The High Court will decide tomorrow if the final report of the six-year investigation by court-appointed inspectors into the affairs of National Irish Bank may be published in full or with parts edited out.
Mr Justice Kelly yesterday refused as "premature" an application by NIB for a copy of the report. The judge said he would deal tomorrow with the bank's application, and any other applications by affected parties, for copies.
Even if the judge orders tomorrow that the report may be published, Mr Brian Murray SC, for the Office of the Director of Corporate Enforcement (ODCE), said it would be July 30th before copies of the 192-page report, plus some further 200 pages in appendices, will be printed.
The long-awaited final report of the inspectors was presented to the court on July 12th. Mr Justice Kelly directed that a copy should be given to the Director of Corporate Enforcement, after an undertaking was given on the latter's behalf that there would be no disclosure of its contents prior to any court orders to that effect.
He adjourned to tomorrow a hearing on several matters, including who should receive copies and whether the report should be published in whole or in part. The Companies Act 1990 empowers the court to make such orders.
At earlier hearings dealing with the inspectors' investigation, the judge was told some 23 persons were at risk of having adverse findings made against them in the report.
In court yesterday, the judge was asked by Mr Richard Nesbitt SC, for NIB, to direct that a copy of the report be given now to the bank. Counsel said the report was about the bank's business and it was extremely anxious to receive and read it in order that senior management might be able to deal with its contents and any implications for its business.
Counsel said he could not overemphasise the need for the bank to be in a position to react to the report as soon as possible.
Mr Donal O'Donnell SC, for the inspectors, said his clients were not unaware or unmindful of the concerns of the bank and the commercial realities.
However, he added, there was a logistical conundrum in that, if the bank were to receive the report now, this would be in advance of tomorrow's hearing when the court would hear submissions from other affected persons before deciding whether aspects of the report should be redacted or not. It was hard to see how redaction could be achieved if the bank were to receive the complete report now.
Counsel added that the bank was probably in a better position than other parties in that it had been given a full draft report last year. It was hard to see what harm could be caused by deferring the bank's application until tomorrow.
Mr Murray said he was not objecting to the bank receiving the report but did not believe there was any urgency requiring the bank to receive it before tomorrow and had suggested to the bank's solicitors that they wait until then.
Mr David Barniville, for the Central Bank and IFSRA, said his clients believed NIB should not get a copy of the report prior to IFSRA, which was the regulatory body for banks, receiving it. His clients wished to see the report at the earliest opportunity because it was likely to have significant regulatory consequences which they wished to address and, if necessary, take action upon.
Rejecting the bank's application, Mr Justice Kelly said he regarded it as premature. Were NIB to receive the report now, it would be in complete form and in advance of the hearing of any applications by other persons to have aspects of the report redacted.
The bank had also received a copy of the inspectors' draft findings in August 2003 and was given an opportunity to respond to those findings, which it did in March 2004. The draft findings could also be no worse than the final report.
He could not see how the bank could be prejudiced in any way in having its application refused at this point and adjourned to tomorrow's hearing.
The inspectors, Mr John Blayney, a former Supreme Court judge, and Mr Tom Grace, an accountant, were appointed in March 1998 to investigate the affairs of NIB. In June 1998, their investigation was extended to include the affairs of National Irish Bank Financial Services.
