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FINGLETON’S GIFT TO CHARITY

26
Apr, 2010

Michael Fingleton, the former boss of the beleaguered Irish Nationwide Building Society, made most of the Sunday papers. In what the Sunday Independent called “a dramatic development”, a close associate of Fingleton was quoted as saying he never intended to keep his controversial €1 million bonus payment for his own personal use. The money remained untouched in a deposit account in the building society and he wanted to distribute it to a number of charities. Fingleton claimed he wanted to have the money recognised as “a contractual payment” rather than a performance bonus.
The Business Post revealed that Irish Nationwide did not receive two-thirds of all the interest that it reported as income last year. Instead, it rolled up the interest into extra lending to customers who were not in a position to pay back their loans. The building society, which last week reported mammoth losses of €2.5 billion for 2009, has disclosed the existence of €324 million in phantom interest – technically known as unrealised interest income that it did not receive in cash.

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