Ansbacher Cayman Report Appendix Volume 3

Record Number: 1999 /163 Cos
THE HIGH COURT

IN THE MATTER OF THE COMPANIES ACTS 1963 to 1990
AND IN THE MATTER OF PART II OF THE COMPANIES ACT 1990 AND SECTIONS 8 AND 17
AND IN THE MATTER OF ANSBACHER (CAYMAN) LIMITED
(formerly GUINNESS MAHON CAYMAN TRUST LIMITED,
ANSBACHER LIMITED and CAYMAN INTERNATIONAL BANK AND TRUST COMPANY
LIMITED)
R E P O R T OF T H E I N S P E C T O R S
A P P O I N T E D TO E N Q U I R E INTO T H E
A F F A I R S OF A N S B A C H E R (CAYMAN)
LIMITED
Published by Order of the Court made on 24 June 2002
V O L U M E [3]: A P P E N D I X X V ( 1 ) TO X V ( 1 6 )
ISBN 0-7557-1355-9
© Government of Ireland 2002

Appendix XV (1) Mr Roger P Ballagh
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to Mr
Roger P Ballagh.
a) Transcript of evidence of Mr Michael O' Shea dated 19 June 2001.
b) Statement of Michael O' Shea.
c) Letter of 16 March 2001 - Michael O'Shea to the Inspectors.
d) Internal Guinness and Mahon memo - JDT to P O'D of 5 September

1984.
e) Letter of 2 May 1985 - DJ Barry to the Greffer' s Office, Guernsey.
f) Letter of 18 May 1992 - Joan Williams to Ronan Redmond, IIB.
g) Statements of Account A/A54.
h) Foreign Dealing tickets - Hamilton Ross.
2. Correspondence received from or on behalf of Mr Roger Ballagh.
a) Letter of 14 December 2001 - Mason Hayes & Curran to the Inspectors.
b) Letter of 15 January 2002 - Mason Hayes & Curran to the Inspectors.

Appendix XV (1)(1) (a)
PRIVATE EXAMINATION OF MR. MICHAEL O'SHEA
UNDER OATH
ON TUESDAY, 19TH JUNE 2001
I hereby certify the
following to be a true and
accurate transcript of my
shorthand notes in the
above named interview.
Stenographer
PRESENT
The Inspectors: HIS HONOUR JUDGE 0'LEARY
MS. MACKEY BL
Solicitor to the Inspectors: MS. M. CUMMINS
Interviewee: MR. MICHAEL O'SHEA
Represented by: MR. KEVIN BARRY
McGONAGLE KENNEDY BALLAGH

I N D E X
WITNESS EXAMINATION
MR. M. 0'SHEA JUDGE 0'LEARY

1 THE EXAMINATION COMMENCED, AS FOLLOWS, ON TUESDAY,
2 19TH JUNE 2001:
5 JUDGE 0'LEARY: I note your statement
6 with regard to the
7 voluntariness of your attendance and that is
8 accepted, Exhibit 1.
9 MR. 0'SHEA: That is accepted.
10 JUDGE 0'LEARY: By the Inspectors.
11 MR. O'SHEA: Thank you. Thanks.
12 JUDGE O'LEARY: Yes. That is a fairly
13 standard procedure
14 nowadays I think.
15 MR. O'SHEA: It is
16 JUDGE O'LEARY: It is indeed.
17 MR. O'SHEA: It is, yes.
18 JUDGE O'LEARY: Thank you very much indeed
19 for attending, Mr. O'Shea.
20 My name is Sean O'Leary. I am one of the
21 Inspectors. I do not think we have had the
22 pleasure of meeting before. Ms. Noreen Mackey
23 is the other Inspector.
24 MR. O'SHEA: I have met Ms. Mackey
25 before.
26 JUDGE O'LEARY: You have met Ms. Mackey
27 before.
28 MR. O'SHEA: Yes.
29 JUDGE O'LEARY: Yes, I think she told me
4
1 that.
2 MR. 0'SHEA: Yes.
3 JUDGE O'LEARY: The position is that there
4 are, as you know, four
5 Inspectors but only two of the Inspectors will
6 be dealing with any matter touching on anything
7 we talk about here today to you.
8 MR. 0'SHEA: Yes.
9 JUDGE O'LEARY: Obviously, we have had to
10 divide up the work and
11 that is the way it is divided so far.
12 MR. 0'SHEA: I understand, yes.
13 JUDGE O'LEARY: The position is that we
14 have a number of questions
15 to ask you both in your own personal capacity as a
16 member of a firm of solicitors and also in your
17 capacity as one of the persons named with legal
18 authority in the Will of the late Mr. McGonagle.
19 MR. 0'SHEA: Indeed.
20 JUDGE O'LEARY: Yes. So, it is in those
21 two capacities.
22 MR. 0'SHEA: Yes.
23 JUDGE O'LEARY: It is a very informal
24 procedure. There is only
25 one formal part of it as you know and that is the
26 question of taking the oath.
27 MR. 0'SHEA: Yes.
28 JUDGE O'LEARY: That is the only formal
29 part of it really.
5
1 MR. O'SHEA: Yes.
2 JUDGE O'LEARY: I note that you have a
3 solicitor here with you.
4 You probably will not need it but if you feel like
5 consulting with the solicitor at any time by all
6 means just tell us "Stop" and we will stop and you
7 can of course consult with your colleague.
8 MR. O'SHEA: Yes.
9 JUDGE O'LEARY: And similarly if your
10 colleague feels that it
11 is in your interest that we should stop at any time
12 all he has to do is to say "Stop" and we will allow
13 the interruption.
14 MR. O'SHEA: That is why Kevin is here.
15 JUDGE O'LEARY: What?
16 MR. O'SHEA: That is why he is here.
17 JUDGE O'LEARY: That is why he is here,
18 yes. I think you are
19 wise. People are wise always to have another
20 pair of eyes and ears there.
21 MR. O'SHEA: Right, yes.
22 JUDGE O'LEARY: I wonder if you would take
23 the oath now and we will
24 get on to asking you the questions we have.
25 MR. O'SHEA: Yes.
26
27
28
29
6
1 MR. MICHAEL O'SHEA, HAVING BEEN SWORN, WAS EXAMINED
2 AS FOLLOWS BY JUDGE O'LEARY:
5 1 Q. JUDGE O'LEARY: Mr. O'Shea, the position
6 is that most of the
7 connections which we have discovered relate, I
8 would think it is fair to say, to the activities
9 of the late Mr. McGonagle?
10 A. Yes.
11 2 Q. I think that is a fair summary. There are however
12 a number of things relating to your firm to which
13 we would also like to refer?
14 A. Yes.
15 3 Q. However, in order to put the matter straight you
16 were appointed under the Will of Mr. O'Shea to be
17 the Executor and Trustee of his Estate?
18 A. Of Mr. McGonagle.
19 MS. MACKEY: Mr. McGonagle.
20 A. Yes.
21 4 Q. JUDGE O'LEARY: Of Mr. McGonagle I should
22 say?
23 A. Yes, I was.
24 5 Q. You were?
25 A. One of them.
26 6 Q. Yes. One of two of them I think?
27 A. That is right.
28 7 Q. Yes. The other one being a Mr. 0'Reilly-Hyland?
29 A. 0'Reilly-Hyland.
7
1 8 Q. Did you exercise that power?
2 A. No.
3 9 Q. No?
4 A. No, I renounced my rights.
5 10 Q. You renounced your rights?
6 A. Yes.
7 11 Q. Who in fact exercised the power?
8 A. His widow.
9 12 Q. His widow?
10 A. Barbara.
11 13 Q. Yes. As the heir at law is it?
12 A. As the residual legatee.
13 14 Q. As a residual legatee?
14 A. Yes.
15 15 Q. All right. Did you act in that matter?
16 A. Yes.
17 16 Q. Yes, you did. In a professional capacity for him?
18 A. Yes.
19 17 Q. One of the problems that we have had in dealing
20 with the case of Mr. McGonagle is that we have to
21 accept that the widow of Mr. McGonagle was only
22 very recently married to him?
23 A. That is true, yes.
24 18 Q. And she has sent us in various statements with
25 regard to her state of knowledge which we accept;
26 I mean from a practical viewpoint?
27 A. Indeed.
28 19 Q. You are probably aware of those statements yourself?
29 A. Yes, I am.
8
1 20 Q. Yes?
2 A. I am aware of them.
3 21 Q. I mean from your own personal knowledge are we
4 wise to give credence to those do you think?
5 A. Well, I would have thought so.
6 22 Q. Yes?
7 A. I mean she...(INTERJECTION).
8 23 Q. You...(INTERJECTION)?
9 A. I mean...(INTERJECTION).
10 24 Q. From your own knowledge does she know anything
11 about the situation?
12 A. Well, I can never be certain but I
13 know...(INTERJECTION).
14 25 Q. Of course I understand that?
15 A. But I know Liam was an extraordinarily close,
16 careful, prudent and secretive man.
17 26 Q. Yes?
18 A. He didn't volunteer information to anybody.
19 27 Q. Yes?
20 A. And least of all to his wife.
21 28 Q. Yes?
22 A. Now, I mean I gleaned information over the years
23 from time to time. I was never told, you know?
24 29 Q. I understand. So, it is entirely consistent that
25 she would not know anything really significant?
26 A. It certainly is, yes.
27 30 Q. All right. We actually accept that?
28 A. Yes.
29 31 Q. And we will of course reflect that in any decision
9
1 which we have to take; of course. That however puts
2 us in somewhat of a difficulty because it would
3 be not unfair to the late Mr. McGonagle to say that
4 his name crops up on a number of occasions through
5 the course of our investigation?
6 A. Yes.
7 32 Q. Both as a solicitor and as an individual?
8 A. Yes.
9 33 Q. I think that...(INTERJECTION)?
10 A. I haven't seen...(INTERJECTION).
11 34 Q. You have not seen it; all right?
12 A. I have seen some.
13 35 Q. All right. The problem which we are faced with is:
14 We must identify the clients of the Company we are
15 investigating?
16 A. Yes.
17 36 Q. Which is "Ansbacher"?
18 A. Yes.
19 37 Q. We are not investigating Mr. McGonagle?
20 A. Yes.
21 38 Q. We are not investigating you?
22 A. Yes.
23 39 Q. We are not investigating anybody?
24 A. Yes.
25 40 Q. We were investigating the Company?
26 A. Yes.
27 41 Q. However, one of the jobs that has been given to us
28 is that we must identify the clients of the Company.
29 A. Right, yes, yes.
10
1 42 Q. Obviously, we have to consider whether Mr. McGonagle
2 was a client of "Ansbacher" or not?
3 A. Yes.
4 43 Q. Do you know whether he was or not; directly or
5 indirectly?
6 A. He never told me.
7 44 Q. Yes?
8 A. But I did obviously advise him in a number of
9 respects in connection with a visit to a Tribunal
10 and...(INTERJECTION).
11 45 Q. I do not want to...(INTERJECTION)?
12 A. And also...(INTERJECTION).
14 A. I also advised him. So, I am not sure if I
15 can answer that.
16 47 Q. I do not want any information which you got
17 exclusively from giving him advice?
18 A. Yes.
19 48 Q. I do not want that information?
20 A. Yes.
21 4 9 Q. That would be improper and I do not want that
22 information?
23 A. Yes.
24 50 Q. Other than that are you aware of any such
25 connection?
26 A. He would never have told me.
27 51 Q. Yes, yes. Do you know for example of the existence
28 of a company called Camille Investments Ltd?
29 A. Yes, I have heard the name.
11
1 52 Q. Yes. Had you any connection yourself with the
2 Company?
3 A. No, no, but I knew it was an investment company
4 of Liam's.
5 53 Q. Of Liam's?
6 A. Yes.
7 54 Q. Did he own it himself?
8 A. He did.
9 55 Q. He did, yes, yes. It may have been, the shares may
10 have been, in different person's names from time to
11 time but I think he was the beneficial owner at all
12 times?
13 A. I would have thought so, yes.
14 56 Q. Yes?
15 A. I don't think they were in anybody else's name.
16 57 Q. They may?
17 A. But I may...(INTERJECTION).
18 58 Q. They may have been but...(INTERJECTION)?
19 A. I mean I wouldn't necessarily know.
20 59 Q. Yes, yes. I will just show you a letter of the
21 30th March 1988, Exhibit 2?
22 A. Yes.
23 60 Q. Which I think is Mr. McGonagle's own acknowledgement
24 that he owns the Company?
25 A. Right, yes.
26 61 Q. Because obviously unless we know who owned the
27 Company we could not proceed on any basis
28 (Same Handed), Exhibit 3?
29 A. Yes, right. Yes, that seems clear.
12
1 62 Q. It seems clear enough?
2 A. Yes, it does, yes.
3 63 Q. And I mean I am just giving you an opportunity of
4 looking at it?
5 A. Yes, yes.
6 64 Q. In case you say, "That is all wrong. He only did
7 that because of X, Y or Z"?
8 A. No.
9 65 Q. All right. There are two other pieces of evidence
10 which I want to put to you as a person who might
11 know something about it?
12 A. Yes, yes.
13 66 Q. And, of course, I accept you might not also know
14 anything about it as well?
15 A. Yes .
16 67 Q. However, I think in fairness to the late
17 Mr. McGonagle somebody had better be told about
18 these pieces of information because otherwise
19 it would be quite improper and I think you are
20 the appropriate person. There is an internal
21 memo dated the 16th August 1978. When I say it
22 is "internal" it is internal to Guinness Mahon
23 Ireland (Same Handed)?
24 A. Yes, yes.
25 68 Q. You may have already seen that in another context.
26 I am not sure whether you have or not?
27 A. I probably have seen this before.
28 69 Q. You probably have seen it?
29 A. Yes .
1 70 Q. There are three matters that I want to point out
2 to you there. Mr. Turvey: Would you explain who
3 Mr. Turvey is to me?
4 A. He is a friend of Liam McGonagle's.
5 71 Q. Yes?
6 A. Was a friend, yes.
7 72 Q. Yes. Is he an accountant or is he...(INTERJECTION)?
8 A. He is an accountant; he is.
9 73 Q. Is he?
10 A. Yes.
11 74 Q. Yes?
12 A. Though he has't...(INTERJECTION).
13 75 Q. Has he a Haughey Boland background
14 or...(INTERJECTION)?
15 A. No, he hasn't. He has always -- I don't think he
16 has ever practised as a professional accountant.
17 He has always been in business.
18 76 Q. Yes?
19 A. And -- but he was a friend of Liam's since -- from
20 his school days.
21 77 Q. Yes. He seemed to have carriage of a lot of matters
22 relating to Camille Investments Ltd over the years?
23 A. They were very friendly.
24 78 Q. Do you know that of your own knowledge?
25 A. Well, they were friendly, you know?
26 79 Q. Yes?
27 A. And...(INTERJECTION).
28 80 Q. However, do you know whether he had a lot of
29 involvement in Camille Investments?
14
1 A. I think Liam would have relied on him from time
2 to time, yes.
3 81 Q. From time to time?
4 A. Yes.
5 82 Q. Yes?
6 A. Yes.
7 83 Q. There are two other matters I want to refer to you:
8 Do you see the expression:
10 "This is a suitably secured situation"?
11
12 A. Yes.
13 84 Q. We have been informed by Guinness & Mahon that
14 "suitably secured" in that context means the
15 following: That money was being borrowed and
16 it was being borrowed on a back-to-back basis
17 against money which was on deposit outside this
18 jurisdiction. That may have been the North of
19 Ireland. It may have been the Channel Islands?
20 A. Yes.
21 85 Q. Or it may have been the Cayman Islands?
22 A. Yes.
23 8 6 Q. Do you know whether Camille Investments had
24 any such money of your own knowledge?
25 A. I would be very surprised if it had.
26 87 Q. Yes?
27 A. I would be -- Camille Investments was an Irish
28 company.
29 88 Q. Yes?
15
1 A. So, I don't think Camille would have had any
2 funds outside of the jurisdiction.
3 89 Q. Yes?
4 A. But again I can't be certain.
5 90 Q. Yes, I understand?
6 A. But I would be very surprised.
7 91 Q. If it was being backed by funds outside the
8 jurisdiction they were probably held in another
9 name?
10 A. That's a possibility.
11 92 Q. Yes. Because you can see in the bottom that it
12 says :
13
14 "In the meantime I have asked E.McL.

to hold dollars in excess of 300,000.00
15 held on deposit from G.M.C.T to our
order."
16
17
18 A. Yes .
19 93 Q. One of the conclusions the Inspectors might draw
20 from that and of course they can be persuaded to
21 draw a different conclusion if that is appropriate?
22 A. Yes, yes.
23 94 Q. One of the conclusions they might draw from it is
24 that Camille Investments and its owner had access
25 to backing deposits in Guinness Mahon Cayman Trust,
26 which was an earlier name of "Ansbacher". Do you
27 have any information to confirm or dissuade us from
28 adopting that course of action?
29 A. I would be I suppose giving privileged information
16
1 if I were to do otherwise...(INTERJECTION).
2 95 Q. I am not interested in the privileged information.
3 Other than privileged information...(INTERJECTION)?
4 A. I am...(INTERJECTION).
5 96 Q. You can forget you know privileged information?
6 A. I am...(INTERJECTION).
7 97 Q. Forget that?
8 A. I...(INTERJECTION).
9 98 Q. You do not know?
10 A. I know I have come across the phrase "suitably
11 secured" on many occasions.
12 99 Q. Yes?
13 A. I know how Guinness & Mahon interpret that phrase.
14 100 Q. Yes?
15 A. I am not sure that it was always interpreted --
16 it always reflected the actual position. I have
17 come across situations where I think it might have
18 been convenient for Mr. Traynor to say to his
19 lending committee, "This is adequately secured".
20 101 Q. Yes, I understand. Yes?
21 A. Whereas in fact it wasn't but he would have known
22 the borrower and would have been quite happy. Now,
23 I cannot give you any instances off the top of my
24 head of that but I certainly have come across one
25 or two instances of that.
26 102 Q. Yes. However, Mr. O'Shea, that line of "Defence"
27 hardly passes muster in this case when in the course
28 of the same memo there is a specific request?
29 A. Yes .
1 103 Q. To set aside 300,000 US dollars, presumably
2 US dollars, which are apparently in G.M.C.T?
3 A. Indeed.
4 104 Q. So, I think that "Defence" which might be open
5 to some people hardly applies to this document?
6 A. Right, indeed.
7 105 Q. You see the point I am making; that is all I am
8 saying?
9 A. I see the point you are making of course.
10 106 Q. All right, grand. The third piece of evidence
11 that we have which would indicate a connection
12 between Camille Investments Ltd and "Ansbacher",
13 and therefore of course indirectly with
14 Mr. McGonagle, is a memo dated or a letter dated
15 the 11th March 1990 from Mr. Lanigan-0'Keeffe to
16 Mr. Traynor and there is a Schedule attached to
17 that. I think in the case of Mr. O'Shea you can
18 Mr. O'Shea, I am treating you as a solicitor in
19 this regard: I am going to give you the complete
20 document which includes the names of other people
21 (Same Handed), Exhibit 4?
22 A. Certainly, you can take that...(INTERJECTION).
23 107 Q. However, I mean you have to undertake to me not
24 to...(INTERJECTION)?
25 A. Yes .
26 108 Q. To abide by confidence in that regard?
27 A. Yes, yes.
28 109 Q. Mr. Lanigan-0'Keeffe has informed another person,
29 and will in due course no doubt inform us also,

1 that this Schedule was produced by him for
2 Mr. Traynor and it was a Schedule of "suitably
3 secured" loans?
4 A. Yes.
5 110 Q. Persons who had loans through "Ansbacher" that were
6 "suitably secured"?
7 A. Yes, yes.
8 111 Q. And they included a number of persons including
9 Liam McGonagle?
10 A. Yes, yes.
11 112 Q. All right?
12 A. Yes, clearly the case, yes.
13 113 Q. Yes?
14 A. Yes.
15 114 Q. Have you any comment to make on that?
16 A. It could be for a number of factors. I can't --
17 obviously it would be speculation -- I think you
18 can speculate; I think may be correctly. I have
19 seen a number of these (indicating), Exhibit 4.
20 115 Q. I can only go on what Mr. Lanigan-0'Keeffe says?
21 A. Yes.
22 116 Q. That is all I can go on?
23 A. Yes.
24 117 Q. Because I...(INTERJECTION)?
25 A. Yes.
26 118 Q. It means nothing to me. All it is is a Schedule?
27 A. Yes, yes.
28 119 Q. If Mr. Lanigan-0'Keeffe said to me, which I
29 anticipate he will not because he has said it
19
1 differently to another person, but if he in due
2 course says to me, "Well, I don't know what
3 that list is"?
4 A. Yes.
5 120 Q. Well, then I will have to take it to out of my
6 reckoning; do you understand?
7 A. Yes.
8 121 Q. However, if he says what I anticipate he is going
9 to say?
10 A. Yes, yes.
11 122 Q. There can be only one conclusion surely; that
12 conclusion is that Mr. Lanigan-0'Keeffe
13 thought that...(INTERJECTION)?
14 A. That these were...(INTERJECTION).
15 123 Q. That Mr. McGonagle had a "suitably secured" loan?
16 A. Indeed, yes.
17 124 Q. Whether that proves it or not; that is a matter
18 of judgment afterwards?
19 A. This was a list of facilities made available by
20 Guinness & Mahon to the individuals.
21 125 Q. With backing?
22 A. With...(INTERJECTION).
23 126 Q. To "Ansbacher"?
24 A. Yes.
25 127 Q. As you will appreciate...(INTERJECTION)?
26 A. Yes.
27 128 Q. As you will appreciate if you look at the date,
28 the 11th May 1990, it can hardly be anything else?
29 MR. BARRY: That is a question you
20
1 are asking, Michael, or
2 is that a statement you are making?
3 A. Well, I am...(INTERJECTION).
4 MR. BARRY: Are you saying that that
5 is a list (indicating),
6 Exhibit 4?
7 A. Well, no. I am assuming it is a list.
8 129 Q. JUDGE O'LEARY: Yes. It is a list?
9 A. It is a list, yes.
10 MR. BARRY: So, it is a question?
11 A. Yes.
12 MR. BARRY: Yes, right.
13 A. Yes.
14 MR. BARRY: It sounded like a
15 statement; sorry.
16 A. Yes.
17 JUDGE O'LEARY: I think coaching the
18 witness is neither
19 ethical.
20 MR. BARRY: Excuse me; I am sorry.
21 JUDGE O'LEARY: Or certainly necessary.
22 MR. BARRY: Excuse me.
23 JUDGE O'LEARY: With an expert witness
24 like this.
25 MR. BARRY: Sorry.
26 130 Q. JUDGE O'LEARY: However, the reality of
27 the situation as you
28 will appreciate?
29 A. Yes.
21
1 131 Q. Is that on the 11th May 1990 Mr. Traynor no
2 longer had any connection with Guinness & Mahon?
3 A. That is right.
4 132 Q. And he is addressed in the letter as being
5 Mr. J. D. Traynor of "Ansbacher" Limited?
6 A. Yes.
7 133 Q. So, we can take it that it has an "Ansbacher"
8 connection?
9 A. I ... (INTERJECTION) .
10 134 Q. We can take it that Mr. Lanigan-0'Keeffe thought
11 it had an "Ansbacher" connection?
12 A. Thought -- well, perhaps he did, yes. Perhaps
13 he did.
14 135 Q. Yes. That is a matter that...(INTERJECTION)?
15 A. Now, I know from talking to Liam that Liam had
16 always had the assets of Camille securing any
17 borrowings he had personally.
18 136 Q. Yes?
19 A. And including also the Deeds to No. 29 Molesworth
20 Street.
22 A. And insofar as Liam was concerned that was security
23 that they held.
24 138 Q. Yes, I understand that?
25 A. And if there was anything in "Ansbacher" it wasn't
26 necessary.
27 139 Q. That may well be the case?
28 A. Now...(INTERJECTION).
29 140 Q. However, we have found many examples of that?
22
1 A. Indeed.
2 141 Q. Many examples of that?
3 A. But certainly No. 29 Molesworth Street -- I am
4 not sure had it been sold at that time or not but
5 it was substantially more than the borrowing than
6 was there (indicating), Exhibit 4, or the borrowing
7 figure there (indicating), Exhibit 4, and I think
8 also the other assets of Camille would have been in
9 the region of a few hundred thousand pounds. They
10 were basically investments and again they would have
11 been there as security. So, I don't know what else
12 or what other records Guinness & Mahon might have
13 in relation to that type of security.
14 142 Q. Yes?
15 A. And whether they would have considered that to
16 be adequately secured or not but I mean I hear
17 what you are saying, yes.
18 143 Q. You can take it that their evidence to us has been
19 that adequately secured means offshore?
20 A. Yes, offshore, yes, yes.
21 144 Q. It does not necessarily mean Cayman?
22 A. Yes .
23 145 Q. However, it means offshore?
24 A. Yes, yes.
25 146 Q. All right. The last thing I want to show you in
26 the Camille mode of this is a document signed by
27 yourself apparently (Same Handed). Is that your
28 signature (indicating), Exhibit 5?
29 A. It is, yes. Yes, it is.

