The well-proportioned town of Bagenalstown, Co Carlow, resplendent in the sunshine yesterday, looked like the proverbial million dollars as children dived into the Barrow canal and ducks swam around the Old Corn Mill. But Carlow's second-largest town (pop. 2,600) was abuzz with speculation following revelations in the High Court about alleged discrepancies amounting to almost a million pounds in customer accounts in the local Bank of Ireland branch.
Most of the talk concerned the possible whereabouts of senior bank official, Mr Sean Kavanagh. The High Court has granted an interim injunction until next Monday restraining him from disposing of his assets below £500,000.
Mr Kavanagh lived with his wife and two young children in a neat bungalow in Kilree Lane, a few hundred yards from the granite-faced Bank of Ireland branch on the corner of Main Street.
There has been just one reported sighting of him since he abruptly left the bank on July 14th after being called to a meeting with his branch manager, Mr Jim Benson. He is said to have attended the Leinster Intermediate Hurling final between Carlow and Kilkenny in Carlow last Sunday.
A native of Carlow Town, the genial six-footer was transferred to the Bagenalstown branch several years ago and was well respected and liked in his new duties. Local priest, Father Edward Dowling, described him as "a very obliging man". Others said he was especially popular with older bank clients, who loved to call in for a chat.
Business at the bank branch was said to be "brisk" yesterday morning, and some people admitted they were calling in to check their accounts. Asked if the community had been shocked by the reports, bank customer, Mrs Veronica Reddy, said: "Nothing should shock us now, in all honesty, after Charlie Haughey - should it?"
Mr Tom Ryan (78) drove his tractor three miles into town from his farm at Shankill, Paulstown, to see the bank manager, and admitted that he had been worried about his account following the court allegations of fraud.
"I want to know - that's what brought me here," said Mr Ryan.
"Only for that I'd be out in the middle of a field of hay." He recounted the story of an acquaintance who kept his savings in tins, causing a relative to have "the whole place dug up" after his demise. "He said you couldn't trust one of them places [banks]," said Mr Ryan. "If you can't trust them, who can you trust?"
The bank manager, Mr Benson, politely referred all press inquiries to the bank's public relations consultants in Dublin.
As business continued as usual at the branch, there was a flurry of interest just after 1 p.m. as a security van arrived, escorted by armed soldiers, and bags of money were carried inside.
Ironically, a poster in the bank's window advertised its travel services. Under a picture of a suitcase adorned with exotic stickers, it suggested: "We're your first resort."
See also page 3