Irish Nationwide Building Society (INBS) did not conduct any comprehensive annual credit review of its largest borrowers, an inquiry into alleged regulatory breaches at the building society before the financial crisis has been told.
Brian O’Moore SC, of the legal team assisting the inquiry, noted that a schedule to a letter concerning an inspection in December 2007 showed that regulatory inspectors had advised that results of credit reviews be provided to the building society’s credit committee, although that hadn’t been taking place.
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