independent

Thursday 17 April 2014

Revealed: Central Bank list of secret Ansbacher names

Sunday Independent exclusive access to confidential dossiers

THE Sunday Independent today reveals for the first time the identities of Ansbacher clients who had major loans from Dublin's Guinness & Mahon bank, backed by deposits in offshore trust companies.

The clients came to the attention of the Central Bank when it examined Des Traynor's bank and accused it of acting "contrary to the national interest".

Despite the Central Bank's alarm as a regulator of Irish banks, nothing was done and the existence of the Ansbacher accounts would not become known for almost 20 years.

A report, drafted by the Central Bank in 1978, lists 17 loans backed by deposits held in Grand Cayman and Guernsey trust companies.

The loans amounted to over £5m ({ðE}6.3m) and were backed by deposits amounting to almost £3.8m ({ðE}4.8m). The smallest loan was £9,269 ({ðE}11,769), and the largest was £1,179,486 ({ðE}1,497,638).

The relevant appendix of the Central Bank report has been obtained by the Sunday Independent.

A lengthy Sunday Independent investigation into Ansbacher has uncovered thousands of private and confidential documents never before made public.

One such document, internal to Guinness & Mahon and drafted by Mr Traynor reveals that in 1984 there were over 900 companies and trusts under the management of Guinness Mahon Cayman Trust and a further 462 depositors. At that stage, gross customers' deposits were over £200m ({ðE}254m).

The contents of several of these documents are almost certain to feature in the report of the High Court inspectors appointed to investigate the affairs of Ansbacher (Cayman) Ltd.

In future weeks, the Sunday Independent hopes to disclose the contents of these documents, including the identities of the individuals referred to in them.

Appendix 10 of the 1978 Central Bank report reveals loans secured, wholly or in part, by deposits placed with Guinness Mahon Cayman Trust, a wholly-owned subsidiary of the bank, and with Guinness Mahon Guernsey, a subsidiary of Guinness Mahon & Company.

These were:

Roches Stores had an outstanding loan of £604,878 ({ðE}768,037), backed by an equal deposit in Guernsey

* Murrays Europcar Ltd had a £595,000 ({ðE}755,494) loan backed by an equal deposit in Guernsey

* MacCormack Products Ltd had a £450,000 ({ðE}571,382) loan backed by an equal deposit in the Caymans

* Super Ser Ltd had a £1.1m ({ðE}1,396,712) loan backed by a £400,000 ({ðE}507,895) deposit in the Caymans

* Gombrette Ltd had a £350,488 ({ðE}445,028) loan backed by an equal deposit in the Caymans

* Ken O'Reilly-Hyland had a £416,467 ({ðE}528,804) loan backed by a £230,000 ({ðE}292,040) deposit in the Caymans

* Gerald Hickey, a solicitor, had a £211,018 ({ðE}267,938) loan backed by an equal deposit in the Caymans

* Beresford Investments Ltd had a £199,556 ({ðE}253,000) loan backed by an equal deposit in the Caymans

* D O'Reilly-Hyland had a £264,867 ({ðE}336,312) loan backed by a £147,967 ({ðE}187,879) deposit in the Caymans

* Robert Wilson & Sons Ltd had a £125,000 ({ðE}158,717) loan backed by an equal deposit in the Caymans

* Christopher Woodward had a £124,449 ({ðE}158,018) loan backed by an equal deposit in the Caymans

* HB Dennis Ltd had a £113,648 ({ðE}144,303) loan backed by an equal deposit in the Caymans

* Cassidy Silks had a £108,447 ({ðE}137,699) loan backed by an equal deposit in Guernsey

* Management Holding Co Ltd had a £61,488 ({ðE}78,074) loan backed by an equal deposit in the Caymans

*Watership Ltd had a £118,904 ({ðE}150,977) loan backed by a £43,000 ({ðE}54,599) loan in the Caymans

* Stephenson & Gibney had a £69,035 ({ðE}87,656) loan backed by a £25,000 ({ðE}31,743) deposit in the Caymans

* Foxrock Securities Ltd had a £9,269 ({ðE}11,769) loan backed by an equal deposit in Guernsey.

There is a deep irony in relation to two of the above. In 1973, Ken O'Reilly-Hyland was appointed director of the Central Bank. Five years later, he would appear on the Central Bank's concern list.

The Central Bank building on Dame Street was designed by the architect Sam Stephenson. It was built between 1973 and 1978. The same year, he would appear on the list.

Mr Stephenson's partner, Arthur Gibney, is also a renowned architect, whose most recent work included the design of President McAleese's holiday home in Roscommon.

The Sunday Independent has evidence linking over 100 individuals, companies and trusts to Ansbacher (Cayman) Ltd.

We have seen a copy of the Cayman Account Codes. From that document, we can identify some of the codes used for individuals and their companies. For example, the late Hugh Coveney, a former minister, was coded A/I.

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