1 147 Q. In what capacity did you sign that?
2 A. I have no idea.
3 148 Q. Whose signature is it underneath? There appear to
4 be two signatures on it?
5 A. Yes. That is Des Turvey's signature.
6 14 9 Q. Yes. That is the one which we have seen in many
7 documents dealing with Camille?
8 A. Yes.
9 150 Q. And we will of course in due course deal with
10 that with Mr. Turvey?
11 A. And that is Mr. Turvey.
12 151 Q. Who were not the auditors?
13 A. No. I haven't seen the Company's file. Was I
14 a Director at some stage of Camille?
15 152 Q. I do not know?
16 A. Yes.
17 153 Q. I am asking you?
18 A. I honestly...(INTERJECTION).
19 154 Q. You told me you had nothing to do with the Company.
20 A. I have...(INTERJECTION).
21 155 Q. And I am just saying to you that I have come across
22 this document (indicating), Exhibit 5?
23 A. I have no idea what -- why my signature is there
24 (indicating), Exhibit 5.
25 156 Q. I wonder if you would have a look at it yourself?
26 A. Yes.
27 157 Q. And if you can come up with any explanation?
28 A. Yes.
29 158 Q. That would be of assistance to us?
24
1 A. Yes.
2 159 Q. We would appreciate it?
3 A. Yes. It is clearly a request to the bank to provide
4 information to Haughey Boland but I cannot tell you
5 in what capacity I signed that (indicating),
6 Exhibit 5.
7 160 Q. Do you see that the document itself says you signed
8 as an authorised signature?
9 A. Yes.
10 161 Q. Were you an authorised signature for that Company?
11 A. I don't believe so.
12 162 Q. Yes. I have come across no information that you in
13 fact were an authorised signature of the Company?
14 A. Yes.
15 163 Q. However, I wonder would you look at it?
16 A. Yes.
17 164 Q. And see whether there is any further information
18 you can give us as a result of your investigations?
19 A. I will certainly check to see was I a Director
20 at that stage.
21 165 Q. Exactly?
22 A. Yes.
23 166 Q. I wonder would you do that?
24 A. Yes, yes.
25 167 Q. I think it would be of assistance to us if you
26 did that?
27 A. Certainly, yes.
29 A. Yes.
25
1 169 Q. Thank you. Do you know anything about
2 Mr. McGonagle's involvement in any other
3 companies with "Ansbacher" connections other
4 than in a...(INTERJECTION)?
5 A. Professional?
6 170 Q. Yes; professional capacity?
7 A. I don't think so. Other than in a professional
8 capacity, no.
9 171 Q. Yes. I am not interested...(INTERJECTION)?
10 A. Not that I --
11 172 Q. Yes?
12 A. I mean a number of companies have come up certainly.
13 173 Q. Yes?
14 A. If you...(INTERJECTION).
15 174 Q. Was he involved in a company called Pine Securities?
16 A. No.
17 175 Q. No?
18 A. He wasn't.
19 176 Q. Was he involved in a company called Beresford
20 Investments?
21 A. I believe he was.
22 177 Q. Yes. Were you involved in the Company called
23 Beresford Investments?
24 A. No, but I remember it through the office. I
25 think it bought and sold a property and I think
26 lost a small amount of money in the process.
27 178 Q. Yes. Do you know who the beneficial owners of
28 that Company were?
29 A. I think there were a number of individuals.
26
1 179 Q. Including Mr. McGonagle?
2 A. Including, yes.
3 180 Q. Yes. Were you a beneficial owner of the Company?
4 A. No.
5 181 Q. That also, according to the records of GMI and
6 that is all I am talking about is the records
7 of GMI?
8 A. Yes.
9 182 Q. Had a "suitably secured" loan?
10 A. Yes, I have seen those.
11 183 Q. You have seen those?
12 A. Yes.
13 184 Q. I have no knowledge as to what that "suitably
14 secured" loan was. I do not have the same knowledge
15 as I have in the case of the previous one that I put
16 to you; do you understand?
17 A. Yes.
18 185 Q. Yes. Were you familiar with a company called
19 British Isle Investments?
20 A. I have heard the name.
21 186 Q. Yes. Were you an owner of that Company yourself?
22 A. No.
23 187 Q. Had you any interest in the Company?
24 A. None, none.
25 188 Q. Did Mr. McGonagle have an interest in the Company?
26 A. That would be again information I would have
27 gleaned from Mr. McGonagle.
28 189 Q. In a professional capacity?
29 A. In a professional capacity, yes.
27
1 190 Q. However, other than that information?
2 A. Other than that I wouldn't know.
3 191 Q. You would not know?
4 A. No, I wouldn't know.
5 192 Q. However, British Isle Investments Company or
6 whatever the precise name of it was?
7 A. Yes.
8 193 Q. Was a very famous Company?
9 A. Yes.
10 194 Q. I mean it had been the subject of much speculation?
11 A. Indeed. I think I...(INTERJECTION).
12 195 Q. So, I mean it is not just like a...(INTERJECTION)?
13 A. I think I -- yes, I think I know what you are
14 referring to.
15 196 Q. Yes. In the United Kingdom?
16 A. That is right, yes.
17 197 Q. There was a company investigation?
18 A. There was.
19 198 Q. And British Isle Investments was at the very centre
20 of that company investigation?
21 A. Yes, that is right.
22 199 Q. Surely at that time quite separate from any advice
23 which you gave him in later life...(INTERJECTION)?
24 A. Well, I remember a little bit about that. There
25 were two UK --
26 200 Q. Yes?
27 A. There were two British property developers that
28 Liam had a business relationship with. We -- I
29 think they were involved in a US public -- sorry,
28
1 a UK company called Norwest Hoist Ltd and I think
2 it was in that context that the inquiry arose but
3 I didn't know -- I never knew the details of the
4 inquiry.
5 201 Q. I can assure you I have no interest in the details
6 of the inquiry?
7 A. I know there was a suggestion that in some way
8 they had taken money out of Norwest Hoist and --
9 but I never knew the...(INTERJECTION).
10 202 Q. However, was not the fact of Mr. McGonagle and
11 this British Isle Investments Company central
12 to the issue to be deciding in that inquiry
13 in England and did they not come to Dublin to
14 interview Mr. McGonagle?
15 A. I wasn't aware of that. I thought he hadn't been
16 interviewed but...(INTERJECTION).
17 203 Q. No, he had not?
18 A. Yes.
19 204 Q. Because when they came to Dublin he refused to
20 be interviewed?
21 A. I see, I see. All right.
22 205 Q. However, you surely must have known that?
23 A. It is just that I have heard the name but whether
24 it was a company that was solely controlled by
25 these two English property developers or with
26 Liam McGonagle I don't know.
27 206 Q. Yes?
28 A. It -- I am not sure what the results of the
29 inquiry were either but the...(INTERJECTION).
29
1 207 Q. Yes, I see. However, you do not know anything
2 about that Company as such?
3 A. Other than in the context of professional advice,
4 no.
5 208 Q. Yes?
6 A. I mean I was aware vaguely of the inquiry.
7 209 Q. Yes?
8 A. But I can't say I know anything about it.
9 210 Q. Yes. On the question of professional advice:
10 Ms. Cummins mentions to me, and it is quite true,
11 that the recent law on that matter seems to
12 differentiate between information which a solicitor
13 gets while acting for a Client with regard to who
14 owns a company on the one hand?
15 A. Yes .
16 211 Q. And the advice that he or she tenders to that person
17 arising from that consultation?
18 A. Yes .
19 212 Q. And that all seems to have come down in favour of a
20 solicitor not being able to exercise privilege with
21 regard to information with regard for example to the
22 ownership of a company?
23 A. Well, I think they...(INTERJECTION).
24 213 Q. Is that not the current state of the law?
25 A. I thought it was -- I mean I bow to your knowledge
26 in that regard, Judge.
27 214 Q. Yes?
28 A. But I did look at Judge Kelly's decision in the
29 Miley -v- Miley case and he clearly said there you
30
1 cannot -- you must disclose the name of your client
2 215 Q. Yes?
3 A. And he decided, or he confirmed I think the legal
4 position, that legal assistance isn't privileged.
5 Legal advice is, which I think is the sort of
6 language he used.
7 216 Q. Any way, Mr. O'Shea, I am not going down that road;
8 I can assure you?
9 A. Yes .
10 217 Q. Because with regard to Mr. McGonagle I certainly
11 have enough information to be able to make a
12 decision whether or not he was a client of
13 "Ansbacher"?
14 A. Okay, indeed.
15 218 Q. I may be a bit deficient with regard to being
16 able to precisely define the extent to which he
17 was a client?
18 A. Okay, yes.
19 219 Q. However, I do not think that is sufficiently
20 important to my investigation of "Ansbacher"
21 for me to go to the scaffold over it?
22 A. Indeed, yes.
23 220 Q. Do you understand what I mean?
24 A. Indeed.
25 221 Q. If it was necessary and if it was a matter of
26 life or death I would pursue the matter further
27 with you but I am not interested in pursuing
28 the matter further with you at this stage for
29 that reason?
1 A. Very well.
2 222 Q. All right?
3 A. Thank you.
4 223 Q. I come now to the question of the relationship
5 between "Ansbacher" and your company?
6 A. Yes .
7 224 Q. A firm of solicitors?
8 A. Yes .
9 225 Q. And we have received your statement in that regard?
10 A. Yes .
11 226 Q. And it is helpful and thank you very much indeed
12 for the statement, Exhibit 6. It is of considerable
13 assistance to us. We know that your company acted
14 for Cayman International Bank & Trust Company
15 Limited, which was another of the names of
16 "Ansbacher"?
17 A. Yes .
18 227 Q. And really we are not interested in that. We
19 really have no concerns with regard to that.
20 You are entitled to act for those people if
21 you want. However, we are interested in the
22 1993 situation?
23 A. Yes .
24 228 Q. About this fee apparently that was paid by a UK
25 Client of the firm. What was the amount of that
26 approximately? I do not want the...(INTERJECTION)?
27 A. Approximately £40,000.
28 229 Q. £40,000, yes. Do you know how long it was invested
29 somewhere?
1 A. I would hazard a guess and say a number of months;
2 may be up to five or six months perhaps.
3 230 Q. Yes?
4 A. May be shorter.
5 231 Q. Yes. If I was to tell you that our information is
6 that it was in Hamilton Ross rather than Kentford
7 would you know whether that is right or wrong?
8 A. I won't.
9 232 Q. Yes?
10 A. I know the payment came from Kentford.
11 233 Q. Yes. However, I think Kentford was merely a
12 device used for making payments?
13 A. May be so, yes.
14 234 Q. Do you understand?
15 A. May be so, yes.
16 235 Q. It was not an investment vehicle?
17 A. Yes, yes.
18 236 Q. Insofar as we have been able to ascertain?
19 A. Yes.
20 237 Q. Kentford was the mechanism by which money was paid
21 to Irish people?
22 A. Yes.
23 238 Q. From money which had been abroad; do you understand
24 what I mean?
25 A. Yes, I do, yes.
26 239 Q. Yes. That was...(INTERJECTION)?
27 A. I do, yes.
28 240 Q. So, as far as you were concerned it was Kentford?
29 A. Yes.
33
1 241 Q. Do you remember the circumstances in which it was
2 put where-ever it was put; leaving aside for the
3 moment where it was put?
4 A. I think it was probably Liam's idea.
5 242 Q. Yes?
6 A. To route it through Des Traynor.
7 243 Q. Yes?
8 A. And Liam possibly mentioned it to me.
9 244 Q. Yes?
10 A. In any event it happened.
11 245 Q. Yes?
12 A. And subsequently payments were made by Kentford.
13 246 Q. Yes. Were you familiar at that time with where it
14 was going yourself?
15 A. No, I had no idea.
16 247 Q. You had no idea?
17 A. I had no idea.
18 248 Q. When you say it was "Des Traynor" do you think
19 it was coming to Des Traynor in Ireland or it
20 was coming to Des Traynor where?
21 A. Well... (INTERJECTION) .
22 249 Q. Or did you know?
23 A. Obviously, I knew of Des's connection with
24 Guinness & Mahon. I didn't give it any thought
25 as to what other banking connections he had.
26 Obviously, at that time he was no longer in
27 Guinness & Mahon.
28 250 Q. I mean he had left Guinness & Mahon at that stage
29 for five years?
34
1 A. That is true, that is true, but in any event he
2 was happy to facilitate Liam and did and I didn't
3 really think very much about it one way or the
4 other.
5 251 Q. Yes. You are not familiar, are you, with whether
6 or not -- it was then eventually brought into this
7 Country. The money was brought into this Country,
8 was it, and distributed between you?
9 A. It was distributed to the partners, it was.
10 252 Q. And where did it end up? Did it end up in the
11 firm's account or where did it end up?
12 A. No, it ended up in the partner's account.
13 253 Q. In...(INTERJECTION)?
14 A. Individually.
15 254 Q. Within the firm?
16 A. Individually.
17 255 Q. Individually?
18 A. Yes, individually.
19 256 Q. Individually, yes, I see. Was it expected that the
20 partners would make whatever returns were necessary
21 arising out of that?
22 A. Yes.
23 257 Q. Yes?
24 A. Well, if they were doing it, yes.
25 258 Q. Yes?
26 A. Yes.
27 259 Q. And was this money earned abroad
28 or...(INTERJECTION)?
29 A. It was earned abroad.
35
1 260 Q. Earned abroad?
2 A. Yes, it was a UK Client as I recall.
3 261 Q. Yes, I see, I see. Do you remember the time of
4 the year in 1993 that you received that money?
5 A. I don't remember.
6 262 Q. I wonder could you find that out for us?
7 A. I could.
8 263 Q. Yes?
9 A. Yes, I could. I think there may be some
10 correspondence.
11 264 Q. Yes. Well, that is fair enough?
12 A. But I will certainly see if I can find that out.
13 265 Q. Yes. That would be of assistance to us?
14 A. Yes.
15 266 Q. It always seems to us that there was a small balance
16 remaining in Hamilton Ross after the payment was
17 made even as late as the 31st December 1993 of
18 some £1,240?
19 A. I think there was. I think that may have been
20 interest.
21 267 Q. Yes?
22 A. Which was subsequently divided again.
23 268 Q. At a later date?
24 A. At a later date.
25 269 Q. Yes. I wonder would you just give us the dates
26 of those?
27 A. Certainly.
28 270 Q. It would be of considerable assistance to us?
29 A. Yes.
36
1 271 Q. All right?
2 A. Okay.
3 272 Q. Thank you very much indeed. That is grand.
4 Have I -- from time to time -- as you say in
5 your statement, Exhibit 6: On one occasion you
6 respected the firm and I am not concerned about
7 that November 1993 instruction that you received.
8 Had you ever acted for the Firm before that?
9 A. No, not to my knowledge.
10 273 Q. No, not to your knowledge?
11 A. Yes .
12 274 Q. I see, okay. Had you ever received money from the
13 Firm before that?
14 A. No.
15 275 Q. All right. We have, I have, two other documents
16 to show you. One really is and I want to explain
17 its frailty to you because I do not like making
18 claims for documents that I cannot stand over, as
19 you will appreciate. This is a document at page 28,
20 Ms. Cummins, please (Same Handed), Exhibit 7?
21 A. Thanks.
22 276 Q. This is a memo from Mr. Traynor to Mr. O'Dwyer?
23 A. Yes .
24 277 Q. They were both working in Guinness & Mahon at
25 the time?
26 A. Yes .
27 278 Q. On the face of it it looks just like a
28 Guinness & Mahon payment?
29 A. Yes .
1 279 Q. There are however if you like two aspects of
2 the matter which give rise to some possibility,
3 and I am not putting it any stronger than that,
4 of an "Ansbacher" connection. One is the fact
5 that it was a sterling draft?
6 A. Yes .
7 280 Q. Which was a little unusual if the money was
8 in Ireland in ordinary circumstances, and secondly
9 Redshank Investments. Have you heard of that
10 Company?
11 A. I have heard of that again in a professional
12 capacity, yes.
13 281 Q. Yes. That Redshank Investments, the Inspectors
14 believe, had a connection with McGonagle. The
15 Inspectors believe that?
16 A. Yes .
17 282 Q. We are not asking you to confirm or deny that?
18 A. Yes .
19 283 Q. And that it may well have had an "Ansbacher"
20 connection?
21 A. Yes .
22 284 Q. Do you know anything about that payment?
23 A. I have a vague memory I have to say.
24 285 Q. Yes?
25 A. But only that. I can't say in what context it is.
26 The other people named were partners in the firm.
27 So, it may be in that context that this payment
28 was made but I cannot...(INTERJECTION).
29 286 Q. It is like as if it is a division of some money
38
1 between partners in the Firm with Mr. McGonagle's
2 section going to Redshanks?
3 A. Indeed.
4 287 Q. Is that not what it looks like?
5 A. Indeed.
6 288 Q. The source of that fund, of those funds, are a
7 cause of concern to us. I wonder would you
8 think about that?
9 A. I will, yes.
10 289 Q. And would you revert to us with regard to that?
11 A. Yes, I will.
13 A. I can't recall now.
15 A. Yes.
16 292 Q. I understand that?
17 A. Yes.
18 293 Q. However, it may be worth while thinking about it?
19 A. Yes.
21 A. Certainly.
22 295 Q. The difficulty about this payment as far as we are
23 concerned is that it mentions you by name rather
24 than the Firm?
25 A. Indeed, yes.
26 296 Q. Of course we have to be very careful and we will
27 be very careful and certainly we will be very
28 careful in respect of any payment of £1,650?
29 A. Yes.
39
1 297 Q. Which is not even in 1984 an amazing sum of money?
2 A. Yes .
3 298 Q. However, at the same time we have to satisfy
4 ourselves that it does not have an "Ansbacher"
5 connection?
6 A. Yes, indeed.
7 299 Q. So, any assistance you can give us in that regard?
8 A. Fine, yes.
9 300 Q. Otherwise we may have to go and investigate it.
10 We have not really investigated it that much at
11 this stage?
12 A. Yes, okay.
13 301 Q. However, if you can satisfy us so be it?
14 A. Very well.
15 302 Q. We will just let it stand at that; all right?
16 A. Certainly.
17 303 Q. All right. That is one -- you might come back to
18 us on that, Mr. O'Shea?
19 A. Yes, I will.
20 304 Q. The other thing is this: I wonder would you just
21 show Mr. O'Shea number 2 9 as well (Same Handed),
22 Exhibit 8? That has -- that shows Redshank
23 Investments as being a Client of College Trustees.
24 You can take it that at that stage our information
25 is that College Trustees' funds, not necessarily all
26 of them but many of the College Trustees' funds
27 which they had invested for clients, were routed
28 for some inexplicable reason through "Ansbacher"?
29 A. Yes, I see.
1 305 Q. So, here you have a situation where we know that
2 Redshank Investments Limited was a College Trustee
3 client. We know that in 1985, which was the year
4 after that, it had informed various parties with
5 regard to the Registered Office and we know that
6 Redshank Investments is connected with the 1984
7 payment. We are of the belief but we cannot
8 mathematically prove it at this stage that Redshank
9 Investments was a Liam McGonagle company but we
10 believe that to be the case. Putting all of
11 those things together we had a certain concern?
12 A. Yes .
13 306 Q. And I will not put it any stronger than that;
14 all right?
15 A. Yes .
16 307 Q. The only other document I want to show you,
17 Mr. 0'Shea, is this: It is a 18th May 1992
18 document. It is page 30 (Same Handed), Exhibit 9?
19 A. Thanks.
20 308 Q. That does not appear in your statement, Exhibit 6?
21 A. No, and I have no recollection of it.
22 309 Q. Yes?
23 A. I have no idea what it is for.
24 310 Q. I wonder would it be an earlier part of the £40,000
25 even though the £40,000 was there in December 1992?
26 Could it have been £50,000 and could this be £10,000
27 of it?
28 A. I don't think so.
29 311 Q. You do not think so?

