Fingleton pension company makes loss

THE COMPANY set up to administer the pension fund of the former boss of Irish Nationwide, Michael Fingleton, suffered a loss in 2010, according to an auditor’s report just filed.

It is the third successive year in which the unlimited company, Carezza, has suffered a loss.

As an unlimited company Carezza does not have to publish accounts but it does have to file an annual auditor’s report. The report states that the company’s books give a fair view of its affairs and of its loss during the year. The size of the loss is not disclosed.

The company’s issued share capital at the end of 2010 was €12,000.

The shares are held by Anne, William (jnr), Michael (jnr) and Eileen (jnr) Fingleton.

The directors of the company are Anne and William Fingleton, with the latter understood to be Mr Fingleton’s brother.

It was set up in 2007 when Mr Fingleton’s pension scheme with Irish Nationwide was wound up and assets equivalent to the liability figure of €27.6 million were transferred to Carezza.

At the time, Mr Fingleton’s personal Nationwide scheme was wound up in 2007, the trustee (the society) was concerned the scheme’s assets were heavily invested in equities and that these could sharply decline with the resulting deficit having to be funded by the society.

When the scheme was wound up, the risk and responsibility for the management of the assets was transferred to Mr Fingleton.

A report on Mr Fingleton’s pension arrangements drafted last year at the request of the Department of Finance said the assets in the Nationwide scheme had dropped to less than €4 million in value by April 2009.