Former Irish Nationwide CEO Fingleton loses appeal over Central Bank inquiry

Michael Fingleton claimed the Central Bank was acting outside its powers

Former Irish Nationwide CEO Fingleton loses appeal over Central Bank inquiry

The former chief executive of Irish Nationwide Building Society Michael Fingleton, 23-02-2018. Image: Sam Boal/RollingNews

An attempt by the former Chief Executive of Irish Nationwide to overturn a decision not to stop an inquiry into alleged regulatory breaches at the Building Society has been dismissed.

Michael Fingleton claimed the Central Bank was acting outside of its powers because he had retired before the inquiry was formally initiated.

Following its collapse, Irish Nationwide needed a bailout of over €5bn.

It was nationalised and merged with the former Anglo Irish Bank into IBRC.

A Central Bank investigation looked into its activities over a four year period beginning in August 2004.

It then decided to hold a public inquiry into alleged breaches of regulation and the alleged participation of certain individuals including Michael Fingleton

Two years ago, he failed to convince the High Court that the Central Bank was acting outside its powers.

One of his arguments for this appeal was that he had retired before the inquiry was formally set up and therefore could not be scrutinised for past conduct.

But the three-judge panel disagreed and also rejected claims of bias on the part of the Central Bank.

Mr Fingleton, who was not in court today, will remain a subject of the inquiry along with several other former officials of the now defunct building society.