The High Court has ruled that the former chief executive of National Irish Bank, Jim Lacey, should be disqualified from involvement in management of any company.
Mr Justice Roderick Murphy found that Mr Lacey was grossly negligent and that his conduct as chief executive and director of the bank had fallen below the required standard and constituted a fundamental failure of governance.
He granted the application for disqualification which had been sought by the Director of Corporate Enforcement.
The court will hear submissions on the length of time for which Mr Lacey should be disqualified, next month.
The proceedings arose from the publication in July 2004 of the inspectors' report into the bank which concluded that NIB had been involved in widespread tax evasion and the overcharging of customers with unwarranted fees and interest.
Mr Lacey was chief executive of NIB for six years between April 1988 and 1994 and continued as a director of the bank until September 1997.
