An `overwhelmed' Haughey says he `borrowed from Peter to pay Paul'

Mr Charles Haughey said yesterday at the tribunal he was overwhelmed by all the documentation presented to him and found it difficult…

Mr Charles Haughey said yesterday at the tribunal he was overwhelmed by all the documentation presented to him and found it difficult to cope with.

He was being asked by Mr John Coughlan SC, for the tribunal, about a document outlining the history of his financial arrangements with AIB from September 1971 to August 1974.

As Mr Coughlan began to question him, Mr Haughey interrupted and said: "Mr Coughlan, I have trouble with this." He asked if his solicitor could help sort out the file.

When he had done so, Mr Coughlan asked if he had read the document. Mr Haughey replied: "Yes, very quickly."

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Counsel asked if the document, in general terms, accorded with his recollection of events.

"I can only answer that in the most general terms," Mr Haughey said. "I have to confess to being overwhelmed by all this documentation and I find it difficult to cope with it all. It's full of complex detail. It's a long time ago, but subject to all that I assure you I will endeavour to be of as much assistance to the tribunal as I can."

Mr Coughan said he would take it at Mr Haughey's pace, and any time he wished him to take things a little slower he would do so.

Counsel asked again if, only in general terms, the documentation appeared to accord with Mr Haughey's recollection of events.

"Subject to the qualification I made, I would think so. I couldn't possibly substantiate any of the figures, but by and large I was a client of the bank. I was running up an overdraft and in difficulty with the bank and so far as it reflects that, I agree with it," said Mr Haughey.

Mr Coughlan asked if the type of securities the bank held appeared, in general terms, to be correct.

Mr Haughey said there was one reference to Simmonstown Stud of which he had no recollection. There was a mention, in the November 1972 paragraph, of Cement Roadstone. He thought they were only Roadstone at that time.

Mr Coughlan said these were details. He asked if Mr Haughey agreed with what appeared to be the contents of the document that his debts were permitted to run up on the basis that promises or assurances were being given to try to reduce it by disposing of one type of asset or another.

"That would be generally correct, yes," Mr Haughey said.

Counsel asked if it was correct that, when they came to late 1973, early 1974, there was a loan from Northern Bank Finance Corporation for approximately £150,000.

"Yes, that's what it says here," Mr Haughey replied.

Asked if he had any recollection of this, he said: "I have not a very clear recollection but that would have been handled by Mr Des Traynor with the Northern Bank and the arrangement made accordingly by him."

Mr Coughlan asked if, in general terms, this money was used to reduce to a large extent his debts to AIB.

Mr Haughey replied: "Yes, as it's outlined here, it would seem that I was borrowing from Peter to pay Paul."