Ansbacher Bank will oppose a fresh attempt by High Court inspectors to force the disclosure of the identity of its Irish clients. The inspectors are currently considering whether to proceed with a separate action in light of this week's decision by the Grand Court of the Cayman Islands to set limits on the information the bank has to hand over.
The four - Circuit Court Judge Sean O'Leary; Mr Michael Cush SC; Ms Noreen Mackay, a barrister; and accountant Mr Paul Rowan - had shelved their own legal action in the Caymans pending Thursday's judgment, which was on foot of an application by the bank itself for permission to give the inspectors information.
According to the judgment, the bank's position was complicated. While the bank felt that it would have to oppose any direct attempt by the inspectors to make it hand over the information, it wanted to co-operate voluntarily but only with the court's permission.
On Thursday, Ansbacher was told it could give only a limited amount of co-operation and could not identify any of its customers. The inspectors are now considering the consequences of the judgment and whether to restart their own action. The inspectors' case was adjourned earlier this month. They had made an application to the High Court in Dublin to force Ansbacher to let them see the company's documents in relation to its Irish business. The High Court had in turn made a formal request - known as a letter of request - to its Cayman counterpart asking it to make the bank comply and legal proceedings had begun in the Caribbean island. The inspectors now have the option of proceeding with this course of action, but if they choose to do so, they will be opposed by the bank. On foot of the judgment, given on Thursday, the managing director of Ansbacher, Mr Brian Bothwell, contends the bank does not have to comply with the letter of request as the Irish inspectors' case does not fall within international law or Cayman Island law.
Ansbacher also argues that the request was very broad as it sought information about all Irish clients or clients with Irish connections. The bank believes the request was a "fishing expedition" and thus "impermissible".
The Revenue said yesterday that its investigation into Ansbacher account-holders would not be affected by the judgment.
The Tanaiste, Ms Harney, who sought the inspectors' appointment, expressed her disappointment at the judgment yesterday, but added: "It would be wrong of anybody to assume that because of that judgment, the inspectors will not be able to compile a very comprehensive and thorough report." She said that she hoped the report would be ready by the end of the year.
