The Director of Corporate Enforcement Paul Appleby has signalled that he will seek an extension on its investigation into Anglo Irish Bank beyond a July 28th deadline set by the High Court.

Speaking at the launch of his office’s annual report, Mr Appleby said he still expected the investigation into the business affairs of Anglo to be completed by the end of the year.

More than 10 witnesses are not co-operating with his office in its investigations, he said.

Some of the people who are not co-operating are former bank executives, he indicated. Some of the potential witnesses are also based outside Ireland, while some were described by Mr Appleby as important to the investigation.

The Office of the Director of Corporate Enforcement (ODCE) investigation into Anglo covers a number of matters including the bank’s loans to shareholders for the purchase of its shares; loans by the bank to its directors, and matters relating to a “back-to-back” deposit arrangement with Irish Life & Permanent for the benefit of Anglo.

Mr Appleby defended the length of time it is taking his office to complete its investigation, saying it was complex and difficult task.

“While the office has received valuable co-operation from more than 200 people who have willingly provided witness statements to Garda officers seconded to this office, obtaining statements from reluctant witnesses can be a difficult and time-consuming task,” he said.

However, even if this co-operation was secured, it would be “too optimistic” to think the investigation would be complete by now, he said, citing time periods of four to six years for similar investigations by the UK’s Serious Fraud Office.

“In my view, the Anglo operation is well ahead of this benchmark and I’m satisfied that it’s progressing with all possible speed,” he said.

A High Court judge last month said progress on the investigation by Mr Appleby’s office and the Garda into Anglo was “not at all satisfactory”.

The ODCE sent a number of files relating to its investigation to the Director of Public Prosecutions in December and March. Some of the files were not complete, but were “very substantial”.

The document sent in March, which related to directors’ loans, was “90 per cent complete”, Mr Appleby said.

“I should stress that it is a matter for the DPP, and the DPP alone, to decide which charges, if any, should be brought.”

He estimated that the cost of the investigation to date exceeded €1 million.

Mr Appleby also welcomed the fact that the recently published Criminal Justice Bill proposes that witnesses who are not suspects in a criminal investigation may be compelled, in certain circumstances, to give evidence.