Wednesday, March 23, 2011

Anglo probe to be completed "by end of the year"

The Independent reports that the probe into Anglo Irish Bank is nearing its end:
The Director of Corporate Enforcement, Paul Appleby, and senior gardai confirmed last night that 90pc of their inquiries are complete.

Files on the main issues -- the €7.2bn 'back-to-back' deposit arrangement between Anglo and Irish Life and Permanent in September 2008 and the involvement of the so-called 'Maple Ten' group of investors -- were sent to the DPP before Christmas.
Last night, Mr Appleby disclosed that last week he sent another extensive investigative file to the DPP.

This relates to Anglo's provision of loans to the various investors so that they could buy Anglo shares in 2008.
He said the file contained about 8,000 pages over 17 volumes and pointed out that the Companies Act prohibited businesses from giving financial assistance for such purchases.
Senior Garda officers told the Irish Independent last night that they were now entering the "wrap-up" phase and pulling together the final strands of their inquiries to present a full picture to the DPP.

They said the lack of co-operation from some figures, who had not made themselves available for interview, would not hold up the completion of the files and that it was up to the DPP to determine whether to make a decision on charges in their absence.

This whole process has already taken too long. It would be surprising if the DPP did not already have a view about prosecution.