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Irish Independent

INBS inquiry ends with fourth executive fined and reprimanded

Home > Business > Irish Business Cost of decade long independent inquiry into bust lender tops €24m Colm Kincaid, Director of Enforcement at the Central Bank of Ireland The case, which dates back to the collapse of the lender in 2009, is the first where a person who was the subject of such an inquiry has had a determination against them having refused to agree a settlement. The Central Bank must now apply to the High Court to confirm the Inquiry Decision. The time for a possible appeal has expired. The Director of Enforcement at the Central Bank, Colm Kincaid, said the Inquiry's decision was 'a significant milestone' in addressing the fallout from the banking crisis of the late 2000s. The to the Central Bank of €24m includes its initial investigation into the collapse of Inbs, the setting up and running of an Independent Inquiry and the costs associated with a defending a number of legal actions that in effect challenged the right of the regulator to pursue its cases against individual former bankers. The outcome was 'absolutely worth it,' Colm Kincaid said. The demonstration of the credible threat that regulators will pursue action is important to ensuring compliance across the finance industry. he said. The Independent Inquiry was established in 2015 to examine the roles of INBS and four of its senior figures: Michael Fingleton, William Garfield McCollum, Tom McMenamin, John Stanley Purcell and Michael P. Walsh in the collapse of the former lender at a cost of €5.4bn that was borne by taxpayers. INBS itself and three of the individual subjects of the inquiry agreed settlements with the Inquiry – including accepting individual fines of up to €200,000 and disqualifications of up to 18 years. In 2019 the Inquiry permanently 'stayed' the case into Michael Fingleton, who'd been the managing director and major player at Inbs, citing his poor health. The Cejtral bank has confirmed that the 2019 stay effectively ends any actions by the regulator in relation to Mr Fingelton, one of the best known and most controversial figures in the era of the banking boom and subsequent bust. Commenting on the final decision of the Inquiry, the Governor of the Central Bank of Ireland Gabriel Makhlouf said it concludes an important enforcement action taken by the Central Bank in the public interest. "It is critical to public trust and confidence in financial services that there is a credible threat of such enforcement for firms and individuals who break the rules put in place to protect consumers and the stability of the financial system,' he said. 'The sanctions imposed by the Inquiry and through the settlements with INBS and the other individuals highlight the important position of senior role holders and board members in the financial industry. The Inquiry Decision shows the very serious impact failures at board level can have and provides valuable lessons to senior role holders in the financial services industry. It is essential that such key role holders take responsibility for and drive effective risk management and strong governance,' he said. Join the Irish Independent WhatsApp channel Stay up to date with all the latest news