There were sharp exchanges between the Minister for Finance and Opposition deputies when they challenged him to say if the Central Bank was investigating the Ansbacher accounts referred to in the McCracken report.
Mr McCreevy recalled that his Department had written to the Central Bank on August 25th, asking it to instigate a detailed investigation of the issues raised by the references in the report to exchange controls.
"However, in view of the volume of records to be examined and the need for the bank to consult with a number of banks, the process takes some time. I am advised by the bank that it expects to have shortly the material required to finalise the reply to my request and that this will then be submitted to my Department." The Labour spokesman on finance, Mr Ruairi Quinn, asked the Minister to give "a very simple, characteristically Charlie McCreevy-type reply" to the question: Had he met personally with the government of the Central Bank and raised with him the desirability of the bank looking at the Ansbacher accounts? "No," replied Mr McCreevy. "Wonderful," observed Mr Quinn. Mr Pat Rabbitte (DL, Dublin South West) said that last month the Minister had said that the McCracken report revelations represented the greatest financial scandal the State had uncovered. Yet the Minister had not met the governor of the Central Bank.
Mr McCreevy said tax questions relating to Ansbacher were matters for the Revenue Commissioners. Exchange controls were matters for the Central Bank.
Mr Michael Noonan accused the Minister of giving ambiguous answers. "Could I ask the Minister to tell us if he knows that the Central Bank is investigating the Ansbacher accounts or not in respect of breaches of exchange controls. Will you say yes or no, or is it how you did not bother to find out?"
Mr McCreevy said that the bank was investigating the McCracken report.