The successful application by the Minister for Enterprise, Trade and Employment, Ms Harney, to the High Court for the appointment of inspectors to examine the affairs of Ansbacher (Cayman) Ltd was based on an affidavit by Mr Paul Appleby of the company law administration section of her Department.

The affidavit quoted extensively from the findings of Mr Gerard Ryan, who was appointed in January 1998 as an authorised officer to examine the company's affairs.

The following are extracts from Mr Appleby's affidavit. The company mentioned is Ansbacher (Cayman) Ltd, GMI is its parent company, Guinness & Mahon (Ireland), while IIB is Irish Intercontinental Bank.

Both GMI and IIB provided loans or guarantee facilities secured on cash deposits provided by Ansbacher (Cayman) Ltd.