\"Former

Former Anglo Irish Bank Boss, Sean FitzPatrick

Prosecutions now likely in Irish bank debacle says government

\"Former

Former Anglo Irish Bank Boss, Sean FitzPatrick

READ MORE: Angry protesters march to Sean Fitzpatrick's home

The Irish police along with the Minister for Justice are confident that prosecutions would arise having submitted two files on the misdeeds and cover-ups in Irish banks to the Department of Public Prosecutins (DPP). The investigations took two years.

One of the files relates to the “circular transfers” in 2008. Anglo Irish Bank sought $9.3 billion in temporary deposits from Irish Life & Permanent. These were used to cover up lender’s balance sheets. The file runs to 100 pages.

The Irish Minister for Justice, Dermot Ahern, said that this investigations involves four main suspects. He said that prosecutions are likely to be sought on the grounds of market manipulation and deception.

The second file is in relation to a  secret deal between Anglo Irish Bank and 10 investors. This deal was aimed at propping up the bank’s share price. The so called “Maple 10” were lent $599 million to by some of Sean Quinn’s stock in the bank due to concerns over the destabilizing size of his holding.

Mr Ahern said that other “relatively small” investigations would be ongoing and other submission would be made to the Department of Public Prosecutions (DPP). It is up to the DPP to decide whether there will be prosecutions.

The police, who liaised extensively with the DPP during the investigations, said they were confident that the offenders would be prosecuted. Mr Ahern said that the DDP’s office would “have a fair idea already” and he hoped that this would “facilitate a relatively quick turnaround”.

He also said that the problem with Anglo Irish Bank staff refusing to hand of encrypted password had been resolved and the police now have access to all the information required.

Over 40 police, supported by the Office of the Director of Corporate Enforcement, have been working for two years on these files. They have sifted through 115,000 emails, taken 400 statements, including 72 classed as major, some of which run to 150 pages.

Enda Kenny, the Fine Gael leader said the public wanted to see “the law of the land applied to those who are outside that law”.

This year Sean FitzPatrick and group financial director Willie McAteer were arrested and questioned but released without charge.

READ MORE: Angry protesters march to Sean Fitzpatrick's home

COMMENTS