Michael Fingleton, the former chief executive who led Irish Nationwide Building Society for nearly four decades, has died at the age of 88. Fingleton died on Sunday, seven years after suffering a debilitating stroke.
Born in County Sligo to a police officer, Fingleton joined the predecessor to Irish Nationwide in 1971 when it held just £2.3 million in assets and a single branch. Under his stewardship, the society grew to peak assets of €16 billion, though its commercial property lending book swelled to €8.18 billion by 2008, representing nearly 80% of total loans. He retired in April 2009 after 37 years at the helm.
The institution was nationalized in 2010, ultimately costing taxpayers €5.4 billion. A Central Bank inquiry launched in 2015 later found the society had failed to follow proper lending policies or secure adequate property valuations during the boom. A civil case brought by liquidators sought €250 million in damages linked to five development loans before concluding last year.