Courts / Ireland / Report

Nationwide loaned millions of euro to clients without board approval, High Court hears

Summary

In a High Court hearing on 7 May 2025, Irish Nationwide Building Society (INBS) faced a civil case brought by the Irish Banking Resolution Corporation (IBRC) against former chief Michael Fingleton. The case alleges that Fingleton, who ran INBS from 1971 to 2009, approved millions of euros in commercial loans and top‑ups without board approval, including a €28 million loan for two run‑down hotels in the French Alps that lacked planning permission. IBRC claims the loans were speculative, lacked security or personal guarantees, and were approved by Fingleton before they reached the board or credit panel. The court heard that Fingleton "nodded" through approvals by phone or handwritten notes, and that a €130 million loan was later disputed as non‑recourse. IBRC is pursuing €250 million in damages from five alleged loans, while the total loss from property loans is estimated at €6 billion. The case remains ongoing.

Who, what, where, when and why

What: Report matter: Nationwide loaned millions of euro to clients without board approval, High Court hears. Procedural stage: hearing_or_decision

When:

• January 2009 Other
• 1971 to 2009 Other
• 2006 and 2008 Other
• 2025-05-07 Publication

Places mentioned

Topics

Stage Hearing Or Decision

Read the original CNI report