INBS did not have enough staff in credit risk, inquiry told

Former executive says ‘no proper structure’ to credit review at society

The Central Bank inquiry is seeking to establish if former INBS chief executive Michael Fingleton and three other former managers were involved in seven alleged contraventions at INBS between August 2004 and September 2008.  Photograph: Bloomberg

The Central Bank inquiry is seeking to establish if former INBS chief executive Michael Fingleton and three other former managers were involved in seven alleged contraventions at INBS between August 2004 and September 2008. Photograph: Bloomberg

Staff levels in Irish Nationwide Building Society’s credit risk function were inadequate, an inquiry into alleged regulatory breaches at the building society before the financial crisis has been told.

Giving evidence to the public inquiry on Wednesday was Frank Casey, who joined Irish Nationwide in 2003 from Bank of Ireland. Mr Casey was a commercial lending administrator at the building society, involved in rating and reviewing the credit risk of commercial mortgages.

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