No comment on disclosure by Ansbacher founder

The sole surviving member of the group which established Ansbacher bank in the Cayman Islands yesterday declined to comment on the decision of his former bank to seek to give highly confidential information to the inspectors investigating the Ansbacher deposits.

Mr John Collins was one of the founding directors of Guinness Mahon Cayman Trust, now Ansbacher Cayman, in the early 1970s, along with Des Traynor, Mr Jonathan Guinness and John Furze, all now deceased.

Up until the time of its sale to the Ansbacher group in the mid1980s, the bank's deposit base was largely made up of deposits from Irish clients who were assured that their affairs would be kept absolutely confidential. However, the bank is now seeking authorisation from the Cayman courts to disclose this same information to Irish High Court inspectors.

Contacted at his office in George Town yesterday, Mr Collins said he no longer had any connection with Ansbacher Cayman. Asked for his view on the bank's decision to seek to give information to the Irish authorities, he said: "I have no views and I have no comment."

Mr Collins was joint managing director of Ansbacher Cayman, along with Mr Furze, up to 1995 and remained a non-executive director up until recently. At one stage in the mid1980s, Mr Collins, Mr Furze and Mr Traynor were part of a consortium which bought the bank from Guinness & Mahon bank, Dublin, before selling it on to the Ansbacher group. The case, which is being heard in camera, was originally scheduled to end yesterday with the Cayman Chief Justice, Mr Justice Anthony Smellie, expected to write up his judgment today.

However, last night lawyers involved said the proceedings were still ongoing and that it was possible they might not end today. The Cayman courts will break tomorrow evening until Tuesday of next week.

The move by Ansbacher Cayman is being strongly resisted by parties representing individuals whose personal financial details stand to be disclosed. Two Cayman companies which are objecting, Hamilton Ross Co Ltd and Poinciana Fund Ltd, were run by Mr Furze after his break with Ansbacher bank in the 1990s and are known to have managed accounts for Mr Charles Haughey and Fianna Fail TD Mr Denis Foley, among others.