Appleby to send DPP first Anglo file by Christmas
Probes into bank's dealings 'well advanced'
THE Director of Public Prosecutions will receive the first completed file on the two-year investigation into Anglo Irish Bank by Christmas, the Sunday Independent has learned.
There are four main issues that are still being investigated by the Office of the Director of Corporate Enforcement (ODCE) and the Garda Bureau of Fraud Investigation.
The first investigation is on events in 2008 when financial assistance was given by Anglo Irish Bank to a number of prominent businessmen and developers to buy shares in the bank that were owned by the wealthy businessman Sean Quinn and his family.
In tandem with that investigation is another probe centred on Anglo's loans to its directors, including, in particular, the loans to chief executive Sean FitzPatrick, which each year for seven years were transferred to Irish Nationwide Building Society around the end of Anglo's financial year. As a result of this transfer, details of the loans were not included in the bank's annual report.
Investigators from the ODCE are also focusing on one loan given by Anglo in 2008 to one of its directors.
At the same time, the Garda Bureau of Fraud Investigation is investigating a number of other Anglo matters, particularly the billions of euro in back-to-back deposits undertaken with the Irish Life & Permanent Group in late September 2008.
According to a letter sent to Fine Gael senator Fidelma Healy Eames by the Director of Corporate Enforcement Paul Appleby, the ODCE investigations are well advanced and will be substantially completed by the end of the year.
Officers have evaluated several million Anglo and other related documents, which were seized by search warrant and other means.
So far the ODCE has interviewed about 200 people and further interviews will take place soon.
"We expect to send at least one investigation file to the DPP by the end of the year with a number of others to follow in early 2011," Mr Appleby told Ms Healy Eames.
The investigation into one particularly controversial loan to an Anglo director made in 2008 will be completed by the end of March.
A fifth issue based on EU rather than Irish law will also be investigated after March next year. That issue is whether the four events currently being investigated involve breaches of EC transparency and other regulations.