Ex-NIB chief’s claim on bank wrongdoing ‘extraordinary’

IT IS “quite extraordinary” the chief executive of a licensed bank operating in the state should say he was unaware “very serious wrongdoing” was happening within the bank, it was argued before the High Court yesterday.

There was ample evidence for the court to find there was a “very, very serious breach of duty amounting to gross negligence” by Jim Lacey when he was chief executive of National Irish Bank (NIB) between 1988 and 1994, Maurice Collins, counsel for the Director of Corporate Enforcement, said.

Mr Justice Roderick Murphy is hearing closing legal submissions in the application by the director for a court order disqualifying Mr Lacey from involvement in the management of any company on grounds of unfitness.