THE GARDA Commissioner has said the laws on white collar crime are sufficient to carry out the investigation into Anglo Irish Bank.
Minister for Justice and Law Reform Dermot Ahern said he wrote to Garda Commissioner Fachtna Murphy in May to see if he needed any additional powers to prosecute white collar crime in general.
Mr Ahern received a letter from the commissioner last week in which he stated he had sufficient powers to deal with the investigation.
However, the commissioner recommended a number of legislative changes for the future, which the Minister described as “not massive”.
Mr Ahern described the investigation into Anglo Irish Bank as “probably the most complex in the history of the State” and he was satisfied the gardaí were doing all they could to bring about a prosecution.
“We have all the legislation that we require. Proof and proof beyond all legal doubt is the issue,” he added. To date 115,000 e-mails have been investigated, 350 people have given statements and one statement alone extended to 150 pages.
The investigation involves 27 gardaí and 16 officers of the Office of the Director of Corporate Enforcement.
The Office of Director of Public Prosecutions has retained two senior counsel and one junior counsel to advise the investigators.
Mr Ahern said he shared the frustration of the public with the pace of the investigation but added “outrage is not evidence” and said achieving a prosecution would be difficult.
He explained it would have to be proven beyond reasonable doubt that those involved in the bank at the highest level had malice aforethought in taking the actions that they did. Anglo Irish Bank is being investigated on number of issues.
There is an allegation of share support when the bank lent money to 10 customers to buy shares in the company in July 2008.
There was also the transfer of €7 billion between Anglo Irish Bank and Irish Life Permanent which was designed to flatter Anglo Irish’s balance sheet.
Thirdly, there were loans totalling €87 million that former chairman and chief executive Seán Fitzpatrick concealed from shareholders.
To date Mr Fitzpatrick and the bank’s former group finance director and chief risk officer Willie McAteer have been arrested and questioned, but released without charge.
The bank’s former chief executive David Drumm has not yet been questioned by gardaí.
“We do live in a democracy where people are regarded as innocent until proven guilty of crimes.
“We want to see any investigations finished as quickly as possible,” Mr Ahern said.
