An investigation into the Ansbacher deposits is believed to have uncovered evidence that accounts in Guernsey in the Channel Islands appear to have been used to conceal funds from the tax authorities.
The Ansbacher deposits, controlled by the late Mr Des Traynor, were funds passed through the Cayman Islands and held in Dublin. They are being investigated on behalf of the Tanaiste, Ms Harney, by Mr Gerard Ryan, a senior civil servant appointed as authorised officer under company law.
The Tanaiste has already indicated that the Ansbacher investigation has uncovered evidence of widespread tax evasion by wealthy business people and it is believed that the Guernsey deposits were part of this.
The Moriarty tribunal is investigating how money from the Ansbacher accounts was used to support the lifestyle of the former Taoiseach, Mr Charles Haughey.
However, Mr Ryan is investigating the overall operation of the deposits through the records of Guinness & Mahon and Irish Intercontinental Bank, in which the deposits were held.
Mr Ryan is now believed to have uncovered evidence that financial vehicles in Guernsey may also have been used to conceal funds from the tax authorities. A spokesman for the Tanaiste said last night that he could not comment in any way, due to the restrictions of company law.
Guernsey, like the Cayman Islands, is a major offshore financial centre. At least one Guernsey bank is understood to have had deposits in Guinness & Mahon at the same time as Ansbacher (Cayman) did.
In the late 1980s, £38 million was invested in the Ansbacher deposits in Dublin. While the extent of the Guernsey deposits is not known, they are believed to have held a significant additional sum of money.
It may be necessary for the Tanaiste to widen Mr Ryan's terms of reference to fully investigate the Guernsey link.
Mystery cheque that ended up in Haughey account: page 7
:quality(70)/s3.amazonaws.com/arc-authors/irishtimes/bec5c714-85f8-47c9-b1a5-7647a741b0c2.png)