1 A. No, I don't think so.
2 312 Q. You think it is separate from that. You do note
3 that they are talking about "Ansbacher" Limited?
4 A. Yes, I do.
5 313 Q. Rather than Hamilton Ross?
6 A. Yes.
7 314 Q. However, you can take it that Hamilton Ross and
8 "Ansbacher" were interchangeable?
9 A. Indeed, yes.
10 315 Q. Names used by these parties?
11 A. Yes, indeed, yes.
12 316 Q. And I would not attach too much significance to
13 that?
14 A. Yes.
15 317 Q. However, you can see that it is a payment not to
16 Mr. McGonagle?
17 A. Yes, Kennedy McGonagle Ballagh.
18 318 Q. But to Kennedy McGonagle Ballagh?
19 A. Yes, I can see that. I can see that. I am --
20 I have no idea what for.
21 319 Q. I wonder could you investigate that? There is
22 bound to be a record of that somewhere?
23 A. Yes.
24 320 Q. It is only 1992?
25 A. Yes. Yes, I agree.
26 321 Q. Yes?
27 A. I agree.
28 322 Q. I wonder could you give us an explanation of that?
29 A. Certainly, okay.
42
1 323 Q. Have you any memory of it yourself?
2 A. None. Not at this point in time any way I don't
3 but I certainly will -- I mean we can check our
4 ledgers and find out from that; hopefully find
5 out from that.
6 324 Q. You see could I explain where we are going,
7 Mr. 0'Shea?
8 A. Yes, yes.
9 325 Q. So that everybody understands where we are?
10 A. Yes.
11 326 Q. We will have to consider all the evidence as to
12 whether Mr. McGonagle was a Client of "Ansbacher"?
13 A. Yes.
14 327 Q. Obviously I cannot tell you what the result of that
15 conclusion will be?
16 A. Yes.
17 328 Q. However, let us assume for a working hypothesis at
18 the moment that we concluded that he was a Client
19 of "Ansbacher"?
20 A. Yes, yes.
21 329 Q. We then have to separately consider whether
22 Kennedy McGonagle Ballagh were Clients of
23 "Ansbacher"?
24 A. Yes.
25 330 Q. It is a separate consideration?
26 A. Yes.
27 331 Q. And we are highly conscious of that?
28 A. Yes.
29 332 Q. Of keeping it separate?
43
1 A. Yes.
2 333 Q. So, that is why we are particularly honing in
3 on this (indicating), Exhibit 9?
4 A. And we can come back to you on that.
5 334 Q. Yes?
6 A. I will come back to you on that.
7 335 Q. Yes. All right. That would be great. I wonder
8 when you are coming back to us on that?
9 A. Yes.
10 336 Q. Would you do us the courtesy of when you are
11 writing to us in the letter would you put a note
12 at the bottom of the letter to say that, "This
13 can be included as part of my sworn testimony"?
14 A. Sure.
15 337 Q. Do you understand that?
16 A. Yes, yes.
17 338 Q. That will enable us then not to have you to
18 come back to swear it again?
19 A. Fine, okay.
21 A. Certainly.
22 340 Q. I think that may will be in everyone's interest
23 to do that?
24 A. Certainly, okay.
25 341 Q. I wonder could you do that reasonably quickly
26 because we are getting to the end of this phase
27 of our inquiries?
28 A. Yes.
29 342 Q. And we are obviously anxious to tidy it up fairly
44
1 quickly?
2 A. Yes, yes.
3 343 Q. I think there is only one other thing that I have
4 to say to you and it is this: That Ms. Cummins had
5 a telephone call with you on the 27th February and
6 that is grand?
7 A. Yes.
8 344 Q. It was only a housekeeping telephone call?
9 A. Yes.
10 345 Q. There is no difficulty about it?
11 A. Right.
12 346 Q. However, the last sentence is:
13
14 "He also told me that Liam McGonagle

had arranged through Des Traynor for
15 a job to be done for the partners and
they were unaware of the extent of it
16 until relatively recently."
17
18 What were you referring to in that?
19 A. I presume we are referring to the payment in
20 1993 of the fee.
21 347 Q. Yes?
22 A. I presume that was it.
23 348 Q. Yes. Could it have been anything else?
24 A. I can't think of anything. No, it wouldn't
25 have been anything else.
27 A. No.
28 350 Q. That is grand?
29 A. Yes.
45
1 351 Q. I just wanted to check?
2 A. Yes, that is my...(INTERJECTION).
3 352 Q. That that was in fact the situation?
4 A. Yes, that is my recollection of it.
5 353 Q. That is your recollection?
6 A. But I mean you surprised me about that other payment
7 in 1984.
8 354 Q. Well... (INTERJECTION)?
9 A. No, I have...(INTERJECTION).
10 355 Q. In 1984 or 1992? Which is more surprising to you?
11 A. No the -- not that one (indicating). The other
12 one in 1984 I think.
13 356 Q. 1984?
14 A. Isn't it the memo?
15 357 Q. Yes, I see?
16 A. On the 5th September 1984, Exhibit 7.
17 358 Q. Yes?
18 A. I am surprised at that. I have no recollection
19 of that.
20 359 Q. You have no recollection of that at all. I do
21 understand how these things can happen?
22 A. Yes.
23 360 Q. Without you having a recollection of them?
24 A. Yes.
25 361 Q. However, I wonder whatever about the 1984 one
26 which is mildly suspicious?
27 A. Yes.
28 362 Q. The 1992 one is a positive connection?
29 A. Yes.
46
1 363 Q. Which has to be explained?
2 A. Sure.
3 364 Q. I mean that is the position?
4 A. Yes, okay.
5 365 Q. All right?
6 A. Well, we can hopefully get that explanation from
7 you.
8 366 Q. Ms. Mackey?
9 MS. MACKEY: No, no questions.
10 JUDGE O'LEARY: Mr. O'Shea, thank you
11 very much indeed.
12 A. Thank you.
13 367 Q. That is actually everything we have to say to you
14 and thank you very much for all your cooperation
15 and we appreciate it greatly. We would appreciate
16 early replies. It would facilitate us greatly if
17 you could do that?
18 A. Yes, yes.
19 368 Q. Obviously part of the process is the signing of
20 the transcript?
21 A. Yes.
22 369 Q. Because it is included in the Legislation?
23 A. Yes, yes. I mean obviously...(INTERJECTION).
24 370 Q. So, in due course Ms. Cummins will be in
25 touch with your firm and you can make the
26 necessary arrangements?
27 A. So, I mean I can come in to sign it whenever
28 it is ready.
47
1 A. Thank you.
2 372 Q. And copies of the transcript can be got for a
3 payment of?
4 MS. CUMMINS: £60.
5 JUDGE O'LEARY: Of £60.
6 A. Yes.
7 373 Q. All right?
8 A. Thank you.
9 374 Q. Thank you very much indeed.
10 A. Thank you.
11
12 THE EXAMINATION WAS THEN CONCLUDED
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
48
^ (
Appendix XV (1) (l)(b)
MICHAEL O'SHEA
I understand that I have been called to give evidence pursuant to the Inspectors'
powers set forth, inter alia, in Section 10(2) of the Companies Act, 1990.
I am here today because of the exercise of the Inspectors' right to compel my

attendance. I am not here voluntarily.
I am not prepared to answer questions voluntarily.
I understand the Inspectors have power toforce me answer their questions, provided
always the questions are within the scope of their investigation. All answers I give
today pre given as a result of the exercise of the Inspectors of their powers under
Section 10 anw «r such other statutory powers as they have to compel answers and not
otherwise.
I have asked the Inspectors not to exercise their power to compel my testimony. They
have insisted I answer all questions under compulsion of law.
KENNEDY MCGONAGLE BALLAGH
INCORPORATING BELL BRANICAN O'DONNELL & O'BRIEN
s o l i c i t o r s
20 N O R T H U M B E R L A N D R O A D D U B L I N 4
T E L 660 9799 PAX 660 9434
E M A I L : info@kmb.ie
www.kmb.ic
The Office of the Inspectors appointed bjAfti?5 Our ref: MO'S/DF
High Court to Ansbacher (Cayman) Ltd.
3"1 Floor
Trident House , .. .
Blackrock i -
Co Dublin
16 March 2001
Re: Ansbacher rCavmairt Limited f'theCompanv")
Dear Inspectors,
I have nad no J , ungs personally with the Company. However I believe the Firm of
Kennedy McGonagle Ballagh in which T am a nartner have had the following
dealings.
1. In November 1993 thefirm was instructed by Cayman International Bank and

Trust Company Limited to pursue a guarantor on foot of a guarantee given to
Guinness & Mahon Cayman Trust Limited on behalf of a Cayman registered
company called Coral Reef Securities Limited. Proceedings were instituted
against the guarantor and were ultimately settled. Our fee of £3,210 and
outlay was discharged by the Company. The Solicitor who handled this
matter for the Company was Kevin Barry.
2. Also in 1993 a fee paid by a U.K. client of the Firm was lodged by the partner
who acted for this client with the late JD. Traynor and this fee was
subsequently paid to the partners including me through Kentford Securities
Limited. The partner who handled this matter was the late Liam D.
McGonagle who was a personalfriend of the late J.D. Traynor. The U.K.
client was not a client of the Company and did not avail of any of the services
provided by the Company. I believe Mr. Traynor merely facilitated my late
partner, Liam D. McGonagle and neither he nor the Company nor Kentford
Securities were paid a fee for this service. —1
3. In 1995 the Firm advised the Company in connection with a loan granted to
Columbia Investments (an unlimited Irish registered company) and also in
respect of a guarantee and pledge agreement by Columbia Investments
Limited to the Company in respect of loans made by the Company to two
Cayman Island registered companies. The Company discharged our fee of
£6,750 and outlay for this work which was handled by Olivia McCann, a
former assistant in the Firm.
Mll iUI I. J. O'mica ROTibH l>, HAU.ACill IHRIiNCi: I-:. DIXON KIA'IN ('. HAIMV (TOW* »\ Jl IX,I
assistants: ik.ix'a iii-mry auviha n. "uvim
4. Also in 1995 the firm was instructed in relation to an application by the
Company to the High Court for leave to extend the timefor filing Form 47
with the Companies Office in respect of the security referred to at 3 above.
The Company discharged our fee of £400 plus outlay for this work which was
again handled by Olivia McCann.
5. I have personally been involved in advising a number of clients who have had
or have a relationship with the Compaq and this advice has been given in the
context of McCracken and Moriarty Tribunals and statements and attendances
before you.
The Company ' provided no service to me personally and I have not established
anv trust mana?«d by the Company nor tr» mu lmmvMmt « m T- the beneficiary of any
trust managed by the Company.
I have not deposited any money with the Company or with Guinness & Mahon
(Ireland) Limited however Kennedy McGonagle Ballagh hasfrom timeto time used
the services of Guinness & Mahon (Ireland) Limited. It has deposited the Finn's
money and clients' money with that Bankfrom time totimeand during one or both of
the Bank strikes it used banking facilities provided by that Bank.
Guinness & Mahon has provided a normal commercial loan to the partners in the firm
including me to fund the purchase of No. 18 Northumberland Road. This loan was
secured against the property purchased and our personal guarantees. It was not
secured on any funds held by the Company.
Apart from the service mentioned at 2 above, provided by Kentford Securities
Limited, no service has been provided to me by any of the other companies listed in
your letter namely, Amiens Securities Limited, Amiens Investments Limited, and
Irish Intercontinental Bank Limited. The only services provided by Guinness &
Mahon (Ireland) Limited were those mentioned above in the preceding two
paragraphs.
No service has been provided to me by any of the companies mentioned in your letter
and established in the Channel Islands.
Yours faithfully,
n
! . 3 t h
September, 1984
Could 70a please lodge tfae attached cheque for

28,250 Sterling to Sundry Persona and give ae foar
Sterling drafts as follows: -
Michael O'Shea £1,650
T. Bison £1,650
Bedshanfc
Znvestnenta £3,135
250
1
J.b.T.
JDT/AJW
Appendix XV (1) (l)(e)
CoIIegeTrustees Limited
MCA/ 2nd May, 1985
H. M. Greffier.
Royal Court House,
St. Pater Port,
Guernsey. f&CdQS
J* -3A
t
Dear Sir.
RE TV! HANK INVE5THEHTS LIMITED \
TJxa registered office and the post office box' number of the
above w a a changed on 15th April, 1985. The regis-
c o m p a n i e s '
tered office is now situated at»-

Plateau Kignot.
Rue des Cornets,
St. Peter Port,
Guernsey.
Correspondence should now be addressed to P.O. Box 223.
Yours faithfully.
for COLLEGE TRUSTEES LIMITED,
D. J. Barry
Director
P.O.ttux122. St. JnliimV Owirr, 84. Julian'* Sr. Peitr Pan,fiuemwj, Channel bhmlx.
TisispHwie: CncrnMV 2H(!I I TW»: IIJIU: Rqjliimilnn i CucrMr* «7»
Appendix XV (1) (l)(f)
Pleasereplyto:
42 FjtrwxDiam Square, Ansbacher Limited
Dublin! P.O. Box SS7. Qraod Ciytnafl, C*yn»a hhnriit, British Wejt Indies
Tel: 765144/763065 Telephone: (809) 949*633 Telex: CP 430J
Fsuc $12035 Facsimile (809) 949-TKtf (M») S49-5M7
18th May, 1992.

Ronan Bednond, Esq.,
Corporate Services, ...»
Irish Intercontinental Bank Halted,
91 Merrlon Square,
DOBIiIN 2.
C Dear Konan,
Could you please arrange to let ma have for collection an Xrlah
Pounds cheque for IRS10,000 payable to Kennedy KeOonagla Ballagh
and debit the Sterling cost to Ansbaaher limited Account
No.02/01087/B1.
yours sincerely,
For ANSB&CttBH ItlMlTBD
CTDT/AJW
*.ii»»ortw*t«w«B»BrBMiM^^ wjHomm
Appendix XV (1) (1) (g)
>
u iViTs li.ic11or
I" ov ni'in
Limited
J
f iiiiwv^^2
| IfMxllli w^wif
FORWARD
Ml/ '-if<y, kMM
! I / 1 (>/'>'<!
ANSBACHER LIMIViD
P.O. Box 887 Grand Cayman British West Indies
Telephone No. 9—4653/4
Telex CP 305 Cable Address G u i n n e s s
A/A54
A C C O U N T NUMBER 80001642 PAGE

B A L A N C E S S H O W N A R E IN: sterling
0.00*
37'V, 9 . 5 9
37549.59
y
I « T | 0 M 6 e O U RIM
r)
'lAHILTON ROSS
J
if').';. III!1
I ,(>:'. /•> BROUGHT FORWARD
'• . M' > /' >I '•/<>• >/'-'3 DRAWN
. • M" . ' i • DRAWN
• ( r > ••) i :••/()•!/-J:. DRAWN
v i :<) i '••/')•>/<>-.) PHAWN
" /ir i • •.) u-yifiy?. r?7
y. n ',"! ryU9/93 JJWJOO. 00
: i '(;').'•> I ii! <m-p:>- I t o 30/09/93
ANSBACHER LIMI\iD
P.O. Box 887 Grand C a y m a n British W e s t Indies
Telephone No. 9—4653/4
Telex CP 305 Cable A d d r e s s G u i n n e s s
A/A 54
ACCOUNT NUMBER 00001642 PAGE 4

BALANCES SHOWN ARE IN: s t «?.r 1 i n g
10030.00
6701.92
3075.00
3"75.00 10036,39
'(390. on
376A.00 1682.51
442.04
2124.55
/
Appendix XV (1) (l)(h)
FOREIGN EXCHANGE DEALJNO TICKET Z
TfMMyCopir
* '
. ** *
668345 J*
/5ft i z ». V
SI
/v.
NOSTnOM U k •
71
W» buy fed
» hugMM JOSSo^** •
/
NUB J HO OUT miifliiflflBi
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if01 tfj cJûje- it g a o .
I • » .
v•
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I
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FOREIGN EXCHANGK DIALING TK5KIT

TrMiuiyCepy OWtlLP*- '
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668346 • • ' t
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ClLûfl. I F O
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N08TB0 .CoMbmaUfiftCal ParCtaawi

Appendix XV (1) (2) (a)
MASON HAYES & CURRAN
SOLICITORS
Office of the Inspectors appointed by the

High Court to Ansbacher (Cayman) Limited,
3 r d Floor,
Trident House,
Blackrock,
Co. Dublin.
14 December 2001 YOURREF: OURREF: DM/PC
MATTER: Ansbacher
Dear Sirs,
We act for Mr. Roger Ballagh, a partner in Kennedy McGonagle Ballagh, Solicitors, 20
Northumberland Road, Dublin 4 who has requested us to write to you in response to your
letter to him dated 23 November 2001.
Having considered the "Inspectors Preliminary Conclusions" we are at a loss as to how the
information (such as it is) or the reasoning (or lack of it) justifies the "Preliminary
Conclusions" reached.
What is clear is that Kennedy McGonagle Ballagh was due a fee and it was paid. The partner
to whom it was paid gave Mr. Desmond Traynor the money and in due course caused it to be
returned to the partner in a manner that divided it between himself and other partners.
It is said the monies, part of which were received by Mr. Ballagh, came from Hamilton Ross
or an entity unknown to our client (a matter you assert but do not sustain by any evidence
disclosed). This does not prove your conclusions even if true (a matter not conceded or
accepted).
In short your "Preliminary Conclusions" that Mr. Ballagh was a client of Ansbacher are ill
founded. This finding has been arrived at by you, without any evidence having been heard or
taken from our client which quite clearly is in breach of his constitutional rights and fair
procedure.
No proof whatsoever has been produced to show that Mr. Ballagh was a client of Ansbacher.
He is not, and never was, a client of Ansbacher and indeed had no knowledge of that Bank,
nor the other companies mentioned. Even allowing for your apparent broad interpretation of
6 Firawilliam Square, Dublin 2, Ireland, DX I1 Dublin, Tel +353 1 614 5000, Fax +353 J 614 5001, www.mhc.ie, K-mail mail@mhc.ie
M.uiricc R, Curran. Maeve Hayes, Anthony Burke, Declan Moylan, Lorcan Ruckley, F.mer Gilvarrv, Paul J. G. Egan, Oilman P. Curran, Nora I.arkin,
Declan Curran. Richard A. Woulfe, Kevin Hoy, Declan Black, l.iani Brazil, Aillihe Gilvarry, John Kettle, David O'Donnell, Niall Michel, John Kehoe, Peter M
Si'iiinr Assoi'Uiti's Niamli Clarke, Matthew Wales, \
lajella Dolan, Gillian McNamara, Shane MacSweeney, Susan Ryan an alliance with
Carson McDowell
Cm<tih.mt< A. IVrmnr Mason. Cnnal I. ClancV. Rorv I.. l:L';in in Belfast
"client", this word quite clearly has a specific meaning as defined in all the standard
dictionaries and under none of these definitions can Mr. Ballagh be held to be a "client".
Therefore we require your confirmation by return that no such conclusion will appear in your
Report.
Yours faithfully,

Appendix XV (1) (2) (b)
SOLICITORS
Office of the Inspectors appointed by the

High Court to Ansbacher (Cayman) Limited,
3 r d Floor, , ^
Trident House, "
Blackrock,
Co. Dublin.
15 January 2002 YOURREF: OURREF: DM/PC
MATTER: Ansbacher
Dear Sirs,
We write on behalf of Mr. Roger Ballagh.
Thank you for your letter of 21 December 2001 in response to ours of 14 December 2001.
Your refusal to amend any part of your preliminary conclusion is entirely unacceptable to our
client who is outraged by it.
Our client understands the pressures upon you to produce a final report. However we must,
with respect, suggest that the treatment afforded our client is grossly unfair and does not
vindicate his rights in any respect.
Our client has never been called to give evidence before you and so far as we are aware the
sole communication he has been involved in with you is his letter of the 16TH March 2001
written in response to a request by you. The relevant portion of that letter is to be seen in
paragraph number 2 in which the following is said:-
"Also in 1993 a fee paid by a U.K. client of the Firm was lodged by the partner who
acted for this client with the late J.D. Traynor and this fee was subsequently paid to
the partners including me through Kentford Securities Limited. The partner who
handled this matter was the late Liam D. McGonagle who was a personal friend of
the late J.D. Traynor. The U.K. client was not a client of the Company and did not
avail of any of the services provided by the Company. I believe Mr. Traynor merely
facilitated my late partner Liam D. McGonagle and neither he nor the Company nor
Kentford Securities Limited were paid a fee for this service".
6 Fitzwillinm Square, Dublin 2, Ireland, DX11 Dublin, Tel +353 1 614 5000, Fax +353 1 614 5001, www.nihc.ie, E-mail mnil@mhc.ie
Maurice R. Curran, Maeve Hayes, Anthony Burke, Declan Movlan, Lurc.ni Buckle)', limer Gilvarry, Paul J. G. Kuan, Column I'. Curran, Nora Larkin,
Declan Curran, Riclianl A. Woulfc, Kevin Hoy, Declan Black, Liam Brazil, AilMie Gilvarry. John Kettle, David O'Donnell, Niall Michel, John Kelioe, Percr M
Senior Associates Niainh Clarke, Matthew Wales, M ajella Dolan. Gillian McNamara, Shane MacSweeney, Susan Ryan Carron
Coiisiilt.mts A. Dcrmot Mason, Conal Clancv. Rorv I .. Euan in B.ifm
Your preliminary conclusion is premised upon a narrative that states as follows:-
"Mr. Michael O'Shea, Mr. Roger P. Ballagh and Mr. Terence D. E. Dixon are
Solicitors in the firm of Kennedy McGonagle Ballagh, 20 Northumberland Road,
Dublin 4. Their involvement in Ansbacher arose out of their late partner's (Mr. Liam
McGonagle) long-term involvement in offshore banking.
During 1992, fees earned by the firm were deposited, at the suggestion of Mr.
McGonagle, with Mr. Desmond Traynor and ended up in an Ansbacher account. The
sum involved was £40,000 approximately. The money was left on deposit offshore for
some time and then shared out among the partners. The payments were made from a
Hamilton Ross account in Ansbacher. The IIB dealing tickets show that Mr. Ballagh
received over 1R£11,530.00, Mr. O'Shea and Mr. Dixon received IR£6,243.00 each
and the firm received IR£4,877.00 and a company controlled by the late Mr. Liam
McGonagle stg£6,701.00.
All the partners who shared in that fund were thus clients of Ansbacher. The
Inspectors' formal decision on the late Mr. McGonagle is to be found elsewhere in the
report".
It is said that the preliminary conclusion, which you stand by, is:
"Mr. Michael J. O'Shea, Mr. Roger Ballagh and Mr. Terence Dixon were clients of
Ansbacher".
The evidence supporting your conclusions is said to be a statement by Mr. Michael O'Shea,
evidence given by Mr. Michael O'Shea, the exhibits produced at that hearing (by you) and
the seven further exhibits set out.
Your "Preliminary Conclusions"
Some Preliminary Points
We can find nowhere in the transcript of Mr. O'Shea any suggestion that he was asked to
represent or indicated that he represented our client Mr. Ballagh.
On page 10 of the transcript we find, however, that Inspector O'Leary stated:
"We must identify the client of the company we are investigating... Ansbacher".
We note in the "foreign exchange dealing ticket (document 5)" appended to your preliminary
conclusion, it is expressly stated that the customer is "Hamilton Ross".
What Mr. Ballagh has said, which is uncontradicted by any evidence that we have seen, is
that the fee paid in 1993, by a client of Kennedy McGonagle Ballagh, was subsequently
divided among the partners including Mr. Ballagh. He made it clear that the matter was
I t
handled by Liam D. McGonagle. He made the point, from information he received after the
event, for the purpose of attempting to respond to your queries, that the fee was received in
the manner detailed.
In the circumstances, we might respectfully suggest that a fair analysis of this transaction, if it
is one that has any part to play in your report, would be as follows:
"In 1993 Mr. Roger Ballagh, in his capacity as a partner in his Solicitors' practice,
received part of a fee earned by one of his fellow partners Mr. Liam McGonagle. Mr.
McGonagle took responsibility for recovering the fee from the partnership's client
and making the arrangements for its distribution among his fellow partners.
It now transpires that the payment to Mr. Ballagh was effected through a company
called Kentford Securities Limited. It now appears that the payment in question was
effected by Hamilton Ross drawing on a bank account maintained with another bank
(possibly Ansbacher (Cayman) Limited).
Mr. Ballagh was not party to the arrangements that Mr. McGonagle put in place.
Whilst it is clear that Mr. Ballagh received a payment through Kentford Securities
Limited we have not been able to establish whether he was a client of Ansbacher".
We do not believe that there can be any objection to presenting your conclusion in that
manner. We say this, subject always to you explaining the matters we refer to above.
We have to say that we are gravely concerned by your refusal to engage in any meaningful
dialogue in relation to your preliminary conclusions. As a matter of common sense, it is not
fair. As a matter of law, it is also a denial of our client's right to fair procedures. The fact
that you have written to our client clearly establishes that:-
(a) your conclusion constitutes "a finding or inference adverse to Mr. Ballagh's interests,
good name and/or reputation";
(b) Mr. Ballagh has the right to be:
(i) informed in writing of the proposed finding or inference

