Financiers had no dealings with Lowry

A financial management company linked to Mr Michael Lowry in evidence to the Moriarty tribunal earlier this week never had any financial dealings with him, according to sources.

A former assistant manager at AIB O'Connell Street told the tribunal on Wednesday that the only time he met Mr Lowry at the branch was when he, Mr Lowry, was introduced as a potential new customer by representatives of J.C. Financial Management Ltd.

Mr Lowry has said he was directed to AIB O'Connell Street in January 1991 by his bank, AIB Dame Street, when he wanted to open an account in the Channel Islands. He said he went there alone and the account was opened with a £55,000 sterling draft drawn at O'Connell Street, even though he had no account at the bank and brought no funds with him to the bank.

Mr Liam O'Connell, the assistant bank manager who, evidence to the tribunal indicates, opened the Jersey account, said he remembered Mr Lowry coming to the bank only once in 1991, and in the company of representatives from J.C. Financial Management Ltd. He said Mr Lowry was introduced as someone who might be conducting business with J.C. Financial Management, and possibly with AIB O'Connell Street. He could not recall opening an account for Mr Lowry.

Mr O'Connell said he was not told that Mr Lowry was a TD or that he was already a customer of AIB Dame Street. Mr Lowry's counsel, Mr Donal O'Donnell SC, told the tribunal his client said he had never heard of J.C. Financial Management. Mr Lowry said he never made use of any financial company's bank account at O'Connell Street.

J.C. Financial Management sold life assurance and pensions and is now dissolved. According to Mr Paul Mackay, who acted as liquidator to the company, it began operations in March 1990, ceased trading in October 1992 and went into liquidation in 1996.

It conducted business from Marlborough Court, Dublin 1, and was a tied agent for Prudential Insurance, now part of Irish Life. It had no known creditors when it closed. The company's bank was AIB O'Connell Street.

Mr Seamus O'Neill, Oaklawn West, Leixlip, who managed J.C. Financial Management, said he had been contacted by the tribunal on Thursday, had made a statement and would be giving evidence. He said he did not want to comment further.

However, sources said Mr Lowry had no financial dealings with the company and that the funds for the £55,000 sterling draft did not come from the company.

Further evidence on how Mr Lowry funded the sterling draft is likely to be heard next week.