NIB refuses to comment on its internal inquiry

National Irish Bank, which promised last month it would publish details of its internal inquiry into the controversial sale by it of offshore investment bonds, yesterday refused to say when this might happen. The bank also refused to clarify if the inquiry, which was due to end two weeks ago, has been completed.

Mr Pat Rabbitte, the Democratic Left spokesman on finance, called on the NIB chief operating officer, Mr Philip Halpin, to honour a commitment he made in late March that he would publish the findings of the internal report to the fullest extent permitted under the law.

The inquiry was launched following allegations that the sale by the bank of Clerical Medical International bonds, facilitated the evasion of tax. The bank has already said there were difficulties relating to its sale of the bonds.

Mr Rabbitte said it was clear from yesterday's Irish Times/ MRBI opinion poll that the public wants far more effective supervision of financial institutions and that self-regulation is no longer acceptable. The poll found that more than 80 per cent of people want new legislation to protect bank customers.

The Revenue Commissioners, the Central Bank and an authorised officer from the Department of Enterprise, Trade and Employment are all investigating the sale of the bonds by the bank. The bank has already accepted that the product was not licenced for sale in this jurisdiction.

The authorised officer, Mr Martin Cosgrove, has written to CMI on the Isle of Man. The company hopes to reply some time next week. The letter "is in relation to NIB's sale of the CMI product", a CMI spokesman said. He would not give any details.

The Revenue Commissioners have visited the bank and taken away a substantial amount of information relating to the sale of the bonds. They have been supplied with the names of hundreds of NIB customers.