The lengthy inquiry into the affairs of Celtic Helicopters has been completed and a report given to the Tánaiste, Ms Harney.

The inquiry by authorised officer Mr Gerry Ryan was initiated in September 1997 after the publication of the McCracken report. The reports of authorised officers are not published and their content is supposed to remain confidential.

It is likely the report will now be passed on to the Director of Corporate Enforcement (ODCE), Mr Paul Appleby, who will consider whether action should be taken by his office on foot of the report. He will also read the report with a view to deciding whether it should be passed on to any other authority, such as the Revenue Commissioners or the Director of Public Prosections.

A spokesman for the Tánaiste said the report had been completed recently and handed to Ms Harney who is considering it. Mr Appleby's office has not yet received the report and was not aware yesterday that it had been completed.

Legislation introduced by the Tánaiste in 2001 created the ODCE and provided for it taking charge of company law investigations, matters which had formerly been the responsibility of her department.

Celtic Helicopters, which was set up and is run by Mr Ciaran Haughey, along with his partner Mr John Barnicle, was the subject of a chapter in the 1997 McCracken report.

The report noted that Dunnes Stores did a lot of business with the company from soon after its incorporation in 1985. In October 1988, Mr Dunne gave Mr Haughey a cheque for £100,000 made payable to cash. The two men gave conflicting accounts of the background of the payment. Mr Justice McCracken believed Mr Dunne's story, that the payment was a bonus payment.

The report also outlined how on four occasions funds from the Ansbacher deposits were used to support debts incurred by Celtic Helicopters. In one case a loan of £150,000 was actually repaid with funds from the deposits.

In 1999, the Moriarty (Payments to Politicians) Tribunal heard that insurance broker Mr Mike Murphy had organised a £100,000 investment in the company in 1992. It also heard that in that same year he helped the company raise a £92,000 loan so it could pay him for insurance, and then proceeded to pay off the loan for the company. The tribunal was told that Celtic Helicopters subsequently paid back "most" of the money to Mr Murphy.

Mr Murphy, when asked why he had helped the company to the extent he had, said: "I made a commercial decision that under no circumstances did I want to be known as the person responsible for the collapse of Celtic Helicopters due to its obvious association with Charles J. Haughey."

In 1998, Mr Dermot Desmond issued a press statement concerning his dealings with the Haughey family. He said in 1995 his company, IIU, made a commercial advance of £100,000 to Celtic Helicopters to cover flying hours for executives. By 1998, hours to the value of £56,150 had been used.