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Thread: Irish Nationwide, Michael Fingleton: Could it go bust?

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    Politics.ie Member cyberianpan's Avatar
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    Default Irish Nationwide, Michael Fingleton: Could it go bust?

    Irish Times

    Irish Nationwide chief executive Michael Fingleton directly approved the loan of 4.1 million to solicitor Michael Lynn for the purchase of a property in Howth, a court heard yesterday. Dominic Coyle reports.

    In an affidavit, head of home loans at the building society, Brian Fitzgibbon, also said Mr Fingleton was personally responsible for bypassing the financial institution's own procedures.

    Mr Fitzgibbon said a credit committee set up by the Irish Nationwide Building Society to approve home loans over 1 million was merely "a device" to satisfy the Irish Financial Services Regulatory Authority and, in practice, there was "limited compliance" with the rules of the society.

    Loans were "entirely informal and controlled by Michael Fingleton", he said.
    ...
    Mr Byrne owes the building society 10.5 million; Mr Lynn owes it more than 10 million.
    Now I'm not saying that 20m is enough to sink it but... if they're not doing proper loan risk assessment at all might there be more problems there?

    As we've seen with the Gasworks it's quite possible that some developers are in negative equity situations & Irish Nationwide is looking shaky.

    Also the Irish Financial Services Regulatory Authority's audits are a disgrace. When they do an audit:

    1) They bring their rules in with them
    2) Read the polcies in the bank
    3) Ask for summary reports

    And compare all 3!!

    They never actually dig down onto the source systems and if they do anything like sampling it is always from a "supplied list". They don't have many staff with banking experience, they don't have any IT staff that I've ever seen...

    I wouldn't be confident now.

    cYp
    "Yawn , am I alive yet ?"

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    Default Re: Irish Nationwide, Michael Fingleton: Could it go bust?

    Quote Originally Posted by cyberianpan

    Also the Irish Financial Services Regulatory Authority's audits are a disgrace. When they do an audit:

    1) They bring their rules in with them
    2) Read the polcies in the bank
    3) Ask for summary reports

    And compare all 3!!

    They never actually dig down onto the source systems and if they do anything like sampling it is always from a "supplied list". They don't have many staff with banking experience, they don't have any IT staff that I've ever seen...

    I wouldn't be confident now.

    cYp
    C'mon cYp you are making that up - aren't you???
    'To attempt to rerun a referendum as a means of reversing the democratic decision taken by the people would be rightly regarded as an affront'. Dick Roche TD 21.12.01

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    Politics.ie Member cyberianpan's Avatar
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    Default Re: Irish Nationwide, Michael Fingleton: Could it go bust?

    Quote Originally Posted by Helium Three
    Quote Originally Posted by cyberianpan

    Also the Irish Financial Services Regulatory Authority's audits are a disgrace. When they do an audit:

    1) They bring their rules in with them
    2) Read the polcies in the bank
    3) Ask for summary reports

    And compare all 3!!

    They never actually dig down onto the source systems and if they do anything like sampling it is always from a "supplied list". They don't have many staff with banking experience, they don't have any IT staff that I've ever seen...

    I wouldn't be confident now.

    cYp
    C'mon cYp you are making that up - aren't you???
    It is pretty much like that, the chimps look at what they are shown and never wander off page, they don't know ennough about how banks operate. I was trying to find link to story from 3,4 weeks back where the banks said they'd pay the Regulator to hire more/better staff !

    As for the "funds" that the Stock Exchange rubber stamps (under devolved power from the Regulator) ... well they're even worse.

    cYp
    "Yawn , am I alive yet ?"

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    Anglo-Irish has to be the favourite to go. It also has to two boyos plus the ISTC failure and MCHL who went belly up and a liquidator appointed owing them E23.6m. Thats only 4 large ones we know of that possibly account for tens of millions of losses and heaven knows what else is lurking in their loanbook!

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    Politics.ie Royalty toxic avenger's Avatar
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    I wouldn't trust Fingleton on anything. No doubt there'll be a flood in Nationwide HQ and the relevant documents will be tragically lost... Again...

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    Quote Originally Posted by toxic avenger
    I wouldn't trust Fingleton on anything. No doubt there'll be a flood in Nationwide HQ and the relevant documents will be tragically lost... Again...
    I'm sure this loans manager would be smart enough to cover ass and had the photocopier on overtime.

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    Fingleton's previous - This from the Tribunal the very same morning Dunlop broke down in April 2000:

    RTE: "The Chief Executive of the Irish Nationwide Building Society, Michael Fingleton, was earlier accused at the Tribunal of adopting a cavalier approach to orders made by the Tribunal chairman. Mr Fingleton had been ordered by the Tribunal to produce documents relating to accounts in the Cork branch of Irish Nationwide but failed to produce all the required documents. At this morning sitting, Mr Patrick Hanratty, Senior Counsel for the Tribunal, said Mr Fingleton's attitude had been cavalier in the extreme. Mr Justice Flood said it had taken almost 10 weeks to get to this stage and the response from the Building Society had not been appropriate. Mr Fingleton denied there was any effort to avoid handing over the documents." April 19th 2000.

    Said documents unfortunately later claimed to have been destroyed in flooding...

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    Fingleton has always behaved like a dictator at INBS, every decision is his and everyone must cowtail to the lord and master, it is as if the money is his and he can do with it what he wishes (ala Bertie), Fitzgibbon should have known about this autocratic style before he took the job.

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    Quote Originally Posted by stanley
    Fingleton has always behaved like a dictator at INBS, every decision is his and everyone must cowtail to the lord and master, it is as if the money is his and he can do with it what he wishes (ala Bertie), Fitzgibbon should have known about this autocratic style before he took the job.
    An atrocious company and to think they recently baulked at a 2bn offer (bet they'd take it now!!!)
    I am not one bit surprised to hear allegations that procedures were just a sham and Fingleton essentially just had carte blanche.
    I'd have been astonished to have heard otherwise, it concurs with everything I've ever heard about INBS.

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    I work in the financial sector in Dublin and I have also heard several times that Fingleton acts like a dictator and what he says goes. There has been a huge turnover of senior staff there and suspect that has something to do about them falling out of favour with Fingleton.
    Trying to pin the blame of the loans on a single staff member, Fitzgibbon, is stupid. All the other financial institutions have drawn a line under the matter and are not looking for anyone's scalp. It would appear that Fitzgibbon fell out of favour with Fingleton but instead of going quietly like the others, Fitzgibbon is prepared to fight. I will follow this with great interest.

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