1991National Irish Bank starts to market an offshore investment product, Clerical Medical International (CMI) personal portfolios, an insurance product suitable for non-residents who wish to make investments. CMI is based in the Isle of Man.
1992
The NIB financial advice division, NIB Financial Services Ltd, headed by Nigel D'Arcy, begins a roadshow along with a member of CMI, visiting NIB branches and explaining the CMI product. NIB branches refer customers to the small team working with NIB Financial Services Ltd, which includes Ms Beverley Flynn.
1993
The Fianna Fáil/Labour coalition government amnesty allows people to settle their tax affairs in return for people paying 15 per cent of what is owed. In 2001 a number of NIB customers who had tax issues in 1993 tell the High Court they were advised by Ms Flynn in 1993 to hide undeclared money in the CMI product, rather than avail of the amnesty.
1994
Mr Jim Lacey, chief executive of NIB since 1988, is sacked by the bank's parent, National Australia Bank (NAB). Mr Barry Seymour takes over position.
July 1996
Mr Seymour is replaced as NIB chief executive by Mr John Wright.
June 1997
Ms Beverley Flynn elected as Fianna Fáil TD for Mayo in the seat formerly held by her father. Resigns from her position as an investment adviser with NIB.
January 23rd, 1998
RTÉ News carries a report concerning NIB marketing an Isle of Man investment product from CMI. The Revenue Commissioners and the Central Bank announce they are to conduct investigations, as does the bank's parent, NAB.
January 25th, 1998
The Tánaiste, Ms Mary Harney, says she may consider appointing an official to investigate NIB under the Companies Acts.
January 26th, 1998
The Dept of Enterprise, Trade and Employment announces that it is to examine the relationship between NIB and CMI. The CMI product, technically an insurance product, was not authorised for sale here.
February 28th, 1998
Judgment is reserved after NIB seeks to prevent RTÉ from publishing confidential information which might be in its possession. Ms Flynn says she does not expect to be asked to assist in any investigation.
March 21st, 1998
Supreme Court rules that RTÉ can publish information which NIB sought to prevent from being published.
March 23rd, 1998
An authorised officer, Mr Martin Cosgrove, appointed to NIB to investigate its insurance business.
March 25th, 1998
RTÉ reports that NIB has been involved in the overcharging of fees and interest. The cabinet sits to consider the issue. NIB promises to pay the money back.
March 27th, 1998
Former NIB chief executive Mr Jim Lacey resigns from the boards of two State companies.
March 30th, 1998
Two inspectors, the former Supreme Court judge Mr John Blayney and Mr Tom Grace, are appointed by the High Court, on the application of the Tánaiste, Ms Harney, to investigate the allegations of overcharging which had been made against the bank as well as allegations it was involved in facilitating tax evasion.
The authorised officer, Mr Cosgrove, finds that £50 million was invested in approximately 500 offshore insurance policies sold by NIB since 1991.
June 8th, 1998
The Tánaiste decides to send an interim report from Mr Cosgrove to the Director of Public Prosecutions. Report states that 63.4 million was invested by customers of NIB Financial Services Ltd, in unauthorised offshore products, in the period since 1991.
June 15th, 1998
The terms of reference of the High Court inspectors are widened to include the offshore insurance products.
June 19th, 1998
The Fianna Fáil TD Ms Cooper-Flynn issues a statement in response to an item on RTÉ. She says that while an employee of NIB she never encouraged anyone to invest in a financial product as a way of evading tax. She said she was involved in the sale of CMI products.
July 21st, 1998
A group of NIB managers and senior executives appeal to the Supreme Court a decision of the High Court that they must answer questions put to them by the NIB inspectors.
August 4th, 1998
NIB says it is to pay £131,166 plus interest to 370 customers arising from improper interest and fee-loading. The figures indicate that the practice was not aimed at boosting the bank's profits.
January 21st, 1999
The Supreme Court upholds an earlier decision of the High Court that staff and former staff of NIB must answer questions put to them by the High Court inspectors. The court also rules that any confession obtained by the inspectors under the powers of the Companies Acts, would not be admissible in any subsequent criminal trial.
January 21st, 1999
A number of NIB managers issue a statement through a solicitors' firm, saying they acted at all times in accordance with the directions of their employers. The managers said they welcome the ruling of the Supreme Court, which opens the way for them to co-operate fully with the inspectors.
March 19th, 1999
The High Court rejects a claim from NIB that the inspectors should not be allowed to investigate NIB's compliance with Deposit Interest Retention Tax. It also rejects a claim that it should be entitled to copies of transcripts and documents arising from interviews of staff carried out by the inspectors.
May 9th, 1999
An internal inquiry by NIB into overcharging of fees and interest finds no evidence it was orchestrated from the head office. Mr John Trethowan, project director of NIB, says the issue is "not the problem it was blown up to be".
July 26th, 1999
Revenue Commissioner Mr Dermot Quigley says 232 of the 429 NIB customers who invested in unauthorised offshore investment schemes, have settled with the Revenue. The total involved is €15.87 million.
January 9th, 2001
NIB begins writing to former customers who invested in offshore products, offering to pay part of the customers' tax liabilities in return for their agreement not to sue the bank. Some customers have initiated actions against the banks, claiming they had been told the bonds did not carry a tax liability.
March 23rd, 2001
Jury in the High Court awards no damages to Ms Beverley Cooper-Flynn after a 28-day libel trial in the High Court. The Fianna Fáil TD for Mayo claimed RTÉ had libelled her in a report but the jury found she had encouraged tax evasion while working in NIB.
July 31st, 2003
High Court hears that the inspectors' work is being delayed by lack of cooperation from persons against whom adverse findings are likely to be made. Copies of an interim report from the inspectors are given to the bank.
February 4th, 2004
High Court expresses concern about the length of time the bank is taking in responding to the interim report. Mr Justice Kelly says he was anxious a final report would be produced by July 31st, 2004.
April 28th, 2004
The Fianna Fáil TD Ms Beverley Cooper-Flynn is reported to be facing a €2 million-plus legal bill after the Supreme Court unanimously rejects her appeal against the outcome of her failed High Court action alleging libel in a series of RTÉ broadcasts. Ms Flynn is subsequently thrown out of Fianna Fáil.
July 13th, 2004
The final report from the six-year inspectors' inquiry into NIB is handed to the High Court by former Supreme Court judge Mr John Blayney and accountant Mr Tom Grace.
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