Five of 120 persons named by the authorised officer, Mr Gerard Ryan, in the Ansbacher report have business links dating back to 1972.

The chairman of Independent News & Media, Dr Tony O'Reilly, Mr Vincent Ferguson, Mr Des Traynor, Mr Sam Stephenson and Mr Jim McCarthy were directors of Fitzwilliam Resources Ltd, a company incorporated in 1972. They are among the 120 names listed by Mr Ryan in his confidential Ansbacher report.

A search of the Companies Office shows that Fitzwilliam Resources was registered in April, 1972, as an exploration and mining company. It held an extraordinary general meeting within three months to change its purpose to an investment trust holding company.

In the normal course of events, such a company invests its shareholders' funds in financial assets, making its profit from the income and gains which derive from these assets.

An amended articles of association document was filed in July, 1972, describing the company's new business. Among its stated objects were to invest its capital in stocks and shares, to act as consultants and supervisors for other companies and to act as property investors.

The six original directors included Dr O'Reilly and Mr Des Traynor, as well as Mr Vincent Aloysius Ferguson of 85 Clonkeen Drive, Foxrock, Mr Samuel Stephenson, an architect, of 31 Lee son Close, Dublin, and Mr James Stephen McCarthy of "Abbotsford", Sutton. At incorporation, Dr O'Reilly listed himself as company secretary, but at the e.g.m. in June, 1972, Mr Traynor acted as secretary.

Fitzwilliam Resources had its registered office at 1/2 Hatch Street, Dublin 2, which was also the registered office of Fitzwilton, the industrial holding group taken over last year by Stoneworth, the company controlled by Dr O'Reilly and Mr Peter Goulandris.

In its 1974 annual return, Mr Nicholas John Leonard of 14 Trafalgar Terrace, Monkstown, was also listed as a director of Fitzwilliam Resources. The company made its last annual return in 1981 and was dissolved in May 1987.

Dr O'Reilly has issued legal proceedings against The Irish Times for stating that he was described as an Ansbacher depositor in Mr Ryan's report. Mr Ferguson and Mr McCarthy, both directors of Independent News & Media, have also denied holding Ansbacher accounts.