Finance Spokesperson Michael McGrath has repeated his call on the government to publish the reports by Ernst & Young and McCann Fitzgerald into the manner in which the former Irish Nationwide Building Society was run by Michael Fingleton.
Deputy McGrath stated, “The revelations in last night’s RTE documentary ‘Inside Irish Nationwide’ will have to come to a shock to many people. The grossly irresponsible and highly irregular manner in which the business of Irish Nationwide was conducted has cost taxpayers €5.4 billion and yet no one has been held accountable for the practices that were allowed to persist there.
“I have questioned the Minister for Finance on a number of occasions about the publication of these reports but he has refused to do so citing legal reasons. However, there is no evidence to date of any follow-up action being taken by the Irish authorities concerning Irish Nationwide. In opposition, Eamon Gilmore called for the publication of the reports but has gone strangely silent on the matter since.
“Based on last night’s documentary, the Ernst & Young report in particular appears to present a devastating picture of the practices that prevailed at Irish Nationwide. I believe it should be possible for the government to publish the two corporate governance reports in a manner consistent with the public interest and I repeat my call on the government to do so.”
Please see below a reply by Minister Michael Noonan to a parliamentary question from Deputy McGrath dated 19 July 2012.
To ask the Minister for Finance the position regarding the reports completed by a company (details supplied) into certain corporate governance matters at the former Irish Nationwide Building Society; if the reports have been referred to the Gardaí and the Office of the Director of Corporate Enforcement; and the action currently being taken on foot of the content of the reports..
– Michael McGrath.
* For WRITTEN answer on Thursday, 19th July, 2012.
Ref No: 36099/12
McCann FitzGerald and Ernst & Young
Minister for Finance (Mr Noonan) : I have been advised that confidential and legally privileged reports in relation to Irish Nationwide Building Society (INBS) have been provided to the Central Bank of Ireland (CBI) as the relevant regulatory authority for a building society. This information was relayed to the Gardaí. The Office of the Director of Corporate Enforcement regulates and enforces the Companies Acts and therefore, given that the reports relate to a building society which was not subject to the Companies Acts, the reports were not furnished to the ODCE. I have also been advised that the CBI is continuing their ongoing investigation into INBS and IBRC is cooperating fully with that investigation and has put significant resources in place to do so.