Irish Nationwide chairman censured by Central Bank

Former Irish Nationwide Building Society (INBS) chairman Michael Walsh has been disqualified from managing any regulated financial service provider for three years after admitting breaches of financial services law to the Central Bank.

Dr Walsh, who has also been fined €20,000, joined the board of the INBS in 2001. He resigned suddenly from his position as chairman in February 2009 as the extent of the banking crisis was becoming evident.

The resignation came a day after INBS saw its debt rating downgraded by Moody’s to within one level of junk status and two months after the society found itself at the centre of controversy linked to the treatment of loans belonging to the former Anglo Irish Bank chairman Sean FitzPatrick.

Dr Walsh is a long-standing business assoicate of businessman…

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