INVESTIGATION:THE GARDA investigation into practices at Anglo Irish Bank is "unlikely" to result in any criminal charges or arrests in the short to medium term, it has emerged.
Senior Garda sources have told The Irish Timesthat despite speculation in the financial sector and the media that criminal charges are imminent, this is not the case.
“We’re happy with the way it’s going but this is going to be a slow-burner,” said a Garda source.
Another said there was no realistic prospect of any arrests or charges in the weeks ahead.
“It’s unlikely there’ll be any arrests or charges in even the next few months,” said the source.
“That time frame might change but, based on what we know now, it will be months before there are arrests. There’s a large team working on it and they got extra personnel in the past few weeks, but there is a lot to get through before it can be progressed in the direction of particular individuals.”
News that criminal charges are unlikely to arise soon comes days after the one-year anniversary of the start of the Garda inquiry.
Fine Gael’s justice spokesman Charlie Flanagan said those under investigation contributed to the financial crisis which had been passed on to the taxpayer. Minister for Justice Dermot Ahern should explain “the reason behind the delay in bringing charges against senior bankers”, he said.
“Can he further explain why, in many cases, senior bankers have not even been questioned?”
On February 25th, 2009, the Financial Regulator formally asked the Garda Bureau of Fraud Investigation to join the criminal investigation into the bank.
Gardaí are also assisting with a separate investigation by the Office of the Director of Corporate Enforcement into possible breaches of company law.
The regulator referred two issues to the Garda – deposit transfers of €7.45 billion into Anglo by Irish Life Permanent to flatter its balance sheet and secret loans of €451 million to 10 Anglo customers to buy shares in the bank held indirectly by businessman Seán Quinn which had the effect of propping up its share price.
Anybody convicted in relation to any market abuse offences faces up to 10 years’ imprisonment and/or a fine of up to €10 million.
Also under investigation are the hidden loans to Anglo’s former chairman Seán FitzPatrick.
A number of Garda raids have been carried out at Anglo premises. A large quantity of computers and documents have been seized and is being examined as part of the investigation.
