It seems that a large proportion of the funding for Libertas comes from one man - businessman Declan Ganley, writes Colm Keena
ALTHOUGH THE Standards in Public Office (Sipo) will not confirm the fact, it seems very likely that an inquiry is now under way into the finances of Libertas, the entity that campaigned against the Lisbon Treaty.
It is misleading to call Libertas an organisation or a group, as it is just a company name used by one man, businessman Declan Ganley.
He set it up and speaks on its behalf. It is based in his business headquarters at his home in Tuam, Co Galway, and people who have worked for his commercial businesses have also done work for Libertas.
Now it would seem a large part of its funding comes from him.
Ganley has told Hot Press magazine that he "loaned €200,000 to Libertas. I've also structured a loan facility that would allow Libertas to draw down a higher amount if or when it's needed."
On the face of it, this would seem to mean a banking facility was put in place for Libertas, with the money drawn down guaranteed by Ganley.
However, he would not confirm this when asked about it yesterday.
Libertas is a company registered with the Companies Registration Office in Dublin. Its audited accounts for 2007 indicate that it had no income and no expenditure during that year. Libertas launched its campaign in a Dublin hotel in December 2007.
The law governing loans to third parties such as Libertas stipulate that the benefits of loans given at other than commercial terms can be deemed to be a donation.
For loans given by other than a financial institution, terms and conditions must apply, interest must be paid at a rate similar to that charged by financial institutions, and it must be evident that the loan offered is a bona fide loan, according to the Sipo guidelines.
The maximum that an individual can donate to a third-party political organisation is €6,348.69.
Ganley told The Irish Times yesterday that Libertas approached Sipo before launching its campaign so as to inform itself as to the law governing such bodies.
His loan facility to Libertas was put together with the help of legal advice, he said.
Ganley would not comment when asked if Sipo was currently seeking information about the source of the money used by Libertas during its referendum campaign.
Under article 4.4 of the 1997 Electoral Act, Sipo can "make such inquiries as it considers appropriate and may require any person to furnish any information, document or thing in the possession or procurement of the person which the commission may require for the purposes of its duties under the Act".