The long-running inquiry into former senior Irish Nationwide Building Society figures has made findings against the lender’s former finance director, John Stanley Purcell, the final individual subject to inquiry.
“The Findings Report ... contained the findings of the inquiry members that INBS had committed specific prescribed contraventions. A total of 23 such findings were made in respect of INBS out of the total of 42 specific allegations,” Ms Shanley said. “Findings of participation were made in respect of certain of these prescribed contraventions by Mr Purcell.”
Sanctions can range from a caution or reprimand to disqualification from working in a financial firm and a fine of as much as €500,000. The case relates to a period before maximum individual monetary sanctions were doubled to €1 million in 2013. It dropped its case against the failed lender’s former long-standing managing director, Michael Fingleton, now 86, in December, 2019, due to his ill-health.