Michael McGrath (Cork South Central, Fianna Fail)
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97. To ask the Minister for Finance if he is satisfied with the pace of progress of investigations into the collapse of Irish Nationwide; when they will be completed; and if he will make a statement on the matter. [16506/16]

Michael Noonan (Limerick City, Fine Gael)
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I am advised that an investigation was conducted by the Central Bank of Ireland (CBI) under its Administrative Sanctions Procedure (pursuant to Part IIIC of the Central Bank Act 1942 (as amended). Following this investigation the Central Bank determined that it had reasonable grounds to suspect that Irish Nationwide Building Society (INBS) had committed certain prescribed contraventions and that certain persons who were concerned in the management of INBS at the relevant time participated in the commission of those suspected prescribed contraventions. As regards the corporate entity INBS, that process concluded when a settlement was agreed in 2015 in which all of the prescribed contraventions were admitted by INBS and the maximum applicable fine of €5m was imposed on INBS but this was waived by the CBI on public interest grounds.

Civil proceedings against Michael Fingleton are underway in the Courts and are at discovery stage, I am advised by the Special Liquidators that no further comment can be provided on this matter at this juncture.