INBS failure to follow auditor guidance found in 2008, inquiry told

Letter to then chairman said credit reviews were not being provided to credit committee

The inquiry  is seeking to establish if Michael Fingleton (above) and three other former managers were involved in so-called contraventions at INBS between August 2004 and September 2008.

The inquiry is seeking to establish if Michael Fingleton (above) and three other former managers were involved in so-called contraventions at INBS between August 2004 and September 2008.

Irish Nationwide Building Society (INBS) was failing in early 2008 to meet a key recommendation from its own external auditors made 18 months previously, financial regulators found.

A letter on February 8th, 2008, from a regulator to INBS’s then chairman, Michael Walsh, said that while the society’s external auditors at KPMG had recommended in August 2006 that so-called credit reviews be provided to the credit committee, this was not taking place.

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