Central Bank refers ex-ptsb CEO for inquiry over trackers

The Central Bank is setting up an inquiry into former Permanent TSB (PTSB) chief executive David Guinane for suspected regulatory breaches in relation to the lender’s role in the tracker mortgage scandal, The Irish Times has established.


Very interesting. In most cases, the company or individual reaches a settlement agreement with the Central Bank and so no such inquiry is needed. Guinane clearly decided not to reach such a settlement agreement, so now the CB is going to have to set up another farce of an Inquiry. They have one ongoing for years against Fingleton and other Irish Nationwide staff. But they decided not to continue against Fingleton due to his age and health.

The last time they were asked, the CB refused to say how much the Inquiry into the Irish Nationwide has cost so far. I went down to watch it and there were multiple sets of Senior Counsels and others in attendance.

This might be a simpler Inquiry.

Brendan

Brendan Burgess said:

Brendan Burgess said:

The last time they were asked, the CB refused to say how much the Inquiry into the Irish Nationwide has cost so far. I went down to watch it and there were multiple sets of Senior Counsels and others in attendance.

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That's seems like a prime candidate for a FoI application by an alert financial journalist, or a PQ from a headline seeking TD from SF or the Sop Dems.

Is the Central Bank subject to FoI legislation?

If they are, it's used very rarely as they probably claim confidentiality on everything.

Brendan

Ah, they have published some information

Dropped case​

During the period, the inquiry has dropped its case against INBS’s long-standing managing director Michael Fingleton, due to the octogenarian’s ill health, and settled with two of the other original five executives and directors subject to investigation: the society’s former chairman, Michael Walsh, and one-time head of commercial lending Tom McMenamin.


Former INBS finance director John Stanley Purcell and erstwhile head of UK lending, Gary McCollum, are the only remaining subjects of the inquiry.

Most of the evidence in the final phase of the INBS inquiry, which started last October, has been given in private hearings, as it involves confidential information on 98 sample commercial loans granted to nine borrowers before the 2008 property crash.

Brendan Burgess said:

Is the Central Bank subject to FoI legislation?

If they are, it's used very rarely as they probably claim confidentiality on everything.

Brendan

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Indeed it is! LINK although certain classes of record are exempt (link) none of which would appear to apply here.

And, if someone uses the Act, then they are entitled to receive the information requested (redacted if necessary) or a full reason, quoting chapter and verse of the relevant part(s) of the legislation, as to why it isn't being provided.

How the Fingleton case was handled, was disgraceful - he played the old "I'm sick, so can't attend" card and the CB just allowed him to continue to laugh at us, over fetal years, while running up millions in professional fees. Heads should have rolled at the CB, for how the situation was handled.

Now, the CB is off on another pointless crusade - again, they'll spend millions, lots of professional firms will arm nice fees, but to what end?

Talk about trying to close the gate after the horse has bolted

Dare I suggest that the CB focus its efforts in attending to other matters, to help protect the consumer, and the country, from other financial risks.

I agree it's been a shambles, but what could the CB do?

1) The legislation sets out how the inquiries are to be held.
2) Fingers' doctor would have produced a note to say he was sick.

When you see the CB reaching settlement agreements, you often think that they are too lenient and generous towards the offending party, but you can see why they try to reach agreement.

I think I would advise anyone facing administrative sanctions not to agree a deal and let the Central Bank go down the Inquiry route.

Brendan

Brendan Burgess said:

Former INBS finance director John Stanley Purcell and erstwhile head of UK lending, Gary McCollum, are the only remaining subjects of the inquiry.

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