Bank ex-head to testify at PAC hearings

The former chief executive of National Irish Bank, Mr Jim Lacey, is to give evidence this week to the Public Accounts Committee…

The former chief executive of National Irish Bank, Mr Jim Lacey, is to give evidence this week to the Public Accounts Committee inquiry into the operation of the DIRT tax.

The committee will today continue its questioning of executives from Irish Life and Permanent. Attention is likely to focus on the Ansbacher deposits held at its subsidiary, Guinness and Mahon. These deposits, which were not subject to DIRT, held balances totalling £38 million between 1970 and 1989.

On Tuesday the committee will hear evidence from executives from ACCBank. The report of the Comptroller and Auditor General estimated that ACC had a potential £17 million liability for outstanding DIRT on bogus non-resident accounts.

The committee's proceedings will be shown live on the Irish Times Website: www.ireland.com/business and on TG4.