In 2010, Irish Nationwide Building Society required a €5.4 billion state bailout and recently was liquidated as part of IBRC but every cent of that money must still be repaid. Michael Fingleton or ‘Fingers’, as he was widely known, survived for decades as a rogue banker in charge of the toxic building society which went to the heart of the Celtic Tiger. The implosion of Irish Nationwide was not an isolated incident but Irish Nationwide was unique. This was a building society dominated by one man for more than 37 years. Its mistakes were his mistakes and its failings, his failings.
Tom Lyons and Richard Curran claim that The Central Bank had the information and the powers needed to force the society to change direction. It knew what was going on but failed to take real action. The other banks were a calamity that would always have happened when the property bubble burst; Irish Nationwide was a financial disaster waiting to happen for many years in plain view. They have delved inside Irish Nationwide and join me in studio to discuss all of this in their new book Fingers – The Man who Brought Down Irish Nationwide and Cost Us €5.4bn.