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Wednesday 3 September 2014

Gardai will consider investigating Neary crash role

Daniel McConnell

Published 02/07/2014 | 02:30

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Regulator: Patrick Neary
Regulator: Patrick Neary

A CRIMINAL investigation into former financial regulator Patrick Neary is being considered by gardai, the Irish Independent can reveal.

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Senior officers have confirmed that they are looking at the possibility of a probe into Mr Neary's role in the banking crash, which has to date cost Irish taxpayers €64bn.

The move by Gardai to consider a criminal case against Mr Neary comes in the wake of damning comments during the recent trial of three former Anglo Irish Bank directors by Judge Martin Nolan.

He said Mr Neary, as the head of the Financial Regulator, had led the directors "into error and illegality" and stated this was the reason he did not jail them, as to do so would have been unjust.

On foot of his stinging comments, Reform Alliance TD, Lucinda Creighton, wrote to acting Garda Commissioner Noirin O'Sullivan, asking her to clarify whether Mr Neary would be subject to a criminal case.

In her letter, seen by the Irish Independent, Ms Creighton asked: "I am writing to seek clarification as to whether An Garda Siochana will be conducting a criminal investigation into former Financial Regulator Patrick Neary for suspected aiding and abetting of a Companies Act Offence, arising from Justice Martin Nolan's statement that he had led the now convicted Anglo directors into illegality."

Offence

She added that it is a criminal offence under Section 7 of Criminal Law Act for someone who aids, abets, counsels or procures the commission of an indictable offence.

In a response on behalf of Commissioner O'Sullivan to Ms Creighton yesterday, it was confirmed that "the matters raised are currently being examined".

Assistant Commissioner Derek Byrne, National Support Services in consultation with Mr. Kenneth Ruane, Head of Legal Affairs, An Garda Síochána will look at the case.

Gardai promised to update Ms Creighton when any decisions are reached.

Speaking last night to the Irish Independent, Ms Creighton said she is "encouraged they are going to take action".

Irish Independent

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