Mayo TD Ms Beverly Cooper-Flynn told the High Court today she did not have any knowledge of customers' tax affairs during her time as a financial consultant with National Irish Bank.
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Ms Cooper-Flynn said she had no knowledge of customers' tax affairs
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The High Court president Mr Justice Morris and the jury were told Ms Cooper-Flynn was not a tax or legal adviser and only dealt with tax considerations to outline particular features of investment products.
Ms Cooper-Flynn of Westport Road, Castlebar in Co Mayo is suing RTÉ, journalist Mr Charlie Bird, and retired farmer Mr James Howard of Wheaton Hall, Drogheda in Co Louth.
She claims she was libelled in broadcasts on RTÉ between June 19th 1998 and July 1st 1998 and that words used on the programmes meant she had instigated a scheme the object of which was the evasion of the lawful payment of tax and thereby caused loss to the Revenues of the State.
The defence denies the claims.
In the second day of the hearing Ms Cooper-Flynn told the court she began selling Clerical Medical Insurance Ltd personal portfolio products in June 1992. She said the product was a tax-efficient way for customers to save money and pass it on to their children.
She said the average investor in the product invested between £100,000 and £150,000, was a cautious investor and usually aged over 40.
When her counsel Mr Hugh Mahon SC asked Ms Cooper-Flynn about the legitimacy of the product she said it was "a perfectly legitimate product that I was advised to sell".
She said it had been approved by the head of her division and the investment manager. She said she thought it was and still is an excellent product.
She said the focus of her job was to give investment advice. It had never occurred to her to question where the money came from and if tax law had been adhered to.
She said she told customers she could explain the trust in general terms but if they had any legal questions they should consult their legal adviser. In terms of tax they would have to consult their tax adviser.
Ms Cooper-Flynn outlined her responsibilities as a financial consultant with NIB's financial advice division. She said she joined the division in 1989 with a starting salary of £18,000.
She said she worked there until she took leave of absence to contest the 1997 general election after which she was elected to the Dáil in 1997. This leave of absence is continuing.
Ms Cooper-Flynn said she never canvassed customers directly for business but they were referred to her through a branch manager.
"The customers were always expecting me," she said, adding 95 per cent of the meetings with customers were at their branch.
"On the odd occasion I would call out to a customer's house at their request," she said.
When advising customers on investment or insurance products she said tax sometimes came into it because most of the products had tax implications. She said the head of her division was always aware of what consultants were doing.
The case continues this afternoon.