggressive deniers.
 

Ardillaun

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Well I'll take the youth bit anyway.

I find the posting from that time a real insight into the psyche of many. The few calling it right. The many disbelievers. the few downright aggressive deniers.
Some of the threads about property prices and the banks were great, among the best on the site. Many posters with apparent expertise in the area turned out to be completely wrong. When he isn‘t indulging his kinky side, Cyp is an excellent contributor.
 

Lumpy Talbot

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One of the most fascinating things for me is the instant arrival or formation of at least one but quite often two or three who seem to take a bizarre delight in backing any official story no matter how far apart the story falls.

You'll always get two or three on any major political issue or event who will argue that the sky is green and the grass is blue if it was alleged in an official press release and they are the oddest of all.

Quite often going to bizarre lengths to try to prop up some utterly heinous and one-eyed version of events or an issue that a child would struggle to lend credibility to.

Those are the occasionally interesting ones. You can take them for a walk too, once they get excited. But you'd wonder what's their motivation.
 

stanley

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"In 2018, it declined to provide information following a request from 'The Irish Times', claiming that to do so would "undermine" its work and encroach on the right to privacy of lawyers involved.
The Central Bank faced criticism over the manner in which the Fingleton decision was announced. A notice was quietly placed on its website shortly before Christmas, but was not press released".



The reality is, Fingers, gets to save his family fortune, remains to be seen how long he is for this world but you can be certain his son will have all the monies protected and hidden well away.
 


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