Investigation Into Anglo Nears Completion

The Director of Corporate Enforcement Paul Appleby has sent another file on Anglo Irish Bank's dealings to the Director of Public Prosecutions.

The 8000 page file relates to loans made by Anglo to a 'golden circle' of its ten biggest customers to buy shares in the bank held by businessman Sean Quinn in July 2008.

Mr Appleby said the file was 90% complete but "important interviews" still had to be concluded.

It's understood this could include the bank's former boss, David Drumm, who now lives in the US but has so far refused to return to Ireland to give evidence in person to Mr Appleby and the Gardai.

The file deals with a possible breach of section 60 of the Companies Act 1963, which covers lending by a company to individuals to buy shares in the company.

Mr Appleby said the investigation has been conducted "diligently and professionally".

Late last year the Office of the Director of Corporate Enforcement sent one investigation file and three reports to the DPP on four aspects of the Anglo Investigation.

There has been a lot of criticism of the investigations into Anglo for taking too long.

But in a speech to NUI Galway last week, Mr Appleby said "every effort is being made to substantially complete all investigations by the end of this year".

The priority was to investigate loans to former directors, including chairman Sean Fitzpatrick, that were not adequately disclosed in financial statements.

It also emerged last week that a planned disciplinary tribunal scheduled for next month by the Chartered Accountants of Ireland for former Anglo boss Sean Fitzpatrick has been postponed.

The delay is at the request of the Director of Public Prosecutions, which is concerned that the tribunal and the huge publicity it would attract, could prejudice any criminal action against Mr Fitzpatrick.