Anglo investigation extended by another year

The High Court has today extended the investigation into the collapse of Anglo Irish Bank by another year.

The extra time will allow for documents seized from the bank's headquarters to be retained while criminal prosecutions come before the courts.

Former Anglo Irish Bank executives, Sean FitzPatrick, William McAteer and Pat Whelan are due to stand trial in February charged with providing unlawful financial assistance to individuals to buy shares in the bank.

Today the High Court heard the trial is expected to last between three and six months.

The Office of the Director of Corporate Enforcement is leading the investigation into the bank’s collapse.

There are five separate strands to the inquiry, two of which are on-going.

Today senior counsel for the ODCE, Paul O’Higgins, said more people may yet be charged.

He applied to the High Court for permission to retain documents seized in the probe for another three years to allow the criminal matters run their course.

Mr Justice Peter Kelly criticised the rather slow pace at which the investigation is progressing – and would only consent to a one-year extension in order to ensure some impetus is maintained.

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