Irish tribunal overturns Central Bank inquiry ruling
The Irish Financial Services Appeals Tribunal has ruled in favour of David Guinane, overturning a Central Bank inquiry decision regarding permanent tsb. This judgment concludes a lengthy investigation into regulatory breaches linked to PTSB and Mr Guinane's involvement.
Source:
Central Bank of Ireland
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⏱️ 1 min read
The Irish Financial Services Appeals Tribunal (IFSAT) has ruled in favour of Mr David Guinane, overturning the Central Bank's earlier inquiry decision dated 23 April 2025 concerning permanent tsb plc (PTSB) and Mr Guinane himself.
This statutory inquiry was originally established by the Central Bank to investigate suspected breaches of Irish financial services legislation uncovered during its tracker mortgage examination. The investigation, chaired by independent appointee Mr Peter Hinchliffe, spanned four years, culminating in a substantive hearing in early 2024 before the inquiry findings were issued in 2025.
Following the tribunal's decision, the Central Bank confirmed it will not appeal the ruling but intends to apply to the High Court to seek formal confirmation of IFSAT’s judgment under the Central Bank Act 1942. This case represents the final inquiry conducted under the previous ASP regime, with recent reforms introduced by the Individual Accountability Framework Act 2023 and accompanying ASP Guidelines enhancing future inquiry processes. Meanwhile, an external review of the Bank’s broader enforcement activities is ongoing.
This statutory inquiry was originally established by the Central Bank to investigate suspected breaches of Irish financial services legislation uncovered during its tracker mortgage examination. The investigation, chaired by independent appointee Mr Peter Hinchliffe, spanned four years, culminating in a substantive hearing in early 2024 before the inquiry findings were issued in 2025.
Following the tribunal's decision, the Central Bank confirmed it will not appeal the ruling but intends to apply to the High Court to seek formal confirmation of IFSAT’s judgment under the Central Bank Act 1942. This case represents the final inquiry conducted under the previous ASP regime, with recent reforms introduced by the Individual Accountability Framework Act 2023 and accompanying ASP Guidelines enhancing future inquiry processes. Meanwhile, an external review of the Bank’s broader enforcement activities is ongoing.
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