Executives at INBS share £679,000

THE two top executives at the Irish Nationwide Building Society shared a total pay package of £679,000 last year, putting them among the highest paid directors in the financial industry.

The society's annual report, issued yesterday, showed Irish Nationwide managing director, Mr Michael Fingleton, and company secretary, Mr Stan Purcell, shared fees of £357,000 in 1995.

In addition, the Irish Nationwide paid pension contributions for the two executives of £322,000 as part of their annual remuneration package.

While the building society did cot disclose their individual earnings, the managing director's package would be considerably higher than Mr Purcell's, indicating Mr Fingleton would have earned the bulk of total payments made in 1995.

Their total package of £679,000 was more than £110,000 higher than that paid in the previous year.

However, Mr Purcell only became a director in late 1994, and his full year's pay package would not have been reflected in the previous year's figures.

In 1994, the society disclosed that Mr Fingleton had received a package worth £249,000 in the previous year, which drew criticism from shareholders at the annual meeting.

The society's chairman and two non executive directors shared fees of £90,000, compared with £72,000 in 1994.

This week, the former build in society, the Irish Permanent showed its senior executive, Mr Roy Douglas, earned £269,50; plus a pension payment of £71,836.

The total, £341,339, reflected a drop of £51,500 on the previous year, as the group cut his annual bonus.