Ansbacher bank parent makes $158m profit

First National Bank of South Africa (FNB), owners of the Cayman islands bank which is refusing to co-operate with the inquiry into the Ansbacker deposits, made profits of 1324.2 million rand (£158 million) last year.

The FNB group is the owner of the Henry Ansbacher chain of banks, one of which is Ansbacker (Cayman) Limited. The Henry Ansbacher contributed 97 million rands to the FNB groups profits last year.

Last week, the Tanaiste, Ms Harney, said she was "at a loss to understand how Ansbacher (Cayman), which is owned by reputable banking concerns, can stand over the banking corporate practice revealed in the McCracken Tribunal Report".

The FNB Group, which has its headquarters in Johannesburg, is a large multi-national banking and financial services group. First National Bank of South Africa is one of that country's largest banks. Senior executives at the FNB headquarters in Johannesburg and in the Henry Ansbacher headquarters in London are aware of Ms Harney's comments but to date have issued no response.

In the FNB annual report for 1997, Henry Ansbacher is described as a well established merchant and offshore banking organisation. "Its offshore banking services provide offshore private banking, trust and corporate services, marine services and specialist off-shore services."

Henry Ansbacher has branches in the Bahamas, British Virgins Islands, Guernsey, the Isle of Man, Jersey, Monaco, Hongkong and Switzerland, as well as the Cayman Islands, England and South Africa.

In January the Tanaiste appointed Mr Gerard Ryan as authorised officer to four companies linked to the Ansbacher deposits. Mr Ryan has received a significant amount of documentation from Guinness & Mahon bank and Irish Intercontinentals Banks Limited, and a smaller amount of documentation from the Irish representative of a Cayman company called Hamilton Ross. However, the documentation to do with Ansbacher (Cayman) business in Ireland is understood to have been returned to the Cayman Islands a number of years ago and the bank has said it will not voluntarily hand it over to Mr Ryan.

Last week Ms Harney said that "Even at this late stage I would urge Ansbacher (Cayman) and its parent banks to reconsider their stance of non co-operation with Mr Ryan's legitimate inquiries into Ansbacher's past activities in Ireland".

Last month FNB was involved in a merger which saw it joining forces with two other major financial institutions, Southern Life and Momentum Life.