(ii) informed of the evidence which is thought to justify the proposed finding or
inference
(iii) afforded the opportunity to prepare a written reply to the proposed finding or
inference
(iv) afforded, by way of further examination on oath, an opportunity to introduce
rebutting evidence and/or to address the Inspectors
(v) afforded an opportunity to cross-examine the relevant witnesses.
In circumstances where you have simply failed to engage on the case made by Mr. Ballagh
concerning the suggestion he should be described as a "client of Ansbacher" it is incumbent
on us, for the purposes of protecting his interest, good name and reputation, to take this
matter further.
Please note that we require the following:-
1. The opportunity of producing evidence that in relation to the distribution of the fee,
Mr. Ballagh had no knowledge of the arrangements being put in place by Mr.
McGonagle and absolutely no knowledge that the monies that he received had, at any
time (if that be the case, a matter we do not accept that you have evidence of) been
retained in an Ansbacher account.
2. We also require that we be entitled to address you. Clearly, the procedures you
yourself have adopted provide for the right to have an interplay of views between
yourselves and persons such as Mr. Ballagh for the purposes of permitting him to
appropriately vindicate his interest, good name and reputation.
In the event that we cannot make some headway in dealing with your preliminary conclusion,
either by following our procedural rights as identified above, or through some other means,
our client wishes the opportunity to cross-examine such witnesses as you have who can give
relevant evidence that the monies in question were ever in an Ansbacher account. Perhaps
you could identify these witnesses and indicate when they will be made available for cross-
examination and deliver a transcript of the evidence they have given.
We note in your procedures that where issues arise between any person and your good selves,
a procedure of seeking directions from the High Court to resolve issues is referred to. Should
we fail to reach an accommodation in relation to the provisions of your report to which we
refer, we reserve our right to be the subject matter of such application.
You will be able to appreciate the impossible position Mr. Ballagh finds himself in. He is a
solicitor and an Officer of the High Court. He has received a share in a fee due to a legal
practice of which he was a partner. In circumstances of which he knows nothing it is alleged
that part of this money may have been held in an account operated by Ansbacher. We have
to say, with the greatest respect, that to see him designated as "a client of Ansbacher" with
the damage to his interests, good name and reputation that such a designation will bring, is
unfair, unjustified, unnecessary and irrational.
In relation to the monies paid to Mr. Ballagh, he objects to being dealt with in a section of
your report that also deals with other persons.
Finally, it seems to us a brief meeting between the representatives of yourselves (or better
still yourselves) and this office could go a very long way to defusing what on the face of it,
appears to be a confrontation that is entirely unnecessary. Mr. Ballagh has no problem
accepting that he received the payment in question. His objection is to being called a client
of Ansbacher, an institution the services of which he never knowingly utilised, or wished to
utilise personally or for any client.
We assume that pending your response to this letter, no report will be published containing
the sections concerning Mr. Ballagh. If this is not the case please tell us and we will take the
necessary action elsewhere.
Yours faithfully,
AfWA^v {/out,* &

r
Appendix XV (2) Mrs Frances Elizabeth Barrett
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to
Mrs Frances Elizabeth Barrett.
a) Extract of clients provided by Padraig Collery.
b) Letter of 19 February 1990 from JD Traynor to Guinness and Mahon.
c) Letter of 4 September 1990from JD Traynor to Guinness and Mahon.
d) Letter of 8 May 1995 from DP Collery to Mrs Frances Barrett.
e) Letter of 9 October 1995 from DP Collery to Frances Barrett.

'•t
Ansbacher Limited^
/•V Croup
P.O. Box 887, Gnnd Cxymn, BridA Vat India

Please reply to: Phone (809)949-4653/4
V-O « 42 RtzwQliam Square, T«laaCP430S
• V, Fui (809) 949-7946
Dublin 2 (809) 949*3267
7M: 765I4V7S306J
Rue 612035
19th February, 1990.

V.'^.'i
I
N. Lanigan-O'Keeffe, Esq.,
Managing Director,
Guinness a Mahon Limited,
17 College Green,
Dublin 2.
Dear Martin,
Prom time to time over the past number of years Guinness a
Mahon Dublin have made arrangements with Guinness Mahon & Co.
London so that Mrs. Frances Barrett may call to collect cash.
The usual procedure has been that Guinness A Mahon send a
letter to Mrs. Barrett authorising her to collect the money
and she brings this with her when she calls in to Guinness
Mahon & Co. She invariably rings G.M. ftCo. in advance of
calling to arrange a suitable day and time but it would be no
/"•n ^tm^ harm to remind her to do so. She usually asks for Brenda
Bartlett but if it should be anyone else dealing with the
matter perhaps you could let her know.
I would be grateful if you could put these arrangements in hand
for her to call and collect Stg.£10,000.00. She is not*sure
just when she will be able to travel to London but once she
receives your letter she will make plans.
The debit should be to the Account of Colinas Investments.
Mrs.Barrett's address is:
The Laurels,
Clifford Chambers, jQ/c.
\
Stratford-upon-Avon, '/C. rJb,
hiri c v 3 7 8HX
££a£!
Yours sincerely,
J.D. Traynor.
Appendix XV (2) (1) (c)
... 4 rwww ivy*/ PhoMC (U) MMU3/4
• 42 Ficrwflliam Square, TtfacCPtiOS
Rue (KM) 9«-7M«
Dublin 2. (109) 949-3267
" ™ '' Tisb 765144/763065
Fax: 612035
4th September, 1
M. David Humphries, Esq.,
Senior Manager - Operations,
Guinness * Mahon Limited,
17 College Green,
DOBLIN 2.
Dear David,
J M
From time to time Guinness 1 Mahon. ti has made arrangements
with Guinness Mahon A Co. London so it Mrs. Frances Barrett
nay call to collect cash.
The usual procedure has been thaY Guinness 1 Mahon send a letter
to Mrs. Barrett authorising her/to collect the money and she
brings this with her when she >6alls in to Guinness Mahon & Co.
She invariably rings G.M. a Ob. in advance of calling to arrange
a suitable day and time but/it would be no harm to remind her to
do so in the letter, . usually asks for Brenda Bartlett
but if it should be anyi else perhaps you could let her know.
I would be grateful if j£ou could put these arrangements in hand
so that she may colle Stg.£7,50Q in cash and Stg.£7,500 in
large denomination ling Travellers Cheques.
As soon as she receives your letter she will make arrangements
to travel to London and as she is anxious to do this as soon as
possible I would âppreciate if you could write to her without
delay.
The debit shoo Ld be to Coral Beef Securities Limited Account
No.12686001.
Mrs. Barrettrs address is:
The Laurels,
Clifford Chambers,
Stratford-upon-Avon,
Warwickshire CV37 BHX
England.
Yours sincerely,
Appendix XV (2) (1) (d)
10, INNS COURT,
winstavxbn sranrr,
DUBLIN S.
UX.N0.01-47W331
FAX NO. 01-4791750
8th May. 1995.
ftfo Fiances Banal^

The Laurels,
CSffbrd Chambers,
Stratford Upon Avon,
WarwkJcdriwi CB378HX
Dear Mrs. Barrett,

TIm deposit mature on 3rd Ma^b Ae ^ of Stg£6S5/92JS. Pleasefindeodosed schedule
ibowing the rollover details.
The aum of Stg£10,081.55 win be erwBted to d» account ofCoral Reefin Guinness Mahon &
Company limited, Londoa. I also cnclote *rtatementitor that accouat
Kind regards.
Yours sinccrdy,
18 INNS comer,
WRDETAVVSN STREET,
DUBLIN 1
« TELEPHONE NO. 01-«793231

FACSIMILE NO. 01-4791750
• i '• '
9th October, 199S.
The Laurels,
CUSbrd flmifltm
Stratford Upon Avon,
Warwickshire, CB37,8HX.
Dear Mrs. Barrett, „.«..".

The deposit matured on 4th October, in the sum ofBTQ£S7S, 467.47. Pleasefind endosed
schedule showing therolloverdetails.
The sum of SRCbE3.329.47 will be crec&ted to the account of Cora! Reef in Guinness Mahon &
Co. Limited, London. •
Kind regards,
Yours sincerely,
D.K3&IXEK.Y
End:
Appendix XV (3) Mr John Barrett
John Barrett.
a) Internal Guinness and Mahon memo of 4 May 1983from JD Traynor to P

O'Dwyer.
b) Letter of 4 May 1983 from JD Traynor to Mr John Barrett.
c) Letter of 4 May 1983from Guinness and Mahon to Mrs Brenda

Finnimore, Guinness Mahon & Co. Ltd.
d) Letter of 7 October 1987from JD Traynor to Guinness and Mahon.

J.D.T. to P.O'P. 4tb May, 1083.
iovjr
•
Attached hereto are copies of lattirs which I have'. '

••at tp. John Barrett u d Int. rnureea Barrett. . * • •
• ;. I hav?.sent,copies to Branda Unnlaore and would-W*
. grate ftil i f ; you would apeak to her to clear, telllnjir
her "to "debit ns. •' • ••."..
. la tarn would yoa note to debit the £7,000 to
is Collnaa Xaweatatmta Limited and the £10.000 to '
G.M.C.T. "8,2" Deposit.
J1W/AJW
JDT/AJtf
T«nm: Uw,aM>.T<M: WtnuMDMnn: J*. Oilmua lOaUnnol. >WM 1M1I1W. «•>•«. Bui—I. AtAM. C«t«n».
•
"«H'H w0WHK:l
I»01C
UO.
'IIW Gut.BmHi a. j. OA HttTWf
not lldaw
iltI0
JX«. LM O.T. Qmt KMf. O.O'
Rmw. iMivi.
Otli 8. tuCVm.
liiuhlhm gmamcj. WiO>aww«MltMiramw
»yC.m
l jiiJ
iin*r
rt.«
t« lM
U* ?itH»»
.IW.
cMfitoiw
w
GtM GUINNESS+MAHON LTD
8ANKHRS 17 Cslba* Oftmt OuMn I P.O. Box S5A Ttl: 71M44 (t 7 Lin«>
PKBSOMAL 4th May, 1983
John Barrett, Esq • »

34 Monckton Court
Addison Road,
LOMPOH. W14 8Wf.
Dear John
This is to cocJin* that I have made arrangsasnts
with Mrs. Brenda Ficniaore of Guinness Mahon b Co. Ltd.,
32 St. Mary at Hill, London XC3P 3AJ, to provide you with
£10,000 Sterling in cash. Will you please sake sure that
you give her 24 hours' notice by ringing her at (01) 623 9333
telling her what va? 70U would like the cash.
She will glva you the cash in exchange for this
latter.
Kindest regards
Tours sincerely
J.D. Traynor
c.c. Mrs. B. Finninore
JDT/AJW
lm>l>N«iaMi)i«Ci<i.
/* J.
Guinness Hahon ft CM. Ltd.

- i?
' DATE 4th May, 1983.
TfST;
I
Attention; Mrs. Brandt Ffnnfura
(a) Please arrange to debit our account 5{g. 11,000,00 and pay
sane to Hrs. Frances Barrett.
\ (t) Please arrange to debft our account Stg. £70,000 and pay
A to John Barrett.
^ , J- D. Traynor has written to the above and has forwarded cony
r letters to you.
tony thanks.
Pat 0' ^
AUTHOHISEH BY:
DEBIT:
COST:
PILE:
* / <£•«>
"JDT/AJW
JDT/AJTf
mwff lOm. rrrr

» e« V* 6%*waB
i >w 0#w*
lOLovflfPsnibrotoStfMt
OuMrt
Tataprow |01)783069
J. 0. Tiynor
7th October, 1987
17 College Gree
DUBLIN 2.
Dear Sirs,
Xany thanks for letting me have ths envelope
containing John Barrett's old Will from my dossier.
Receipt enclosed herewith.
I also enclose envelope marked 'John Barrett
Letter cf Wishes' and would be grateful if you could
put this in my dossier with the envelope marked
'John 3arrett - Will'.
Xany thanks.
Yours faithfully.
Appendix XV (4) Mr Jesus Barrios & Mrs Maria Barrios
Jesus Barrios & Mrs Maria Barrios.
a) Mortage Deed of 20 December 1984.
b) Guinness and Mahon Credit Committee Memorandum of 24 April 1985.
c) Guinness and Mahon Credit Committee Memorandum of 12 November

1986.
d) Letter of 4 August, 1987 from Mike Shield of GMCT to Guinness and

Mahon.
e) Letter of 24 April 1985 from P O'D of Guinness and Mahon to Mike

Shields of GMCT.
f) Telex of 18 December 1985 from GMCT to Guinness and Mahon.
g) Telex of 18 December 1985 from Guinness and Mahon to GMCT.
h) Telex of 19 December 1985 from Guinness and Mahon to GMCT.
i) Extract of evidence of Sandra Kells to Moriarty Tribunal 17 February

2000.
v
x m t£C 26 AX 8 4 R3 8 7 8 2 8 . ^
* « » 2 » i 559
Jfllortgag? Sfffc
_ Sinn mnrtiinijrDrrh. medr and«n«i«i ii» ''»>'»' December . >i>84
b>. JESUS L. BARRIOS and MARIA C. BARRIOS, his wife

hereinafter called th« Mortgagor, which term shall inclods Um heire. legal repreaaotaUvea. successors lad assigns af the said Mortgagor wherever the co
*o requirv* or admits.
>o GUINNESS and MAHON LIMITED
hereinafter called the Mortgagee. which term (hall include Uu hein, legal representatives, successor* End assigns. of the mid Mortgagee wherever llw rvn
raju.rrx or admite.
SJillirnarll[: Tlml fur .liven. »>«l valuable rMeAfrrallueK. awl aim in wwhUtoIuhi of llw* hkiiitk"!' mihi imiuil in tin- j>r<iuiin>r>' Mr .W.-».•!•
kvrvwith Iwn'iimfWr tlturrilwii. llw suid Murtgagnr tltiea hereby grant. bargain, Mil elkm. remise. rvlinue. convey and nuifirm mil.. III.- aaiil Miirliaw-r.
^•tawm and mau'icna. all lh* cm-tain piece. parcel or tract of land, of which the <aid Mortgagor la now aeiaad and puwowd and in actual inawmiw. ai
< tyrf Dade and Stat* of Florida. described ai follow*
Beain 35 feet South of the N.W. corner N.E. 1/4 pf M/W. 1/4 of S.E. 1/4 of Section
IB 9 T o S s h i r 5 4 South, Range 40 East; thence Sooth 248.76 feats thence East 178.76
f e e t - thence North 248.97 feet} thence West 179.37 feet to the Point of Beginning;
Less the West 25 feet thereof and l e s s that portion l y i n g o u t s i d e the Northwest
auadrant of a c i r c l e having a radius or 25 Test and being tangent to a l i n e 35 feet
South of the North l i n e or the S.E. 1/4 ssid Section 18 end tangsnt t o a l i n e 25
reet East of the West line of the N.E. 1/4 or the N.W. 1/4 of the S.E. 1/4 Section
18, Township 54 South, Range 40 East, a/k/a 10990 S.W. 32nd Street, Miami, Florida.
t (En Sour aui) 10 the same, together with all and lingular the tenement!, hereditament!and appurtenances thereunto belonging or in any-
f wi«e appertaining and the revision and reversions, temainder and remainders, renti, luuei and profits thereof and lira aU the estate, right, tlile, interest.
• property, possession, dalm and demand whatsoever a> wsB in law aa In squlty af the said Mortgagor in and to the same and every perl and parcel (hen-
of unto the aid Mortgagee, and his halts, succeuots end aligns in fee simple.
And naid Mortmitor. tor himeelt. and Vila heirs. legal representatives, successor, and asaigne. hereby covenants with said Morimxre. hat heirs.
-rciiremniativca. successors and aiaigas. that said Mortgagor fa indehaaibly seised efseid land in fee simple: that the mid Mortgager haa full power and lawful
^Nwey the name in fre simple aa aforesaid: that it shall be lawful for said Mortgagor, his heirs, legal rejwoscnutivea. nKesseora and aeeixna. at all times |
• " uietly t. enter uiawi. held. ui-rtipy and eainr aaid land ami every part thereof. that said land is free tram all incumbranrea. eseepl thoaeniwcificnlly menti
v -timim that rani \li>rlir«^.hUhrln..V^lrivnM»laliv»»u<*»»<iar»««lawi»n«.will>nake»uch further aMuranceetoiicrfetllhereealmplf lit)rlu»aiill>in<lin
i Mommfe. hit hi-ii 1. k«pi ret>-:.» .ralive..«iece«aors and aaaigns. aa may reatenably lie retiulrwl: ami that mid Moriiiajmrdwa hereby fully warrant the s
•aut land ami every t>art thereof anit wiil ilvfend the name aiiaiim the lawful claims of all iwriun* whomiwver.
JlrtHitftrh Alutotva. That la aaid MorUragar shall pay unto the said Mortgagee the certaia promissory note, of which the fallowing In words aadfiguree i
t^ny. tft-wil: .
% '5,000.00 -^'^"ô^T^blcs ^ rvc- ,hor ,

r<3» VAIUL itkCtlVED lU <.'v!-.iugi->i piomito; le pay le the order ol
r.Ui::KI:SS and MAI ION 1. IMCTHD
the principal .um of So v on ty... P i .ye... Th o . m - - -.t -..- .-.-.r.z---------.-- --Op/xx tiM.,
logethw wilh interest thereon at tlie rate of. .l.SJf. par cent per annum from. D.O..CCSlb.ftX .19 84
until maturiiy, both principel and W*elt Ulnj psytbla in lawful Money of the United Stales, such principal sum and interest peynble in intiailmanii »» (-How.
Interest only shall be paid Quarterly, commencing March
3-o ji 108S i and shall continue to be paid every throe
monthrf thereafter. The entire Principal amount plus all
accrued and unpaid interest shall be due and payable Docc-mbcr
i> hi 19 8S
Such inst-illmeni payments «hall »pp!'.«J fim 10 rha inlareit accning undsr Ihe terms oI this note and than 10 a reduction ol the principal in>.'ab">Jn<>it.
Iho m.iort ir«l enilorwj of Ihii nol. lurthar agree 10 waive demand, notice of non-payment and prot«t, and in Ihe event tuil shall be broo'jhl Is. ilia
.. I -'•'•-I.rf „oon demand of i.\ altornay, 10 pay reaisnabla ailorna/» fse« for making such collodion. All p.,v..«jiit» h«.-
Credit Memorandum
Afc^"^ Jesus Bamos^f^Maria C. Barrios Submitted by : PO'D
/ Equity Stake: No.
DDRESS : ' '3, S. W. 78th Place, Miamia, Florida 33144. C.B. Approval : Yes / No
US1NESS / Permission Obtained
CCUPATION : Date : N/A
HIS APPLICATION : New Facility /

{ Delete as appropriate )
YPE Loan AMOUNT : $75.000.... RATE : J.?2fc.JP:Ss..... FEE : •eeeeeeeeeeestee
••••••••••eeeeeeeeeeeee
•e**»»eee**»»eeee«
» U ^ > S E / DRAWDOWN : If new or increased

• facilities, is drawdown
permitted prior to
Investment purposes. completion of security ?
YES / NOX
rERM OF. FACILITIES : REVIEW .DATES :
20th December, 1985 20.12.1985.
SOURCE OF REPAYMENT :
Not stated.
SECURITY : If additional or existing

Mortgage over property as outlined In Mortgage Deed facility, is security in
dated 20.12.i984. Property in County of D'ade, Florida. order ?
—^ Promissory note dated 20.12.1984. YES / H&
t Security considered adequate.
If No, give details
separately..
BACKGROUND NOTE; / T h e account has been Introduced to us by G.M.C.T. We have

OUTLINE OF PROPOSAL : • l n t h e p a s l opened similar styled accounts for G.M.C.T. We have
received from G.M.C.T. the mortgage document signed by the applicants together with
a copy of the Promissory Note.
I RELATED FACILITIES / CREDIT COMMITTEE

'B<r^.OWERS :
ISU •ate
Minute
A
mended
BOARD
i I?.:"
rv
Credit Memorandum
NJfT\ ^ E S U S & MRS. MARIA BARRIOS
Submitted by: PO'D
ADDRESS: 943, S.W. 78th P l a c e , M i a m i , F l o r i d a 33144 Equity Stake: No.
C.B. Approval: Y at/No
BUSINESS Director.
Permission Obtained
OCCUPATION:
Data: NA
THIS APPLICATION: MMSMHHMMlMliMKtiXMtfX^kKHMMK' Extension / SftlMttWR

ID&lete M appropriate) Existina facilities overleaf
p. Loan AMOUNT: „ . . U : S J 7 5 , 0 0 0 RATE: FEE: -
r""^ PURPOSE/DRAWDOWN:
* lf new or increased
facilities, is drawdown
permitted prior to
. . e s t m e n t purposes completion of security?
YES/NO
T E R M O F FACILITIES: REVIEW DATES:
E x t e n s i o n for o n e year 20.J2.87

v
SOURCE O F R E P A Y M E N T :
Not s t a t e d
SECURITY: If additional or existing

facility. Is security in order?
M o r t g a g e o v e r p r o p e r t y in County of Dade, Florida
M o r t g a g e deed d a t e d 20.12.84 YES/NO
Promissory N o t e d a t e d 20.12.84 *
/ " p u r i t y considered adequate. If No, give details saparauty.
B A C K G R O U N D NOTE/
O U T L I N E OF PROPOSAL:
A c c o u n t introduced t o us by G.M.C.T. Account has been conducted in order for p a s t year

Differential in i n t e r e s t in our favour.
R e c o m m e n d extension.
Rotated Facilities/Borrowers: CREDIT COMMITTEE

(Salanca or Limit, whichever it greater)
Minuta.. Data..
Recommended
BOARD
Mi„.„. i ooat« :i-lj.JJ.J.A.<rL

