An application by the Central Bank for an order against a Co Leitrim "investment intermediary" was adjourned at the High Court yesterday until Friday.

Mr James Gilhooley SC, for the intermediary, Mr John McGuire, said that in so far as any wrongdoing was alleged against his client he wished to be in a position to deny this utterly and had to do so on affidavit.

Mr McGuire accepted there had been delays in complying with directives from the bank but this was due mainly to illness, counsel added.

Mr Gilhooley said his client had put in hand arrangements to have the bank's directives complied with but required more time. He asked for a three-week adjournment.

Mr David Barniville, for the bank, said while he could not object to a short adjournment, he was opposing a three-week adjournment.

He said the bank got leave last Friday to bring by special summons an application under the Investment Intermediaries Act against Mr McGuire, with a business address at Main Street, Carrick-on-Shannon, and a home address at Carrick Road, Drumshambo.

The bank wished to seek confirmation of certain directives given by the bank to Mr McGuire.

Mr Barniville said the first directive for compliance was given in December 1999 and was extended a number of times but had yet to be complied with. This involved Mr McGuire obtaining a report on compliance issues from an accountant.

The second directive was issued on June 27th last.

At a meeting with the bank Mr McGuire had furnished a letter to try to assuage the bank's concerns but the bank was very doubtful about the authenticity of that letter.

Because of the urgency of the matter and the bank's very serious concerns, any adjournment should be very short, counsel said.

Mr Gilhooley said arrangements had been put in hand to procure the accountant's report but a firm of accountants who had agreed to provide the report had said this would take two weeks.

The report would constitute a large part of his client's replying affidavit together with an explanation for the delays and denial of any wrongdoing.

Mr Barniville said Mr McGuire had told the bank on June 13th last he could furnish an accountant's report in three days. The bank's concerns had been outstanding since December 13th and were very real.

He added Mr McGuire had been an agent for the EBS but it was told only last week of the bank's directive regarding Mr McGuire.

Mr Justice Smyth said he noted what had been said and would adjourn the matter for hearing to Friday next.