Brendan Burgess
Founder
- Messages
- 52,478
[broken link removed]
10 July 2015
Following an investigation conducted by the Central Bank of Ireland (the “Central Bank”) under its Administrative Sanctions Procedure (pursuant to Part IIIC of the Central Bank Act 1942 (as amended) (the “Act”)), the Central Bank has determined that it has reasonable grounds to suspect that Irish Nationwide Building Society (“INBS”) has committed certain prescribed contraventions and that certain persons who were concerned in the management of INBS at the relevant time participated in the commission of those suspected prescribed contraventions. In accordance with Part IIIC of the Act, an Inquiry will be held by the Central Bank to establish whether these suspected prescribed contraventions have been committed by INBS and whether certain persons who were concerned in the management of INBS participated in the commission of those suspected prescribed contraventions by INBS.
I think that this is the first of its kind.
Normally, when the Central Bank investigates a bank or an employee, they propose an administrative sanction, usually a fine, and the bank just accepts it and pays it.
However, if they don't accept it, the CB holds an inquiry into the issue.
I wouldn't put it past the Central Bank to hold an inquiry into a bank which has been in liquidation. But having said that, I presume that this inquiry is into the behaviour of Michael Fingleton and possible some of the other directors.
They say that the inquiry is usually held in public, but may be held in private.
Fingers could be kept very busy in his retirement.
He will have this inquiry.
He will presumably be asked to attend the Banking Inquiry.
The liquidators of IBRC are taking a civil action against him.
Brendan
10 July 2015
Following an investigation conducted by the Central Bank of Ireland (the “Central Bank”) under its Administrative Sanctions Procedure (pursuant to Part IIIC of the Central Bank Act 1942 (as amended) (the “Act”)), the Central Bank has determined that it has reasonable grounds to suspect that Irish Nationwide Building Society (“INBS”) has committed certain prescribed contraventions and that certain persons who were concerned in the management of INBS at the relevant time participated in the commission of those suspected prescribed contraventions. In accordance with Part IIIC of the Act, an Inquiry will be held by the Central Bank to establish whether these suspected prescribed contraventions have been committed by INBS and whether certain persons who were concerned in the management of INBS participated in the commission of those suspected prescribed contraventions by INBS.
I think that this is the first of its kind.
Normally, when the Central Bank investigates a bank or an employee, they propose an administrative sanction, usually a fine, and the bank just accepts it and pays it.
However, if they don't accept it, the CB holds an inquiry into the issue.
I wouldn't put it past the Central Bank to hold an inquiry into a bank which has been in liquidation. But having said that, I presume that this inquiry is into the behaviour of Michael Fingleton and possible some of the other directors.
They say that the inquiry is usually held in public, but may be held in private.
Fingers could be kept very busy in his retirement.
He will have this inquiry.
He will presumably be asked to attend the Banking Inquiry.
The liquidators of IBRC are taking a civil action against him.
Brendan