Simon Harris, Ireland's deputy premier, is set to engage with Northern Ireland's political leaders in Stormont to address the contentious Legacy Act, a piece of legislation he deems 'not fit for purpose'. The act, introduced by the previous UK Conservative government, has been a point of contention, particularly among families affected by the Troubles, such as that of Sean Brown, a murdered GAA official. Harris's meetings aim to gather diverse perspectives on how to reform the act to better serve the needs of victims and survivors.

The discussions between the Irish and British governments signal a collaborative effort to revisit the Legacy Act's framework. Harris's recent interactions with victims' families underscore the human element at the heart of these political and legal deliberations. The Tánaiste's commitment to listening to those directly impacted by the Troubles highlights the importance of empathy and understanding in navigating Northern Ireland's complex historical legacy.

These talks are occurring alongside the EU-UK summit in London, a context that adds another layer of significance to the discussions. Ireland's support for an improved EU-UK relationship reflects a broader desire for stability and prosperity across the islands. The intersection of local legacy issues with wider European relations illustrates the multifaceted nature of the challenges at hand.

As the dialogue progresses, the focus remains on finding a path forward that respects the past while fostering reconciliation and justice. The involvement of Northern Ireland's political parties is crucial in shaping a legacy framework that is both fair and functional. Harris's initiative represents a step toward addressing the grievances of the past in a manner that promotes healing and unity for the future.

The Central Bank of Ireland has concluded a long-running inquiry into the Irish Nationwide Building Society (INBS), resulting in significant penalties for former executives. John Stanley Purcell, a former board member, has been fined €130,000 and banned from the financial sector for four years due to his role in the society's governance and risk management failures. The inquiry highlighted a period between 2004 and 2008 where INBS's commercial lending practices were found to be lacking in oversight and adherence to financial regulations.

During the years under scrutiny, INBS's commercial loan book expanded dramatically from €3.59bn to €8.18bn, with commercial loans making up 78% of its total loan book by the end of 2008. The Central Bank's report detailed a culture of high-risk lending, where large sums were disbursed without proper documentation, adequate security, or necessary approvals. This reckless approach to lending was a significant factor in the society's eventual collapse during the financial crisis.

The inquiry also shed light on the broader systemic failures within INBS, including a lack of adherence to its own credit risk management policies and the absence of annual credit risk stress tests for commercial lending. Louise Gallagher, the Central Bank's head of enforcement investigations, emphasized the discovery of a pervasive culture that prioritized high-risk lending over sound financial practices. The findings underscore the importance of robust governance and risk management frameworks in financial institutions.

In addition to the penalties imposed on Purcell, the Central Bank's inquiry has led to settlements with other former INBS executives, including disqualifications and fines. The total cost of the investigation and inquiry into INBS's regulatory breaches amounted to over €24m, spanning 15 years from 2010 to 2025. This case serves as a stark reminder of the consequences of failing to uphold financial regulations and the critical need for accountability in the banking sector.