Papers served on former Irish Nationwide directors

Brendan Burgess

Brendan Burgess

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From RTE

Representatives of the special liquidator of IBRC served papers on three former directors of Irish Nationwide last night.
It is understood the legal action relates to their stewardship of the building society.
Papers were served on former directors Terence Cooney and Stan Purcell, and former chairman Michael Walsh.
It is understood that it is intended that papers will be served on former managing director Michael Fingleton and another former director David Brophy.
The development follows a step by IBRC to last year to take action against the directors of the building society.
The bank filed a plenary summons in the High Court in March 2012 so its legal action would not be constrained by time limits under the statute of limitations.
It was speculated the legal action related to alleged breach of contract, breach of fiduciary and breach of duty of care.
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Ohhhhhhh the warm feeling that came over me when I heard the news about another bunch of white collar bandits being pursued is indescribable..

If any of you saw the 'Inside Irish Nationwide' expose (watered version) a few weeks ago you will appreciate the astonishing level of mismanagement that was practiced at the INBS.

Maybe 'fingers' and the lads should ring Seany for advice on stripey pyjamas with a number on the back?
 
Did Fingers also arrange for himself a €8m pension? the €1m is peanuts.
 
itsallwrong said:
Maybe 'fingers' and the lads should ring Seany for advice on stripey pyjamas with a number on the back?
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Hi iaw

No criminal charges have yet been laid against Michael Fingleton or any of the other directors of Irish Nationwide.

The Liquidator has issued a civil case which, if successful, would make them pay compensation of some sort. It would not end up sending them to jail.

I am not a fan of Fingleton. I don't like the man. But until there is evidence of criminal behaviour, it should not be implied that he is some form of criminal. He was stupid. He was greedy. He was selfish. He was unpleasant. He cost the Irish taxpayers around €5 billion. None of these is a criminal offence.

If there is evidence that he engaged in criminal behaviour, then he should be prosecuted in an open court in the usual way. If found guilty, he should receive a penalty appropriate to the crime he is found guily of. He should not have a more severe penalty because we don't like him.
 
roker said:
Did Fingers also arrange for himself a €8m pension? the €1m is peanuts.
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Hi roker

Fingers managed his own defined benefit pension fund in Irish Nationwide.

When he retired the actuarial value of the accrued benefits was €27 million

He transferred this money out into a buy-out bond on his retirement.

Over many years, the company contributed €3m to the fund but it was invested "very well" and grew to €27m.

If it's any solace to you, after he took it out, he invested the lot in shares in AIB, BoI and Anglo. So, today, it is worth very little.

I think he should return the €1m. However, I am not sure that he has it.
 
Brendan Burgess said:
If it's any solace to you, after he took it out, he invested the lot in shares in AIB, BoI and Anglo. So, today, it is worth very little.

.
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Really, he took all his pension pot and put it in those shares. Wow. They really lived in a bubble of Irish shares didn't they. Amazing. You'd think that people with so much money, with so much advice and right in the middle of banking would have been more diversified. Shares only in banks and shares in only one countries banks.

What is he living on and how is he going to pay legal fees.
 
Hi Bronte

It is very common for people to have big holdings of shares in their own employer. I always advise people to sell off shares in their employer as soon as they are allowed and as soon as it's tax efficient.

I was surprised when I read about Fingleton's portfolio. I would have thought he was invested in property. But he probably borrowed for the property.

Brendan
 
I'm shocked....never heard his pension went down in flames via bank shares. Karma
 
I lost my INBS windfall through Fingers messing around, nice to know Fingers got his fingers burnt also.
 
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