NIB bosses likely to avoid jail despite role in scandal

AFTER a six-year investigation, none of 19 former executives at National Irish Bank is likely to face criminal prosecution despite their involvement in tax evasion and overcharging of customers.

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: