Irish Nationwide managers face probe

The Central Bank has for the first time used special powers to launch an inquiry into the former Irish Nationwide and a number of unnamed managers connected with the former building society which could result in the regulator levying personal fines of up to €500,000.

Irish Nationwide was led by Michael Fingleton until its collapse and nationalisation at a cost to the State of €5.4bn at the height of the banking crisis. With Anglo Irish, it was folded into Irish Bank Resolution Corp, which is now in liquidation.

The Central Bank refuses to name the individuals, but says that there a number of people facing allegations that they committed “prescribed contraventions” while working as managers at Irish Nationwide. It is unclear if the individuals are covered by personal indemnity insurances.