Central Bank concludes probity investigation

Friday 29 June 2012 07.26
Central Bank tells bankers they can stay on
Central Bank tells bankers they can stay on

Leading bankers on the boards of Irish banks on the night of the bank guarantee have been told they can remain in their current roles.

This follows the conclusion of a fitness and probity investigation by the Central Bank.

The decision covers Bank of Ireland's chief executive Richie Boucher and Kevin Murphy, a director of Irish Life and Permanent Group Holdings.

The Central Bank said last night that as it conducted its review over the last 12 months "many of the long standing" directors of the lenders covered by the bank guarantee had resigned.

It said it had no reason to suspect the fitness and probity of any directors currently in place who were on boards of Irish banks during the night of the guarantee.

"In some cases this decision was taken internally within the Central Bank and in others the Central Bank sought an external opinion on the material available to the Central Bank. No further actions will be taken by the Central Bank at this time,'' it said in a statement.

The Central Bank said last night that as it conducted its review over the last 12 months "many of the long standing" directors of the lenders covered by the bank guarantee had resigned.

It said it had no reason to suspect the fitness and probity of any directors currently in place who were on boards of Irish banks during the night of the guarantee.

"In some cases this decision was taken internally within the Central Bank and in others the Central Bank sought an external opinion on the material available to the Central Bank. No further actions will be taken by the Central Bank at this time,'' it said in a statement.