• n
^ GUINNESS M A H O N CAYMAN TRUST UMTTED

A Member ot the Quinnesa Mahon Merchant Banking Group
Telephone No (80»-M) 84863/4 P.O. Box 887
Telex CP430S Qrand Cayman
Cable Addmw Guinness British West Indies
VIA CIXRIER August 4, 19B7

your ref
our rat tUSwh
Mr. PaL O'Dwyer

Guinness & Hahon Led.
17 Collegia Green
Dublin 2
XKELMD
Dear Fat,
Re; Barrios
I enclose check in your fanmr for >3375.00 cowering Interest on the above loan
for quarter to 20th June 1987.
Kindly credit our U.S*. Dollar account with Qi London with $3187.50 when cleared.
Yours sincerely,
MICHAEL W. SHIELD
Bncl.
r *
GU1NNESS+MAH0N LTD
17 Colto* GTMH Dublin 2 P.O. Box H A Tsl: 716944 (30 Unas)
Our Ref: PO'D/SC 24th April, 1985.
Mr. Mike Shields,

Guinness Mahon Cayman Trust Limited,
P. O. Box 887,
Gruiid Cuyinun,
BRITISH WEST INDIES
Jesus * Maria C. Barrios
Dear Mike,
Confirm having opened value 20th December, 1984 a..loan..for
U.S.$75,000 in t h e above name. Confirm having opened a deposit in the name
of G.M.C.T. for a similar sum. Both loan and deposit will mature on the
20th December, 1985. A sum of $3,375 has been debited to the loan account
being Interest due as at 20th March and I confirm that I have received a cheque
representing interest due. At the same time the 7 Day Notice U.S.$ Account
in the name of G.M.C.T. at Guinness Mahon & Co will be credited value 25th
April with U.S.$3,000 and U.S.$187.50 representing interest due on your deposit
t o 20th March, 1985. A further payment of interest will fall due on 20th June,
1985.
Regards.
Yours sincerely,
for GUINNESS + MAHON LIMITED.
Pat O'Dwyer,
Banking Manager.
TWTIMT MM. Dublin. T M K WJCA. Non-fuotllM OWwun: JM. CulMlM lOulffllM). *.0. fmtUl M>Mik). J.C LOMJw.. O.T. (TCwiMr.
H^hwM OdKa: 1? CMMta OHM. OoMi* 2. •.A. urtari ttriiUll.
ftttbma NwmCMT 103*3. Sswiiiv* Oincten: J. OmiksM Tr*y«" (Owuty CtairmMl. Utvia O'lCaUy <Ma«a»i«g). Omit G. McCmM.
Cm* 0J. McCr«ekM ISMâu/yl. i. Suffwo Munty. Micn«i J. fttmr.
A mtmbH of IM Guimuu M»on awai»,0«us.
Appendix XV (4) (1) (f)
•
2S205 HAXS El*
23205 MARS El
A3Q5 GMCT CP
IB DEC 1983
611 DUBLIN
ATTN! PAT O'DWYER
Ti£ BARRIOS
^ ^ WHEN I ASKED YOO IF THIS WAS A FIXED RATE LOAN YOU 8AID YES. I
r^ THEREFOKb KtNHWtU AT SAME RATES IE 18 TO YOU 17 TO US AND 16 TO
BARRIOS. I THINK IT MUST BE A FIXED RATE LOAN AS RATES IN EFFECT
IN DEC 84 MERE 8 O/O ODD. JAF IS IN PR0CE8S OF COLLECTING THE
INTEREST. HE DID NOT PARTICULARLY WANT IT ROLLED OVER WITH THE
INTEREST, i ROLLED OVER Z75.000 EVEN AND WILL SHOW THE DLRS
3187.30 AS AN ACCRUAL. PLEASE CONFIRM IF IT IS A FIXED RATE LOAN
AND CONFIRM YOU WILL USE SAME RATES AS BEFORE.
RE PRUNA
AGAIN AGREE ALL YOUR FIGURES* BUT WE WILL A6AIN SHOW AS AN ACCRUAL
NOT AN INCREASE IN THE BALANCES. PLEASE AMALGAMATE DLRS 233000
AND DLRS 701000» THE DLRS 70.000 WAS AN INCREASE IN THE DLRS 233000
LOAN.
6M1NNESS MAHON CAYMAN TRUST*

TO t ui'-'N/HtSS HAHOM -.1 VHAK TPL'ST / CAYMAN irLES
SOINNESS'HAHQH LIHtTEO / IT COLLESC f 0U8LIH 2 /
rp^f I DELANO • W
uedhesdav it decehrer tus
DATE :
HR. MIKE SHIELD
ATTN i
FURTHER TO YDOR TELEPHONE REOOEST OF THIS HORHIMS, Of HI8H TO
ADVISE THE FOLLOUIMS'-
JESUS AMD MARIA BARRIOS
10AM U.S. DLRS 73,000 (SEVENTY FIVE THOUSAND DOLLARS)
TMS LOAM MS STATED 8* YOU AS A PRIMA LOAM, BUT, IN FACT,
IT IS IN THE HAHE OF tARRIOS. UHEH THE LOAN MATURES OH
THE 20 DECEMBER 83 IT HAS SEEN DECIDED TO EXTEND SAME
TO DECEMBER it. SUS6EST HE CHARSE INTEREST' ON LOAM .... ••
AT to PCT PER ANNUM AMD ALLOW INTEREST OH DEPOSIT AT »' PCT
PER ANNUM.
INTEREST or U.S. DLRS J-.T73.00 (THRU THOUSAMD THRU WMDRSD
AMD SEVENTY FIVE' HILL 8E DEBITED TO THE LOAM OH THE 20
DECEHSER l?«. UHILE INTEREST OF U.S. DLRS 3,187.50 tTHMg-
THOUSAND ONE HUNDRED * EISHTY SEVEN.SO) HILL IE CRSDUUf,
TO THM DEPOSIT ACCt-VNT. TS^TT
REGARDS
Appendix XV (4) (1) (h)
*
4303 SMCT CP
23203 MARS EI
TO
TO r GUINNESS MAHON CAYMAN TRUST ATTENTION MIKE SHIELD
FffOM t GU1NNESS*MAH0N LIMITED /DUBLIN /' IRELAND
PATE s THURSDAY 19 DECEMBER 1985
(1) RE - BARRIOS
AGREE HILL LEAVE INTEREST RATES ON LOAN AND DEPOSIT

AT 18 PER CENT AND 17 PER CENT RESPECTIVELY.
INTEREST OF DLRS 3,187.30 HILL BE DEBITED AND HILL
VALUE DATE CHE6UE FOR INTEREST V»FH PFCFJOFn pAr,f
31ST DECEMBER 1983.
C
AGREE HLCL AMALGAMATE BOTH

ANS. INTHEPEST HAP
ALREAD/ BEEN DEBITED TOACCOUNTSt PROVIDED HE
^RECEIVE PftOMPT PAYMENT VALUE, DATE ENTRIES
e&Cy TO 2*10 DECEMBER 1&THAND fiECFMRFD PFiprrrTUKiY,
(4
REGARDS
Gt'TNNESS*MAHON LIMITED
Otifil. IN
TIME
13170
SORRY ONE LINE HAS GARBLED HILL REPEAT
' (3>
PRUNA
AGREE UILL AMAGAMATE BOTH LOANS. INTEREST HAS "

- , .....<.»,/- r/miaJjeeMN AieetriU TTFG Tf)f)A V
1 308 Q. I think ycu have informed the tribunal that Mr. Prima and
2 certain of his associates, including a Nr. Barrios had been.
3 •^•PfKH-i** of charges, including operating and ontwpirfntj to
4 cperate a ccantinuicg criminal enterprise dedicated to the
5 iTHpmrfgH"" of cocaine and marijuana into the Oaited States

6 frcai 1981 to 1988; is that correct?
7 A. Yes.
8
9 CEMBMHJ: X just wccder is there a ccpy of the ifriated
10
11
12 MR. ooaaoan: I heg your pardon. Of the st$plarna±al?
13 Yes.
14
15 CHM3MMI: Proceed, in any event, v

16
17 309 0. MR. COOCSUEI: Yes. Mdw, I think you h a m irrfrmnwd the

18 Trdlxmal that you understand from inftamaticn provided by
19 the Tribunal, that the relevant documents were ppnflmnwd to
20 the President of the District Cburt cn the 18th of Twit^f^
21 1990, and that the depoaiHnn of an nffflrlal of fat4?»M»ffff
22 and Mahon was takm before the President of tha District
23 Court cn the sane date; isn't that correct?
24 A. I understand that, yes.
25 310 Q. You further understand by infanaatim provided to tha
26 Tribunal that Mr. Prima was subsequently convicted and
27 served a prison sentence?
28 A. I believe so, yes.
29 311 Q. Stow, I think you ware able to inform the Tribunal that it
30 appears from the bank's records that Mr. Fernanda Prima, was
31 a custoccar of Guinness Mahrn Cayman Trust and was
32 introduced by Guinness Jfehan Cayman Trust to nni-nwAaa
,1 Anaerica, w s repaid, it was repaid by the hypothecated
2 funds?
3 A. Yes.
4 . 400 Q- Mbw, can you express any view about that particular
5 ' transaction, if I could aslc you this: Wta it the sans funds
6 that were loaned by Guinnessfehcnin Dublin ware
7 effectively used by Cetynan to hypothecate the sane?
8 A. Yes, the mccey was quite singly taken from the loan, anoxmr
r * and put into the deposit account.. The monies were not
10 paid out of Dublin, they didn't mm leawe the honk.
a. 401 Q. Obey newer left tba bank?
12 A. Yies.
13 402 Q- So Kpqnait of Îh* loan was tba iwt money that hwd
14 HÔ—II loaned, in effect?
15 A. Precisely.
16 403 Q- And that gave the appearance to the outside world at least,
17 or acyccie InrHdng in, that the loan bad in the first
18 instance been granted by Dublin; isn't that oocrect?
19 A. That's correct, yes.
J 404 Q- Or at least it enabled somebody to give an IwpreflBicn that
H. a. iflfn va»H been in fact --
22 A. That facility was provided Joy DUblin to Bbocthside
23 MSD9£}GS0SDb •
24 405 Q. Yes. Mbw, if I cciuld acme to deal with, axuther loan in
25 this series of loans? I think a loan was also made by
26 Gninrwra and Mahcn of $75,000 to a Mr. Jesus and Mrs. Maria
27 Barrios; is that correct?
28 A. Hut's correct, yes.
29 406 Q- And I think wa now know that they were •"lyy^wtw of Nr.
Pruna?
Jll. A. They were.
32 407 • Q- Of one form or another?
1 Tribunal, Mr. Barrios was also named in tha letters
2 rogatory as a person indicted vdth the sane charge as Mr.
3 Exuna; isn't that correct?
4 A. Yes, he was.
5 415 Q. Art from your examlnatim does it appear that in oorrnoa
6 vdth the Prur» loans, it appears that this loan was also
7 ftiarhwrgwtl by resort to the bartcirg deposit?
8 A. Yes, it wes by the backing deposit.
416 Q. Bow, I think ycu ham been able to Inform the Tribunal,
10 that apart from loans vtoich was actually nade by Guinness
11 and Nafacn, it appears Mr. John Furze may have purported to
\ 12 oete further loans in the name of Guinness and Itobcn. to
13 - Maaodaoa mwesUneuts and to Nr. and MOB. Andreas Pruna; is
I
[
14 that correct?
16 417 Q. And it is your belief that this oould only have been <kne
| 17 if Nr. M B had, in his prarffrifftt Guineas Mahon,
18 stationery which he used for that purpose?
I A. Correct, yes.
/-N^ 410 418 Q. And frcm the files there appear to be at least two
' il inntanres of such non-facility rodeat the instanne of
22 finimewa ttfeon (Cayman trust)?
23 A. That's correct, not an extensive search, hut What have acme
24 to our attention.
25 419 Q. Yes. I thick in the first instance it agpeaxs that in
26 January 1985 Mr. Furze wrote to Guinness and Mahon
27 enclosing three nhaqiiaa totaling $327,299.92 nade payable
28 toflnimuMMi and Mahcai and drawn by Mnodna Investxent
29 Cacparaticn, Florida; is that correct?
A. That is correct, yes.
31 420 Q. Acd the proceeds of these cheques appear to have been
32 lodged by Guinness and Mahon to Guinness Mahon (Cayman
>
1 A. Yes.
2 492 Q. "All documents, correspondence, and reaords pertaining to
3 Iters Limited"; is that correct?
4 A. Yes.
5 493 Q. And "All records pertaining to any account in the nans or
6 rymâ of Fernando Pruna". Hdw do you prntranvw that?
7 A. Jtilia Pruna.
8 494 Q. "JUlia Pruna, Maria Iscbella Hoe Hbare Barrios, far any a£
9 those r — 1 1 persons, .including without limitation account
10 statements, certificates of deposit and deposit base
U records"?
12 A. Yes.
13 495 Q. And "All statements prepared by or aa brihalf af
14 StemandD Pruna, Andreas Pruna ac any corporation car
is hneinnBS entity in which Fernando-ftruna or Andreas Pruna is
16 an officer, direcbor or major shareholder"; is that
17 GOCEEBCt?
18 A. Yes, yos*
19 496 Q. Yes. I think the period covered by the wftpoena was the
20 1st of January, 1981, to the let of Septentoer of 1988; is
21 that correct?
23 497 Q. And I think the subpoenas ware to be crqplied with by the
24 23rd of Septeafeer of 1988?
25 A. That's right, yes.
26 498 Q. Mow, I think on the 20th of Septesfcer of 1988 Mr. Wallace,
27 the American lawyer, wrote to the Assistant IB State
28 Attorney raising issues as to jurisdiction and whether or
29 not the subpoenas were binding on Cayman, Dublin or Mazs
30 Mbndaees Limited?
31 A. Yes.
32 499 Q. And I think cn the 22nd of September, 1988, Cayman rf-w-vy^
• r
1 A. Yes.
2 559 Q. "The IVIWHTI tank had now sold the Cayman Tfcust to Ansbacher
3 Limited. Ihe P'WHn headquarters of Guinness and Mahon
4 r.-^frBri held mortgages for the Prunas and their
5 associates, and made loans and had hypothecated deposits
6 made by the Prunas"?
7 A. Yes.
8 560 Q. "Ganragcndenca concerning these matters passed between the
9 trust in Grand Cayman and the offices of Pat O'Dwyer, JD
-^-s 10 Traynor and Padraig Poll wry and others in the ftrtVHn
11 bank. Hiese deposits and. transactions were not only in
12 the Scunas* named and their associates' names, hut also in
13 the names of their nondnnn operations. Vac eaeanple,
14 zeoocds show that QiiimwBfl and Mahon Ttinrttafl held wagferjagee
15 or interests in Pruna property", and then it sets out: "The
16 ffifrrtf»fl and pgrsnrw that were the subject of the v—jwifr
17 were as follows:", and included axe the Prunas, MBTB
18 Ifomlnees and the Barrios'; isn't that correct?
19 A. Maoadna.
20 561 Q. And then west fair Investments, Haaodaa, Marthside
21 temagemaot and Development, Sbrthgate, Texas KM,
) 22 Tfcflrilngn TftnAtad, Westfair Cbadcndniun Project, Zaran
23 Mortgage?
24 A. Yes.
25
26
27
28
29
30
31
Appendix XV (5) Mr Anthony Barry
Anthony Barry.
a) Transcript of evidence of Mr Anthony Barry dated 14 February 2000.
b) Letter of 26 February 1991 - Ansbacher to IIB.
c) Cheque for STG£9,000 of 25 February 1991 to credit of Ansbacher

Limited Call Account.
d) Letter of 7 September 1992 - JD Traynor to IIB.
e) Extract of list of clients provided by Padraig Collery.
2. Correspondence written on behalf of Mr Anthony Barry.
a) Letter of 15 August 2001 from O'Flynn Exhams & Partners to the

Inspectors.
PRIVATE EXAMINATION OF MR. ANTHONY BARRY
UNDER OATH
ON MONDAY, 14TH FEBRUARY 2000
Stenographer
PRESENT
THE INSPECTORS: MR. JUSTICE COSTELLO
MS. MACKEY B.L.
SOLICITOR TO THE INSPECTORS MS. M. CUMMINS
INTERVIEWEE: MR. ANTHONY BARRY
REPRESENTED BY: MR. RORY COLLINS
0 T Flynn Exham & Partners
17 Upper Pembroke Street
Dublin 2.
1 THE HEARING COMMENCED, AS FOLLOWS, ON MONDAY, 14TH
2 FEBRUARY 2 000
4 MR. JUSTICE COSTELLO: Mr. Barry, we will start
5 our interview. I am
6 Declan Costello and on my right is my fellow
7 inspector, Ms. Mackey. We were appointed by the
8 High Court, as you know. I will ask our solicitor,
9 Ms. Cummins, to administer the oath to you.
10
11 MR. ANTHONY BARRY HAVING BEEN SWORN WAS EXAMINED, AS
12 FOLLOWS, BY MR. JUSTICE COSTELLO
13
14 1 Q. MR. JUSTICE COSTELLO: Mr. Barry, would you mind
15 giving us a little bit of
16 background of your personal career and when you
17 became the Chief Executive of ' CRH' and briefly what
18 your career was before that and your position now?
19 A. I am a civil engineer by background and I qualified
20 in 1956. For the first seven or eight years I
21 worked abroad mostly on major contracts. It was my
22 ambition to return to Ireland as a married man and
23 after briefly working with CIE and the County
24 Council I joined a local building materials firm in
25 Cork City by the name of 'John A. Wood Limited'
26 which specialised in the extraction of sand and
27 gravel and the manufacture of ready mix concrete and
28 concrete products, and supplied the building
29 industry. I worked there from about 1964 until
3
1 1978.
3 The proprietor John Wood died in 1972 and I became
4 the Managing Director. I was then asked to go to
5 Dublin because John A. Wood Limited had been
6 acquired by a company called 'Roadstone' which
7 subsequently merged with another company called
8 'Irish Cement Limited' to create 'CRH pic' as it is
9 now known. That happened in 1970 and I moved to
10 Dublin on what would I suppose be promotion to run
11 within the Republic of Ireland all of that type of
12 activity; extraction of raw materials, manufacture
13 of concrete and various products with the exception
14 of cement.
15
16 I joined the board of CRH pic in 1978 and I worked
17 as an Executive Director of the Board running after
18 initially all those operations in the Republic of
19 Ireland, subsequently including the North of Ireland
20 and I think in 1982 or 1983 it was expanded to
21 include the cement business in Ireland and the
22 United Kingdom and all our business is in the United
23 Kingdom.
24 2 Q. When did you become Chief Executive?
25 A. I became Chief Executive in 1988, January 1st 1988.
26 3 Q. Before that you had been on the Board of Directors?
27 A. As an Executive Director, yes.
28 4 Q. When did you first meet Mr. Traynor?
29 A. I would have first met him I suppose about 1973 or
4
1 1974. Every three or four years the Board would
2 step outside Dublin and have a meeting, perhaps in
3 Cork or in some other area where there was a major
4 subsidiary and I would have met Mr. Traynor briefly
5 probably at that time.
6 5 Q. When did Mr. Traynor become a member of the Board?
7 A. Mr. Traynor became a member of the Board in 1970 at
8 the formation of 'CRH'.
9 6 Q. You met him regularly then after that?
10 A. No, not very regularly. Until I joined the Board
11 myself in 1978 I probably wouldn't have met him more
12 than once or twice. When I joined the Board in 1978
13 I obviously met him at every Board meeting that he
14 was at and that I was at.
15 7 Q. He was Chairman from 199....(INTERJECTION).
16 A. No, he became Chairman in 1987.
17 8 Q. You became Chief Executive in 1988?
18 A. About a year later.
19 9 Q. So that your relations would have been very close
20 indeed?
21 A. Yes, very close indeed from 1988 onwards.
22 10 Q. Mr. Traynor, I think, had an office in the
23 headquarters ?
24 A. No, I think there is a misunderstanding. The
25 registered office of 'CRH' initially was in a place
26 called Pembroke Street and that was also the
27 headquarters of Irish Cement Limited. When I became
28 Chief Executive we sold the Pembroke Street
29 headquarters which at that time contained the office

1 of the Chairman, the Company Secretary as well as
2 the Executives of the Cement Limited company. We
3 moved the Cement Limited company out to much smaller
4 offices in Stillorgan. It was a rationalisation
5 move and we bought premises at 42 Fitzwilliam Square
6 to house the Chairman and the Secretary and to have
7 it as the registered office of 1 CRH 1 but it was not
8 the head office of'CRH'. The head office of'CRH'
9 was really in Belgard Castle in Clondalkin and that
10 is where the Chief Executive and his whole
11 management team and all the corporate executive
12 operated from.
13 11 Q. You were in Belgard Castle then?
14 A. I was in Belgard Castle.
15 12 Q. Mr. Traynor then was in 42 Fitzwilliam Square?
16 A. Yes .
17 13 Q. He had offices there and he worked full-time?
18 A. Full-time, yes.
19 14 Q. I think the arrangement was that he worked
20 full-time, not just on the affairs of'CRH', but also
21 on his own outside interests?
22 A. Yes. It is generally understood in most corporate
23 companies that I am associated with that if you
24 require a Chairman to be available in a major
25 company to the company at all times, you have to
26 understand that he also has other interests and they
27 are generally pursued from the same office and the
28 company provides secretarial facilities to allow
29 that to happen.
1 15 Q. You knew of Mr. Traynor's connection with Guinness &
2 Mahon?
3 A. Yes.
4 16 Q. Did you know had'CRH' ever had any commercial
5 dealings with Guinness & Mahon?
6 A. Very few, to my knowledge.
7 17 Q. Did you know that Mr. Traynor had left Guinness &
8 Mahon then?
9 A. Yes.
10 18 Q. Did you know about the subsidiary in the Cayman
11 Islands and the fact that he had purchased the
12 subsidiary?
13 A. I was generally aware, he had a continuing interest
14 in banking.
15 19 Q. You knew about the subsidiary, what happened to the
16 subsidiary?
17 A. Yes, I did. I can't say whether I knew precisely at
18 the time or whether I learned subsequently.
19 20 Q. You knew that among Mr. Traynor's interests was a
20 continuing banking interest after he had left?
21 A. Yes.
22 21 Q. This banking interest was associated in some way
23 with the subsidiary company that had been a
24 subsidiary of Guinness & Mahon?
25 A. Yes.
26 22 Q. Did you know that Ansbacher in fact had taken over?
27 A. No, I wouldn't have known the name 'Ansbacher' at
28 all.
29 23 Q. At that stage?
7
1 A. No, but I think I learned subsequently that
2 Ansbacher had bought the business.
3 24 Q. I want you to deal with as much detail as you can
4 remember, Mr. Barry, with your conversations with
5 Mr. Traynor which led up to the financial
6 arrangements that you made with him. First of all,
7 can you remember where the discussions were held?
8 A. Not precisely, but I used to meet Mr. Traynor
9 probably in 42 Fitzwilliam Square because it suited
10 me to go in there early. We normally started work
11 quite early at 7 o'clock or 8 o'clock and he was
12 always in at 8 o'clock. It was a very convenient
13 time to have half an hour or an hour. The Chairman
14 and Chief Executive, generally I would have list of
15 things which would be, if you like, current in the
16 affairs of the Group ....(INTERJECTION).
17 25 Q. Am I to understand you would visit him in his
18 office?
19 A. Yes, all the Board meetings were held in Belgard
20 Castle.
21 26 Q. Mainly he was working from his office in Fitzwilliam
22 Square and would you not ask the Chairman to come
23 out to Belgard, or you would go in to see the
24 Chairman?
25 A. Yes .
26 27 Q. Would that be practically everyday?
27 A. No, every two weeks.
28 28 Q. Every two weeks?
29 A. On average, perhaps not even three weeks because

