Irish Nationwide Building Society: Lessons from a Troubled Institution

The Irish Nationwide Building Society was a significant player in the Irish financial sector, but its history is also marked by controversy and failure.

It was founded in 1879 and grew rapidly, becoming one of Ireland's largest building societies by the 1990s.

Irish Nationwide's aggressive lending practices and poor risk management led to significant losses, ultimately contributing to its collapse in 2011.

The society's downfall had far-reaching consequences for the Irish economy and the banking sector as a whole.

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RTÉ's investigation into the Irish Nationwide Building Society revealed that the society had lent €1.1 billion to the property developer Michael Fingleton and his associates.

The investigation found that Fingleton had used the loans to fund his own business ventures, rather than for the intended purpose of building homes.

RTÉ's investigation also discovered that the society's board had been aware of the loans but had failed to take action to prevent the misuse of funds.

The investigation was conducted by RTÉ's Investigative Unit, which is known for its in-depth and impartial reporting.

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The Irish Nationwide Building Society was a significant financial institution in Ireland. It was founded in 1879.

The society's headquarters were located in Dublin, and it had a strong presence in the country, with many branches across Ireland.

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Irish Nationwide Building Society was founded in 1879, making it one of the oldest building societies in Ireland.

The society's early years were marked by a focus on providing affordable housing to its members, with the first mortgage loan being granted in 1880.

Irish Nationwide's growth was rapid, and by the 1920s, it had established a network of branches across the country.

The society's commitment to its members was evident in its decision to introduce the first Building Society Act in 1924, which provided greater protection for depositors.

Irish Nationwide continued to expand, and by the 1970s, it had become one of the largest building societies in Ireland.

The society's success was not without its challenges, however, and it faced significant difficulties in the 1990s due to the collapse of the Irish property market.

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Irish Nationwide's troubles were compounded by its exposure to the Anglo Irish Bank's toxic assets, which had a devastating impact on the society's finances.

The society's struggles ultimately led to its merger with the Anglo Irish Bank in 2008.

The legacy of Irish Nationwide Building Society lives on, with many of its former members continuing to benefit from the affordable housing options that the society provided.

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The Irish Nationwide Building Society was a significant organisation in its time. It was led by Michael Fingleton, who was the chief executive. The Central Bank had a major disagreement with Fingleton over an inquiry into alleged regulatory breaches at the Society.

The Irish Nationwide Building Society had a unique bank structure that set it apart from other financial institutions.

It was a building society, which meant it was owned by its members and operated for their benefit.

The society's members were its customers, and they had a say in how the organization was run.

The structure allowed for a more community-focused approach to banking, with decisions made by people who actually used the services.

The Irish Nationwide Building Society had a network of branches across Ireland, providing convenient access to services for its members.

It offered a range of financial products, including mortgages, savings accounts, and loans.

The society's structure allowed it to take a more personalized approach to customer service, with a focus on building long-term relationships.

The Central Bank of Ireland is taking a close look at Irish Nationwide Building Society, and it's not good news for the former executives. The regulator has decided there are "reasonable grounds" to suspect that Irish Nationwide committed certain regulatory breaches.

The investigation was launched under the Central Bank's administrative sanctions procedure, and it's looking into the actions of certain persons who were involved in the management of INBS at the time. These individuals are likely to include the former chief executive, Michael Fingleton.

Fingleton was paid a €1 million bonus in 2008, just two months after the State's blanket bank guarantee was issued. This move was highly controversial, and it's likely to be a major focus of the inquiry.

The possible sanctions for the corporate entity and individuals involved include fines of up to €5 million and €500,000, respectively. The Central Bank could also disqualify individuals from managing a regulated entity or direct them to pay the costs of the inquiry.

The inquiry will be led by a three-person panel, comprising Marian Shanley, Ciara McGoldrick, and Geoffrey McEnery. This panel will review the evidence and decide whether a hearing is necessary.