High Court adjourns Michael Fingleton application for stay

An application by former Irish Nationwide Building Society chief executive Michael Fingleton for a stay on a Central Bank inquiry from proceeding has been adjourned.

Mr Fingleton, along with several other former officers of INBS, is the subject of a Central Bank inquiry due to commence hearings in 2016.

The Central Bank intends to inquire into allegations that certain contraventions were committed by both INBS, and certain persons concerned with its management, between August 2004 and September 2008.

The inquiry, in the event of any finding of wrong doing, has the power to impose a fine of up to €500,000 on an individual.

Mr Fingleton has challenged the inquiry claiming that proceeding with it is a breach of fair procedures and an unlawful breach of his right to a fair hearing.

He claims the Central Bank cannot conduct an inquiry of this nature because he retired in 2010 and is no longer involved in the management of a regulated financial service provider.

As part of his action he wants the High Court to put a stay on the inquiry from proceeding until his challenge has been determined by the High Court. The application is expected to take two days.

On Friday, during a vacation sitting, Mr Justice Paul Butler adjourned the application for a stay until the next law term