1 there are times when I would be out of the country
2 for three weeks.
3 29 Q. Every couple of weeks or perhaps every three weeks
4 you would go in and visit him with this list and go
5 in early in the morning?
6 A. Yes, and I would have a list of correspondence.
7 30 Q. Apart from that of course you would have talked by
8 telephone. You think the discussions about your own
9 private affairs took place in Fitzwilliam Square?
10 A. I think probably, yes.
11 31 Q. Who initiated them?
12 A. I think I probably indicated that I had a problem, I
13 wanted to transfer monies to my children. I would
14 have in general conversation, because we had an easy
15 relationship at this stage ....(INTERJECTION).
16 32 Q. I know, Mr. Barry, it is very difficult to remember
17 with precision what happened a good number of years
18 ago, but I would like you to tell me if you do not
19 remember, tell me you do not remember and say what
20 you can remember and indicate to me what you think
21 may have happened but you cannot remember it.
22 A. Okay.
23 33 Q. Tell me what you think or what you can remember
24 about the conversation that you initiated?
25 A. I think it probably went along these lines, that I
26 am in receipt of not a very considerable amount but
27 some foreign income which is out of dividends, out
28 of companies in the UK, out of expenses, vouched
29 expenses which were paid in sterling because we

1 operated overseas for long periods of time and other
2 currencies. I had three children initially working
3 abroad. One of them was obviously making
4 preparations to get married at some stage and that I
5 would have to transfer money to them. Always in
6 converting money back in to Irish pounds there was a
7 cost and there was an exchange risk, and then if you
8 reconverted again to transfer money there were
9 further costs of exchanges. I think it was he who
10 probably said, "well, there are simple ways over
11 that which are quite in order." He said, "I can set
12 them up for you, I still have banking connections
13 and all you do is transfer the money to me, I will
14 keep an account and so long as it is strictly for
15 your children, you tell me when you want it
16 transferred and I will transfer it." That happened
17 over a matter of months maybe.
18 34 Q. What was over a matter of months, these discussions?
19 A. Yes. We might have had an initial discussion and I
20 mightn't have done anything about it for some months
21 later, I can't be very precise about it.
22 35 Q. Anyway what you have told us is a sort of summary of
23 a number of discussions.
24 A. Yes.
25 36 Q. Do you remember when in 1989 this would have been
26 finalised and the first part of the arrangement
27 ....(INTERJECTION).
28 A. It was early in 1989.
29 37 Q. The arrangement was that there were these funds that
10
1 you were being paid in sterling and in other
2 currencies.
3 A. Yes .
4 38 Q. Would you just tell me what these were?
5 A. I would have had investments in UK stocks, I would
6 have had dividends from UK stocks and these would be
7 paid in sterling. I would obviously report them in
8 my tax returns and then I would have been in the
9 habit subsequently of just converting them into
10 Irish currency and putting them with the rest of my
11 investments at the time. As well as that I would
12 have incurred quite heavy expenses because we were
13 out of the country probably for six months of the
14 year effectively doing business and would be
15 incurring quite heavy expenses. When these were
16 submitted, they were in many currencies but the bulk
17 of them would have been in sterling because we had
18 an office in London at the time. Normally then
19 those would be converted in to Irish pounds and
20 re-put into my account and I would just use the
21 money as normal. They were the origins of the
22 money.
23 39 Q. The cheque was payable to you in sterling for
24 expenses and dividends?
25 A. And dividends, yes.
26 40 Q. Were there any other discussions as to any other
27 funds that would go?
28 A. No.
29 41 Q. Only those two?

1 A. Yes .
2 42 Q. Do you remember, if this took place in early 1989,
3 what were the arrangements made about giving the
4 funds to Mr. Traynor? Was it arranged that you
5 would hand them over to him?
6 A. Yes, normally speaking I would be, I wouldn't say
7 erratic, but depending on my presence in Dublin and
8 the amount of time, I would draw down expenses. I
9 would get a cheque and then I probably might put it
10 in an envelope, send it to him and say, 'please
11 credit to my account.'
12 43 Q. That was the expenses.
13 A. Yes .
14 44 Q. What about the dividends?
15 A. The dividends would be, I presume, similar. It
16 would depend on the size of the dividends, if they
17 were small I wouldn't bother.
18 45 Q. Just a little more detail if you can. The dividend
19 would come to you in the form of a dividend cheque
20 to you?
21 A. Yes .
22 46 Q. Would you endorse it and give it to him?
23 A. Oh' yes.
24 47 Q. Or if they were small, you would not bother doing
25 that?
26 A. No. I can't remember, I must say, how much of it
27 was dividend and how much of it were expenses.
28 48 Q. The arrangement was that it would be all handed over
29 either by envelope or by post or personally, is that
12
1 it?
2 A. Internal post mostly.
3 49 Q. You would see him regularly, so probably you handed
4 it over personally to him mostly?
5 A. I wouldn't be absolutely sure about that because I
6 generally tend to deal with paper when it comes on
7 my desk.
8 50 Q. The idea was that this was to be an arrangement for
9 your children?
10 A. Yes .
11 51 Q. You had not anything particularly in mind at the
12 time as I understand it, you were not going to pay
13 them a regular payment out of it?
14 A. No.
15 52 Q. It was then they required money and your daughter
16 was getting married and she would require money?
17 A. Yes .
18 53 Q. Was any reference made to the interest that you were
19 going to get on the money or that would be got on
20 the money?
21 A. No, I assumed that as the money was earmarked for my
22 children, that if there was any interest accruing,
23 it would accrue to them.
24 54 Q. Leaving aside who was going to get the benefit of
25 it, did Mr. Traynor not tell you it would earn
26 interest or what the interest would be?
27 A. I was very clear that it would earn interest.
28 55 Q. He must have told you that, did he?
29 A. If he didn't tell me, I think I would have

1 understood it.
2 56 Q. You assumed it?
3 A. Yes .
4 57 Q. Did he tell you what interest it would earn?
5 A. Whatever was the prevailing interest in deposits at
6 the time.
7 58 Q. Did he say that or is that what you assumed?
8 A. That is what I would have assumed.
9 59 Q. You assumed that your money would have earned
10 interest on whatever the prevailing interest rates
11 were on deposits?
12 A. Yes .
13 60 Q. Can you remember when effect was first given to
14 these arrangements? You pay him over a cheque of
15 some sort, do you remember when that happened first?
16 A. I suspect early 1989.
17 61 Q. Thereafter would this have been a fairly regular
18 matter?
19 A. It would have been fairly regular.
20 62 Q. At that time, Mr. Barry, had you a personal
21 solicitor who was looking after your personal
22 affairs?
23 A. I had, yes, who I wouldn't see very regularly.
24 63 Q. Who was he?
25 A. I had initially a firm in Co. Cork who were cousins
26 of mine, Callahan. Subsequently I used when I came
27 to Dublin, not immediately, but the company
28 Roadstone had a firm of solicitors called Gerard
29 Scalan & O'Brien and I would have used their offices

1 generally for conveyancing.
2 64 Q. For your own personal affairs?
3 A. Yes.
4 65 Q. Did you have a personal accountant as well?
5 A. A personal, sorry?
6 66 Q. Accountant to look after your own income tax
7 affairs?
8 A. Yes, I had. SKC normally looked after me.
9 67 Q. Who were they?
10 A. Stokes Kennedy Crowley as they were at the time.
11 68 Q. Who was the person in Stokes Kennedy Crowley?
12 A. A man called Pat McDaid.
13 69 Q. Did you mention these arrangements to Mr. McDaid?
14 A. No.
15 70 Q. Or at any time?
16 A. No.
17 71 Q. Did you discuss this with your solicitor at all?
18 A. No.
19 72 Q. I want to put some documents to you for your
20 comments, Mr. Barry. The first one is a letter from
21 Joan Williams to the bank concerning a cheque that
22 you had given her for lodgment. (SAME HANDED TO
23 MR. BARRY) Exhibit 1.
24 A. Yes.
25 73 Q. I take it you knew Joan Williams very well?
26 A. Yes, I knew she handled Mr. Traynor's personal
27 affairs.
28 74 Q. You would have known her very well, you would have
29 met her regularly when you went into the office?
15
1 A. Yes, I would meet her.
2 75 Q. You see that letter there, did you give the cheque
3 to her or do you think it was a cheque that you had
4 given to Mr. Traynor?
5 A. I don't think I was in the habit of addressing the
6 cheques to Ms. Williams.
7 76 Q. So you would have given them to him?
8 A. Yes .
9 77 Q. That is a letter signed by Joan Williams lodging the
10 enclosed cheque for £9,000 sterling to the credit of
11 Ansbacher Limited core account and the number.
12 Would you just look at the cheque that that refers
13 to. (SAME HANDED TO MR. BARRY). It is a bad
14 photostat I am afraid but I think you can make it
15 out. It is for and on behalf of Bluehill
16 Investments Limited and it is signed by you, Exhibit
17 2?
18 A. Yes, Bluehill Investments.
19 78 Q. Bluehill Investments Limited, it is signed by you
20 and it is for £9,000?
21 A. Yes .
22 79 Q. Our investigation establishes that it is the cheque
23 that was enclosed with the letter, do you see the
24 date of the cheque?
25 A. Yes, I do.
26 80 Q. Is it not clear from these documents that the money
27 was being lodged into Ansbacher's account?
28 A. Obviously, yes, it is by Ms. Williams.
29 81 Q. I want you to look at another document. This is a
16
1 letter from Mr. Traynor of 7th September 1992 to the
2 bank. (SAME HANDED TO MR. BARRY) Exhibit 3.
3 A. Yes.
4 82 Q. These are instructions to Mr. Redmond from the IIB
5 referring to the transfer of £30,000 to the account
6 and the names are written in, this is your
7 daughter's name and her husband's name?
8 A. That's right.
9 83 Q. It says:
10 "Please debit cost to Ansbacher Limited

no. 1 account."
11
12 The same account is given.
13 A. Yes, I see that.
14 84 Q. Again there seems to be no doubt that the account
15 that was being operated by Mr. Traynor on your
16 behalf was the Ansbacher account?
17 A. Yes.
18 85 Q. If we look at the documents that you have supplied
19 to us, there is a copy statement from your
20 daughter's bank, Exhibit 4.
21 A. Yes. (SAME HANDED TO MR. BARRY).
22 86 Q. Do you see 10th September 1992 in her statement,
23 Ansbacher Limited credit of £29,990, that is the
24 £30,000; is it not?
25 A. Yes.
26 87 Q. There is no doubt that on instructions from
27 Mr. Traynor £30,000 was transferred to your
28 daughter's account from the Ansbacher?
29 A. Yes.
17
1 88 Q. Is it not clear, Mr. Barry, that whether you knew it
2 or not that the money that you were giving to
3 Mr. Traynor was being lodged in this Ansbacher
4 account?
5 A. Yes .
6 89 Q. When did you learn that?
7 A. When did I learn that?
8 90 Q. Yes .
9 A. I couldn't say when I learned it, I just can't
10 answer that question. I was aware that Mr. Traynor,
11 as I already said, was connected with Guinness &
12 Mahon, that he retained a connection with their
13 offshore businesses. Beyond that I didn't know much
14 about the details of it and I more or less trusted
15 him in that situation.
16 91 Q. I understand that. I want to know if you can help
17 us because it is absolutely clear, and I think you
18 accept it, that your money was lodged in an
19 Ansbacher account?
20 A. Yes .
21 92 Q. When you knew that, when you would have been aware
22 of that?
23 A. I would have been aware of Guinness & Mahon, but I
24 would not have been aware of "Ansbacher". I knew
25 subsequently that at some stage I think where
26 Mr. Traynor might have been a proprietor of Guinness
27 & Mahon Cayman that subsequently he and his partner
28 sold it to "Ansbacher". I would have no memory of
29 the precise time of that.
18
1 93 Q. Did you know then that the money was probably in the
2 Guinness & Mahon Cayman bank but you did not know
3 precisely when "Ansbacher" took over, is that the
4 position?
5 A. That is the position, yes.
6 94 Q. I just want to show you a document. Exhibit 5 (SAME
7 HANDED TO MR. BARRY). It is the statement of
8 account and I want you to look at this document and
9 explain to you that the top of this document, the
10 title of this document has deliberately been taken
11 away and I will explain to you in a moment why. I
12 want you to look at it and would you agree with me
13 that this looks like a bank statement?
14 A. I would, yes.
15 95 Q. We have taken out the title because what I want to
16 ask you, Mr. Barry, is whether or not you got
17 regular, or perhaps not regular, irregular
18 statements in that form without the top on it?
19 A. No.
20 96 Q. Was the form that you got not like a bank statement
21 with the top cut off?
22 A. It was like a bank statement with no heading, I
23 suppose, yes, that could be interpreted as the top
24 being cut off.
25 97 Q. Sorry, perhaps I am jumping a little bit. It was
26 like a bank statement but it had no title on it, it
27 had no AIB or Bank of Ireland or anything on it?
28 A. That's right.
29 98 Q. Would it be like that? Bank statements are similar
19
1 and differ slightly, but would it generally be like
2 that?
3 A. I wouldn't have described it as like that.
4 Essentially what it showed was the information that
5 I needed at the time which was to show how much
6 money was on deposit. It would show interest
7 separate.
8 99 Q. That particular one (Exhibit 5) we have handed in
9 happens to show interest, but it looked like a bank
10 statement to you, did it?
11 A. Except if my memory serves me right and I can't be
12 absolutely certain of this, I had the impression
13 that it was handwritten.
14 100 Q. That is what I wanted to ask you. I wonder is that
15 correct because ....(INTERJECTION)?
16 A. I am not absolutely sure.
17 101 Q. I am concerned to try to ascertain what your
18 recollection is, Mr. Barry. It was a bank statement
19 but it did not give the title of the bank?
20 A. That's right.
21 102 Q. You think it was handwritten but you are not
22 certain?
23 A. I am not certain.
24 103 Q. Very well. Mr. Traynor died very suddenly, I think.
25 A. Yes .
26 104 Q. A lot of things happened arising from his death but
27 I want to ask you, first of all, about your own
28 particular position arising from his death and the
29 funds you had with him. Who did you make enquiries
20
1 from about the situation?
2 A. I made enquiries ultimately from a man called Sam
3 Field Corbett.
4 105 Q. Before that who did you make them from?
5 A. I didn't make any enquiries.
6 106 Q. When you say ultimately?
7 A. I wasn't quite clear on the situation with the
8 account when he died in 1994, but I was fairly
9 certain that there was very little funds left, if
10 any, in it.
11 107 Q. I just want to know what you did.
12 A. I think I asked Sam Field Corbett, whom I knew
13 because he had a contract with'CRH', to do certain
14 salaries for the Executives. He had a connection
15 with Mr. Traynor and I asked what happened.
16 108 Q. It was to him you went?
17 A. Yes. He said, "I don't know anything about it " and
18 I think a man called Padraig Collery had taken
19 residence in his offices and he said, "I will check
20 with him because I believe he is handling that . " He
21 came back to me and he said, "I think there is some
22 money left in your account." I said, "I don't need
23 that."
24 109 Q. Did you contact Mr. Collery yourself?
25 A. No.
26 110 Q. You never met him?
27 A. No.
28 111 Q. Would you just look back at that cheque of £9, 000,
29 Exhibit 2, that I handed in a moment ago. Do you
21
1 see that that cheque is signed by you for and on
2 behalf of Bluehill Investments?
3 A. Yes .
4 112 Q. What were Bluehill Investments?
5 A. Bluehill Investments was an offshore company I think
6 in Guernsey or in Jersey, Guernsey in fact, which
7 was owned by'CRH' and which was the primary vehicle
8 used to do acquisitions overseas. It was set up I
9 understand with the permission of the Central Bank
10 and operated under the regulations of the Central
11 Bank. Costs associated with those investments which
12 were really the buying and selling of companies and
13 the efficient financing of them from an interest and
14 a tax point of view was done from there. Any
15 expenses incurred with those actual operations would
16 have been paid from there by the directors of
17 "Bluehill".
18 113 Q. Sorry, I did not catch the end of that. Expenses,
19 whose expenses?
20 A. For example, I myself plus a number of the other
21 executive directors would be involved in travelling
22 and would have been spending considerable times in
23 Europe and in the United States would be involved in
24 actually incurring expenses, most of which was
25 totally related to the buying and selling of
26 companies. It involved travel expenses, it involved
27 a certain amount of entertainment and all the usual
28 things which go with it.
29 114 Q. Are these expenses of'CRH'?

1 A. 'CRH', yes.
2 115 Q. Was Bluehill Investments paying the expenses of
3 'CRH'?
4 A. It was a cost to "Bluehill Investments", yes.
5 116 Q. I just want to understand because
7 A. The expenses would have been incurred by me.
8 117 Q. Of course by you, I just want to understand were
9 they incurred by you on behalf of 'CRH'?
10 A. On behalf of 'CRH', yes.
11 118 Q. The arrangement was that these expenses would be
12 paid by "Bluehill Investments"?
13 A. Yes, where they particularly related to the work
14 outside of Ireland.
15 119 Q. And other expenses, of course?
16 A. Yes, which we paid domestically.
17 120 Q. Were all your expenses outside of Ireland paid by
18 "Bluehill Investments"?
19 A. Not all, the great majority.
20 121 Q. So this cheque (Exhibit 2) for £9,000 was a cheque
21 for expenses incurred by you on behalf of 'CRH' and
22 paid for by "Bluehill Investments" according to
23 these arrangements that were made. There is a
24 second signature on that cheque and I wonder can you
25 tell us who that signature is?
26 A. I am not absolutely sure.
27 122 Q. Is it Mr. Field Corbett?
28 A. It could be actually, yes.
29 123 Q. Was Mr. Field Corbett involved or associated in the
23
1 company "Bluehill Investments"?
2 A. Was Mr. Corbett associated with "Bluehill
3 Investments", I can't remember.
4 124 Q. He must have been on the bank ....(INTERJECTION).
5 A. He may have been the operator of a bank account
6 which was part of "Bluehill" and an approved
7 signatory.
8 125 Q. That is what I would have thought.
9 A. Yes, he was an approved signatory, yes. When you
10 say involved, was he an executive of, I don't think
11 he ever was. I am not sure.
12 126 Q. He was an approved signatory on the account?
13 A. Yes.
14 127 Q. When Mr. Traynor died, then you contacted him?
15 A. Yes.
16 128 Q. Had you talked to him prior to Mr. Traynor's death
17 about this arrangement?
18 A. No.
19 129 Q. After Mr. Traynor's death you told him about it?
20 A. Yes.
21 130 Q. He then told you that Mr. Collery had moved to
22 Mr. Field Corbett's own office?
23 A. Yes, that's right.
24 131 Q. What was the name of those offices, do you remember?
25 Was it Management Services?
26 A. Management Information Services, yes. I thought it
27 was the address you were looking for.
28 132 Q. No, Management Information Services.
29 A. The "MIS" were contracted to 'CRH' from some time
24
1 before I became Chief Executive, effectively to pay
2 the senior executive payroll.
3 133 Q. When he made enquiries, you must have then known
4 that the money was in "Ansbacher" at this stage?
5 A. Yes, "Ansbacher" or whatever.
6 134 Q. It was in the overseas bank that formerly had been
7 owned?
8 A. That's right.
9 135 Q. The monies that were paid out after the death of
10 Mr. Traynor were in fact paid out from the account
11 of another company called Hamilton Ross Limited, did
12 you know about "Hamilton Ross"?
13 A. I never knew about "Hamilton Ross". The first
14 reference I came across "Hamilton Ross" is I think
15 it was my son eventually got copies of his bank
16 statements or my daughter and one of them was shown
17 with the name "Hamilton Ross".
18 136 Q. You had not heard that?
19 A. No.
20 137 Q. You were not told by Mr. Field Corbett that the
21 money had been moved into another account?
22 A. No.
23 138 Q. You assumed it was still in "Ansbacher"?
24 A. I did, yes.
25 139 Q. The money you knew was on deposit, you knew it was
26 on deposit in the overseas bank which had been owned
27 by Guinness & Mahon, no tax was paid on the
28 interest?
29 A. No.
1 140 Q. When you approached the Revenue about the matter,
2 was the settlement made on the basis that arrears of
3 tax and/or penalties were in relation to interest
4 only?
5 A. Interest, yes.
6 141 Q. You were not taxed on any of the payments. You
7 satisfied the Revenue that you were not liable for
8 any arrears of tax on the sums?
9 A. Absolutely, yes.
10 142 Q. So it was on arrears of interest?
11 A. Yes.
12 143 Q. I take it, Mr. Barry, that you had not availed of
13 the tax amnesty in relation to this?
14 A. No, it would have made no sense because I needed the
15 money for my children offshore, not back here.
16 MR. JUSTICE COSTELLO: Thank you Mr. Barry.
17
18 END OF EXAMINATION OF MR. BARRY BY MR. JUSTICE
19 COSTELLO
20
21
22
23
24
25
26
27
28
29
26
1 MR. BARRY WAS THEN EXAMINED, AS FOLLOWS, BY
2 MS. MACKEY
4 144 Q. MS. MACKEY: If I could just ask you a
5 little bit, Mr. Barry,
6 about the commencement of this arrangement when you
7 first approached Mr. Traynor. He suggested to you,
8 as I understand it, I think you said you would pass
9 over the cheques to him and he would look after
10 them, I think those were your words.
11 A. Yes.
12 145 Q. What did you understand he was going to do with
13 those cheques at the time?
14 A. I understood that he was going to put the money --
15 in other words, it wasn't going to be brought back
16 on-shore to Ireland with the conversion etc. and
17 then the reconversion, that it would be held
18 offshore. It would obviously earn interest if it
19 was on deposit. I wasn't sure how long the money
20 would be kept at the time and it was obviously going
21 out in tranches. It was my wish that that money
22 would be transferred to my children at a time I
23 deemed appropriate.
24 146 Q. So you understood the money would be held offshore?
25 A. Yes.
26 147 Q. You were aware at that time that Mr. Traynor was
27 connected with the offshore subsidiary of Guinness &
28 Mahon?
29 A. Yes.
27
1 148 Q. It would have been reasonable to suppose that it was
2 there that the money would be held offshore?
3 A. Yes.
4 149 Q. You did in fact understand that to be the case?
5 A. I did.
6 150 Q. At the time that you commenced the arrangements?
7 A. Yes. Let me add that I didn't see anything unusual,
8 I trusted Mr. Traynor's knowledge of that whole
9 area.
10 151 Q. How did you think this money was going to be held?
11 What form did you think the arrangement
13 A. I assumed it would be held in sterling.
14 152 Q. Did you understand it would be put into an account
15 or what did you assume?
16 A. I assumed it would be put into an account just like
17 a deposit account.
18 153 Q. In whose name did you suppose it would be held?
19 A. I assumed it would have been the name 'Barry 'as a
20 deposit account in trust for children.
21 154 Q. In the name Anthony Barry?
22 A. I honestly can't remember whether it was Anthony
23 Barry or whether I would have specified my children
24 at the time.
25 155 Q. Did you sign any documents to open this account?
26 A. No.
27 156 Q. Did your children sign any documents?
28 A. To my knowledge, no.
29 157 Q. How did you understand the matter was being
28
1 arranged?
2 A. I just trusted Mr. Traynor implicitly.
3 158 Q. In the affidavit that you sent to us which you swore
4 some time ago, I do not know if you have a copy of
5 it there in front of you.
6 A. I do, yes.
7 159 Q. If I could refer you to paragraph 3 of that
8 affidavit. Exhibit 6.
9 A. Yes, I have it here.
10 160 Q. I do not know if it is paginated like mine, but at
11 the bottom of page 2 of the affidavit on my copy you
12 say:
13 "... I always accepted that monies so

