2015-11-03 · Ireland
Michael Fingleton brings action aimed at halting Central Bank inquiry
Michael Fingleton, former chief executive of Irish Nationwide Building Society (INBS), has filed a High Court action to stop the Central Bank from launching an inquiry into alleged regulatory breaches at the institution. The inquiry, set to begin in February 2016, would examine claims that INBS and its management contravened regulations between August 2004 and September 2008, with the potential to fine individuals up to €500,000. Fingleton argues the inquiry is disproportionate, oppressive, and violates his right to a fair hearing, citing his retirement in 2010 and the delay in the Central Bank's initiation. He seeks orders and declarations from the court and contends the inquiry should not proceed until related Commercial Court proceedings are concluded. The Central Bank opposes the application and maintains that the inquiry should proceed. The case is before Mr Justice Seamus Noonan and is expected to last several days.