Michael Fingleton to appear before Banking Inquiry today

Michael Fingleton to appear before Banking Inquiry today

The former CEO of Irish Nationwide Michael Fingleton will appear before the Banking Inquiry this morning.

The controversial former chief executive is expected to tell the inquiry that the building society was still solvent on the night of the guarantee.

Michael Fingleton (pictured) is probably best remembered for receiving a bonus of €1m for his work as chief executive in 2008, the year in which the State introduced the bank guarantee and pumped more than €5bn into his ailing building society.

The bonus - and his refusal to repay it - is likely to be just one of the talking points when he appears before the Banking Inquiry at 9.30am.

He will also be asked about whether his board of directors had the competence to oversee Irish Nationwide's aggressive lending, and whether the State was competent enough to stop it from getting out of hand.

Members are expecting a robust defence from the former CEO, who is likely to tell members that Irish Nationwide was still solvent when the State stepped in with its crucial guarantee.

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