Irish Nationwide Building Society (INBS) is a mutual society. This means it is owned by its members, not by shareholders. If you have concerns about the manner in which the society is run (as I do), you should express these concerns to your local INBS branch manager, or better still, to the INBS board members. Here are some questions which you might like to pose;
How much was Chief Executive Michael Fingleton paid in 2001?
Has INBS ever asked a court to jail one of its members?
How long is the INBS board prepared to wait to conclude its negotiations with a Government committee about removing the ‘five year’ restriction for demutualisation?
Was the unusually large pension payments recorded in the 2001 accounts relating to all employees or just senior managers/directors?
Why was a memo sent from Head Office to branch managers some time ago advising the branch managers NOT to tell customers what mortgage rates they were paying?
How many investor members of INBS are there?
Is the INBS board proud that it took a repossession case for a widow’s family all the way to the Supreme Court (before losing the case) in the ‘Malone’ case?
Is the INBS board proud that both the Moriarty & Flood tribunals have expressed concern over the perceived lack of co-operation from INBS directors?
Why doesn’t the INBS have a Director to represent members’ interests on the Board (like the EBS)
Why doesn’t the INBS let borrowing members attend the AGM?
Let me know if you get any good answers to these key questions.