The High Court has reserved judgment on an application by the Director of Corporate Enforcement for an order disqualifying former National Irish Bank chief executive officer Jim Lacey from involvement in management of any company on grounds of unfitness.

Legal submissions concluded yesterday. Mr Justice Roderick Murphy reserved his decision.

The director has argued the disqualification order is justified on the basis of the findings of inspectors who investigated the affairs of NIB and NIB Financial Services between 1988 and 1998 and concluded that the bank was involved in widespread tax evasion and had imposed unwarranted fees and interest charges on customers.

The director claims Mr Lacey must bear responsibility for “very serious wrongdoing” by the bank. Mr Lacey said a disqualification order was unwarranted and would have “the most serious reputational repercussions for me”.