Public Statement: Irish Financial Services Appeals Tribunal decision

Today, the Irish Financial Services Appeals Tribunal (IFSAT) has published its decision in the appeal by Mr David Guinane of the Central Bank Inquiry Decision dated 23 April 2025 concerning permanent tsb plc (PTSB) and Mr David Guinane.  The decision of IFSAT was to uphold Mr Guinane’s appeal and overturn the Inquiry Decision.  

The Central Bank established this statutory inquiry to investigate a potential contravention of Irish financial services legislation, arising from investigations conducted as part of the Central Bank’s tracker mortgage examination.  The inquiry was chaired by an independent appointee, Mr Peter Hinchliffe, and was conducted over a four year period, with the substantive Inquiry hearing held in early 2024.  Mr Guinane then appealed the Inquiry Decision to IFSAT.

The Central Bank does not propose to appeal IFSAT’s findings.  

ENDS

Notes to the Editor

The Irish Financial Services Tribunal (IFSAT) is an independent tribunal which hears and determines appeals brought against certain decisions of the Central Bank.

The Central Bank will apply to the High Court for confirmation of the IFSAT decision in accordance with the Central Bank Act 1942.

The Central Bank's ASP investigation into PTSB (commenced 2014) concluded on 30 May 2019. PTSB admitted 42 regulatory breaches and received a €21 million fine and reprimand (PDF 771.12KB).  This led the Central Bank to investigate whether Mr David Guinane had participated in PTSB’s breach of the Consumer Protection Code 2006.

Following its investigation, the Central Bank found that it had reasonable grounds to suspect that Mr Guinane had participated in PTSB’s breach and established a statutory inquiry.  Conducted in 2024 it was chaired by an independent inquiry member, Mr Peter Hinchliffe who delivered his findings in 2025.

Inquiries are a key statutory mechanism by which independent decision makers appointed by the Central Bank from its Regulatory Decisions Panel can assess suspected breaches, make relevant determinations and impose sanctions.

The first Central Bank ASP Inquiry was established in 2015, and five inquiries have now been concluded either with written findings or settlement.

Certain enhancements to the process were introduced by the Central Bank (Individual Accountability Framework) Act 2023.  These reforms were further strengthened by the publication of ASP Guidelines in December 2023, which provide greater detail and clarity on the inquiry process based on our experience of the operation of Inquiries over the last decade.  The conclusion of this case marks the last Inquiry conducted under the previous ASP regime. 

A previously announced external review of the Bank’s wider enforcement activities is under way.