Lenihan may use law to block bank bonuses

FINANCE Minister Brian Lenihan will use legislation if necessary to prevent executives of banks covered by the state guarantee from receiving bonuses in the immediate future.

As pressure grew on Irish Nationwide chief executive Michael Fingleton to hand back a €1 million bonus paid after the guarantee scheme was introduced, the Department of Finance confirmed that no more bonuses will be paid.

Irish Nationwide was one of the banks covered by the scheme which came into operation last September. Mr Fingleton received the bonus in November.