NIB bosses likely to avoid jail despite role in scandal
The bank, which was forced to repay customers €23.3 million in refunds and compensation, could only face a maximum fine of €127,000 as a result of its conduct. This is because new legislation governing the behaviour of financial institutions, which carries penalties of up to €5m, does not come into effect until tomorrow.
In a 400-page report published yesterday, High Court inspectors John Blayney SC and Tom Grace revealed a litany of improper practices across NIB’s branch network between 1988 and 1998. They include:
