Serious nature of bank irregularities forced regulator to make contact with gardaí

THE investigation into Anglo Irish Bank by corporate and financial watchdogs stepped up a gear in February 2009, when the Garda Síochána was asked to intervene.

The financial regulator contacted the office of the Garda Commissioner on February 25 and asked gardaí to begin an investigation into possible criminal transactions at Anglo, which was nationalised the previous month.

A senior garda source said at the time: “The regulator, as part of his inquiry, has discovered what they believe to be possible criminal activity or transactions that come within the ambit of criminal law and he has referred it to us.”