Gardaí raid offices in bank probe

GERMAN prosecutors and police officers have raided houses and offices of five former management board members at Landesbank Sachsen in Germany and Dublin in recent days.

This is part of an ongoing investigation into the near collapse of the state-owned bank after subprime-related losses.

Those former key members of staff in the bank are suspected of improper use of funds and false accounting in annual reports, Leipzig prosecutors and federal police said.