A former senior manager at Irish Nationwide Building Society (INBS) has been fined €23,000 and disqualified for 18 years by the Central Bank after his involvement in breaching financial services law.

A finance expert has called on the Central Bank to investigate the operation of all the credit committees of the banks whose unsustainable lending during the boom years led to the crash and the €64bn bill for taxpayers.

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.

Michael Fingleton has said he does not regret any decisions he took at the Irish Nationwide Building Society (INBS), but does regret the taxpayer had to bail out the Society at a cost of €5.4bn.

The former boss of the Irish Nationwide Building Society has told the Banking Inquiry he took steps to downsize the institution in 2007.