Former Irish Nationwide Chief Executive Michael Fingleton at the Irish Nationwide Building Society AGM in Dublin in 2005
The former Hotel Puerto Ventura abondoned on a beach in southern El Salvador
Aindrias Osborne writes:
That was an unfinished project financed by Michael Fingleton of Irish Nationwide Building Society fame…
Previously: Mysterious mansion ruins on beach captivate onlookers (Yahoo, July 9)
DMG Business Centre, Blackhall Place Dublin 7
Michael Fingleton, former managing director of the now defunct Irish Nationwide Building Society, leaving the the inquiry investigating the governance of the lender in the lead-up to its winding-up in 2011.
Mr Fingleton described the inquiry as an “artificially trumped up case” and said both the regulator and, previously, the financial regulator had full details and knowledge of the activity of INBS at all times, including its commercial lending programme.
INBS inquiry ‘artificially trumped up case’, says Fingleton (RTÉ)
Slippery former Irish Nationwide Building Society Chairman Michael Fingleton arrives at the Banking Inquiry in Leinster House, Kildare Street, Dublin.
More to follow.
Michael Fingleton, former head of Irish Nationwide Building Society
Ciaraán Hancock, in the Irish Times, writes:
“Former Irish Nationwide Building Society chief Michael Fingleton has been directed to appear before the Oireachtas Banking Inquiry on September 2nd… Separately, Ajai Chopra, who led the IMF mission to Ireland during the negotiations of the Troika bailout programme in late 2010, will appear on September 10th…with the minister for finance Michael Noonan following in the afternoon. And Mike Aynsley, the chief executive of IBRC at the time of its liquidation, is set to appear on July 30th… alongside Alan Dukes, the former chairman of IBRC.”
Michael Fingleton directed to appear before inquiry (Irish Times)
Tom McFeely (left) and Michael Fingleton.
Together they made Priory Hall possible.
McFeely, a former IRA hunger striker, and his business partner Larry O’Mahony, were so close to the society that they even agreed a profit-sharing deal on the construction of firetrap apartment block Priory Hall.
Under the terms of the deal, Irish Nationwide funded the purchase of the site in Donaghmede, Dublin, as well as the construction of 194 apartments.
Its developers also signed a “supplemental arrangement fee” where they agreed to pay Michael Fingleton’s Irish Nationwide €2m from the sale of its 194 apartments…
Earlier: “I Just Need A Little More Time”
(Laura Hutton and Leon FarrellPhotocall Ireland)
(Michael Fingleton, top, and Brian Cowen and Brian Lenihan, above)
There’s a bonus point.
“The government contact stated that that the question of whether or not I was legally entitled to the payment did not arise; it was the fact that there was a public perception that I was not entitled to the payment.
The Government was on a ‘political hook’ and the only way the matter could be resolved was by returning the one million euro payment.
After two days of contact and discussion it was agreed by the government contact that if I voluntarily agreed to pay the one million euro, and thus releasing them from the political hook (a creation of their own making), there would be full and complete closure to this matter.
It was stated that there would be no further interest in this matter or in my pension entitlements by the State.
Indeed I was assured there would be a positive official comment made on the matter.
At all times the Minister for Finance was fully aware of these discussions…”
A letter from Michael Fingleton to Danny Kitchen, chairman of Irish Nationwide Building Society, September 25, September 2009. From ‘Fingers by Tom Lyons and Richard Curran
Cowen, obviously Anyone?
Commercial Court to fast track action against some former Irish Nationwide directors (RTE)