Irish Nationwide Building Society has reported a loss of €2.5 billion for 2009, and guess what? You’ll be paying for it.
We don’t know why our government is pumping money into this insane joke of a bank, but they’re doing it anyway, and the only possible explanation I can think of is that it contains secrets too dark to be exposed.
Irish Nationwide is not systemic to our economy. It’s nothing more than a travelling money roadshow. A cheap seaside carnival the same as Anglo. Two carnivals run by two bunco artists and both propped up by clowns. How appropriate.
What sort of paper does Michael Figleton hold on our leaders that they can bankrupt our country to keep them quiet?
Michael Fingleton took an ordinary mutual building society and turned it into a vehicle for bankrolling gobshite developers and cash-strapped politicians. In the process, through his arrogance, greed and incompetence, he engineered a loss which was greater than the total combined profits of the bank in its entire history.
According to INBS’s new chairman, Danny Kitchen, the collapse of property markets both in Ireland and abroad gave rise to the impairments but this was exacerbated by the nature of the operation of the business which was clearly a flawed model. The scale of the losses reflects the failure of the Society’s commercial lending strategy which was over reliant on asset value.
What does that mean in English?
It means Fingleton lent his developer cronies money for valueless shit and now there’s nothing to cover the losses.
What Kitchen really meant by a flawed model was that, under Fingleton, Nationwide was not a business at all, but a private kingdom, in which he dispensed favours to those he considered useful.
Chief executive Gerry McGinn said The society has manifestly been seriously under-resourced in many areas of its business activities and support functions, but most especially in commercial lending.
Given the predominance of property based lending in our portfolio, the lack of market activity in our primary markets in Ireland and the UK has not only affected the level of impairments, but it also has constrained our capability to generate solutions to realise value from these assets.
In English, this means Fingleton should have stuck to giving out house loans, but he didn’t, and now we’re broke.
Fingers is an interesting character. After running his bank into the ground, he was among those Irish businessmen who contibuted millions to the Vatican in 2009 for the restoration of a chapel. It was Fingers who wrote that cheque for Bertie’s ex-squeeze, Celia Larkin with a minimum of fuss about formalities, and it was Fingers who acted as go-between on the fateful day when Bertie’s messenger boy, Michael Woods, struck a billion-euro deal with the religious orders over the child abuse in institutions. This deal, incidentally, committed the Irish taxpayer to cover all the orders’ future liabilities, while they in return paid nothing.
I might just remind you of two things. The government is putting €2.7 billion of your money into Fingleton’s disaster of a bank, Irish Nationwide, to keep it afloat, while Fingleton is refusing to hand back the €1 million bonus he took, just before he jumped ship, and before the rest of the world found out what a complete shit he’d made of the business.
They don’t call him Fingers for nothing.
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