Substantial progress has been made in the investigation into Anglo Irish Bank, but it may be “some time” before there is a decision on any criminal charges, the State’s corporate watchdog said today.
Director of Corporate Enforcement Paul Appleby published a review of his office’s activity for 2010, saying it had been an “extremely busy year”. The number of issues concluded by the office increased “substantially” to about 2,400 – an increase of two thirds on the previous year’s 1,446.
Mr Appleby said the primary “pressure point” had been the three-fold increase in the number of insolvent liquidations falling to be reviewed by the office since 2008.
“We have managed these challenges by taking a number of proactive measures during 2010 to streamline our work,” he said.
The director said that as well as dealing with the large increase in insolvent company reports due to the slowdown in the economy, the office had continued to prioritise its investigations of Anglo Irish Bank.
“The Anglo work alone absorbed more of the office’s administrative, Garda, legal and accounting staff than any other matter,” Mr Appleby said.
By the end of the year, the office had sent “a large amount of documentation” to the Director of Public Prosecutions on four aspects of its investigations.
Mr Appleby said further material was being prepared and would be submitted to the DPP “shortly”.
“Given the volume of documents involved, it will likely be some time before the DPP will be in a position to determine the extent to which any charges will be preferred arising from these investigations.”