Michael Fingleton fails to halt Central Bank inquiry

Former Irish Nationwide Building Society chief executive Michael Fingleton has lost his High Court action aimed at preventing the Central Bank from conducting an inquiry into alleged regulatory breaches at the financial institution.

Mr Fingleton, along with several other former officials of INBS, are the subject of an inquiry, under Part III C of the 1942 Central Bank Act, which is due to begin hearings next month.

He challenged the bank’s decision to subject him to an inquiry, claiming it was unfair and unreasonable.