deposited with Mr. Traynor would be
14 applied by him exclusively for the
benefit of my two non-resident children
15 and that any Exchange Control
Regulations which applied would be
16 complied with in the normal way..."
17
18 A. Yes .
19 161 Q. What led you to believe that the Exchange Control
20 Regulations would be complied with? Did you discuss
21 this matter with Mr. Traynor?
22 A. I trusted him and he assured me that this whole
23 thing could be done quite simply and
24 straightforwardly.
25 162 Q. Did you specifically discuss ....(INTERJECTION)?
26 A. Exchange controls?
27 163 Q. Yes .
28 A. No, not that I think I remember. There was no
29 specific discussion about exchange control.
29
1 164 Q. When the notes on headed paper, which you referred
2 to in the next sentence and which we have talked
3 about already, were sent to you from time to time by
4 Mr. Traynor, did you ask him what these represented
5 other than the statement of your account? Did you
6 ask him where they came from?
7 A. No.
8 165 Q. You never discussed the matter with him at all?
9 A. No.
10 166 Q. You did not ask him why there was no name of a bank
11 on top?
12 A. No.
13 167 Q. Did this puzzle you?
14 A. Not really because I assumed that all of this was
15 happening offshore in the Cayman Islands and that
16 Mr. Traynor would purely have access to balances.
17 The only information I needed was a balance because
18 (a) I didn't want to put too much money into it, and
19 (b) at some stage that balance was going to be
20 transferred.
21 168 Q. Right. Moving on further down your affidavit, you
22 talk about the payments subsequently being arranged,
23 it is the next paragraph, paragraph 4 at (b):
24 "Payments being arranged after the

death of Mr. Traynor to Mr. Samuel
25 Field Corbett..."
26
27 We have already talked a little bit about how you
28 approached Mr. Field Corbett.
29 A. Yes .
1 169 Q. He made enquiries for you from Mr. Collery about the
2 state of your account?
3 A. I believe, yes.
4 170 Q. You went along to Mr. Corbett because you were
5 anxious, you did not know what was going to happen
6 to your account after Mr. Traynor's death; is that
7 right?
8 A. Yes.
9 171 Q. Why did you decide to go to Mr. Field Corbett, I am
10 not clear about that?
11 A. I knew that he had a very close relationship with
12 Mr. Traynor. I got the dates wrong on my affidavit.
13 In fact actually most of the money had gone out
14 before Mr. Traynor died, but that just happens to be
15 my memory. I think I might have asked him because
16 of his closeness with Mr. Traynor.
17 172 Q. Can you just try to recall for us how that
18 conversation went? You contacted Mr. Field Corbett
19 and you said to him what?
20 A. I said, "by the way, Sam, I don't know but I believe
21 I still may have an account and it was opened with
22 Mr. Traynor. Do you know how these things worked?"
23 He said, "I don't know, but I will find out for
24 you."
25 173 Q. You described it as an account that was opened with
26 Mr. Traynor?
27 A. Yes.
28 174 Q. You expected that he would know what you were
29 talking about?
31
1 A. I didn't, I expected that he would know who to talk
2 to.
3 175 Q. What led you to think he would know who to talk to?
4 A. I suppose his closeness with Mr. Traynor, but he was
5 never involved at any stage with me in the opening
6 of the account with Mr. Traynor.
7 176 Q. Moving on further down that same paragraph
9 A. I couldn't be absolutely sure now that I think about
10 it whether he mightn't have come to me and said, 'by
11 the way, I think you may still have some money in an
12 account which Mr. Collery told me about.' I am not
13 sure which way it went.
14 177 Q. Which Mr. Collery told him about?
15 A. Or might have told him about.
16 178 Q. Moving on down that particular paragraph,
17 paragraph 4, you relate the different transactions
18 that were carried out on behalf of your children
19 there in the lodgments and so on, and at (ii) you
20 talk about a transfer of a sum to the account of
21 your son Paul in the States.
22 A. Yes .
23 179 Q. How was that arranged? This was after the death of
24 Mr. Traynor, was it not?
25 A. Yes, I think I would have gone to Mr. Field Corbett
26 and asked him whatever connections he had could he
27 arrange that transfer.
28 180 Q. Although you knew at this stage that Mr. Collery was
29 in fact dealing with the matter, you chose to
32
1 approach Mr. Field Corbett?
2 A. Yes.
3 181 Q. He was happy to act as some kind of go-between.
4 A. He was happy to do that, yes. Sorry, I had learned
5 by the way at that stage that Mr. Collery had taken
6 a room at Mr. Field Corbett's offices because he had
7 told me.
8 182 Q. How was this done? Did you then give a cheque to
9 Mr. Field Corbett as you would have done in the past
10 to Mr. Traynor?
11 A. No, I didn't give any cheques to anybody after, I
12 think, about 1992.
13 183 Q. So the transfer was simply made from
15 A. The transfer was simply made from the account.
16 184 Q. Then at paragraph 5 you talk about the closing of
17 your account.
18 A. Yes.
19 185 Q. When Mr. Sam Field Corbett gave you a sum of about
20 £4,000.
21 A. Yes.
22 186 Q. How did that come about, in what circumstances?
23 A. I think I probably said to him at the time, 'look, I
24 don't want this account anymore. It has done what I
25 intended to do with it. If there is anything left
26 in it, we better clear it out and close it.' He
27 said, 'there is that much money left approximately
28 in it.' My daughter actually had come back to
29 Dublin with her husband at this stage having been
33
1 seven or eight years abroad, so as they were to be
2 the recipients of whatever money was in it, I
3 transferred it to her with some additional money I
4 gave her.
5 187 Q. What I want to get clear here is in what form this
6 money came to you. Did Mr. Sam Field Corbett hand
7 it to you?
8 A. He did, I believe it was in cash in fact.
9 188 Q. He handed it to you in cash?
10 A. Yes .
11 189 Q. Can you recollect where that happened? Was this in
12 his office, your office?
13 A. I can't. I would never have been in his office, so
14 it must have been in my office at some stage.
15 190 Q. So he handed you IR£4,000 in cash?
16 A. Yes, or approximately.
17 191 Q. In an envelope or whatever?
18 A. Yes .
19 MS. MACKEY: I think that is all the
20 questions I have,
21 Mr. Barry, thank you.
22
23 END OF EXAMINATION OF MR. BARRY BY MS. MACKEY
24
25 MR. JUSTICE COSTELLO: That is everything,
26 Mr. Barry. Just formally
27 we better get you to identify the affidavit, Exhibit
28 6, and the documents that you sent in with your
29 affidavit just as an exhibit, Exhibit 7.

1 A. Sure.
2 192 Q. If you would identify those.
3 A. Do I sign them?
4 193 Q. No, it is not necessary. If you identify them and
5 hand them back to Ms. Cummins.
6 A. Yes.
7 MR. JUSTICE COSTELLO: Mr. Barry, thank you for
8 coming this morning and we
9 would like you to sign the transcript when it is
10 completed.
11 A. Thank you.
12
13 END OF INTERVIEW
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
35
•SoVX-oLVap.
o Ci
Ansbachcr Limited
A Mumbtr ofiht Htnry Ambachtr HoUhtgs PLC Utrdum tonkin ~
Obip
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Please reply to: '°-**
42 Fitzwilliam Square, F
T ? ^ ^ 4
Dublin 1 « <*») 949-794*
Tel: 763144/763065
Fax: 612035
Garrett Logan, Esq.,
Irish Intercontinental Bank Limited,
91 Merrion Square,
DUBLIN 2. •
Dear Garrett,
Could you please arr&ng^fecffodge the egcfcosed cheque for
Stg.£9,000.00 to credit of Ansbachea^Mulibed'Call Account
No.02/01 087/81 'J*^ :»
A x "
Yours s i n c e r e l y ^ s ® \ ^
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Qbou^ Aoie.-CLL u Vltv*

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For ANSBACHER LIMITED
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Ansbacher Limited
Please reply to: % P.Q. Box 887. Grand Cayman, Caynurn Islands, British West Indies - '
42 Fitzwilliam Square, Telephone: (809) 949-8655 Telex: CP 4305
y Dublin 2. ' Facsimile (809) 949-7946 (809) 949*5267
Tel: 765144/763065
Fax: 612035
7th September, 1992.
'Mr. Rxraan Redmond,

Irish Intercontinental Bank Ltd.,
91* Harrion Square,
Dublin 2.
Dear Ronan, ^
I would be grateful If you vould transfer &tg£30,000.00 to
Bank of Iceland (Jaraay) Ltd.,
P.O. Box 416,
Templar House,
Don Road,
St. Bailer, —
JerseyJE48W2,
Channel Islands.
Please debit'coat to Ansbacher United's Ho
• j . Please advise vhen funds vlll be in place.

Yours sincerely.
Appendix XV (5) (1) (e)
4&V*/HvJboc&L Q u l J ^ t o d t e .
D«toU» ) 'WllwitUd lAAiCod*! Addrm I
Iwfcwrtlr ' „• \MmimMk VAS~T

A O'Flynn E x h a m s & Partners
Solicitors
58 South Mail. Cork.
Talaphunu (02!) .127 77C1
Facsimile (021) >27 2117
Email: F:/R.'.R: :AR HASS:
Our Ref: Your Ref: Date

FOF/AOD/26340/1 C/B03/NPM 15 August 2001
PRIVATE AND CONFIDENTIAL

The Inspectors
Office of the Inspectors
Third Floor
Trident House
Blackrock ^
1 (/
CO DUBLIN A
RE: INSPECTORS PRELMINARY CONCLUSIONS

MR ANTHONY D. BARRY
Dear Inspectors,
We refer to your letter of the 31 st ult. to our above named Client and in particular to the
document entitled
"Inspectors Preliminary Conclusions
Re: Mr Anthony Barry.
We will comment on the document as follows using the same numerical sequence:-
Paragraph 1.
The fact that Mr Barry was Chairman of CRH pic. is irrelevant to the finding. He was
Chief Executive of CRH at the time that Mr Traynor was Chairman. We would suggest
that the first sentence be omitted and that if it was thought necessary an insertion could be
made in the fourth line after "Mr Barry" as follows :-
"(then Chief Executive)"
The last seven words in paragraph one "usually sending them through CRH internal mail."
is gratuitous and unnecessary to the conclusion in paragraph 3 that "Mr Barry was a client
ofAnsbacher".
The inclusion of the words complained of lends itself more to an accusation that there was
some form of conspiracy within CRH of which Mr Barry was a part, and accordingly we
must request that the Inspectors remove that phrase in those circumstances as there is no
evidence of any such conspiracy, which is emphatically denied.
Furthermore, the references in thefifth and sixth sentences in this paragraph to income are
incorrect as the cheques given by Mr. Barry to Mr. Traynor were either dividend cheques or
Frank O'Flynn Fachrna O'Dncoc:! D e n b ;>. C i l i a ! Asanas P f ;u:

Rory W. Collins Pater ,<irwcn Jonaihan White FiL.in :£. La'.'
Consultants: Silan W. Russall A.C.I. -Xtb NnB C m . ' I I
lawspan
international ilin Ollioo : 17 Upper Pi.mbioko Si., Dublin -• i.i, t'Oii F/a of-IF 26340/I/6799LT-1DOC
cheques in reimbursement of business expenses. Accordingly, we would suggest that these
two sentences be amended to read as follows;
"Mr. Barry mentioned to Mr. Traynor his desire to provide for his children, and to
utilised certain funds representing foreign dividend income and / or payments in
reimbursements of business expenses for this purpose. He told the Inspectors that
these funds had been properly declared to the Revenue".
Paragraph 2.
This paragraph is quite misleading as it gives no indication whatsoever that Mr Barry has
co-operated at all times with the Inspectors and it could be taken as implying that it was
solely the documentation in the possession of the Inspectors that was the crucial element
whereas Mr Barry confirmed at all times that he had such an Account. It is suggested that
thefirst two lines cf paragraph 2 should be amended to read
"It is clear from Mr Barry's evidence and from documentation in the possession
of the Inspectors that Mr Traynor deposited Mr Barry's funds with Ansbacher."
Paragraph 3.
This is a very bald statement and we would prefer if it read
"Mr Barry was a Client of Ansbacher, as was confirmed by him in his evidence to
the Inspectors, only to the extent indicated in paragraphs 1 and 2 above."
Paragraph 4.
We would prefer if this item was amended to read as follows:-
"The Inspectors, in arriving at their preliminary conclusion, have relied upon Mr

Barry's confirmation that he was a Client of Ansbacher in the circumstances
indicated in paragraphs 1 and 2 hereof and from the transcript of Mr Barry's
evidence together with the following documents shown to him at interview:
(a), (b) and (c) [as per the Inspectors Preliminary Conclusion.]"
SUMMARY.
Our Client is extremely concerned to see that the Inspectors Preliminary Conclusions should
accurately reflect the evidence produced to the Inspectors. In our Client's view, which we
confirm, the Inspectors Preliminary Conclusion as presently worded is neutral, and by
virtue of being neutral does not accurately reflect the facts. We are particularly conscious
of the position by reason of the propensity for leaks to the Media which have occurred
previously. While we appreciate that the Inspectors cannot be responsible for such leaks,
nevertheless they must take cognizance of the fact that such leaks have occurred in the past
and, in all probability, will occur again in the future. The issue of the Inspectors
Preliminary Conclusions in the format proposed by the Inspectors is capable of being
misconstrued by the Media who could no doubt put their own "spin" on it. It is therefor of
vital importance to our Client that the Inspectors Preliminary Conclusions are not only
2634Q/I/6799LTM. DOC
accurate in themselves, but also accurately and completely reflect the evidence which has
been given and the fact that Mr Barry has co-operated at all times with the Inspectors.
Of major concern to our client is the context in which the Inspector's Preliminary
Conclusions are included in the Inspectors Report to the High Court. We note from your
letter of the 31 st ult that you are dealing with preliminary conclusions relating to many other
persons. Undoubtedly the Inspectors Preliminary Conclusions will vary from conclusions
where there have been major tax avoidance, money-laundering, etc., to cases where there is
little or no evidence of tax avoidance or other wrong-doing. Presumably, the Inspector's
Report to the High Court will be compiled so as to differentiate between the cases of serious
concern and those of little or no concern. Clearly as there was evidence of no wrong-doing
on the part of Mr. Barry, he is therefore concerned to ensure that his good name and
standing is preserved and that he is not tarred with the same brush as others of lesser
innocence.
We look forward to hearing further from you in this matter.
2634G/1/6799LT-1.DOC
Appendix XV (6) Sir John Derek Birkin
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to Sir
John Derek Birkin.
a) Transcript of evidence of Sir John Derek Birkin dated 20 February 2001.
b) Memorandum from DP Collery to JD Traynor of 20 March 1981.
c) Memorandum from Joan Williams to DP Collery of 16 February 1982.
d) GMCT account of 20 Februaiy 1982.
e) Guinness and Mahon share purchase confirmation of 13 May 1981.
f) Guinness and Mahon statement re GMCT of 31 May 1981.
g) Guinness and Mahon statement re GMCT of 31 May 1981.
h) Telex Guinness and Mahon to GMCT of 21 March 1983.
i) JD Birkin cheque in favour of Joan Williams for £100,000 of 12 February

1995.
j) Telefax of 21 December 1993 from Guinness and Mahon to GM&Co Ltd.
k) Letter of 3 June 1994 from Joan Williams to IIB.
1) Letter of 17 June 1994 from Joan Williams to IIB.
m) Letter of 9 August 1994 from Joan Williams to IIB.
n) Letter of 25 August 1994 from Joan Williams to IIB.
o) Letter of 12 June 1995from DP Collery to IIB.

PRIVATE EXAMINATION OF SIR JOHN DEREK BIRKIN
UNDER OATH
ON TUESDAY, 20TH FEBRUARY 2001
Stenographer
PRESENT
The Inspectors: JUDGE SEAN O'LEARY
MS. MACKEY BL
Solicitor to the Inspectors MS. M. CUMMINS
Interviewee: SIR JOHN DEREK BIRKIN

1 THE INTERVIEW COMMENCED, AS FOLLOWS, ON TUESDAY,
2 2OTH FEBRUARY 2 001
4 SIR DEREK BIRKIN: Well, ladies and
5 gentleman, first of all I
6 wanted to say that I appreciate the trouble you have
7 taken to come over here to see me and I hope you had
8 a reasonable journey.
9 MS. MACKEY: We did, thank you.
10 SIR DEREK BIRKIN: The schools are on holiday
11 so that may have helped
12 you, I think, in terms of traffic. Another point I
13 wanted to make is that I noted in the last letter
14 but one that you sent me, an understandable note of
15 irritancy in it in that you clearly thought I had
16 been a little dilatory in replying to you. I didn't
17 want to burst into print to explain but I just felt
18 for the record you should know that unfortunately
19 malignancy has been detected with me and I only
20 completed, eight days ago, a three week daily
21 hospital treatment of radiotherapy so I am in the
22 eighth day of the completion of that and hopefully
23 all is going well, but I don't really know. You can
24 understand that I had that on my mind and therefore
25 I hope you didn't think that I was being obstructive
26 or anything in delaying to reply because clearly
27 that was a major distraction for me.
28 JUDGE O'LEARY: That is very helpful
29 indeed, thank you very
3
1 much and it will be officially on the record. Could
2 I first of all introduce myself, my name is
3 Sean O'Leary...(INTERJECTION).
4 SIR DEREK BIRKIN: Forgive me, may I just
5 finish?
6 JUDGE O'LEARY: Certainly.
7 SIR DEREK BIRKIN: The other thing I wanted
8 to say was that in the
9 long list of questions that you sent me the only one
10 that was relevant in all that, because clearly I had
11 no business involvement in Ireland or involvement in
12 any trusts or anything else, was my relationship
13 with Mr. Traynor. I thought I should just generally
14 introduce it, by saying, that I met Mr. Traynor at a
15 business convention, I think.
16 JUDGE O'LEARY: I wonder, Sir Derek, would
17 it be better if we went
18 through the formalities first, if we administer the
19 oath to enable you to put this officially on the
20 record. I think it would be better.
21 SIR DEREK BIRKIN: Of course, forgive me.
22 JUDGE O'LEARY: Not at all.
23 SIR DEREK BIRKIN: I am sorry.
24 JUDGE O'LEARY: My name is Sean O'Leary, I
25 am a Circuit Court Judge.
26 I am one of the inspectors appointed to investigate
27 the company and what we are investigating, of
28 course, is the company we are not investigating you,
29 we are investigating the company. The company is
4
1 the Ansbacher company. A second inspector by the
2 name of Ms. Noreen Mackey, who I think has been in
3 correspondence with you is also here today. There
4 are two other inspectors who are not here today and
5 will not be dealing with any matter arising out of
6 today. We have the solicitor to the Inquiry who is
7 Mary Cummins and we have our stenographer present as
8 well.
10 It is a very informal procedure. We are gathering
11 information, that is what we are doing, and that is
12 all we are doing at the present time. While I say
13 it is informal, the only formality which we wish to
14 engage in, if you have no objection, is that we
15 would like the evidence to be on oath.
16 SIR DEREK BIRKIN: Yes, you made that clear
17 before.
18 JUDGE O'LEARY: Mary Cummins, who is a
19 solicitor, will administer
20 the oath to you.
21
22
23
24
25
26
27
28
29
5
1 SIR JOHN DEREK BIRKIN, HAVING BEEN SWORN, WAS
2 EXAMINED AS FOLLOWS BY JUDGE 0'LEARY AND MS. MACKEY
4 1 Q. JUDGE 0'LEARY: There was an additional
5 matter you wanted to bring
6 to our attention.
7 A. Yes, I just wanted to explain that the only area in
8 that detailed questionnaire that was relevant to me
9 was my relationship with Mr. Traynor. I wanted to
10 explain that I met him at a business convention, I
11 think in the early 80' s. I don't know whether you
12 knew him but he was an engaging man and I liked him
13 and trusted him and he suggested at one of these
14 sessions that perhaps I might like to consider
15 having some money offshore. I thought that was a
16 good idea and I arranged to send him some money and
17 my dealings were solely with him. Over the years he
18 was the person that I spoke to. There wasn't a
19 regular relationship but occasional telephone calls
20 and I think a couple of times I saw him in London.
21 Then, I would guess towards the middle of the 90's,
22 he said to me that he was worried about his health
23 and that as our relationship had been person to
24 person did I want to consider withdrawing the money
25 so I therefore did and withdrew it I think in the
26 middle 90's and of course he died.
27 2 Q. That is very helpful, extremely helpful indeed. Do
28 you know when you gave Mr. Traynor the money, really
29 the quantity of the money is of no concern to me.
6
1 But when you gave him whatever money you did give
2 him, do you know where he put the money?
3 A. It sounds ridiculous, but no I don't for a fact. I
4 never had any correspondence. There was never
5 anything in writing or anything. As I say, I dealt
6 direct with him. If you were to ask me to guess
7 rather than know, I would, in light of what you have
8 sent me since and so on, I would guess that he had
9 it offshore, but I am afraid I never dealt with
10 anyone else but him, never dealt with a bank or
11 indeed if it was in the Cayman I never dealt with
12 anybody, so I am afraid I just didn't know.
13 3 Q. In fact, I think, Sir Derek, it would be fair to say
14 that we wouldn't find that strange because quite a
15 number of people in the same situation as yourself
16 have told us the same story.
17 A. Really?
18 4 Q. Yes, quite a number of people.
19 A. He was a very engaging man.
20 5 Q. Everybody speaks very highly of him, indeed even to
21 the present day speaks very highly of him, I must
22 say that. That is extremely helpful. What I am
23 going to show you is a number of documents. The
24 purpose of showing them is to give you an
25 opportunity of looking at them and to convince you
26 with regard to where he had your money, do you
27 understand that?
28 A. Yes .
29 6 Q. The first document I am going to show you, these are

