Fingleton: ‘I ran society in the best possible manner’

DISGRACED banker Michael Fingleton has branded as “slander” claims that he operated the now defunct Irish Nationwide Building Society as his personal bank.

The retired chief executive of Irish Nationwide also defiantly dismissed allegations that he provided free loans to close associates as “outrageous”.

Mr Fingleton — who is widely blamed for the collapse of Irish Nationwide — made a rare public appearance when he was summoned to appear before a hearing of the Employment Appeals Tribunal (EAT) in Dublin yesterday. A former manager of the society’s Monaghan branch, Brendan Beggan, is taking an unfair dismissal case against the society, which is now formally known as the Irish Bank Resolution Corporation following its merger with Anglo Irish Bank.

Mr Fingleton, who is refusing to return a €1 million bonus and a watch given to him just weeks before the Government’s controversial bank guarantee in 2008, replied “absolutely not” when asked if he ran Irish Nationwide like his personal bank.

“That is an absolute slander and totally untrue,” said the 73-year-old financier, who also received a €27.6m pension package on his retirement.

“I ran the society in the best possible manner.”

The EAT had previously heard claims by Olivia Greene, a former Irish Nationwide loan supervisor and partner of Mr Beggan, that Mr Fingleton operated special loan facilities for “unlimited amounts of money” for his friends in media, political and social circles.

“The loan culture was giving those people whatever they wanted,” said Ms Greene.

She claimed the controversial banker made all decisions about loans and “made up the rules as he went along”.

At a previous sitting, the EAT also heard claims by Mr Beggan that Mr Fingleton oversaw an “extremely lax” loan culture at Irish Nationwide where loans were regularly approved without the proper documentation.

Mr Fingleton denied earlier evidence by Mr Beggan which suggested he had full knowledge of €1.5m loans that were approved for his former branch manager. He expressed amazement at the scale of the society’s exposure to Mr Beggan.

However, Mr Beggan’s legal team submitted documentation which suggested the contrary.

Outside the hearing, Mr Beggan confronted his former boss, brandishing a piece of paper and remarking: “You’re going away. This will put you inside.”