35% rise for Irish Nationwide director

Irish Nationwide managing director Michael Fingelton, 69, received a 35% pay hike to €2.2 million in 2006, according to the soon to be demutualised building society’s annual report.

This makes Mr Fingelton one of the highest paid executives in Ireland coming just short of AIB’s Eugene Sheehy who was paid €2.4m in 2006.

The report shows that pre-tax profits increased by 34% from €177m to €237m. After-tax profits increased by 32% from €140m to €185m. Total assets increased by 33% to €14,623m. In terms of gross lending the society advanced €4,961m during 2006 compared to €3,592m in the previous year. This represents an increase of 38%.