The long-awaited final report of the six-year investigation by two court-appointed inspectors into the affairs of National Irish Bank Limited was presented to the High Court this afternoon. However, it will be at least another week before any details of the report's contents may be disclosed.
Mr Justice Kelly will now read the report and, at a hearing on July 21st, will make directions on a range of matters, including whether the report should be published in its entirety or whether parts of it should not be disclosed.
At earlier court hearings, the judge was told some 23 persons were at risk of having adverse findings made against them in the report.
A copy of the report was given to Mr Justice Kelly yesterday by Mr Donal O'Donnell SC, for the inspectors, Mr John Blayney, a former Supreme Court judge, and Mr Tom Grace, an accountant.
After an official, Mr Peter Durnin, of the office of the Director of Corporate Enforcement, undertook before the court that there would be no disclosure of any of the report's contents prior to court orders to that effect, the judge directed that a copy be made available to the Director.
Under the Companies Act 1990, the judge may, after reading the report, make directions as to its disclosure to certain parties.
He may also direct that the report be published in its entirety or with some aspects of it redacted.
The court also has discretion to order that the report be given to "any person whose conduct is referred to in the report".
The powers available to the court under the 1990 Act are considerable and extend to the making of winding up orders for a company investigated by inspectors.
In order to ensure that any affected persons and bodies are aware of their right to seek a copy of the report, the judge, on the application of the inspectors, directed that notice of the court hearing of July 21st of any applicaitons for copies of the report
be published in advertisements in three national newspapers - the Irish Times, the Irish Independentand the Irish Examineron Wednesday.
At the July 21st hearing, the judge will also make directions as to how the inspectors should deal with documents procured from NIB and other parties during the course of their invetsigation
Under their order of apointment, made on the application of the Tanaiste and then Minister for Enterprise and Development, Ms Harney, the inspectors were to report and investigate on the affairs of NIB from 1988 relating to improper charging of interest and fees to the accounts of customers; improper removal of funds from accounts and all steps taken by NIB, its directors and officers, in relation to the charging of such fees and interest or the removal of any funds.
Since their appointment in March 1998, the inspectors, operating mainly from offices in Price Waterhouse Coopers, have been investigating the affairs of NIB.
In June 1998, the scope of their investigatipn was extended to include the affairs of National Irish Bank Financial Services Limited.
During the six-year investigation, they have submitted eight interim reports.
The inspectors were further directed to investigate the books and records of NIB and whether other unlawful or improper practices existed from 1988 or exist "which serve to encourage the evasion of any Revenue or other obligations on the part of the Bank or third parties".
Matters relating to National Irish Bank Financial Services Ltd, including the effecting of policies of life assurance on behalf of its customers with Clerical Medical International Insurance Ltd, were also to be investigated.