Court orders former Irish Nationwide CEO Michael Fingleton to pay costs for failed action

Michael Fingleton has been ordered to pay the full costs of his failed legal action against the Central Bank, which could be up to half a million euro.

The former Chief Executive of Irish Nationwide tried to get the High Court to stop an inquiry into alleged regulatory breaches at the building society.

He claimed it was “unfair and unreasonable” and accused the Central Bank of acting outside its powers, but his action was rejected earlier this month.

He is accused of participating in the commission of some or all breaches of regulation at Irish Nationwide between 2004 and 2008.

The inquiry, which involves several other former officials of Irish Nationwide, is due to begin next month.