Top NIB exec banned from management for 10 years

A former National Irish Bank senior executive has been disqualified from being a director or manager of any company for 10 years by High Court Judge Mr Justice Peter Kelly.

Nigel D’Arcy, from Casterdillon, Straffan, Co Kildare, was involved in the bank’s tax-evasion scandal in the 1990s, and was found to be primarily responsible for part of it.

The High Court appointed an inspector to carry out an examination of the bank’s activities in 1998.

In the subsequent report published in 2004, the High Court found that Mr D’Arcy was aware that monies that were not disclosed to the Revenue Commission were targeted for insurance policies that were then promoted by his financial managers, and that he allowed the practice to continue.

In handing out the sentence, Justice Kelly said the period of disqualification had to reflect the seriousness of the offence.

This was one of nine such orders being sought by the Director of Corporate Enforcement.