The Central Bank has named a panel that will broaden its inquiry into alleged regulatory breaches at Irish Nationwide Building Society.
Irish Nationwide was nationalised in 2010 after receiving a €5.4 billion bailout.
In a statement, the Central Bank said it has "reasonable grounds" to suspect INBS and "people concerned with the management of INBS" had "committed certain prescribed contraventions".
The Central Bank panel consists of Ciara McGoldrick, a barrister and accountant and Geoffrey McEnenry, a career banker at Lloyds in Hong Kong. Marian Shanley, a barrister, will chair the panel.
The Central Bank has not named the former executives of Irish Nationwide who will be the subject of this inquiry.
The possible Central Bank sanctions include a caution or reprimand, and fines of up to €10m against the corporate entity and up to €1m against an individual.
Irish Nationwide's branch operation was closed by the State and it was folded into Irish Bank Resolution Corporation in 2011, alongside Anglo Irish Bank, for wind down. IBRC was liquidated by the State in February 2013.
Analysis: Emma McNamara
How is this inquiry going to take place?
An investigation by the Central Bank into Irish Nationwide Building Society has already been taking place for a number of years. What was announced today is that the Central Bank has appointed a panel of three people to look into what the bank believes was wrong-doing at Irish Nationwide.
The Central Bank said the people involved have been sent letters, and a questionnaire - they were not willing to send RTÉ the questions - and that the inquiry will be held in public. The individuals do not have to answer the letter, and they do not even have to show up. The inquiry panel can make adjudications without submissions from the people concerned.
What happens now?
The panel has been named and it consists of Ciara McGoldrick, who is a barrister, accountant and a regulator in the pharmaceutical regulator; Hong Kong-based Geoffrey McEnery - a career banker at Lloyds; and Marian Shanley who is described as a regular on the inquiry circuit, and also a barrister.
They now take charge, they will wait for answers to the questionnaires, study these answers and then set a date for the public interviews.
The Central Bank said it is ready, and depending on the speed of the answers to the questionaire, to set a date. It said this has been a "big and complex case, which the bank has been investigating for years".
The Central Bank will not name the individuals being investigated - but they are described as being in the management of INBS and the bank has "reasonable grounds to suspect that they participated in the commission of prescribed contraventions".
What are the contraventions being looked at?
These could be a number of things, including breaching a provision in legislation, or a code relating to legislation or a requirement in law related to financial institutions.
