Anglo trials could take up to three years

It could take three years to complete the criminal trials of persons arising from the three-and-a half-year investigation by the Office of the Director of Corporate Enforcement (ODCE) into the collapse of the former Anglo Irish Bank.

The investigation is essentially complete in four of the five areas of the probe, with several files, sent on dates from late 2010 to Jul 10 last, being considered by the DPP, the court also heard.

Mr Justice Peter Kelly yesterday repeated his view that the investigation was taking “longer than desirable” when agreeing to extend for six months orders allowing the retention of documents seized from the bank for the purpose of the investigation.

He refused the director’s application to extend the orders until the criminal cases have concluded on grounds he wanted to keep progress in all areas of the probe under review “as it seems activity takes place just before review”.

The Director of Corporate Enforcement had applied for an extension up to three years arising from circumstances — including the fact that former Anglo CEO Seán FitzPatrick and two other former Anglo executives — Willie McAteer and Pat Whelan — were charged this week arising from completion of aspects of the probe.

Paul O’Higgins SC, for the ODCE, said, because of those charges, it was considered necessary to seek orders retaining the material until after the criminal trials had concluded and not just a further six months.

Shane Murphy SC, for the bank, said it was not objecting to that and it was believed it would take two to three years to deal with the trials.

Úna Ní Raifeartaigh SC, for the DPP, said the DPP had taken the view there was enough evidence at this stage to have brought these charges. The charges represented the culmination of a very long and complex examination and there had to be a balance between getting matters to court and “getting it right”, she said.

The judge said he would extend the investigation for six months to Jan 17, 2013, in circumstances where he had observed it was taking a very long time and where developments appeared to happen on the eve of reviews by the High Court of progress in the probe.

This was the 9th application for an extension of the document seizure orders, he said.

Supt Eamonn Keogh, of the ODCE, said 110 file folders arising from the investigation have been sent to the DPP while the Garda Bureau of Fraud Investigation &had also forwarded considerable information.

Since last January, further progress had been made on all areas of the probe including the taking of 14 extensive additional statements and memos.

On the strand concerning alleged making of loans to buy shares in Anglo in possible breach of section 60 of the Companies Act, that was completed with files sent by the ODCE to the DPP in late 2010, Mar and Dec 2011 and an additional file, sought at the request of counsel for the DPP, sent in Feb 2012.