The inquiry found that commercial loans — worth billions of euro — were handed out during the boom years without basic checks, like proper valuations or personal guarantees.
The Central Bank has concluded one of the longest-running and most complex inquiries it’s ever undertaken.
Spanning 15 years and costing more than 24 million euro, the investigation examined the practices of senior executives at Irish Nationwide, which led to its collapse during the financial crash.
More than 40 regulatory breaches at Irish Nationwide have been laid bare in the Central Bank’s final report into the lender.
The inquiry found that commercial loans — worth billions of euro — were handed out during the boom years without basic checks, like proper valuations or personal guarantees.
In one board meeting alone, 38 loans worth over half a billion euro were approved.
The regulator says these systematic failures played a major role in the bank’s collapse — which ultimately cost taxpayers 5.4 billion euro.
Today, former finance director John Purcell has been sanctioned for his part, with a recommended fine of 130-thousand euro and a four-year disqualification — pending High Court approval.
Mr Purcell is not appealing the outcome.
The Central Bank says the move is a key step in holding senior figures accountable.
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