Anger over pace of INBS probe

There is growing impatience with the pace of the investigation into the former Irish Nationwide Building Society (INBS), which was nationalised after a bailout of €5.4bn in 2010.

The Central Bank is currently looking into lending practices at INBS in the years leading up to its demise, but no decision has been made on whether further action will be taken by the Garda Fraud Squad or the Office of the Director of Corporate Enforcement.

The Central Bank said in a statement. “An investigation is being conducted under the Central Bank’s administrative sanctions procedure into historic lending practices at INBS. Until this has concluded, no decisions may be made as regards any future potential action. For legal reasons, including the bank’s confidentiality obligations pursuant to section 33AK of the Central Bank Act 1942, no further details can currently be disclosed.”