Fingleton’s Irish Nationwide Loses €2.5 Billion

Losses of joke bank raise no laughs.

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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More on Fingers

16 thoughts on “Fingleton’s Irish Nationwide Loses €2.5 Billion

  1. Does anyone know where Fingers lives? Does he still live in Ireland since he got the big payoff?

  2. Egg Bertie. Cant confirm present habitat of Fingers but its Abington pk Shankill set in 3 acres, belongs to the wife ……………….of course.
    Before he got into banking he was in the seminary, left before he took his vows……….A thinking man ! he saw the future.

  3. Good post bock and I think your assumptions are right, it makes no sense on the part of the government to bail Fingers out, his little vested lending business and to let him off with his tidy bonus.
    He must still have strong ties with the church even after dropping out of the seminary, perhaps he’s a member of Opus Dei or the Knight or some other order bent on protecting the RCC. I don’t know but why would the vatican require donations of millions for the restoration of a chapel? They are loaded for Christ sake, and as you mentioned Bock, we are the ones who will be burdened with the abuse claims, not the church. Oh and isn’t Bertie a member of one of these orders also?

  4. You took the words out of my mouth Ouch. He must be a member of one of those secret societies.
    Back in 1983 when I bought my one and only house, the EBS, where I had a deposit for three months, decided to move the goalposts to six months. Someone I knew recommended Nationwide, as he knew Fingers. So I applied. I needed £30,000. They offered me £25,000 at 1.5% higher interest. I had no choice so I took it and managed to get another loan of the rest. This put huge pressure on me for 7 years until the extra loan was cleared. The good news was that the Nationwide loan was for the max of 20 years, so it wasn’t entirely a life sentence. Which brings me to one of my crusades. There has to be a law passed limiting mortgages to a max of 20 years, with 15 years being the prefered option. This will immediately bring house prices down to where they should be, which is about one third of where they were.

  5. ‘the only possible explanation I can think of is that it contains secrets too dark to be exposed.’.. seems the stink of shite is coming from Fianna Fail’s direction.. “the most cunning, the most devious of them all’, indeed.

  6. When is someone going to see the inside of a jail for this. If this was America these corrupt jokers would already be in jail house jumpsuits.

  7. 1m hush money and ‘payback’ the associated spin? Reminds me of Leona Helmsley and ‘only the little people pay taxes’. Cant see anyone going down – too much of ‘I go down you go down’ going on. Difficult cycle to break – probably take a few ‘soldiers’ like those who broke the MPs expenses cover up in London. Any soldiers out there?

  8. Well now, there’s the thing.

    We know that Fingers ran the operation with a skeleton srtaff because he didn’t want anyone to discover what he was up to, and we know the new chief executive is stunned at the shambles Fingers left behind. But no matter how close he wanted to play his cards, Fingers couldn’t run the whole thing on his own.

    Eventually, someone would have to transcribe the loan details from the back of Fingleton’s cigarette box in order to conjure up folding money.

    I’m sorry to say this, but unfortunately the squeeze will have to be put on the small people in order to find out what the fat gobshites were up to.

  9. But maybe it’s all a lot simpler than dirty secrets and incriminating documents.

    It’s just a Good Ol’ Boy’s Network. They are the bastards who are at the top of the game. They run the show. None fof this crap is illegal because they won’t make it illegal.
    They are doing this for themselves and their cronies simply because they can

    They won’t shit where they eat, so they are shitting on our lawn instead. We have to replace them with accountable adults who are more interested in the country then their country clubs.

    Any ideas?

  10. Steve — I’d reserve judgement on whether any of Fingleton’s activities were illegal. Likewise, I’d reserve judgement on the activities of Sean Fitzpatrick.

    However, illegal or not, I would dearly love to see Fingleton and Fitz pushed along by a fat sadistic prison officer with a taser and an attack dog. Unfortunately, however, such things don’t happen in Ireland.

    These two vermin are, in my personal opinion, complete bastards and despicable motherfucking pricks who are personally responsible for destroying the Irish economy. I don’t know how either of these reptiles can sleep at night.

  11. It’s simple Bock, they can sleep at night because they have no consciences. If they did, they would at least try and make some amends by handing back their wealth and assets stolen from us. But we know there’s not a chance of that, just as there is absolutely no chance of them being called to account by the law, which is obviously only for little people!

    There’s a huge vaccuum there, and with absolutely no attempts being made to rectify it people are, rightly IMO, losing respect for the law. So I could envisage a scenario where some people take the law into their own hands and take those fuckers out. Whereas before nearly everybody would have condemned such actions, now I’m not so sure.

    Not that I’m advocating such actions, but merely pointing out that such a blatant disconnect between the rule of law and ordinary citizens is dangerous territory to be getting into.

  12. I’m not well versed in these matters but I would be surprised if Irish law did not require some degree of responsibility, competence and probity on the part of senior execs / Board members / regulators. Given the comments made in public by those brought in to try and clear up the mess and taking the usual rule of thumb – 90% of the shit remains hidden – I would be very surprised if a bit of digging wouldnt reveal some considerable law breaking. That leaves the only sane conclusion to be that the cunts who have the power to dig wont dig because they will end up getting buried themselves. The really sickening thing is that the vermin tend to glory in their ability to screw others – that to them represents success and fulfilment. They will sleep soundly. The psychologist who worked with the Nazi war criminals at Nuremberg concluded that evil was the complete inability to empathise. How far from evil are we here? Different context similar behaviour?

  13. Last year we jailed over 60 people for failing to pay a TV licence, these two can bankrupt a country and walk, go figure

  14. For a crust I write and maintain computer systems on a contract basis. Before I can start work in any company I must have indemnity insurance for 5,000,000 stg. This is in case I inadvertently cause financial damage to the company I’m working for by deleteing data etc. If I fuck up a company they will sue my ass for everything they can get, hence the need for insurance. So if companies can sue me for incompetence why doesn’t Anglo or Nationwide take a civil case against Seanie or Fingers?

  15. Maybe Fingers should change his name to Pension POT Fingleton. Like all the contributors I cannot understand why we are paying for these two bust banks. These banks are so bust that they give the bust a bad name. Yet we still pay. Why?
    As you pointed out Bock, there must be a lot of shit that this Government wants to hide. Perhaps our dear friend Bertie had a bank account after all? Perhaps there are serious loans out to big Fianna Fail boys. Not in their own names of course.
    Equally there are a number of sections of company law that would kick in if either Anglo or Nationwide was put into liquidation. These could mainly hit directors or officers. But these sections can only kick in when a company is put into liquidation not before. So there is a good reason to continue to “run” these companies.
    Section 298 (CA 1963, CA 1990 S142) for instance could compel such people to repay any property “misapplied”. If ever there was a case of misapplied we have it here.
    Either way the big boys are being protected. As for the little people we are in a situation so well described by General Ducrot at Sedan (France VS Prussia 1870). “Nous sommes dans une pot de chambre….”.
    Translation—We are in a chamber pot and they are about to shit on us.”

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