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ARTICLE · 28 DECEMBER 2017

INBS Inquiry – First Inquiry Hearing

Dillon Eustace
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On 10 July 2015, the Central Bank of Ireland (the "Central Bank") announced that it had referred a case concerning Irish Nationwide Building Society ("INBS") and "…certain persons who were concerned...

IrelandFinance and Banking
Dillon Eustace
Dillon Eustace
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  On 10 July 2015, the Central Bank of Ireland (the "Central Bank") announced that it had referred a case concerning Irish Nationwide Building Society ("INBS") and "...certain persons who were concerned in the management of INBS at the relevant time..." to Inquiry.1

Notwithstanding legal challenges to the Inquiry - which have been unsuccessful to date - the first Inquiry hearing took place last week.

What is an Inquiry?

The Inquiry is part of the Central Bank's Administrative Sanctions Procedure and will usually only be held after an investigation has been conducted by the Central Bank's Enforcement Division.

Where a case is referred to Inquiry, an Inquiry Member or Members  (who are appointed by the Central Bank) decide if a regulatory breach has occurred and, if they believe it has, the Inquiry Member(s) will determine the appropriate sanction(s).

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