The full list of Ansbacher deposit-holders may be revealed shortly following a decision by the bank holding the accounts to co-operate with a High Court investigation into its dealings with clients.
Ansbacher (Cayman) Ltd is to apply to the Grand Court of the Cayman Islands next month for permission to pass on the account records. The hearing on April 9th will be in private, according to informed sources on the islands.
The move marks a significant reversal by the bank in its attitude to Irish investigations into the Ansbacher deposits.
Three years ago, the bank refused to hand over documentation to an authorised officer, Mr Gerard Ryan, appointed by the Tanaiste, Ms Harney. However, the publicity generated by court proceedings in this matter upset bankers in the parent offices of Ansbacher (Cayman) in London and South Africa, according to sources. For this reason, the bank has reversed its policy of non-co-operation.
The McCracken tribunal and Mr Ryan's report, which has never been published, have succeeded in identifying the names of 120 Ansbacher account-holders. However, it is believed a similar number of account-holders remain unidentified.
This is because much of the documentation relating to the accounts was taken to the Cayman Islands following the death of the bank's founder, Des Traynor, in 1994. In addition, the information kept in Dublin was in coded form, whereas it is believed the information in the Caymans is uncoded. Last September, Mr Justice Costello was appointed by the High Court to investigate the Ansbacher deposits. Mr Justice Costello resigned on health grounds in December and was replaced by two new inspectors, Judge Sean O'Leary of the Circuit Court and Mr Michael Cush SC. The Cayman Islands has come under increasing pressure in recent years to tighten up its banking system. Last year, the Financial Action Task Force, a watchdog set up by the G7 group of nations, said the islands lacked financial controls.
The task force report placed the Caymans on a list of 15 states deemed to be "non-co-operative". Under Cayman law, a bank is required to seek official sanction before it can pass on account details to a third party, even with the account-holder's permission. It is possible that the Cayman authorities, or some of the bank's clients, could object to the application being made next month.
In response to international pressure, the islands have passed four anti-money-laundering bills and addressed issues of customer identification and record-keeping. It has promised to share information on criminal tax-evasion and tax-collection matters with other OECD countries.
The Cayman Islands, which has a population of only 30,000, is the world's fifth-largest banking centre, with more than $500 billion of assets held in almost 600 banks.
Mr Traynor's scheme enabled Irish people to hold money offshore, away from the eyes of the Revenue Commissioners, while simultaneously having access to their funds at a bank in Dublin. Mr Ryan estimated the funds at £50 million.
