Dargan says he had offshore account

A former director of the Bank of Ireland has told the Moriarty tribunal he had an offshore account with Ansbacher bank in the…

A former director of the Bank of Ireland has told the Moriarty tribunal he had an offshore account with Ansbacher bank in the Cayman Islands. Dr Michael Dargan said he had the account during the 1980s, at a time when he was on the Bank of Ireland board, and that he used it for moving funds between Ireland and other countries.

Dr Dargan said he did not believe he required permission to do so under the exchange control regulations which then governed the movement of money in and out of the State.

When moving funds involving his bloodstock business to and from accounts abroad linked with his son, with whom he was in business, he dealt with the late Mr Des Traynor of Guinness & Mahon bank.

The tribunal has revealed that a £10,000 cheque from the bloodstock breeder Mr John Magnier to Dr Dargan formed part of the start-up capital for Celtic Helicopters.

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Yesterday in a statement Mr John Magnier said: "Neither Coolmore Stud nor John Magnier, directly or indirectly, are, or ever have been, investors in Celtic Helicopters, nor provided monies to Celtic Helicopters." Payments were made by the stud to Dr Michael Dargan in respect of bloodstock, it said. "These payments were sent directly to Dr Dargan who has acknowledged receipt of all payments, including the £10,000 payment referred to in the Moriarty Tribunal".

Tribunal report: page 8

Colm Keena

Colm Keena

Colm Keena is an Irish Times journalist. He was previously legal-affairs correspondent and public-affairs correspondent