Flood tribunal is given Ansbacher report

The Flood tribunal, which is investigating allegations of corruption in the planning process, has requested and been given a …

The Flood tribunal, which is investigating allegations of corruption in the planning process, has requested and been given a copy of the confidential report into the Ansbacher deposits.

The tribunal has also requested and been given a copy of a confidential report into the sale of unauthorised offshore bonds by National Irish Bank Financial Services Ltd (NIBFSL). Unauthorised sales of bonds worth £48 million were negotiated by NIBFSL from 1990 to 1998.

The Moriarty tribunal is also inquiring into the Ansbacher deposits and was sent a copy of the report compiled by authorised officer Mr Gerard Ryan.

Last month Mr Justice Flood wrote to the Department of Enterprise, Trade and Employment, seeking a copy of Mr Ryan's report and a copy of the NIBFSL report. It is understood no reason for the request was given.

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The Flood tribunal is investigating payments to a former minister, Mr Ray Burke, and to the former EU commissioner, Mr Padraig Flynn. It is also investigating the affairs of the former assistant Dublin manager, Mr George Redmond.

Mr Ryan's report lists 120 Ansbacher account-holders, 100 of whom are resident in the Republic. It also describes how loans were given to depositors which were secretly backed by funds lodged in the supposedly offshore deposits. The list includes people involved in property development as well as the former Taoiseach, Mr Haughey.

The NIBFSL report by Mr Martin Cosgrove details how £48 million was invested in unauthorised offshore insurance bonds. There were 499 policies sold, with 40 per cent being for more than £100,000.

Both of the authorised officers' reports led to successful applications from Ms Harney for the appointment of High Court inspectors. The inspectors' inquiries in Ansbacher (Cayman) Ltd and NIBFSL are ongoing.

Colm Keena

Colm Keena

Colm Keena is an Irish Times journalist. He was previously legal-affairs correspondent and public-affairs correspondent