Ansbacher criticises use of name in media

The persistent reference to Ansbacher in the context of wrongdoing in the Irish media is "prejudicially damaging" to the group and its clients, says the bank's chief executive.

In a letter published in today's Irish Times, Mr Richard Spilg said: "Ansbacher is unfairly and incorrectly used as a code word to excite emotions and convey imputations of wrongdoing".

He said: "The business under investigation was initiated in the early 1970s and undertaken by Guinness Mahon Cayman Trust Limited. This company was incorporated in Cayman in 1971 as a wholly owned subsidiary of Guinness & Mahon (Ireland) Limited, a fully licensed Irish bank based in Dublin.

"The Ansbacher Group purchased a majority shareholding in Guinness Mahon Cayman Trust Limited in mid 1988, and subsequently the company's name was changed to Ansbacher (Cayman) Limited," Mr Spilg said.

"In one form or another therefore, the Guinness Mahon Group owned the business which is the subject of investigation for a period of some 17 years".

Accordingly, Ansbacher had no association with this business for that entire period, said Mr Spilg.

He said: "The recent press referrals to the "worst face" of Ireland in the 1970s and 1980s does not reflect the fact that the business was undertaken in the name of, and under the ownership of, the Guinness Mahon Group".

He said Ansbacher has existed for over 100 years and is a well-regulated banking group.

"Whilst we recognise the need to report on the progress of the investigation, Ansbacher and its clients ask only to be treated fairly," he said.