We can only assume that the investigations being pursued by an authorised officer appointed by the Tanaiste, Ms Harney, into matters relating to the Ansbacher deposits is making progress.

Her officer, Mr Gerard Ryan, has been digging away for months now at detailed records supplied by the two Irish banks in which the deposits were held, Guinness & Mahon and Irish Intercontinental Bank. Now he has turned his attention to the Cayman Islands and to records held by Ansbacher (Cayman), which is arguing that he has no authority to see the information.

No doubt the Cayman bank has very useful information which will help to complete the picture on the running of the accounts and allow the officer to advise the Minister on whether any legislation was breached in their operation.

But chances are that Mr Ryan and his team already have a fairly clear picture of the workings of the accounts and their beneficiaries.

And sometime in the next few months the Tanaiste will have to decide what is to be done with the evidence uncovered.