The loan was originally made by INBS in 2005, but has since transferred to NAMA, which is tasked with recovering value for taxpayers. The story has reignited the controversy surrounding Mr Fingleton's tenure as head of INBS before its financial collapse. INBS was nationalised and merged with Anglo Irish Bank in 2011 to form Irish Bank Resolution Corp (IBRC) after "catastrophic" losses at the lender forced the state to inject €5.4bn to prevent the complete collapse of the building society. INBS admitted that allegations of poor lending practices and poor corporate governance had been reported to its board and regulators by external accountants, prior to its collapse. However, while the Office of the Director of Corporate Enforcement is currently finalising a major investigation into the collapse of Anglo Irish Bank, no such investigation has begun into INBS, not least because a legal loop hole means the Director has no authority over building societies.