An inquiry into the Irish Nationwide Building Society (INBS) is underway.

Today marks the first day of public hearings in a Central Bank inquiry into the running of Irish Nationwide Building Society.

The issuing of €31bn promissory notes in favour of Anglo Irish Bank and other financial institutions by the minister for finance in 2010, Brian Lenihan, involved an unconstitutional allocation of public money without a Dáil vote, lawyers for Independent TD Joan Collins told the Supreme Court.

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.

The Central Bank’s inquiry into alleged regulatory breaches at Irish Nationwide Building Society is a breach of a former director’s constitutional right to a trial by an independent judge, the High Court has heard.

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.

Former taoiseach Brian Cowen gave his version of the September 2008 bank guarantee and November 2010 bailout crises. This is an abridged version:

A legal action against four former directors of Irish Nationwide Building Society (INBS) over alleged “wholly unlawful” delegation of powers of the board of the INBS, to its former CEO Michael Fingleton, has settled, the Commercial Court heard yesterday. No terms of settlement were disclosed.

The Irish Bank Resolution Corporation has secured judgment for €16.2m against jailed businessman Breifne O’Brien.

Nama has secured final judgment for €8m against the wife of Priory Hall builder Thomas McFeely arising out of an unpaid loan secured on the family home in Ailesbury Rd, Dublin.

A Nama company is seeking judgment against two businessmen for a total of around €48.5m over unpaid loans advanced to them by the former Irish Nationwide Building Society.

A judge said he wants to be told by the end of October whether it is proposed to join accountancy firm KPMG, former auditors of Irish Nationwide Building Society, as a co-defendant in a legal action brought over €6bn losses at the society.

An application may be made to join accountancy firm KPMG as a defendant to a legal action arising from €6bn losses at Irish Nationwide Building Society.

A former director of Irish Nationwide Building Society has alleged the Central Bank and other State entities have joined together in exposing him to a "vindictive and wholly unmeritorious" claim for damages of perhaps over €1bn to "ruin" him.

Former building society boss Michael Fingleton has had a judgment registered against him for money owing to his solicitors.

Former Irish Nationwide chairman Michael Walsh wrote to the late minister for finance, Brian Lenihan, warning him against bank mergers as the financial crisis escalated, according to a letter obtained under the Freedom of Information Act.

The special liquidator Kieran Wallace has strongly rejected any claims that there is a conflict of interest that has resulted in him not suing his ultimate employers, KPMG as part of the liquidation of IBRC.

The Central Bank could face a possible damages claim for tens of millions over its alleged approval over 12 years of the alleged unlawful delegation of the powers of the board of Irish Nationwide Building Society to its former CEO, Michael Fingleton.

A senior official with the Department of Finance has told the High Court that promissory notes issued in 2010 by the finance minister to recapitalise Anglo Irish Bank and other institutions for €31bn were “unusual” instruments but not unlawful.

Four former directors of Irish Nationwide Building Society are seeking a large number of documents for their defence of legal proceedings in which they are being sued for tens of millions of euro due to the “catastrophic losses” suffered by the society.

Former Irish Nationwide boss Michael Fingleton is facing an action for damages for tens of millions of euro.

A civil action is being taken against former chief executive of the Irish Nationwide Building Society, Michael Fingleton.

The IBRC special liquidator’s decision not to challenge a ruling by Justice Briggs in London could end up costing Irish pillar banks hundreds of millions of euro.

The Government faces a legal challenge today to the burdening of taxpayers with the cost of bailing out Anglo Irish Bank and Irish Nationwide Building Society.

The investigation by the director of corporate enforcement into the 2008 collapse of the former Anglo Irish Bank has been exten-ded for another year by the High Court.

The former Anglo Irish Bank is suing its former auditors Ernst & Young for more than €50m damages over losses allegedly resulting from the firm’s “repeated failure” to un-cover alleged “highly unusual and improper” “bed and breakfast” loan transactions by former Anglo chairman Seán FitzPatrick.

So we will see Wednesday how nasty the budget bite is to be.

There is growing impatience with the pace of the investigation into the former Irish Nationwide Building Society (INBS), which was nationalised after a bailout of €5.4bn in 2010.

Irish Bank Resolution Corporation is seeking possession of a Co Roscommon couple's family home over their alleged failure to repay €246,000 of mainly interest on a £69,000 loan obtained by them to buy an investment property in 1991.

Nina McFeely, wife of bankrupt Priory Hall developer Tom McFeely, has asked a judge to allow her continue living in their €10m Dublin 4 home until one of her children completes his Leaving Cert in June next year.

Irish Bank Resolution Corporation boss Mike Aynsley yesterday defended his remuneration package of €866,000, saying he felt it represented value for money.

The EU has told Ireland to pay the €3.1bn IOU due for Anglo at the end of the month, dashing the Government’s hopes that it could postpone the payment.

I refer to the article by Matt Cooper on Friday, Feb 3, entitled “Appleby’s successor will need to be more proactive with investigations.”

THE IMF has cast doubt on whether Ireland can emerge from the current crisis despite meeting all the targets of the austerity programme and said the income tax system may have to change further in the next three years.

The EU/IMF sentence imposed on Ireland should be replaced by conditions conducive to our growth, writes Stephen Kinsella

THE Anglo Irish Bank and Irish Nationwide Building Society (INBS) brands were formally consigned to history yesterday.

Anglo Irish Bank Corporation Limited has confirmed that, with effect from today, the name of Anglo Irish Bank Corporation Limited has been changed to Irish Bank Resolution Corporation Limited.

A THIRD investigation file on the Director of Corporate Enforcement Paul Appleby’s investigation into the €30 billion collapse of Anglo Irish Bank has been submitted to the Director of Public Prosecutions (DPP).

THE countdown has begun. It is a matter of when, not if, the Greek government and creditors will have to reconcile a 50% default on their sovereign debt.

ANGLO Irish Bank chairman, Alan Dukes has said that the complete wind down of the bank and its sister operation, the Irish Nationwide Building Society (INBS), could be completed quicker than the ten-year timeframe set by the Government.