Gardai hand over Anglo files to DPP

Claire Murphy

GARDAI have closed the net on suspects involved in the Anglo scandals and have referred two major files to the Director of Public Prosecutions.

The odds narrowed that four key players would be jailed for their role in the number of transactions which took place at embattled Anglo ahead of the nationalisation of the bank.

The so-called Maple 10 scandal and the golden circle transactions between Anglo Irish Bank and Irish Life and Permanent (IL&P) are the subject of a huge probe - the biggest of its kind in the State.

Minister for Justice Dermot Ahern said that gardai were confident in securing prosecutions in the two garda files.

The largest file relates to the €7.2m financial transactions carried out by a golden circle of investors between Anglo and IL&P. The funding arrangements meant that Anglo's balance sheet was boosted by the end of September 2008, hiding heavy withdrawals of customer deposits at the peak of the financial crisis.

The second file sent to DPP James Hamilton related to the so-called Maple 10.

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The Maple 10 were 10 customers of the bank who took a 10pc stake in Anglo, using loans from the bank. The Office of the Director of Corporate Enforcement would also send in a file on the same matter.

Investigators are confident of securing prosecutions, but "the Garda's confidence is one thing, the DPP may have a different view," Mr Ahern said.

However, the Justice Minister would not say if the four suspects in the back-to-back investigations were former directors of financial institutions.

He said that there were more suspects in other aspects of the investigation into Anglo. These related to market manipulation, loans to directors and transactions not properly notified to the Financial Regulator.

So far, two arrests have been made -- former chief executive Sean FitzPatrick and financial director William McAteer -- but no charges have been brought.

Up to 115,000 e-mails had been examined and 400 statements had been taken, 72 of which had been major and had run to between 100 and 150 pages. It had not been an easy investigation, he said and was unusual given that it dealt with aspects of both criminal and corporate law.

clairemurphy@herald.ie