Dáil Éireann Debate, Thursday - 22 September 2011
80 Deputy Michael McGrath asked the Minister for Finance when he and the Central Bank received a copy of the corporate governance report into Irish Nationwide Building Society; the actions he has taken since; if any further investigations, including criminal, are required and when he intends to publish the report. [25512/11]
Amharc ar fhreagraFollowing the State's investment of capital into Irish Nationwide Building Society, the Board of the Society was asked to identify and address the "legacy issues" of the Society and to cooperate with, where relevant, the appropriate regulatory or other authorities. To assist them in this work, the INBS Board engaged Ernst and Young and McCann Fitzgerald, and initial reports from these organisations were provided to the INBS Board in 2010. Following additional work on this matter, a further report was presented to the Board of the Society in June 2011.
Following recent discussions with the NTMA the Board of the newly merged Anglo/INBS (Irish Bank Resolution Corporation) has undertaken to advance particular items raised in the recent report to the INBS Board. However, in view of the sensitive nature of the reports and their potential, if made public, to prejudice any future actions that may arise, I do not propose to publish the reports referred to at this time. The Deputy may also wish to note that the above process is without prejudice to any investigation or action that the Central Bank, as independent regulator of credit institutions, may take on any relevant matter and that copies of the reports referred to above have also been provided to the Central Bank.
