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Fingleton is to go before inquiry
02 Sep 2015 07:07
Michael Fingleton, former managing director of Irish Nationwide Building Society, will give evidence at the banking inquiry today.
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The institution required €5.4bn of taxpayers’ money to bail it out.
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It was merged with Anglo Irish Bank and put into liquidation in 2013.
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In his statement Mr Fingleton, one of the most controversial figures involved in the financial collapse, will say the consensus among economic forecasters was that Ireland faced a soft landing.
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He is also expected to say no one bank could have prevented the crash.
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He will be questioned on Nationwide's property lending, adequacy of oversight, incentive and pay policies.
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The building society put a €27.6 million pension fund in place for Mr Fingleton in 2007.
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He was also paid a €1m bonus in 2008, two months after the State guaranteed the banks.
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