Nationwide faces Central Bank probe

IRISH NATIONWIDE Building Society’s rejection of four motions to be put before this year’s annual general meeting by dissident shareholders is to be investigated by the Central Bank.

Under mounting pressure from some members, the society disallowed the motions to go before the AGM because they were outside the rules or “Ultra Vires”. Dissident members want the society privatised so as to get their hands on as much as 7,000 per member.

They also want chief executive Michael Fingleton dismissed, because they regard his grip on the society as all pervasive and detrimental to the interests or members.