Financial Regulator gets damning reports on Irish Nationwide

The Financial Regulator has received several damning reports on corporate failures at Irish Nationwide covering the time during which Michael Fingleton was at the helm.

The documents were put together by teams of accountants and solicitors, who were asked to examine specific issues raised in a seperate report given to the Regulator last year.

That document highlighted that the board gave special powers to Mr Fingleton, who ran the society for more than 30 years, in 1981.

These powers were twice reinforced during the 90's.

Irish Nationwide will cost the taxpayer at least €5.4bn.

These latest reports are expected to become a political issue as the new Government has said it will crack down on all legacy issues at banks.