Ex-Ulster Bank boss to appear before Dublin inquiry

Former CEO Cormac McCarthy
Former CEO Cormac McCarthy

Former group chief executive and director of the Ulster Bank, Cormac McCarthy, is to appear before the Oireachtas Banking Inquiry in Dublin as part of the latest hearings into the origins of the financial crash in 2008.

During the Nexus Phase the Committee is engaging with institutions and individuals who had roles relating to the crisis and will focus on three broad elements; banking systems, the regulatory systems and crisis management systems and how the three interacted with each other in the run-up to and aftermath of the crash.

Mr McCarthy, whose ambitions to grow the Ulster were widely reported at the time, left the bank in 2011 during which time it lost hundreds of millions of pounds in bad debts on property loans north and south of the border.

Also due to take part is Richie Boucher, the current Group Chief Executive of Bank of Ireland, who took over in 2009 from Brian Goggin.

“We will continue with hearings with senior bankers who had roles during the crisis,” said chairman Ciaran Lynch TD.