Finance Minister Brian Lenihan has told the Government-appointed directors at the Irish Nationwide Building Society that the board and management team must be reviewed.

Minister Lenihan met Adrian Kearns and Rory O'Ferrall last evening.

In a statement this afternoon, the Minister said the review should take place in the light of the society's current market position, the plans for the society, and the appropriate mix of skills for the society.

Brian Lenihan said he expects the board to brief him next week on its plans for the business. He said recent disclosures in relation to chief executive Michael Fingleton's pay needed investigation.

He said he wanted to see the results of the investigation, to be carried out by the Government-appointed directors, within a month.

Earlier, the Tánaiste said the chief executive of the Irish Nationwide Building Society has created a 'huge difficulty'.

Mary Coughlan said Michael Fingleton's actions had created not just a level of concern, but also a level of annoyance. Speaking in Dublin, she added that he should pay back his €1m bonus.

The Minister for Foreign Affairs, Micheál Martin, also said last night that the €1m bonus paid to Mr Fingleton should be returned.