Cayman bank has details of more than 100 Ansbacher accounts

Records of the annual balances in more than 100 accounts in the Ansbacher deposits going back to the late 1980s at least are held by Ansbacher Cayman, it has been learned.

The records form the core of the information the bank has suggested it should give the Irish High Court inspectors investigating the deposits used to facilitate major tax evasion.

The records will not be released, however, unless the Cayman courts rule that such a move can be sanctioned under local secrecy laws.

Some of the records may contain details of the affairs of people not yet known by the inspectors, and to the affairs of non-Irish people whose funds were lodged in the Republic at some stage.

The Cayman bank's decision to approach the courts has angered clients or former clients who believe information not already known to the inspectors may be involved. If the Cayman courts decide in favour of the bank these clients could appeal, which could take up to two years and prove costly.

The court hearing of the application from Ansbacher Cayman to release the account details continued yesterday and is expected to end today or tomorrow. The case is being held in camera, and judgment is likely to be reserved. It is being heard by the Chief Justice, the Hon Mr Justice Anthony Smellie.

If he rules in favour of Ansbacher, any of the three objectors before the courts could appeal to the three-judge Court of Appeal on the Cayman Islands and could be further appealed to the Privy Council in London.

If the information is handed over, it will eventually come into the hands of the Revenue Commissioners, which may be involved in settlement negotiations with some of those affected.

The case opened on Monday with an outline of the application from Ansbacher. The other parties represented are the inspectors, the Cayman Attorney General and three objectors. They are Hamilton Ross Co Ltd and Poinciana Fund Ltd, two Cayman fund or trust management companies which formed part of the Ansbacher deposits, and a third objector, believed to represent clients or former clients of Ansbacher Cayman.

The decision of the Cayman bank to change its policy in relation to inquiries concerning the Ansbacher deposits is believed to follow pressure from its London headquarters as well as from its South Africa parent, Firstrand.