Irish Nationwide board member fined €130,000 and banned from sector as long-running inquiry concludes

The Central Bank said that large sums of money were repeatedly being paid out by INBS without the proper paperwork from borrowers.

Investigations into Irish Nationwide Building Society began in 2010. 

A former executive board member of Irish Nationwide Building Society (INBS) has been disqualified for four years from management of a financial services provider and fined €130,000 following a Central Bank of Ireland inquiry into breaches of financial services law at the lender between 2004 and 2008.

John Stanley Purcell, who was a board member of INBS prior to its collapse during the financial crisis, was found to have failed in his duties as a member of the firm's board of directors with the inquiry forming the view that “he did not meet the standard required of a board member in relation to obligations of governance, commercial risk management, supervision and oversight”.