Central Bank of Ireland publishes INBS Inquiry decision disqualifying former executive board member for four years and fining him EUR 130,000

The Central Bank of Ireland has published the written decision and a market commentary on the outcome of its INBS Inquiry. The Inquiry disqualified former INBS executive board member John Stanley Purcell for four years from being concerned in the management of any regulated financial service provider, directed him to pay a EUR 130,000 penalty, and reprimanded him for his conduct. The Central Bank framed the outcome as concluding a public-interest enforcement action and highlighted the responsibilities of senior role holders and board members for effective risk management and governance. It also pointed to the role of its Administrative Sanctions Procedure in taking suspected breaches through to a full Inquiry where warranted, and noted that the investigation and Inquiry lasted 15 years and involved significant complexity, including extensive documentary and witness evidence and court challenges; it said lessons learned led to improvements in internal processes and to legislative changes introducing efficiencies and safeguards, including the Individual Accountability Framework. The Central Bank will apply to the High Court to confirm the Inquiry decision as required by law, and the sanctions will not take effect unless confirmed.