Cork financier Ted Cunningham undertook to resign as director of a finance company yesterday and not pursue any such work in the future as he was given a five-year suspended jail sentence for laundering money from the Northern Bank robbery of 2004.

Cork financier Ted Cunningham confessed for the first time yesterday to laundering money from the Northern Bank robbery of 2004. He will be sentenced on February 27.

The 65-year-old Corkman who denies money-laundering some of the proceeds of the December 2004 Northern Bank robbery was described yesterday as carrying £175,000 in £20 sterling notes into a property developer’s office as security for a loan the following February.