Ahern admits currency formula fails to stand up

TAOISEACH Bertie Ahern agreed yesterday that a mathematical formula, developed by his legal team to show a controversial lodgement in the mid-1990s was made in sterling, did not stand up to scrutiny.

A total of 67 “theoretical mathematical combinations” had been advanced by Mr Ahern’s legal team to support the view that no dollars were involved in a controversial banking transaction.

Tribunal lawyer Des O’Neill SC put it to Mr Ahern that none of the 67 combinations was now applicable (as they were not based on actual exchange rates at the time).