The Central Bank of Ireland has issued a prohibition notice to the former director of Citybus employees' credit union, after suspected financial irregularities at the credit union was reported to the bank.

David Stamper has been prohibited from carrying out any controlled functions in any regulated financial service provider for an indefinite period.

The prohibition arises from the Central Bank’s investigation into Mr Stamper’s management of the members’ prize draw in Citybus CU and its finding that Mr Stamper was responsible for the misappropriation of a significant sum of money from Citybus CU between 2010 and 2015. 

The bank said Mr Stamper cooperated fully with its investigation.

Seana Cunningham, Director of Enforcement and Anti-Money Laundering, said the Central Bank will continue to hold individuals to account when they fall short of expected standards of fitness and probity. "These high standards are what the financial services industry and the wider community rightly expect of its senior individuals. Mr Stamper’s conduct fell far short of these standards, justifying the issuance of a prohibition order of indefinite duration, which is the most serious possible outcome to a fitness and probity investigation."

She said individual behaviour is shaped by a firm’s culture, which is in turn shaped by senior management. "The Central Bank is committed to achieving greater individual accountability among senior management in the financial services sector," Ms Cunningham said. "The Central Bank’s Enforcement actions, including prohibitions under its fitness and probity regime, underline its commitment."