One of Ireland’s most prominent former bankers, Michael Fingleton, had debt judgements far outweighing his assets last year, according to an affidavit filed by his son.
Mr Fingleton (85), the former Irish Nationwide Building Society (INBS) chief executive, had less than €25,000 in two personal bank accounts, with outstanding judgement debts of more than €10.7m, according to court filings as part of a bid to stop a civil trial over alleged negligent mismanagement of the failed lender.
He has required 24-hour care since he suffered a stroke four years ago, with the cost currently amounting to about €160,000 a year, according to the main filing, made by Michael Fingleton Jnr, who was granted joint power of attorney last year in relation to his father.
Mr Fingleton’s sole current income is a weekly €253.30 State pension payment, according to a supplemental affidavit, filed in January.
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His wealth peaked at about €75 million in 2006, made up at the time of a €30 million pension pot and 18 properties, according to the affidavit. Both portfolios plunged in value following the property crash.
Mr Fingleton jnr swore in December that his father’s main financial asset is an estimated €1.33 million he stands to receive from a potential settlement of ongoing legal action involving a Montenegro hotel project in which he invested in 2006.
The liquidators of Irish Bank Resolution Corporation (IBRC), which took over INBS in 2011, also allege a claim over half of the net €4.55 million proceeds that Mr Fingleton’s wife, Eileen, made from the sale of a field adjoining the family home in south Co Dublin to a developer. Mr Fingleton transferred his half stake to his wife in 2009. IBRC is contesting the validity of this.
The former building society head “has had no significant income since his retirement in 2009″, and had borrowed €1.17 million from family members as of December to cover certain debts, healthcare costs, care costs, legal fees and other miscellaneous expenses, it said.
The Court of Appeal ruled this week that Mr Fingleton’s side had “not established that there was either a real or serious risk of an unfair trial or an unjust result” from the IBRC lawsuit.
