High Court inspector may be sought to probe Irish Intercontinental Bank

The Tanaiste Ms Harney will consider seeking the appointment of a High Court inspector to Irish Intercontinental Bank when she receives a confidential report into the bank in the next few weeks.

The report, by authorised officer, Mr Gerard Ryan, is one of two such reports due to be completed in the coming weeks. The other concerns College Trustees, a Channel Islands company which manages trusts for wealthy Irish clients.

Ms Harney will also consider seeking the appointment of a High Court inspector to College Trustees which is now owned by Credit Suisse but was formerly owned by Guinness & Mahon bank, Dublin. It refused to co-operate with Mr Ryan's inquiry.

Mr Ryan continues to work on reports into Guinness & Mahon bank and Hamilton Ross Co Ltd, a company based on the Cayman Islands. When these are finalised, Ms Harney is also likely to consider seeking the appointment of inspectors.

All the companies investigated by Mr Ryan have links with the secretive Ansbacher deposits. His reports cannot be published but the reports of High Court inspectors can.

Ms Harney said on RTE radio recently that she hoped the information being gathered by Mr Ryan in the course of his inquiries would "some day very soon" get into the public domain by way of High Court inspectors being appointed to the companies concerned.

Mr Ryan began his investigation into Irish Intercontinental Bank in January 1998. He began his inquiry into College Trustees in March 1999.

An inquiry by Mr Ryan into Ansbacher (Cayman) Ltd, begun in January 1998 and completed in September 1999, led to the appointment of three High Court inspectors following an application from Ms Harney.

Mr Ryan was appointed as an authorised officer to Guinness & Mahon bank and Cayman Islands company, Hamilton Ross Co Ltd, in January 1998. It is not known when those inquiries are due to be completed.

Ms Harney has said she is astounded by the information uncovered by Mr Ryan, which indicates that many wealthy people felt they were "above the law" and did not have to pay tax to the State. However, she said, the information uncovered by Mr Ryan should come into the public domain in an "appropriate fashion", that being as a result of High Court inspectors being appointed, and with all the rights of the individuals involved being fully protected.

The Ansbacher deposits was a secretive banking and trust service established by the late Mr Des Traynor and involving Guinness & Mahon bank, Irish Intercontinental Bank, Ansbacher (Cayman) Ltd and Hamilton Ross Co Ltd. College Trustees was also linked to the deposits.