skip to main content

Report on NIB affairs given to High Court

After over six years of investigations, the final inspectors' report into the affairs of National Irish Bank has been presented to the High Court.

However, it will be over a week before Mr Justice Peter Kelly will reveal if he intends to direct that the report should be published.

Retired Supreme Court Judge John Blayney and accountant Tom Grace were appointed by the High Court in 1998 to investigate the affairs of National Irish Bank and National Irish Bank Financial Services Ltd.

Their brief was to investigate and report on the affairs of NIB from 1988, relating to improper charging of interest and fees to the accounts of customers, and improper removal of funds from accounts.

The inspectors also investigated all steps taken by NIB, its directors and officers in relation to the charging of such fees and interest, or the removal of any funds.

The investigations also covered whether other unlawful practices existed from 1988, or exist which serve to encourage tax evasion or other obligations.

In the case of National Irish Bank Financial Services, the inspectors looked at the effecting of life policies with Clerical Medical International Insurance.

The report runs to 192 pages, expanding to over 400 pages with indices attached.

Judge Kelly will now read the report and on Wednesday 21 July will hear any submissions from interested parties seeking access to the report. NIB has already signalled its desire to receive a copy of the report.

A copy of the report has been given to the Director of Corporate Enforcement, who has undertaken not to pre-empt any decision of the court in relation to making the contents known.