Belfast Telegraph

Ex-bank chief facing lawsuit threat

Disgraced former Irish Nationwide boss Michael Fingleton is facing potential lawsuits as the State seeks the return of a one million euro bonus.

Mike Aynsley, head of the former Anglo-Irish Bank, rebranded the Irish Bank Resolution Corporation (IBRC), announced plans for court action as the bank reported pre-tax losses of 873 million euro for last year.

Four other executives, including ex-chairman Michael Walsh, are also named on the warning papers lodged in the High Court.

Mr Fingleton has been chased by the IBRC, since it took control of Irish Nationwide, to repay the bonus awarded weeks after the Government bank guarantee in 2008. He promised to pay the bonus money back but has not.

The banker also holds an 11,500 euro watch received as a retirement gift and charged expenses to the bust building society.

Meanwhile, the IBRC annual report for 2011 revealed chief executive Mike Aynsley was paid a total of 866,000 euro including a salary of 538,000 euro - wages capped at 500,000 euro plus a car allowance of 38,000 euro.

The 54-year-old Australian, appointed in September 2009 to lead the Anglo wind-down, also received a pension contribution of 125,000 euro. The pay package was topped off with 203,000 euro in temporary allowances - for relocation assistance including rent, travel and other agreed expenses.

Chairman and non-executive director Alan Dukes was paid fees of 150,000 euro, 100,000 euro lower than the agreed contractual fee.

On his remuneration package, Mr Aynsley said: "I don't blame people for feeling hard done by because the banks didn't do a very good job over the last number of years. I'm paid very well. I think I said last year I'm very grateful that the allowances were paid so that I could come here."

A spokesman for the Department of Finance said remuneration arrangements for senior IBRC officials were approved by the previous government.

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