‘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.”

Judge Mahon said Mr Ahern’s evidence to date was that the payments the tribunal was examining were his salary cheques.

Colm Ó hOisín SC for the Taoiseach said they had received a lot of documentation and needed more time to explain the lodgments.

The tribunal yesterday examined three IPBS accounts held by the Taoiseach and his daughters Cecelia and Georgina.

Into these three accounts a total punt equivalent to stg£15,500 was lodged between March and October 1994 — the equivalent of stg£11,500 being lodged to Mr Ahern’s account.

Tribunal lawyer Henry Murphy SC focused on the four specific lodgments, which he said appeared to come from the exchange of sterling into Irish currency.

Mr Murphy noted that IPBS purchased stg£4,000 at 10.24am on March 9, 1994 and, in the next transaction, four minutes later, which was recorded by the same teller’s machine, that IR£4,119.59 was lodged to Mr Ahern’s account.

In October 28, 1994, IR£3,970.19 was lodged to Mr Ahern’s personal account. A document showed the building society purchased stg£4,000 at the same time.

Meanwhile, Mr Blair said he “assumed” the controversial B/T account opened in 1989 by the Taoiseach’s associate Tim Collins meant “Bertie and Tim”.

Asked by Judge Mahon what prompted him to make the assumption, Mr Hughes replied: “I may have been advised by people in the branch when I arrived.”