Michael P. Walsh, a person concerned in the management of Irish Nationwide Building Society ("INBS") has admitted participation as a non-executive director in certain prescribed contraventions of financial services law and has agreed to a period of disqualification of three years and a fine of €20, 000.
Summary
Mr Michael P. Walsh, former non-executive Chairman of INBS, has entered into a settlement agreement with the Central Bank. As part of this settlement, Mr Walsh has admitted participation as a non-executive director in certain prescribed contraventions of financial services law by INBS during the period from 1 August 2004 to 30 September 2008 (the "Review Period"). These prescribed contraventions relate to INBS’s management of commercial loans and credit risk.
Mr Walsh held the position of a non-executive Chairman of the Board of INBS from 14 May 2001 until 17 February 2009. He was also a member of INBS’s Audit Committee from 2001 until 30 June 2008.
Mr Walsh was not, durin
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