Fianna Fail’s stance on Irish Nationwide is deeply hypocritical – Clune

Fine Gael Senator Deirdre Clune is criticising Fianna Fail’s response to the documentary examining the downfall of the Irish Nationwide building society which aired on RTE on Monday. Deputy Michael McGrath is calling on the government to publish the reports by Ernst & Young and McCann Fitzgerald into the manner in which the former Irish Nationwide Building Society was run by Michael Fingleton.

“This issue was addressed by the Minister for Finance Michael Noonan in a parliamentary question in July 2012, the reason the report cannot be released is because the confidential and legally privileged reports have been provided to the Central Bank of Ireland as the relevant regulatory authority for a building society.

“The Central Bank is continuing their ongoing investigation into Irish Nationwide and it is extremely cynical and hypocritical of Fianna Fail to be making any demands with regard to Irish Nationwide.

“It was under their watch that the dysfunctional and toxic organisation was allowed to operate.

“According to the RTE programme, in 2000 a KPMG report found deficiencies in the systems and practices at the building society while the profits and lending were climbing at a rapid pace, Fianna Fail did not pursue nor investigate this information at the time.

“It was Fianna Fail who saddled the tax payer with the burden by nationalising Irish Nationwide.

“During their reign Fianna Fail facilitated the property bubble and fostered a culture of cronyism.

“This government has been trying to undo the damage done by Fianna Fail and I hope their efforts to hood wink the Irish electorate will be unsuccessful.”