Michael McGrath (Cork South Central, Fianna Fail)
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71. To ask the Minister for Finance the costs incurred to date with regard to the Central Bank inquiry pursuant to Part IIIC of the Central Bank Act 1942, in respect of a former building society (details supplied) and certain persons in its management; the cost of Central Bank staff involved in the inquiry; the estimated final cost of the inquiry; if the costs can be recouped; the date the Central Bank commenced the inquiry; when it will be concluded; the status of the work of the inquiry; the planned further modules of the inquiry; and if he will make a statement on the matter. [2575/20]

Paschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy will be aware, Part IIIC of the Central Bank Act 1942 (as amended) (“the Act”), provides that the Central Bank may hold an inquiry to determine whether or not a financial service provider is committing or has committed a suspected prescribed contravention.  The Central Bank may also hold an inquiry to determine whether or not a person concerned in the management of a regulated financial service provider is participating or has participated in the commission of a suspected prescribed contravention by the financial service provider.

On 4 February 2015, the Central Bank appointed Marian Shanley, Ciara McGoldrick and Geoffrey McEnery to act as Inquiry Members in the Irish Nationwide Building Society (INBS) Inquiry. On 9 July 2015, the Central Bank issued a Notice of Inquiry to the successors of INBS and to five persons concerned in the management of INBS.

The Inquiry Members made a decision to deal with the Inquiry by way of four modular hearings. Hearing of evidence in three of the modules has concluded and work is continuing to fully conclude these modules. The final module involves consideration of a number of aspects of INBS’ commercial lending function, and the Inquiry Members are continuing preparations for the hearing of this module.

The Central Bank is not currently in a position to disclose when the Inquiry is likely to conclude.

As the Inquiry is ongoing, the Central Bank has stated that it will not be commenting on estimated final costs of the Inquiry at this time, however it is intended that these costs will be disclosed following the conclusion of the Inquiry.