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Thread: Fingleton paid himself 1 million bonus AFTER bank guarantee...

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    Politics.ie Royalty toxic avenger's Avatar
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    Default Fingleton paid himself 1 million bonus AFTER bank guarantee...

    And the brass neck of the year award goes to...
    THE CHIEF executive of Irish Nationwide Building Society, Michael Fingleton, was paid a bonus of €1 million just weeks after the Government introduced the €440 billion guarantee to protect the entire banking system.
    However, it emerged last night that the Department of Finance intends to put pressure on Mr Fingleton to repay the bonus.
    Mr Fingleton’s “pre-contracted incentive bonus” for 2008 was revealed in the report of the Government committee set up to assess executive pay in the seven banks and building societies covered by the guarantee, which was introduced on September 30th.
    The report from the Covered Institutions Remuneration Oversight Committee (Ciroc) showed that Mr Fingleton was paid the bonus in November. The building society agreed to the bonus early last year and it was paid before the two Government-nominated directors were appointed in December.
    The Ciroc report showed that Mr Fingleton’s annual salary increased at a time when the banking sector came under severe stress and the Government moved to protect the financial system with the guarantee.
    Mr Fingleton’s overall pay package for 2008 totalled €2.34 million, which included benefits and fees of €453,240. This was higher than his 2007 pay of €2.31 million and made him the best-paid chief executive in Irish banking for 2008.
    Fingleton was paid €1m bonus weeks after guarantee - The Irish Times - Sat, Mar 14, 2009

    The bonus was coincidentally paid just prior to the date that two government representatives were to be appointed to the Board. Lenihan is said to be 'not impressed', and the government are saying they will pursue the matter further. All this despite Nationwide being the most exposed to commercial property of all lenders in Ireland, up to 80% of its property loans being badly affected by the crash. A situation designed solely by one Michael Fingleton.

    I've said it before and I'll say it again. If there aren't horror stories waiting to emerge from Fingleton's little empire, then I'll eat my own feet. It's just a matter of time...

  2. #2

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    Fingers wont get them burnt .. wait till you see ..

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    Politics.ie Royalty toxic avenger's Avatar
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    The Ciroc report shows that Mr Fingleton was the only chief executive in receipt of a higher salary this year. His salary rose 12 per cent this year, to €1 million from €893,000.
    Because he's worth it...

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    Quote Originally Posted by toxic avenger View Post
    And the brass neck of the year award goes to...
    Jeez TA, that a bold statement to be making!

    I mean have you fully considered all the competition??
    Last edited by peadarmc; 14th March 2009 at 04:53 AM.

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    At this point Dr Michael Walsh was still on the board. Was Dr Walsh aware of this bonus and did he approve of it?

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    Politics.ie Royalty toxic avenger's Avatar
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    Quote Originally Posted by peadarmc View Post
    Jeez TA, that a bold statement to be making!

    I mean have you fully considered all the competition??
    True, what was I thinking? Brass neck of the day so...

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    If there is anyone still there who approved this they must be sacked and without any payoff. Its time to stop saying that these boys are not above the law and time to start proving it.

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    Quote Originally Posted by Gruffalo View Post
    If there is anyone still there who approved this they must be sacked and without any payoff. Its time to stop saying that these boys are not above the law and time to start proving it.
    unfortunately, here in Ireland we seem to have a culture of everyone saying

    "jeez isnt that terrible"

    but nobody doing anything about it!
    (applies to many situations, this one included!)

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    Politics.ie Member cyberianpan's Avatar
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    Quote Originally Posted by conservative green View Post
    At this point Dr Michael Walsh was still on the board. Was Dr Walsh aware of this bonus and did he approve of it?
    That's the sort of point which needs to be made over & over again : what on earth were the non-executive directors doing in the banks/bs ?

    cYp
    "Yawn , am I alive yet ?"

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