Tribunal hears of ‘lax loan culture’ at INBS

FORMER Irish Nationwide chief executive Michael Fingleton continued to authorise several loans for one of his branch managers even though repayments on existing loans were in excess of the official’s salary.

An employment appeals tribunal heard yesterday about the “lax loan culture” that operated under Mr Fingleton’s management.

The former manager of Irish Nationwide’s Monaghan branch, Brendan Beggan, said it was not unusual for staff members to apply for a loan and receive a cheque for the requested amount on the same day.