Malpractices went unexposed
Madam –I read with interest and amazement the article by Tom Lyons on Sunday last, regarding bizarre practices exposed at Irish Nationwide (Business, Sunday Independent, February 24, 2013).
Mr Lyons points out the accounting procedures applied at the building society from 2002–2008, among them payments made to a fictitious bank account in the US. According to this article, these malpractices were discovered by forensic accountants from Ernest & Young following the bank guarantee. How is it that these malpractices were neither discovered nor exposed in the society's accounts/balance sheet before the banking meltdown?