# Irish Nationwide chairman resigns



## Complainer (17 Feb 2009)

Michael Walsh has resigned - no reason given. Source: RTE news. What happens now?


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## Brendan Burgess (17 Feb 2009)

We watch the 9 pm news? 

The Irish Times doesn't say much about it:

*Irish Nationwide chairman resigns*

The chairman of Irish Nationwide Building Society (INBS) Michael Walsh has resigned.
_More to follow_

My guess: He did not know about the loans to Seán Fitzpatrick. Purely a guess. 

Brendan


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## Brendan Burgess (17 Feb 2009)

He has probably realised at last that he is not going to get much of a windfall? 

Brendan


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## MissSherry (17 Feb 2009)

[broken link removed]

Can anyone explain in laymans terms how this may affect people with savings in Irish Nationwide? Or if it means it will possibly go under? Any advice much appreciated...


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## moneyminder (17 Feb 2009)

MissSherry all deposits in INBS are guaranteed by the State.


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## Complainer (17 Feb 2009)

I'd guess that nationalisation could well be the next step. Who in their right mind would take on the role of Chairman? 

What is Walsh's legacy? A total failure to achieve value for members (shareholders), a missed opportunity to sell the business in the boom years, INBS helping Seanie Fitz to hide loans to his shareholders for eight years...

Class, eh?


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## z101 (17 Feb 2009)

Dont panic until all the facts are in. It been bandied about for a while that Irish Nationwide would have to be nationalised. Anglo depositers are not jumping off cliffs so why should you.
Saying that maybe Walsh resigned over things he didn't know about. So I'd relax.


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## Brendan Burgess (18 Feb 2009)

Folks

Read the heading "Irish Nationwide Chairman resigns"

That is what this thread is about. I have had to delete 10 rants about the state of the banking system and Ireland in general. 

Don't go off topic please. 

Brendan


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## monascribe18 (18 Feb 2009)

maybe we are going to get our longed  for windfall  LOL


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## Brendan Burgess (18 Feb 2009)

_From the [broken link removed]


_Irish Nationwide Building Society (INBS) said this afternoon th*at “no commercial issues” contributed to the surprise resignation of its chairman, Dr Michael Walsh last night.*


 INBS held a board meeting this morning at which it was agreed that vice-chairman, Terence J Cooney, would act as chairman until successor is appointed.
 In a brief statement issued after the board meeting INBS said it had been informed by Dr Walsh that there “are no commercial issues which would have impacted on his decision”.
 “The Board understands and fully accepts that he can no longer devote the increasing amount of time required to provide the necessary oversight and leadership in the current challenging times for all financial institutions.”
 INBS said it accepted his resignation with “great regret”. Dr Walsh has been a director at INBS since April 1995 and chairman since May 2001.
 Mr Walsh is the fourth chairman or chief executive of an Irish lender covered by the Government’s deposit guarantee scheme to resign since the scheme was introduced.
 His resignation comes as it was reported yesterday that Irish Nationwide had provided tens of millions in sterling and US dollar loans to former Anglo Irish Bank chairman Seán FitzPatrick.


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## Brendan Burgess (19 Feb 2009)

"Nationwide can't survive without state aid" - Michael Walsh

From today's [broken link removed] 


_FORMER IRISH Nationwide Building Society (INBS) chairman Dr Michael Walsh believes the institution “cannot survive” without significant Government support and reorganisation, The Irish Times has learned._

_Dr Walsh, who resigned from the INBS two days ago, believes that its board and ultimately Minister for Finance Brian Lenihan should be given an opportunity to provide it with new oversight and leadership._


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## z101 (19 Feb 2009)

Is this can of worms just opening? Bank runs dont serve anything but the Government should come out after articles such as this and say exactly what this means for depositers, including how quickly the bank guarantee would be honoured in the event of such a bank going under. These are the details people need..


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## Duke of Marmalade (19 Feb 2009)

As an IN depositor, I got a fit of the wobblies myself, but I think we are safe for the time being. Indeed there may come a circumstance where the government guarantee is not what it seems to be - partial default or long delay in honouring. But it is much too early for that and the IN is too small to trigger that Armageddon decision. Next step is nationalisation and depositors should remain reasonably safe for a while yet.


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