Fianna Fail Slam Fingelton Over Bonus

The Government have attacked ex-Nationwide boss, Michale Fingleton over his failure to repay a €1 million bonus.

Cork TD Michael McGrath called on Michael Fingleton, the former Chief of Irish Nationwide Building Society, to fulfil his promise to repay the €1 million bonus to the building society.

"It is deeply disappointing to learn that Mr. Fingleton has not yet repaid the €1 million to Irish Nationwide Building Society.

"Irish Nationwide paid the bonus to Mr. Fingleton in November 2008, a matter of weeks after the Government had to intervene to prop up the building society by way of the State guarantee," he said.

Fingleton's failure to repay the bonus came to the attention of Irish Labour party this week, several months after the bank boss had been forced to resign and had promised to repay the money.

Speaking regarding the debt today, the Fianna Fail TD, Mr McGrath, went on to say that in the same year in which Mr Fingleton was paid the bonus, the building society he led wrote off €464 million in bad loans, leaving it with pretax losses of €280million.

"Mr Fingleton should repay the money immediately as many will now perceive him to be trying to wriggle his way out of repaying the outrageous bonus, which should never have been paid to him in the first place," he said.

He added: "I am calling on Mr. Fingleton to repay the €1 million bonus and, in the process, to show some solidarity with Irish taxpayers who have come to the

rescue of the building society he led for so many years."

Fingleton presided over Irish Nationwide during the period the building society

overlent to an astounding extent to the property and development sector.

"The legacy of his stewardship will expose Irish taxpayers to great risk for many years to

come," Mr McGrath added.

RTÉ revealed on Tuesday that the former chief executive had requested to first see a report about his remuneration prepared for the board of Irish Nationwide before making the payment.

(DW/BMcC)