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Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: Mr. Fingleton, do you want to take this opportunity to apologise to the Irish taxpayer and the members of Irish Nationwide Building Society for your stewardship of the institution?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: What would you have done differently?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: What would you have done differently, Mr. Fingleton?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: Can I ask you, Mr. Fingleton, what was the set-up remuneration-wise within Irish Nationwide for executives like yourself? What was the ... how was your remuneration arrived at? Like, you were on €2.3 million of a salary in 2007, which was in excess of what the CEO of AIB at the time was on. How did you arrive at that level of a salary?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: How was it arrived at?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: How was the bonus arrived at, Mr. Fingleton?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: And what was the bonus that you would've agreed, we’ll say, for ’07 and ’08 at the time?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: Well, do you believe-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: No, I’ll ask a very simple question. Do you believe, Mr. Fingleton, in light of the fact of the performance of Irish Nationwide, that the bonuses in ’07-’08 were warranted?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: They weren’t warranted?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: But the ... can-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: I'd only one final question on that, Chairman.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: Can I ask Mr. Fingleton that ... it’s reported that, we’ll say, on your ceasing as CEO, that you were presented with a watch of-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: Out of bounds.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: Can I ... Mr. Fingleton, the Financial Regulator in December ’04 noting the ongoing concerns with the level of resources at senior and executive management Irish Nationwide.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: That was . . . that’s Vol. 1, page 3 and 2. That letter was dated 9 December 2004. And it was repeated in March 2008.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: That’s page . . . it should come up on the screen. It’s Vol. 1, page 3 to 12, letter, Financial Regulator, and Vol. 2, page 35. I’d say you're probably reasonably familiar, Mr. Fingleton, with the overall tenant of what's being put forward.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: It’s page 3 to 12 on Vol. 1, which is the initial letter, Financial Regulator and-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: Correct. December 2004.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: Chairman, can you give time for the witness to locate-----

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