Courts / Dublin / Report

Michael Fingleton 'negligently mismanaged' Irish Nationwide, IBRC alleges

Date
2025-05-06

Stage
Hearing Or Decision

Primary locality
Dublin

County
Dublin

Summary

The High Court has opened a civil case brought by the Irish Banking Resolution Corporation (IBRC) against former Irish Nationwide Building Society (INBS) chief executive Michael Fingleton. IBRC alleges that Mr Fingleton negligently mismanaged the society for decades, specifically regarding five property loans approved between 2006 and 2008. While IBRC estimates total property loan losses at €6 billion, it is currently pursuing €250 million in damages related to these specific loans. Mr Fingleton, who is 87 and in ill health, denies the allegations of negligent mismanagement. He is acting through his wife, Eileen Fingleton, and son, Michael Fingleton Jnr, under powers of attorney. Counsel for IBRC argued that Mr Fingleton engaged in speculative property gambles, often approving loans before board review and without adequate safeguards or independent valuations. The court heard that INBS shifted heavily toward commercial lending, a move warned against by the financial regulator. The proceedings, originally initiated in 2012, finally opened before Mr Justice Michael Quinn. The case is expected to last up to eight weeks. Mr Fingleton's son has stated that his father's assets are limited to €25,000 in bank accounts, despite outstanding judgment debts exceeding €10.7 million.