An application for the appointment of a High Court inspector to investigate the Ansbacher deposits is not likely until late September at the earliest.
The Chief State Solicitor's office in currently preparing papers to be served on Ansbacher (Cayman) Ltd, the Cayman Islands bank which lodged the money in Dublin.
Among the papers will be a copy of a report by Mr Gerry Ryan, the authorised officer who spent 18 months conducting a confidential inquiry into the company's affairs after he was appointed by the Tanaiste, Ms Harney.
Legal sources said it is possible that when an application for the appointment of an inspector to Ansbacher (Cayman) is made, the bank may argue that such a move can only be made in relation to companies which conducted business in this jurisdiction.
In a Cayman Islands court case last year connected with Mr Ryan's investigation, lawyers for the Cayman bank argued it had never conducted business in this juridiction. The point was never ruled on by the Cayman court.
On the other hand, the Cayman bank may simply choose to ignore any application to have an inspector appointed. A spokesman for the Cayman bank said it had been advised by its lawyers not to comment on the case.
The secretive Ansbacher deposits were kept in Guinness & Mahon Bank and Irish Intercontinental Bank in Dublin, and contained funds belonging to senior Irish business figures. If a High Court inspector is appointed to investigate the deposits, the names of the depositors may eventually be made public. At one stage £38 million was lodged to the accounts.
The deposits were run by the late Mr Des Traynor and his assistant, Mr Padraic Collery. Mr Traynor kept accounts in his Cement Roadstone offices on Fitzwilliam Square, which tracked who owned what in the deposits. He was a founder of the Cayman bank and was its chairman for many years.
It is likely that these points would be made in response to any argument by the Cayman bank that it did not conduct business in this jurisdiction.
The sections of the Companies Act 1990 which give the Tanaiste the power to appoint authorised officers and seek the appointment of High Court inspectors, only apply to companies which have conducted business in this jurisdiction.
An application to serve papers on Ansbacher (Cayman) was granted to Ms Harney in the High Court two weeks ago and constitutes the first step in seeking to have an inspector appointed.
Mr Ryan continues to conduct inquiries into Irish Intercontinental Bank, Guinness & Mahon Bank, Kentford Securities Ltd, Hamilton Ross Ltd, (registered in the Cayman Islands), and College Trustees, (registered in the Channel Islands). All of these inquiries are connected with the Ansbacher deposits.
