Court refuses to identify Cayman depositors

A court in the Cayman Islands has ruled that confidential information relating to the Ansbacher deposits should be passed to the Irish authorities, but not the identity of any of the depositors.

In a ruling yesterday, the Chief Justice of the Cayman Islands decided that it would be unfair for Ansbacher Bank to give depositors' names to the Irish High Court inspectors investigating the Ansbacher deposits when it has not been shown, or even alleged, that the individuals affected had committed any crime.

The Tanaiste, Ms Harney, said that the judgment "does not appear to be helpful", but she believed that information already existed to enable the inspectors to produce a "substantial report".

Despite the condition put on the judgment, it may be viewed with dismay by Irish depositors whose affairs are already known to the inspectors and who can be linked to the financial details now to be disclosed.

This will be particularly so for residents involved in settlement negotiations with the Revenue Commissioners. At least two of the objectors who opposed the release of information by Ansbacher Bank - Cayman trust companies Hamilton Ross Co Ltd and Poinciana Fund Ltd - did so for this reason.

They did not want fresh financial information about their clients coming into the possession of the Revenue prior to settlements being concluded.

It is understood that many of the people affected are the children of former depositors who are the beneficiaries of Cayman trusts and now find themselves facing large tax bills. The two companies are to consider yesterday's judgment with a view to a possible appeal.

In his ruling, Mr Justice Anthony Smellie ordered that Ansbacher Bank should disclose "information sufficient to establish the nature of the business Ansbacher did" which could serve to show "that Ansbacher did not conduct illegal banking business or business designed to assist in defrauding the Irish Revenue".

He ruled that all names or other identifying information should be deleted from the information "and substituted by alphabetical letters, numbers or symbols representing such persons; the key to which shall be restricted to Ansbacher".

If the inspectors want to submit questions about any of the accounts disclosed they can do so through correspondence with Ansbacher.