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The government was today under pressure to investigate smug banker Michael Fingleton’s massive €28m pension.
There was outcry today at details of the enormous pension to be enjoyed by the man who lent to the property developers.

Fingleton already helped to award himself a €1m bonus last autumn – just after taxpayers guaranteed the security of the ailing Irish Nationwide building society.

Today the Government and the opposition united to call on Fingleton, known to his friends as ‘Fingers’, to quit.

But even if he does go, the avid golfer and friend of disgraced banker Seanie Fitzpatrick will retire on an astronomical pension worth €28m.

Finance Minister Brian Lenihan is to demand answers over the €1m bonus and €28m pension fund in showdown talks with Fingers this week.

The Green Party said Jaguar driving Fingleton should resign immediately.

Irish Nationwide – along with Anglo Irish – was known as the builders’ bank. It loaned hundreds of millions to developers and is now in serious trouble.

It is backed by a guarantee paid for by you – the taxpayer.

Reports have also stated that Mr Fingleton was the sole beneficiary of a retirement benefit fund into which the institution transferred €27.6m from a group pension scheme in January 2007.

Fine Gael's Richard Bruton today urged Irish Nationwide Building Society to replace its chief executive Michael Fingleton as "quickly as possible".

It emerged today that Mr Fingleton's replacement at the society will not now be taking up the position because of a cap on salaries.

Fingleton had wanted to retire at the end of February last year but the board had asked him to remain for another year until a successor was appointed, according to reports.

Mr Bruton told the Herald: "The indication is that the board has looked for an extension of time -- we have to obviously come up with an executive to replace him as quickly as possible."

In addition to the €1m bonus, Mr Fingleton's salary has been increased to €1m this year.

The building society signed up to the State guarantee scheme, which stipulates the salary should be capped at €360,000.

Mr Bruton said: "I honestly think that the levels of reward being suggested for Mr Fingleton are outrageous.

"At a time when financial institutions have had to turn to the State for support and at a time when serious errors have been made in the running of financial institutions that have jeopardised the whole economy, the notion that huge payments are paid out to those executives who have been involved is an affront to people.

"Ordinary people are having to chip in their euros to keep the banks going. It isn't acceptable to people and it shouldn't happen."

UNTENABLE

Green Party leader John Gormley said the position of the chief executive was now "untenable".

Mr Gormley said: "The very clear view of the Green Party, and it has been discussed, is that Mr Fingleton's position is no longer tenable. Certainly, we make that judgement on the basis of the fact that his bank was guaranteed and he gave himself a very, very generous bonus.

"That amounts to unadulterated greed at a time when people are feeling real pain." The party's finance spokesman Dan Boyle called for an inquiry into how the pension scheme operated.
http://www.herald.ie/national-news/smugdog-millionaire-1682800.html

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McCaughey took advantage of tax loophole
listen Tuesday, 24 March 2009 11:00

A businessman who was appointed to become chairman of the Dublin Docklands Development Authority recently took advantage of a loophole to legally reduce his tax liability when he sold his building company, RTÉ News had learned.

Gerry McCaughey's Century Homes was acquired by building materials group Kingspan for €74m in 2005.

Mr McCaughey and three other shareholders were advised that they could benefit from not paying 20% capital gains tax on the transaction if their spouses lived in Italy for a year.
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Under the arrangement, the shareholders would sell their shares to their wives who would then sell them to a third party, according tax advice from KPMG drawn up for the shareholders.

'We would prefer to minimise dissemination of knowledge of the matters contained in this report as Revenue attack is more likely if this route was to be copied by others,' the document said.

When contacted by RTÉ, Mr McCaughey declined to comment the specifics of the case and said his wife's tax affairs were her 'private business'.

'People do everything they can to reduce their tax liability. If there was any tax treatment it was done within the law. It would have been the best tax advice available,' he said.

However, RTÉ has independently verified that the tax arrangement did take place.
http://www.rte.ie/business/2009/0324/tax.html

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