The Central Bank has named the members of a new inquiry panel to investigate possible breaches of banking rules.

The panel is made up of retired judges, experienced banking and insurance regulators as well as international experts. 

It includes retired High Court Judge Mr Justice Daniel O'Keeffe, retired District Judge Clare Leonard, the Central Bank's former director of Credit Institutions and Insurance Supervisor Fiona Muldoon, the bank's current head of risk governance and policy Mairead Devine as well as its head of markets policy division, Martin Moloney.

Barristers Ita Mangan, London-based James Bridgeman and Victor Chisese, and solicitors Paul McDonald and Marian Shanley are also named on the panel.

Geoffrey McEnery, a former CEO of Lloyds TSB Asia, John Cashin, recently retired from Zurich Insurance Group in Switzerland,  and Nigel Woodroffe, who recently retired from as role on the Jersey Financial Services Commission will also serve on the panel.

After an inquiry is carried out, the Central Bank can impose sanctions on the bank or banker, including fines and disqualification. 

The first case expected to be reviewed by the inquiry will be Irish Nationwide.