INBS assurances to financial regulator not followed through, inquiry hears

Witness confirms that recommendations to review credit risk were not implemented

Former INBS managing director Michael Fingleton: has said he was not a member of the credit committee until the end of 2007, but this has been contradicted by several other witnesses to the inquiry. Photograph: Nick Bradshaw

Former INBS managing director Michael Fingleton: has said he was not a member of the credit committee until the end of 2007, but this has been contradicted by several other witnesses to the inquiry. Photograph: Nick Bradshaw

Irish Nationwide Building Society (INBS) assured the financial regulator that a key committee was considering a series of credit risk reviews when it was not doing so, the inquiry into alleged breaches of lending practice at the society has heard.

The financial regulator recommended in 2007 that the INBS credit committee, which sanctioned and declined loans, should include discussions of credit risk in the minutes of its meetings.

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