Central Bank defers Anglo inquiry plans

THE CENTRAL Bank has deferred plans to examine issues arising from its investigation into Anglo Irish Bank after being advised by the Garda that this could prejudice any future criminal prosecutions.

At an early stage in its investigation, the Central Bank said it had notified the Garda and the Office of the Director of Corporate Enforcement, which were conducting separate criminal investigations into Anglo, of suspected offences.

“We recently advised the gardaí of our intention to examine specific issues arising from our investigation,” the Central Bank said.

“The gardaí have informed us, following consultation with the Director of Public Prosecutions, that to proceed with our examination at this time may prejudice any future criminal prosecutions.

“Accordingly, we have decided to defer our examination but we will keep this decision under review.”

The Central Bank said its investigation into Anglo and “persons concerned in its management” was continuing. A spokesman for the Central Bank would not comment on the issues it was investigating. Financial regulator Matthew Elderfield, has previously said the Central Bank would allow the Garda and the Office of the Director of Corporate Enforcement to “have the first shot” as criminal sanctions were stronger.

The Chartered Accountants Regulatory Board previously adjourned disciplinary hearings against former Anglo chairman Seán FitzPatrick and three other bank executive members in March on the advice of the DPP.

An investigator appointed by the board – the regulator for the profession – found Mr FitzPatrick, former Anglo chief executive David Drumm and finance director Willie McAteer, and former Irish Life & Permanent finance director Peter Fitzpatrick, had cases to answer over their role in events leading to Anglo’s collapse.