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Dublin: 13°C Tuesday 9 August 2022

Noonan pushes for repayment of Fingleton's Irish Nationwide bonus

The Minister for Finance has asked that the board of the newly formed IBRC continue to push for the return of €1 million paid to the former Irish Nationwide chief in 2009.

Michael Fingleton (File photo)
Michael Fingleton (File photo)
Image: Eamonn Farrell/Photocall Ireland

THE MINISTER FOR Finance Michael Noonan has asked the board of the newly formed Irish Bank Resolution Corporation (IBRC) to continue to pursue former Irish Nationwide chief Michael Fingleton for the bonus paid to him in 2009.

The board of IBRC – formed from the merger of State-owned Anglo Irish Bank and Irish Nationwide Building Society – has been tasked with recouping the €1 million bonus paid to Fingleton when he stepped down in 2009.

He has pledged to return the bonus but has yet to do so.

The bonus was paid for his performance in 2008, the year the bank posted losses of €234 million and was guaranteed by the government along with the country’s other main financial institutions.

Answering a written question by Dublin North East TD Terence Flanagan, Noonan has said that he has asked the board of IBRC to continue to “strongly press” the former CEO to return the bonus payment.

He said: “I regard the commitment of the former CEO to return the bonus to the Society as one that remains outstanding to the new merged entity.

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“Therefore, I have asked the Board of the new merged entity to continue to strongly press this matter and I fully encourage and support their efforts to recoup the payment in accordance with the commitment made by the former chief executive of INBS.”

Read more: Fingleton asked to return €11,500 watch >

In numbers: Michael Fingleton’s assets >

About the author:

Hugh O'Connell

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