Bank to bear impact of heist

The Australian owners of the Northern Bank will have to bear the cost of the £20m (€29m) robbery in Belfast, it emerged today.

The National Australia Bank confirmed it had no external insurance policy to offset the losses for the UK’s biggest bank raid.

The bank also confirmed that initial audits showed around £20m was seized by the gang behind the heist.

But the owners insisted the robbery would have no knock on effect for the sale of the Northern to the Danish Danske Bank Group announced earlier this month.

A statement from the bank said: “Approximately £20m was stolen from Northern Bank on Monday evening, December 20, 2004.

“The theft is covered by self-insurance, and as such, National Australia Bank, which currently owns Northern Bank, will bear the impact of any losses arising from the theft.”

Police are expected to release more details about the raid on the Northern’s Belfast headquarters later today.

It is believed up to 20 people may have been involved and at this stage, police are not ruling out any paramilitary involvement.

The highly organised criminal operation began on Sunday night, when the gang took over the homes of bank employees in Loughinisland and Dunmurry, on the outskirts of Belfast and held their families hostage.

The bank said: “All staff involved in the theft are safe and are receiving appropriate care and support by Northern Bank and the police in Northern Ireland.

“Northern Bank is fully co-operating with the police in Northern Ireland in their investigation into the theft.”

Police were also investigating the discovery of a burnt out car in Drumkeeragh Forest, Co Down, between Ballynahinch and Castlewellan last night which they believe may have been used during the heist.