Michael Fingleton

Michael Fingleton (26 January 1938 – 2 August 2026) was an Irish banker who was the chief executive of Irish Nationwide Building Society. He joined the building society in 1971 and retired in April 2009 as the effects of the 2008–2012 Irish banking crisis became apparent. He is known as "Fingers" in the banking community.

Early life and career Michael Fingleton was born in Tubbercurry, County Sligo on 26 January 1938, the son of a local Garda. He attended St Nathy's school in Ballaghaderreen, and in later years UCD, TCD and Kings Inns. He attended a seminary, but quit before taking his vows.

In the early 1960s, he joined Allied Irish Finance and simultaneously began studying commerce. On earning his degree, he went to the Dairy Disposal Agency, a state body that took over defunct creameries in the west of Ireland. During this period, he studied at night to become a chartered accountant.

The building society changed its name to Irish Nationwide in 1975 and began to expand. The key to its expansion was marketing, using the media to build the profile of the business. The emphasis was on the use of agents rather than opening branches. Fingleton built it up into a network of 50 branches and 40 branch agents, helped by the takeover of the Garda Building Society, Irish Mutual and Metropolitan Building Society and enacted a flexible mortgage policy in the 1980s. Fingleton cultivated relationships with the press and benefitted by receiving free publicity. Many journalists in the 1980s received mortgages from the Irish Nationwide. Fingleton always stressed that these were all above board. During the 1980s, when he was at the height of his media profile, he sent journalists a Christmas card portraying himself as Santa Claus.

Fingleton drew a salary of €1.3m in 2005, including a €500,000 bonus making his earnings on a par with chief executives of the larger banks. Landsbanki who were initially attracted by Irish Nationwide's deposit book, backed off, unnerved by the level of the society's commercial lending. The Icelandic bank collapsed nine months later.

Loans to politicians and other public figures As well as arranging loans for journalists, Fingleton arranged loans for other political and public figures. In December 2009, after interviewing Olivia Greene, a former home loans supervisor at Irish Nationwide, Prime Time reported that former Minister for Finance Charlie McCreevy was loaned €1.6m for a €1.5m property by Irish Nationwide, when the building society wasn't supposed to be providing 100 per cent loans. He also provided a loan for Celia Larkin, the ex-partner of former taoiseach Bertie Ahern, without requiring any proof of income. John Mara, the son of former Fianna Fáil director of elections PJ Mara, was also named in court as having drawn down big loans, including a €1.5 million loan for which Fingleton did not seek any additional security.

Greene also said Fianna Fáil Senator Francis O'Brien and Senator Don Lydon were given fast-track loans of €7m and €3m.

Effects of the economic crisis and retirement The performance of the building society crashed in 2008 as bad loans spiralled. Irish Nationwide made a pretax loss of €280 million for the year, after writing off €464 million on bad loans, a 10-fold increase on the 2007 figure.

In the run-up to the 2008 annual board meeting, with Fingleton approaching 70, when he would be required to retire as a director, the board considered tabling a motion that would permit him to stay on for another two years. The idea was abandoned and Fingleton refused to stay on as the chief executive unless he was paid the same amount as in 2007, when he had received a €1m bonus. At the end of April 2009, Fingleton retired, buffeted by criticism for receiving the €1m "bonus" in 2008. Fingleton received €221k in pay for the final four months of his employment, up to April 2009. This amount, calculated on an annual basis, exceeded the cap of €500k imposed by the Government for top bankers.

As the depth of the society's problems became apparent, Fingleton came under public and political pressure to return the €1m bonus. In April 2010, he offered to give it to charity, but this proposal was rejected by the Irish government. As of December 2010 there was no evidence that the money had been returned.

Personal life and death Fingleton was married to Eileen. They lived in Shankill in South Dublin, and had four children. Their son is a former employee of Irish Nationwide.