Decision Soon In Anglo Fraud Investigation

A decision on whether or not to prosecute anyone following a year-long investigation into suspected fraud at Anglo Irish Bank will be made by the end of the year.

Finance Minister Brian Lenihan told the Dail that files were being prepared for the Director of Public Prosecutions, and that the investigation was "well advanced".

Fraud detectives and the Office of the Director of Corporate Enforcement have been focussing on the movement of almost €7.5 billion in deposits between Anglo and Irish Life and Permanent, and on a loan of €450 million to a "golden circle" of 10 investors to buy shares in the bank.

It's been suggested that the deposit transfers were used to mask massive customer withdrawals, and that the loan to the golden circle was an attempt to prop up the share price at the bank.

The investigation is one of the most complex in the history of the state.

More than 350 people have been interviewed by Gardai, and 115,000 emails were being examined, according to Justice Minister Dermot Ahern.

Both Mr Ahern and Garda Commissioner Fachtna Murphy have acknowledged that there is huge public concern and anger over the alleged irregularities at Anglo.

The bank has since been nationalised and its bailout will cost taxpayers at least €35 billion.

The confirmation that investigations were nearing an end, came after Fine Gael front bench spokesman Leo Varadkar said bankers should be treated as subversives.

"These people have done more damage to the economy than the IRA did," he said

"Their arrest will send shock waves through public opinion and set the public free from the cynicism and sense of injustice which seems to be all pervasive."

Mr Varadkar said the public was furious that none of those responsible for the banking crisis had been brought to book.

Garda Commissioner Fachtna Murphy said, "I want to assure everybody that a huge amount of work has been done."