Irish Nationwide Building Society fined €5m for regulation breaches

The Central Bank has imposed a fine of €5 million on Irish Nationwide Building Society for multiple breaches of financial services law and regulation.

The Bank will now hold an inquiry to establish if certain managers at Nationwide have a case to answer.

€5 million is the maximum fine available, but as INBS does not have any assets, the Central Bank said it would not be in the public interest to pursue the collection of the fine.