Former Irish Nationwide Building Society chief executive Michael Fingleton has lost his appeal arguing he cannot lawfully be subject to a Central Bank inquiry into alleged regulatory breaches at the Society.

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.

Irish Nationwide Building Society’s former CEO Michael Fingleton and ex-director John Stanley Purcell have launched High Court proceedings aimed at stopping the Central Bank from conducting an inquiry into alleged regulatory breaches at the financial institution.

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