INBS inquiry postponed until Wednesday

An inquiry into alleged regulatory breaches at Irish Nationwide Building Society (INBS) has been postponed until Wednesday due to one of the key parties involved falling ill.

The inquiry was due to hear from former financial regulator Patrick Neary on Monday. Mr Neary was also pencilled in to give evidence on Tuesday, however, it is now expected he will begin giving evidence on Wednesday.

Also due to give evidence this week was former regulator Yvonne Madden and former prudential director at the financial regulator Con Horan. It is unclear when they will be rescheduled to appear before the inquiry.

The inquiry is seeking to establish if Michael Fingleton, the former chief executive of INBS, and three other former managers were involved in seven so-called contraventions at INBS between August 2004 and September 2008.

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No comprehensive review of borrowers at INBS, inquiry told

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The first module of the inquiry is looking at whether the society’s credit committee failed to adhere to internal policies by not reviewing cases of large commercial loan arrears, exposure to specific sectors or customers, or issues raised by internal audit, outside advisers or regulators.

Mr Fingleton is one of four individuals subject to the inquiry. The others are former INBS finance director John Stanley Purcell, one-time commercial lending manager Tom McMenamin, and Gary McCollum, who once led the society's UK lending activities from Belfast.