The chairman of the Moriarty tribunal has told former Guinness & Mahon banker Mr Padraig Collery that some of his evidence relating to Mr Denis Foley's coded Cayman Islands account does not appear "particularly plausible".
Mr Collery came under sustained pressure yesterday to explain why he did not inform the tribunal that an Ansbacher account was owned beneficially by the family of the Kerry TD, Mr Foley. He was also questioned on why he attempted to put documents that would have revealed the connection "beyond the tribunal's reach" by giving them to his former secretary for safekeeping.
Mr Justice Moriarty said Mr Collery's reasons for moving the documents appeared to be twofold. Mr Collery had said he was concerned that Mr Foley's account might not be his alone, but might be held jointly with his daughter. He had also testified that he wanted to retain the documents for his "own protection against possible contingencies in the future", the judge recalled. However, he said neither reason put forward by Mr Collery for his actions appeared believable at present.
"Without prejudging the entire situation, as regards any findings of fact that I might have to make, Mr Collery, it doesn't at this juncture seem that either or both of those reasons are particularly plausible in persuading you to take the serious course that you have accepted you took.
"Is it the case that there could have been some influence or pressure or inducement brought to bear on you as regards this part of your potential evidence?" Mr Justice Moriarty asked.
Mr Collery replied: "There has been no pressure, no inducements."
Earlier, the chairman had told Mr Collery's counsel, Mr Noel Devitt: "I do very much hope that your client, in his continued examination, is going to seek to assist this tribunal somewhat more appreciably in a matter of very considerable importance."
Mr Devitt replied: "I am instructed that he will."
Mr Collery apologised to the tribunal for concealing the documents and attempted to explain his actions. "I was unclear then as to who was the true beneficial owner of these funds although I now accept that they either belonged to Mr Foley or his daughter and I should have advised the tribunal accordingly." He agreed that despite his concerns that the account might have been held in the name of Ms Margaret Foley, he had made no attempt to contact her or to send her statements.
He said he had no "desire or reason" to be unhelpful to the tribunal. "I wish to apologise, Mr Chairman, for omitting this information and I regret it."
Counsel for the tribunal, Mr John Coughlan SC, said he found Mr Collery's explanation for not disclosing Mr Foley's connection to the account "wholly incredible". He said the list which Mr Collery had concealed from the tribunal "most startlingly would have disclosed that a member of the Oireachtas was a depositor with Hamilton Ross".
Mr Collery said he had not deliberately put the records "beyond the tribunal". Rather he felt the records were a potential form of "personal protection" should any dispute arise over monies deposited offshore. He accepted now that the documents would have been "safe and available" had he given them to the tribunal and "it was a wrong decision" to give them to his former secretary. "I regret it deeply."
Mr Foley was in the public gallery for much of the day's proceedings.
The tribunal will resume at 10.30 a.m. today, when Mr Collery's evidence will continue.
