The Workers’ Party have said that the revelation that former Irish Nationwide CEO Michael Fingleton was the sole beneficiary of a €27.6 million pension fund agreed after the governments banking bailout was proof enough that the Golden Circle that has been exposed at the centre of Irish financial institutions remains unbroken.  In addition Mr. Fingleton had received a €1 bonus at the end of last year.

Workers Party President Michael Finnegan said that the revelations surrounding Mr. Fingleton and others at Irish Nationwide show the breath-taking arrogance of those at the top of Irish banking.   “These people continue on as before to live in a rarefied world where, despite the economic crisis, they are heavily cushioned against the real world in which the rest of us live.  They are at the heart of a golden circle which is not only undamaged by the fallout of an unprecedented financial collapse but appears untarnished and still glows for them”.

“This country”, said Mr. Finnegan, “has been dealt an enormous body-blow due to the sheer profligacy of our banking institutions and those who run them.   We are now facing a jobs meltdown which may result in a half million unemployed out of a workforce of just over 2 million people. Instead of punishing those responsible for gambling with this country’s future and carrying out a forensic, root and branch reform of the financial sector the government is spending hundreds of millions of precious resources trying to cushion and protect them and rewarding those who played Russian Roulette with the economy”, said Michael Finnegan.

Issued 24th March 2009