All but 30 of the 1,000 complaints made to the Garda Bureau of Fraud Investigation last year about the alleged widespread mal-practices in banks and financial institutions were found to involve no criminal offences, it was disclosed yesterday.
The Garda Commissioner, Mr Pat Byrne, said the "vast majority" of the complaints against financial institutions made following media revelations, mainly on RTE television, "did not disclose any criminal offences and the complainants were informed accordingly".
The fraud bureau is understood to have discovered that in most cases the complaints they received were from people who simply felt they had been charged too high interest levels on loans. A total of 1,065 complaints - out of a total of 1,711 complaints received by the bureau last year - arose from the media reports about alleged interest fixing in financial institutions. Of the 1,065 complaints made to the gardai arising from media reports, only 30 are still being investigated. The rest have been referred back to the complainants, mostly with recommendations that they contact the banking Ombudsman for Credit Institutions.
The Garda Commissioner was yesterday initiating the joint Garda and PricewaterhouseCoopers Fraud Alert business guide on avoiding fraud. Mr Byrne said the latest Exchequer figures confirmed that the Republic's economy continued to boom, with emigration declining and employment rising.
"Unfortunately, the criminal will also see opportunities in Ireland's economic growth, and there is no room for complacency," he said.
The guide suggests that companies install a "fraud alarm" in the same way as they would a burglar alarm. This involves setting up prevention plans covering three main area: personnel, structures and financial risks.
According to the guide, businesses should watch out for hidden financial needs, such as gambling, alcoholism or a lavish lifestyle, or employees who feel hard done by and that their work is underpaid and undervalued.
Also yesterday the Anti-Counterfeiting Group stated that the illegal sale of counterfeited products was costing the economy £300 million (€380 million) a year and was placing up to 5,000 jobs at risk.
The claim was made in an address by ACG executive director, Mr John Anderson, who was speaking at a press conference in Dublin to draw attention to the trade in counterfeit goods.
