National Bank almost lost licence

THE financial services regulator (IFSRA) considered withdrawing National Irish Bank’s banking licence in the light of its tax evasion overcharging scandals.

Dr Liam O’Reilly, chief executive, admitted yesterday that IFSRA considered withdrawing NIB’s banking licence given the range of scandals and that three former chief executives knew all about what was going on at the time.

In a submission to the Joint committee on Finance and the Public Service yesterday, Dr O’Reilly said the view, however, was that to do so would have frustrated the wide ranging inquiry that lasted for several years.