Anglo inquiry ‘finished by end of year’

THE Director of Corporate Enforcement Paul Appleby has said that his office’s ongoing investigations into the business practices of Anglo Irish Bank are progressing well and should be completed by the end of this year.

Mr Appleby said in January that a final determination from the investigations was still a long time off.

However, yesterday evening, when addressing a Business Society meeting at National University of Ireland, Galway (NUIG), he said that the Office of the Director of Corporate Enforcement (ODCE) had — just last week — sent another extensive investigation file to the DPP, relating to Anglo’s provision of loans to various parties to enable them to purchase shares in the bank in 2008.

“I believe that this Section 60 investigation is being conducted diligently and professionally. The extensive investigation file, now with the DPP, is about 90% complete,” Mr Appleby said last night.

He added: “A number of important interviews have yet to be concluded, and a small amount of other work remains outstanding. When this is done, I will be submitting relevant supplementary documentation to the DPP. Overall, the ODCE investigations are progressing well and every effort is being made to substantially complete all investigations by the end of the year.”

The ODCE’s priority for 2011 is the completion of its work on the Anglo loans connected with certain former bank directors, which weren’t adequately disclosed in the bank’s financial statements for many years.