Fingleton Apologies 'Not Good Enough' Says Labour

Former Irish Nationwide chief Michael Fingleton has issued an unprecedented apology for his bank's role in the Irish banking crisis, but his lament has been rejected by a senior Labour TD.

Speaking after Mr Fingleton's interview yesterday during which he issued his apology, Labour Deputy Leader Joan Burton said the former Nationwide chief's words were "simply not good enough".

Speaking last night, Mr Fingleton admitted he had a "sense of remorse" about what had happened to the country as a result of events in Nationwide and other financial institutions.

His comments came after Central Bank Governor Patrick Honohan hinted this week the final cost to the taxpayer of Irish Nationwide's bailout could rise to more than €3bn.

However, there was still anger about his failure to comment on a bonus he accepted since leaving his job at the bank.

Speaking today, Ms Burton said: "Mr Fingleton admitted he had a sense of remorse about what happened as a result of events at Nationwide, however he failed to comment on his failure to return his €1m bonus as promised."

Back in March last year, Mr Fingleton said he was entitled to the payment, but wanted to repay it "because of the effect on my family with a continuing 24-hour media siege on my home". But despite extensive correspondence with Irish Nationwide over the past year and a half, the bonus has not been repaid.

Fine Gael deputy finance spokesman Kieran O'Donnell said last night that ordinary people were looking at this situation while their jobs were at risk and their homes in negative equity. "That €1m is an outrageous figure and should be repaid," he said.

(DW/KMcA)