Irish Nationwide email 'unacceptable' says Taoiseach

The Taoiseach has come out strongly against the actions of an Irish bank official, in the wake of the Government’s new support scheme for banks and guaranteed deposits.

Michael Fingleton Junior, the son of the Chief Executive of Irish Nationwide, sent an email to a bank in the UK, aimed at attracting business by claiming that Irish banks are now among the safest in Europe.

It is feared the email could be seen as an anti-competitive move for international banking.

A Department of Finance spokesperson confirmed yesterday that the matter has been referred to the Financial Regulator for investigation.

Speaking in Cork last night, Taoiseach Brian Cowen described the development as unacceptable.

“It’s not acceptable behaviour”, he said. “It’s with the Financial Regulator now and I expect them to take whatever action is necessary to ensure it won’t be repeated.”

Mr Cowen added that the whole purpose of providing the state guarantee was to prevent predatory practice.