News

Banks and the Central Bank Regulator

By November 19, 2013 No Comments

Just how did Michael Fingleton and the Irish Nationwide Building Society run up such horrendous losses during the celtic tiger era?

A case has been taken by the State owned Irish Bank Resolution Corporation and currently before the Commercial High Court may provide some of the answers. John Stanley Purcell, one of 4 directors of the former Irish Nationwide Building Society, and who is being sued by Irish Bank Resolution Corporation, yesterday was successful in having the Central Bank joined as a third party. Through his counsel, Mr John Rogers SC, Mr Purcell alleged that the Central Bank had unlawfully over a period of 12 years allowed the powers of the board of directors of the Irish Nationwide Building Society be delegated to Mr Michael Fingleton, in his capacity as chief executive of Irish Nationwide Building Society.