Regulators ‘Not Willing’ to Sort INBS Out Over Sale Hopes, Neary Says

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Patrick Neary, the former chief executive of the now-defunct Irish Financial Services Regulatory Authority (Ifsra), told an inquiry into Irish Nationwide Building Society that the authority’s board was not willing to tackle a series of problems at the company for fear of upsetting its planned sale, the Irish Times reported. “I had the sense that the authority would not be willing to engage in any high-profile action at that stage,” Mr Neary told the inquiry into alleged regulatory breaches at the society between August 2004 and September 2008, when he was asked if regulators were delaying action to facilitate an INBS disposal. Mr Neary said he had advised Ifsra’s board – which he referred to as “the authority” – in February 2008 that it was his intention “to deal quite strongly around” corporate governance and controls issues at INBS, but that he was cautioned about taking any actions that would cause concerns about the “standing” of the society. Read more. (Subscription required.)