Tribunal continues probing Lowry loan

The Moriarty Tribunal has continued its questioning of a former executive at Woodchester Bank, which indirectly gave £420,000 to former Government minister Michael Lowry in 1999.

Michael Cullen granted the loan to a company called Catclause Ltd, of which Mr Lowry was a director.

Mr Cullen said yesterday that he was unaware that Mr Lowry was the recipient of the loan, but as soon as he found out, he brought the matter to the attention of the Moriarty Tribunal.

He also contacted a colleague, Michael Tunney, who negotiated the loan with Aidan Phelan, former ESAT chairman Denis O'Brien's accountant and financial advisor.

Mr Phelan allegedly said the loan was linked to Mr O'Brien, but O'Brien himself was said to be furious when he heard that his name was linked with the transaction and that the Moriarty Tribunal could soon be examining the link.

Mr O'Brien has been linked with several other financial transactions where money ended up in the hands of Mr Lowry.

Mr Tunney, who was a close friend of Mr O'Brien's, is expected to be asked his side of the story later today.