Minister for Finance issues statement on Irish Nationwide

[David Cochrane]

Statement by Minister for Finance on Irish Nationwide Building Society

The Minister for Finance, Mr Brian Lenihan, TD, confirmed today that he had discussions last evening with the two directors of Irish Nationwide Building Society appointed by him to promote the public interest, Mr Adrian Kearns and Mr Rory O Ferrall. These directors were nominated by the Minister on foot of the Government Guarantee Scheme. They met the Minister with the knowledge and consent of the Board.

The Minister has asked the two directors to convey to the Board of Irish Nationwide his view that the Board and management team must be reviewed having regard to the current market position, the plans of the Society, and the appropriate mix of skills for the future of the Society.

The Minister indicated that he will invite the Board to brief him next week on their plans for the Society, including the review of management and board personnel.

It is the Minister’s view that recent disclosures in relation to the remuneration of the CEO of the INBS require investigation. The Minister has conveyed to the Board that any such investigation must be carried out by the two directors appointed to promote the public interest. The Minister expects a report on the outcome of this investigation within one month.

[Digout]

Well done on getting this so quick, newstalk did not have it at the 3Pm news.

The content of the statement is a joke though. Expects a report in a month, reports reports reports reports. Will he read this one?

[X-ray]

I am not interested in any more talking, statements, meetings, investigations, looking at further, disappointment, reviews, promoting public interest or conveying concern, I want action immediately.
Instead the ball is kicked another month into the long grass. We can plan how to rape the coping classes with a third budget in a year in less than a month but cannot lift the phone and tell Irish Nationwide we want our money back or the state guarantee is over.

That's all that needs to happen, one phone call. Why it has not happened ia matter of huge concern and goes to the core of why we are in so much trouble.

Anglo and INBS were only of systemic importance to some in this society and they are not the ones that will be paying for this mess. I am ashamed to admit I deserve all I get as I voted for this car crash the last time out.

[toxic avenger]

It's the cyanide capsule on the desk, it seems, for Fingleton and the board. But this is only beginning. It's what is yet to be found at Nationwide that perhaps explains the government making the running (rather than our useless opposition) on Fingleton. I suspect a choreographed bad news management strategy. When the brown stuff comes out (and it will), the government will then be able to say 'sure, Fingleton's gone, we got rid of him, and there are new structures in place'. Which isn't good enough, I'm afraid...

[Digout]

I am not interested in any more talking, statements, meetings, investigations, looking at further, disappointment, reviews, promoting public interest or conveying concern, I want action immediately.
Instead the ball is kicked another month into the long grass. We can plan how to rape the coping classes with a third budget in a year in less than a month but cannot lift the phone and tell Irish Nationwide we want our money back or the state guarantee is over.

That's all that needs to happen, one phone call. Why it has not happened ia matter of huge concern and goes to the core of why we are in so much trouble.

Anglo and INBS were only of systemic importance to some in this society and they are not the ones that will be paying for this mess. I am ashamed to admit I deserve all I get as I voted for this car crash the last time out.

I wonder does Muckey Fingers have a story to tell? Was he in government buildings the night of the guarantee?

[toxic avenger]

I wonder does Muckey Fingers have a story to tell? Was he in government buildings the night of the guarantee?

He has many stories to tell. To whom, well that is best left...

[oscartango]

This ministerial Statement contrasts sharply with the Obama approach of kicking 'em where it hurts.

Instead of positive action we get "Ah go on, lads, do the decent thing. Ah, go on, go on, go on."

[EamonnZ]

Statement by Minister for Finance on Irish Nationwide Building Society

A month? Absurd to say the least.

People get fired for less within hours, contract or no contract! Fingleton seems to have broken his imo.

Cheers

[toxic avenger]

This ministerial Statement contrasts sharply with the Obama approach of kicking 'em where it hurts.

Instead of positive action we get "Ah go on, lads, do the decent thing. Ah, go on, go on, go on."

I think it's a bit stronger than that, albeit coded, it's an ultimatum. Fingleton will be gone soon enough...

[Digout]

This ministerial Statement contrasts sharply with the Obama approach of kicking 'em where it hurts.

Instead of positive action we get "Ah go on, lads, do the decent thing. Ah, go on, go on, go on."

If Lenihan wanted to he could sort this out. Why does he not want to sort it out? Whose pocket/s is he in?