Central Bank probe ‘breaches former INBS official’s rights’

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.

The claim was made on behalf of John Stanley Purcell who was a director of and company secretary of INBS until his retirement in 2010.

Mr Purcell, along with several other former officers of INBS, including ex-CEO Michael Fingleton, are the subject of a Central Bank inquiry into allegations that certain prescribed contraventions were committed by INBS and persons concerned with its management, between August 2004 and September 2008.