The Central Bank, the Revenue Commissioners and National Irish Bank itself are currently investigating the circumstances surrounding £23 million which is lodged in NIB branches by the Isle of Man company, Clerical Medical International (CMI).
The money is held in accounts all bearing the name CMI, but with different numbers and technically belonging to CMI. The company is holding the money for Irish clients who have invested in a financial product sold by the company and distributed here by NIB. NIB is also acting as financial adviser to the account holders.
Most of the investors appear to have their investments held as cash deposits. More lucrative forms of investment are available under the scheme. It further appears that many of the people concerned had money lodged with NIB before they bought the CMI product.
What is being investigated is the possibility that some of the account holders bought the CMI product in order to hide from the Revenue Commissioners money they had with NIB but which was not declared. The motives of the bank are also being examined.
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