The Government is to explore “all options” available to it once the investigation into the €1 million bonus paid to Irish Nationwide chief executive Michael Fingleton is completed, Taoiseach Brian Cowen said today.
Minister for Finance Brian Lenihan today confirmed an investigation is to be carried out into the bonus, which was paid to Mr Fingleton last November, just weeks after the Government moved to protect Irish banks with the €440 billion guarantee.
Speaking during Leaders’ Questions in the Dáil today, Mr Cowen said the investigation would establish if the bonus arrangement was agreed before the bank guarantee scheme was introduced, whether it was authorised by the society’s board and what benefit it posed for the society.
“The Minister . . . will ensure that he gets to the bottom of this issue,” Mr Cowen said. “He will decide, on that basis, what are the legal avenues available to him and what way can it be arranged that the issue can be dealt with satisfactorily.”
Fine Gael leader Enda Kenny accused Mr Fingleton of “giving the fingers to the taxpayer”.
He said a number of number of people in financial institutions were engaged in “disgusting behaviour” and people were “absolutely appalled that this should be allowed to go on”.
Labour leader Eamon Gilmore said the Government must crack down on “crony capitalism” in the Irish financial sector. Mr Gilmore said taxpayers were entitled to know whether or not the Government was going to recoup the money paid to Mr Fingleton.