Cowen Supports Fingleton Bonus Recovery

Taoiseach Brian Cowen has given his support to the recovery of the €1 million bonus paid to the former Irish Nationwide boss Michael Fingleton.

Speaking in the Daíl, Mr Cowen again defended his handling of financial regulation, saying everything that could be done would be done to recover the highly controversial €1m bonus.

The issue of the ex-AIB bosses bonus has been brought back into focus after in it emerged Bank of Ireland chief Richie Boucher has resisted pressure to surrender a €1.5m pension top-up this week.

Mr Fingleton was paid €55,000 per month for the first four months of last year, as well as getting a €1m bonus after the State guarantee was put in place.

Today Fine Gael deputy leader Richard Bruton said it was now clear many in the banking system still believe since the taxpayer stumped up the guarantee, NAMA and recapitalisation, they can return to business as usual.

Mr Bruton said: "However, the taxpayers are in no mood to suck it up and move on. People want to see proper accountability with consequences. They want to see a complete change of culture in the banking system.

"People look to the USA where 42 bankers have been put in jail. They look to Iceland where blame has been laid squarely on the shoulders of key players from the prime minister's office downwards. All have been found negligent by a commission chaired by a supreme court judge."

Deputy Bruton said that none of this sort of accountability was in place in Ireland and that the State needed to see accountability pursued to the limits of its legal possibilities. He added: "When that is done, we can then see clearly where the weaknesses in our present system have to be remedied by new structures and new rules in the regulatory environment."

Also speaking in the Daíl, Mr Kenny said the Government appeared powerless to deal with senior bankers who were "thumbing their noses" at the office of Taoiseach.

Brian Cowen said the Government supported the efforts of the management and board of Irish Nationwide to recover the money, and that everything that can be done will be done.

Labour leader Eamon Gilmore said it was 'not credible' that Mr Cowen had not heard anything about improper practices at Irish Nationwide in the four years he was Minister for Finance.

(DW/BMcc)