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RTE - Inside Irish Nationwide


cabledude

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RT Television - Programmes - Factual - Inside Irish Nationwide

RTE 9:30'ish PM this evening. Extended news due to Vatican developments

In August 2010, Irish Nationwide Building Society required a €5.4 billion Government bailout to stay afloat, leaving it effectively in State ownership. It was a colossal sum of money for a small building society to require.

The Society had been run by Michael Fingleton until 2009 and for a long time he appeared to be very successful. Profits peaked at €391 million in 2007.

But in March 2009 when the country learned that Michael Fingleton had received a 1 million euro bonus the previous November just after the state guarantee, the public were furious. He promised to return the money but never did.

For the last two years Richard Curran has been working with journalist Tom Lyons to try and understand what happened inside Irish Nationwide. In that time they have unearthed new information that gives an insight into what really went on inside the building society.

Featuring new interviews with key people working at all levels of the society, new information on the lending practices of the building society we reveal how a small Irish building society went far beyond its competencies and ultimately resulted in enormous losses. Relative to its size, Irish Nationwide is proportionately the biggest banking collapse in the history of Irish State. The greatest tragedy was perhaps that no one ever said stop.
So, are you going to watch this. The fall of INBS has been fairly well documented so will anything new emerge?
 

commonman

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I was inside nationwide once the biggest mistake i ever made in my life.
 

Bren Boru

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I wonder will the programme mention the loan that Fingers fast tracked for McCreevy to buy his pad at the K-Club?

Or the loans fast tracked to Celia when she was loving de Bert?
 

Analyzer

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And the good news is that this crooked mini-bank is being bailed out by the PAYE taxpayers.

un-phucking-believable.

It should have been sunk. Nationalization of non-critical banks is an expensive policy. We should have let the mini-Bank of Fingers sink.

Did you know that Fingers was prominent on the Charity Event circuit ?
 

cabledude

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I wonder will the programme mention the loan that Fingers fast tracked for McCreevy to buy his pad at the K-Club?

Or the loans fast tracked to Celia when she was loving de Bert?
We'll know shortly enough.
 

powderfinger

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The programme makers have seen the as yet unpublished reports by Ernst/Young and McCann/Fitzgerald into INBS,which were received by the Dept. of Finance.
These reports formed the basis for Central Bank investigations into Fingleton's basket case.

'Unusual' management structure at Irish Nationwide - RTÉ News

The report found that €6.6m was paid into a trust company based in Jersey for which no documentation existed.

It said €10m was used to settle a legal dispute but there was no paperwork regarding the litigation.

It said there were €2m of invoices which the building society paid twice.

This issue went unchallenged and was not followed up.

The report said there was €435,000 paid to a company but when it was checked by Ernst & Young it emerged the firm did not exist at the address which had been specified.
Ex-Irish Nationwide staff give witness statements in reckless loans inquiry - The Irish Times - Mon, Aug 20, 2012
 

cabledude

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It's on now...
 

LDF

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Fingleton was a generous man. Who was he generous to?
 

Ribeye

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Hate that Fattie McGrath:)
 

constitutionus

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cabledude

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10 new childrens hospitals or 10 years worth of Property taxes is what we have spend on INBS
 

powderfinger

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All those journos heading off to Fingers Christmas parties.
Great little country.
 
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