This Christmas, Spare A Thought For Michael

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Irish Nationwide is to receive €5.4bn in taxpayers’ money. It lost €2.4bn last year after reckless property lending, which took place during Finger’s reign.

A time when he was his own Santa.

And, according to a newly published report, the Nationwide board were his little elves.

“After Mr Fingleton agreed to stay on for a year – after reaching his 70th birthday in January 2008 – he received a 10 per cent increase on his salary and payments of €400,000 and €50,000 to compensate for loss of director’s fees.

“The board wanted him to stay on to lead loan recoveries and to give it time to find his successor. His pay, bonuses, fees and benefits totalled €2.417 million for 2008, up €104,000 over 2007.

The report says Mr Fingleton also received a €1.4 million bonus in 2007, €1 million bonus in 2006 and a €500,000 bonus in 2005.

“In the six years to 31st December 2008 Mr Fingleton’s total package increased from €1.2 million for the year ended 31st December 2003 to €2.4 million,” the report says.

Mr Fingleton enjoyed salary increases of 9.5 per cent a year from 1992 to 2008, and he was entitled to an annual pension of €890,000 based on his final yearly salary of €1.34 million. The report described Mr Fingleton’s €27 million pension fund as “generous”.

Fingleton’s €1 million Bonus Unquestioned – Report (Irish Times)

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