Court told anonymous allegations regrettable

A National Irish Bank executive has told the High Court it was regrettable that those who had made allegations against the bank and its sister financial services company were unwilling to identify themselves.

Ms Patricia O'Sullivan Lacy, company secretary of both NIB and NIB Financial Services Ltd, told Mr Justice Peter Shanley, in a sworn affidavit, that it was a "regrettable characteristic" of their allegations that they had not made themselves available so the nature of their evidence could be tested.

She was giving evidence in a successful application by NIB Financial Services Ltd seeking a copy of the interim report prepared by inspectors Mr Justice John Blaney and Mr Tom Grace and handed over to the Minister for Enterprise, Trade and Employment a fortnight ago.

Mr Justice Shanley ordered that a copy of the report be made available to the company.

Ms O'Sullivan Lacy said the inspectors had been appointed to investigate the effecting of insurance policies through the company with Clerical Medical Insurance, Scottish Provident International Life Assurance and Old Mutual International (Guernsey) Ltd.

They had also been asked to inquire into the role played by staff, the purposes behind the policies, the knowledge of management and directors of the policies and the identity of those responsible for or aware of the transactions.

Mr Jim O'Callaghan, counsel for the bank, said an interim report had been delivered earlier this month when the High Court President had granted liberty to the company to seek an order directing that a copy be furnished to it.

Ms O'Sullivan Lacy said a number of investigations into the company and the bank were taking place in addition to those of the court-appointed inspectors.

The company had co-operated with the investigations but was concerned about how they were progressing.

By being kept informed, the company was best positioned to act in a constructive and proactive manner to ensure the work of the inspectors was carried out as quickly and inexpensively as possible.