Fingleton’s pension scheme was wound up over crash fears

IRISH Nationwide moved to wind up Michael Fingleton’s €27.6m pension scheme at the height of the boom in 2007, because it feared a crash in investment value would lead to a massive liability for the building society.

The revelation may lead to further questions as to why the failed lender did not anticipate the wider property and economic crash which led to it being nationalised.

A newly published report details how Mr Fingleton’s extraordinary pension pot was compiled over his years as chief executive, as well as the controversial €1m bonus he received and refused to pay back.