Some £80,000 of the almost £100,000 which disappeared from a Securicor van in Cork at the weekend has been recovered from a church in the city. But it is understood that the remainder has not been found.
The money was reported missing on Friday afternoon after the van passed along busy streets from Grand Parade to Shandon Street.
The van had collected money at one bank branch and was due to deliver it to another. When it arrived at Shandon Street it was found that a white plastic bag bearing the legend "Bank of Ireland" was missing.
Gardai said they were treating the matter as "a disappearance", not a theft.
It was thought originally that a rear door in the van may have opened with a jolt when it went over a pothole or a bump. However, according to Garda sources yesterday a theory now being investigated is that a motorcyclist travelling behind the van may have snatched the bag from a safety chute as it was stopped in traffic.
On Saturday afternoon the notes were left in a bag on top of a confessional in St Columba's Church in Douglas suburb. Gardai were alerted by an anonymous telephone caller and the money was recovered. But a sizeable amount is still missing.
It is understood that video tapes from several on-street security cameras have been checked by gardai and that some people have come forward with information.
Securicor would not confirm that the van contained up to £100,000, but a spokesman for the company said it would be liable for any missing money.