‘Punt lodgments most likely from sterling exchanges’

FORMER building society manager Blair Hughes told the Mahon Tribunal yesterday he believed Irish punt lodgments to the accounts of the Taoiseach and his daughters came from cash exchanges of stg£15,500.

Mr Hughes, who managed the Drumcondra branch of the Irish Permanent Building Society (IPBS) between 1993 and early January 1997, said according to the documentation he would say that sterling was exchanged for Irish currency and then lodged to the three Aherns’ accounts.

Asked if there could be any other explanation, Mr Hughes replied: “Not that I can think of.”