1 documents which we got from various sources, mostly
2 Guinness & Mahon in Ireland which as you know,
3 Mr. Traynor was a director of and he used their
4 offices, if you like as the jumping off point for
5 the offshore deposits which he had. If you look at
6 page 39, Exhibit 1, first, that is a memo in 1981.
7 It deals with two persons, I think the name of the
8 other person has been excluded from what you have
9 there, but you can take it, it is not you and it is
10 not relevant to you. But you can see that one of
11 the transactions which he says was to take to place
12 or had taken place was the withdrawal of Stg£3,000
13 drawn by Mr. Birkin in London and that £3,000 had
14 been debited to GMCT 12 in the sum of US$6,810.
15 A. What is GMCT, may I ask.
16 7 Q. That is Guinness Mahon Cayman Trust, which is the
17 name of the company we are investigating, it
18 subsequently changed its name to Ansbacher, but that
19 is the company we are investigating?
20 A. So that is Ansbacher?
21 8 Q. It is, yes. It subsequently changed its name so,
22 that, if you like, is the first point of reference
23 linking your name to Ansbacher. We are not
24 interested in the details of that but one of the
25 things we have been asked to do, Sir Derek, is this,
26 we have been asked to establish who the clients of
27 Ansbacher were; Ansbacher GMCT.
28 A. Clearly I am.
29 9 Q. That is the issue really. There are a number of
8
1 other...(INTERJECTION).
2 A. That is where he put it then.
3 10 Q. That's where he put it, exactly. We accept, of
4 course, totally, if you tell us on oath that you
5 didn't know, we accept that totally, absolutely, I
6 am sure there is absolutely no reason. I can give
7 you many other examples of that. For example, page
8 45, Exhibit 2?
9 A. You understand I have never seen that.
10 11 Q. Absolutely. I understand that, of course, these are
11 internal documents.
12 A. I see.
13 12 Q. These are internal bank documents and you can see
14 there, again, where there is a transaction relative
15 to you in it in 1982. You can actually see on that
16 if you show, Sir Derek page 82, Exhibit 3(same shown
17 to witness) there was an account in Guinness Mahon
18 in Ireland which was in the name Guinness Mahon
19 Cayman Trust, but which was for one particular
20 client of Guinness Mahon Cayman Trust, the name does
21 not appear on it but in common with all the other
22 accounts that I will show you, it has a prefix "12"
23 do you see "Guinness Mahon Cayman Trust 12"?
24 A. Yes.
25 13 Q. That "12", from information which I will show you
26 later, seems perfectly clear was a code name which
27 they established for you, you were no. 12. You can
28 see that the US$1,750 referred to at Exhibit 2 was
29 subsequently entered in that account. That is
9
1 another example of it, if you like.
2 A. The number means -- I wish I could help you, I know
3 it sounds odd but...(INTERJECTION).
4 14 Q. You didn't know that?
5 A. That wasn't the relationship that I had.
6 15 Q. If you show Sir Derek page 39, Exhibit 1, I will
7 give you another example. Sir Derek have I already
8 put page 39?
9 A. That was the second one.
10 16 Q. That's grand. At pages 40 Exhibit 4, 41 Exhibit 5,
11 42 Exhibit 6, and 43 Exhibit 7, there are four
12 documents, two of them are bank accounts and two of
13 them are, they appear to be dealing tickets of some
14 kind in respect of Metramar Minerals and they appear
15 to have made their way ultimately into your account,
16 do you know anything about those?
17 A. It doesn't mean a thing to me, no.
18 17 Q. Do you know anything about that company?
19 A. No. Metramar?
20 18 Q. Metramar, obviously they are shares of some kind?
21 A. No.
22 19 Q. If you look at page 42, Exhibit 6, which is one of
23 the accounts that I have given you there, you can
24 see again where it is "Guinness Mahon Cayman Trust
25 12," you can see that?
26 A. Where are the reference numbers, you said 42,
27 Exhibit 6.
28 20 Q. Down at the bottom on the right-hand side.
29 A. I see, 40, 45, Exhibits 4 & 7.

1 21 Q. Would you show Sir Derek?
2 A. There is 41, 43, Exhibits 5 & 7.
3 22 Q. You can see there where again it is "Guinness Mahon
4 Cayman Trust 12" and there is purchase of Metramar
5 Minerals, do you know anything about that?
6 A. No, it doesn't mean anything to me.
7 23 Q. Alright. You might have some memory of this, who is
8 David Berkin?
9 A. David?
10 24 Q. Yes.
12 25 Q. Have you a brother David?
13 A. No, and B-E-R.
14 26 Q. Yes, I understand that.
16 JUDGE O'LEARY: There was a payment of
17 £15,000.
18 27 Q. MS. MACKEY: Do you have sons, Sir
19 Derek?
20 A. Yes, I do one son, Michael.
21 28 Q. His name isn't Michael David?
22 A. No, Michael John.
23 29 Q. JUDGE O'LEARY: That is interesting. You
24 don't know anything about
25 that, do you?
26 A. No, David, no.
27 30 Q. MS. MACKEY: Nephews?
28 A. I have no idea, I am sorry.
29 31 Q. JUDGE O'LEARY: I will throw another name
11
1 at you which you might or
2 might not know - Patrick J. Birkin?
3 A. No.
4 32 Q. It is spelt the same way as you - B-I-R-K-I-N?
5 A. No.
6 33 Q. If you don't know you don't know?
7 A. Patrick Birkin?
8 34 Q. Yes .
9 A. I mean Birkin isn't, forgive me for saying so, it is
10 not a common name.
11 35 Q. It is not, no, it is not by any means. You don't
12 know anything about that?
13 A. No, Patrick or David, not a clue.
14 36 Q. Alright, that's grand. Page 4 9, Exhbit 8, you can
15 just ignore that put it to one side, Sir Derek, that
16 is grand. You can put those to one side, I don't
17 think we'll need them again, now. Ms. Cummins will
18 give you another sheet of paper which you can look
19 at. This is an internal memo of Guinness Mahon, you
20 can see where the reference to Guinness Mahon Cayman
21 Trust from Guinness & Mahon Limited Dublin, dated
22 1983 for the, attention of Mike Shield and it goes
23 through various different accounts, all with the
24 prefix "12"; do you think Exhibit 8 could be yours?
25 A. Well, as I say, I have never seen this, I am afraid
26 it is double Dutch to me and I would need to study
27 it.
28 37 Q. By all means take it away with you and study it, I
29 have no difficulty at all with you doing that. Do
12
1 you think that at the appropriate time some of your
2 money was held in Deutschmarks?
3 A. Not that I know.
4 38 Q. Or in US dollars?
5 A. There is a reference to dollars earlier on but I am
6 afraid I don't know.
7 39 Q. Again, without asking you the amount of
8 money...(INTERJECTION).
9 A. The money I provided was sterling.
10 40 Q. That was the question I was going to ask you,
11 without asking the amount you actually provided
12 sterling?
13 A. Yes .
14 41 Q. Did you give any instructions that that would be
15 converted into other currencies as a currency hedge
16 or anything like that?
17 A. No. I left it all to Des.
18 42 Q. I understand. That's grand. I wonder would you
19 show Sir Derek -- I think you disengaged from this
20 sometime in the mid 90's; is that correct?
21 A. Yes, I can't be precise but I think it was the
22 middle 90's.
23 43 Q. I understand that. Page 26, Exhibit 9, this is a
24 substantial cheque here which is drawn by you on a
25 London bank but which ultimately ended up in
26 Guinness & Mahon in Dublin, £100,000?
27 A. Yes, I sent that.
28 44 Q. Did that go through the account, would you think?
29 A. I sent it to Traynor.
1 45 Q. You sent it to Traynor?
2 A. Yes .
3 46 Q. Was that for the benefit of a Barbara Leigh-Mason,
4 would you say?
5 A. Probably.
6 47 Q. You see one of the problems I have with regard to
7 Barbara, and I am not a bit interested in Ms. Mason
8 or any connection you might have with her other than
9 a business connection, I am only interested from
10 this point of view, I have to establish whether
11 Barbara Leigh-Mason was also a client of Ansbacher
12 or not. Do you understand the point?
13 A. Yes, I am pretty sure she wasn't. I would be very
14 surprised.
15 48 Q. She got money through you, but would you say she
16 hadn't any independent money in there?
17 A. No.
18 49 Q. How sure are you of that, Sir Derek, would you say?
19 A. I would be pretty certain.
20 50 Q. Fair enough, that is very helpful. One of the
21 indications we might have - and I don't want to put
22 it any stronger than that because I am not
23 misleading you in any way - one of the indications
24 we might have is that you disengaged sometime in the
25 mid 90's, but is it possible you would have left
26 money behind you?
27 A. No.
28 51 Q. No?
29 A. Well...(INTERJECTION).
1 52 Q. In the sense of money behind which Ms. Leigh-Mason
2 could have had access to when you closed off your
3 business there?
4 A. Well, I had no knowledge of it, if that was the case
5 I would be very surprised.
6 53 Q. We are not sure either, I want to make that clear?
7 A. I would be very surprised indeed.
8 54 Q. You would be very surprised?
9 A. Yes .
10 55 Q. Very good, that's excellent. As you will appreciate
11 when the matter was being dealt with as informally
12 as that by Mr. Traynor, things might have
13 happened...(INTERJECTION).
14 A. I realise what you are saying.
15 56 Q. Things might have happened that you didn't know of,
16 you know?
17 A. I would repeat; I would be very very surprised
18 indeed.
19 57 Q. MS. MACKEY: In relation to that,
20 Sir Derek, when you sent
21 this cheque to Mr. Traynor - the £100,000, it
22 appears it was then lodged into Ansbacher's account
23 in Dublin. For Ms. Leigh-Mason to access it did you
24 open an account for her, could she access it?
25 A. No, definitely not.
26 58 Q. When you sent this to Ms. Williams how was it to get
27 to Ms. Mason?
28 A. I left that to Mr. Traynor.
29 59 Q. He was in some way to forward it, that was your

1 understanding, was it?
2 A. Yes.
3 MS. MACKEY: I see.
4 JUDGE O'LEARY: That is helpful, yes.
5 Anything else arising?
6 MS. MACKEY: No.
7 60 Q. JUDGE O'LEARY: As you will appreciate, we
8 have a delicate operation
9 to do with regard to Ms. Leigh-Mason with regard to
10 that. If he was just making payments out of your
11 account when she wasn't a client, do you understand
12 what I mean?
13 A. Yes.
14 61 Q. But if she had an account of her own to which money
15 was put in out of that £100,000 she might well be a
16 client of Ansbacher?
17 A. No, I am quite certain that is not the case. I
18 don't think -- I am quite certain that she had no
19 involvement.
20 62 Q. Could you show Sir Derek -- that is very helpful,
21 thank you very much you can put that aside I am
22 finished with that aspect for the moment, I am
23 finished with it totally.
24
25 Page 28, Exhibit 10, this is an isolated transaction
26 which we have discovered in 1993 and I think it is
27 some kind of a present which you got, rather than
28 you gave, valued at some £11,000 because you can see
29 that they were to -- the payee was Richard Ogden,
16
1 who I think is a well-known silversmith, is he?
3 63 Q.
"If this could be left with a
4 compliments slip in an envelope
addressed to Sir Derek Birkin,
5 Chairman, RTZ Corporation Pic."
6 Do you remember that?
7 A. No, I haven't a clue.
8 64 Q. What that is about?
9 A. I haven't a clue.
10 65 Q. I might be able assist you in this regard: Would it
11 have anything to do with - and if it is it probably
12 is no business of ours but at least to get rid of it
13 out of our consideration - would you have been paid
14 a sum or would you have got a present from Cement
15 Roadstone at that time?
16 A. No, definitely not.
17 66 Q. Definitely not?
18 A. No. Who is Richard Ogden.
19 JUDGE 0'LEARY: Is he a silversmith?
20 MS. MACKEY: A London silversmith.
21 67 Q. JUDGE 0'LEARY: Or would it be possible
22 that it was a present for
23 Ms. Leigh-Mason, is that possible?
24 A. If it is I haven't a clue.
25 68 Q. You didn't give her the present anyway, did you?
26 A. Not that I can remember, no.
27 69 Q. I wonder would you take that one away and would you
28 have a...(INTERJECTION).
29 A. Yes, if I may. That is a total puzzle.

1 70 Q. If you put Exhibit 10 to one side for the moment,
2 that and the other one that you are going to have a
3 look at, Exhibits 8 & 10 ?
4 A. Which number do you want?
5 71 Q. This number down at the bottom?
6 A. I can't read it.
7 72 Q. That is page 49 and 28, Exhibits 8 & 10 they are the
8 two you are going to have a look at for us, in due
9 course. If we just leave that for one moment, there
10 is no point in me asking you any further about it if
11 you don't remember.
12 A. No.
13 73 Q. This is in 1993, a cheque...(INTERJECTION).
14 A. It doesn't mean anything to me but I will think
15 about it.
16 74 Q. That is helpful. I wonder would you give Sir Derek
17 pages 58, 59, 60, 61 and 62 - Exhibits 11, 12, 13,
18 14 & 15 - they are in that order. In 1994, do you
19 see where there is "Hamilton Ross" up on top here?
20 A. Yes .
21 75 Q. That in fact is another name of Ansbacher, that is
22 all it is really?
23 A. It doesn't mean anything.
24 76 Q. You can take it from me that that is Ansbacher under
25 another name, so this is a letter from Ansbacher to
26 Irish Intercontinental Bank with whom they had their
27 account at the time. You can see that it was sent
28 from Mr. Traynor's office at 42 Fitzwilliam Square,
29 signed by his secretary, Joan Williams. These are
18
1 payments to Terry Wells, Hammond's Furniture Ltd.,
2 Exhibit 11. If you look at no. 59, Exhibit 12,
3 payments to BarclayCard and MasterCard. If you look
4 at no. 60, Exhibit 13, payments to Harrods, Trumps,
5 Convert a Room and John Lewis - all I think
6 well-known names, most of them anyway. No. 61,
7 Terry Wells. 62, Exhibit 15, is different, I will
8 come to that separately later. It appears around
9 that time that certain payments were made to what
10 appear to be English based organisations and it came
11 from the no. 12 account, to which I have already
12 made reference; do you know anything about those?
13 A. Not specifically, no.
14 77 Q. Would it be Barbara Leigh-Mason drawing down some of
15 her £100,000?
16 A. Probably.
17 78 Q. That is probably what it is, is it?
18 A. Yes .
19 79 Q. That was the conclusion that we came to?
20 A. Yes, I would say that probably, but I couldn't
21 be...(INTERJECTION).
22 80 Q. Sure.
23 A. No, I need to take it away and think about it but I
24 would guess that is what it is.
25 81 Q. MS. MACKEY: Sir Derek, can I just
26 interject again, for a
27 moment. If that was indeed Ms. Leigh-Mason drawing
28 down and you were unaware of it, does that not
29 indicate that she had some authority to drawdown
19
1 without your authorisation, as it were?
2 A. Not necessarily.
3 MS. MACKEY: How would she do this, if
4 she wanted to do it?
5 82 Q. JUDGE O'LEARY: Am I correct, Sir Derek,
6 in saying that what you
7 are saying to us so far is that you created a fund
8 of, we'll say £100,000, from which she could draw or
9 am I wrong in that?
10 A. No, I created the fund, but to say that she could
11 draw direct from it I don't think that was right. I
12 think...(INTERJECTION).
13 83 Q. I mean through Mr. Traynor?
14 A. Through Mr. Traynor, that is what I mean, she
15 couldn't draw direct on it, yes, it would have been
16 through Mr. Traynor.
17 84 Q. But she could draw through Mr. Traynor?
18 A. Yes, but I would have expected to have known about
19 it.
20 85 Q. You would say the system that would operate, there
21 would be a fund there but if she wanted to draw
22 money down she would contact Mr. Traynor who would
23 contact you?
24 A. Yes, that's right, there was no way that she had
25 direct unilateral access to it.
26 86 Q. You don't remember these ones specifically?
27 A. Not specifically, but it is possible that they were
28 in...(INTERJECTION).
29 JUDGE O'LEARY: When did Mr. Traynor die?
20
1 MS. MACKEY: 1994, May.
2 87 Q. JUDGE O'LEARY: The first one there is
3 June 1994. After
4 Mr. Traynor died did you deal with anybody else as a
5 temporary substitute for him?
6 A. No, I didn't.
7 88 Q. MS. MACKEY: With Ms. Williams,
8 perhaps, herself?
9 A. Only as an intermediary, if I was wanting him I
10 would speak to her, yes.
11 89 Q. Because Mr. Traynor was not alive when these
12 transactions took place?
13 A. No, but it may have been arranged before he died. I
14 am afraid I -- it all sounds -- I just -- I mean I
15 am guessing that Exhibits 11, 12, 13, 14 and 15 are
16 furniture things, aren't they?
17 90 Q. JUDGE O'LEARY: They are, yes, like if
18 somebody was furnishing an
19 apartment or something like that?
20 A. That's right, that is what that would be.
21 91 Q. Would you think that after Mr. Traynor died that
22 whatever was in train at that stage Ms. Williams
23 would have been able to bring it into fruition?
24 A. I don't know.
25 92 Q. You don't know?
26 A. I never was involved with Ms. Williams executively.
27 93 Q. I know, yes.
28 A. She just acted as a secretary and if I spoke to her
29 she put me in touch with him.
21
1 94 Q. I suppose putting Ms. Williams point of view, for
2 the moment, she found herself in a difficult
3 position when Mr. Traynor died if she knew certain
4 things were to be done. Would you think these were
5 approved before Mr. Traynor's death or would you
6 think they were approved after his death or do you
7 not know?
8 A. I don't know.
9 95 Q. Could you find out, do you think?
10 A. My guess, I would be fairly certain that Mr. Traynor
11 would have initiated them.
12 96 Q. These were a culmination of something; is that
13 correct?
14 A. Yes, of my withdrawing.
15 97 Q. I understand.
16 A. I can't be precise as to the exact timing that the
17 arrangements were made with him.
18 98 Q. As you will appreciate these matters were all dealt
19 with in the summer 1994, shortly after his
20 unfortunate death?
21 A. That was when he died, was it, 1994.
22 99 Q. May 1994?
23 A. It is as long ago as that, is it?
24 100 Q. It is, May 1994.
25 A. I mean, I am surmising here but I think the
26 surmising is correct that the arrangements I made
27 with him to withdraw, he would have initiated them.
28 101 Q. On those particular documents, Exhibits 11, 12, 13
29 and 14 if you have anything further to say to us we
22
1 would appreciate it.
2 A. May I take them away?
3 102 Q. You can take all the documents away.
4 A. This looks fairly clear, this is for a flat or a
5 house or something, yes.
6 103 Q. It is, that is what it is. It looks fairly clear.
7 I don't know who Terry Wells is, presumably he is in
8 the same business I don't know.
10 If you look at the last document which I gave you,
11 which was a 1995 document?
12 A. Sorry, what number?
13 MS. MACKEY: Page 62, Exhibit 15, you
14 can't read the 2.
15 104 Q. JUDGE 0'LEARY: It is this one here.
16 Could you assist us as to
17 what that might be?
18 A. I think this is the start of the withdrawal of the
19 money.
20 105 Q. That is part of the withdrawal?
21 A. Yes.
22 106 Q. That's fair enough, I think we had that.
23 A. I am guessing, I have never seen it before but I am
24 guessing that that is what it is.
25 107 Q. It would conform with your recollection?
26 A. Yes.
27 108 Q. MS. MACKEY: That was after
28 Mr. Traynor's death, that
29 was a year after his death, would you have dealt
23
1 with Mr. Collery who signed...(INTERJECTION).
2 A. No, I never dealt with anyone other than Mr. Traynor
3 executively.
4 109 Q. JUDGE 0'LEARY: When you wanted to get
5 your money out who you
6 would have asked, you see he was dead?
7 A. All I know is I arranged for him to do it and it
8 happened like everything else happened, he just
9 dealt with it. Now, whether he had time to deal
10 with it before he died or whether he left
11 instructions in the event of him dying, I don't
12 know. It sounds as if he had left instructions in
13 the event of him dying, doesn't it?
14 110 Q. Tell me, Sir Derek, you were satisfied at the end of
15 the day that whatever was due to you was properly
16 transferred?
17 A. Yes .
18 111 Q. Irrespective of how it happened, for the moment?
19 A. Yes. On the basis of the relationship I had with
20 him.
21 112 Q. Yes, I understand that.
22 A. I am sorry if all this sounds vague.
23 113 Q. It is extremely helpful, Sir Derek?
24 A. It sounds an odd relationship but that is the way it
25 was. I have to say I wasn't anxious to have a
26 relationship with anybody else.
27 114 Q. I understand that, yes. Sir Derek that is extremely
28 helpful I think they are the only questions we want
29 to ask you.
1 A. Can I thank you for your courtesy and if I appeared
2 to have been vague because I have not seen these
3 before and I need to try and recollect.
4 115 Q. That is why...(INTERJECTION).
5 A. Some of them are a total puzzle to me, I have to
6 say.
7 116 Q. They are the internal documents and I don't think
8 there is any dispute about those, you can take them
9 but I wouldn't get them confused with the ones in
10 which we are hoping you might give us additional
11 information.
12 A. I would like to say that I would be very very
13 surprised indeed if Des Traynor dealt with me
14 unfairly.
15 MS. MACKEY: I am sure he didn't I
16 don't think there is any
17 question about that.
18 A. I wouldn't like there to be any inference here that
19 he was wrongly using the money, I do not believe
20 that for one second.
21 MS. MACKEY: No, there is no such
22 inference.
23 JUDGE O'LEARY: Could I make a point,
24 Sir Derek, in all the
25 conversations we have had with everybody, nobody has
26 ever said that Mr. Traynor dealt with them other than fairly.
27 A. I trusted him totally and I never found that
28 mistrust to be misplaced. I would be absolutely
29 amazed so therefore, anything -- he wouldn't be
25
1 doing anything under hand, though I did leave him a
2 lot of initiative, as you understand, I left it to
3 him.
4 117 Q. I think that where we are at is we have completed
5 our interview, you have a number of things which you
6 feel that you might be able to assist us with, if
7 you think about them. Really they can be divided
8 into a number of categories; one is what I might
9 call the housekeeping matters, Exhibits 11, 12, 13
10 and 14 which appear to be some kind of an apartment
11 or something, who gave the instructions for that and
12 how did it come about? That is number one. The
13 second thing was whether the first memo from John
14 Furze, this memo from John Furze represents your
15 knowledge of your account at any stage. Lastly,
16 Exhibit 8, there was another one, if you just give
17 me the documents -- I don't think there is any
18 dispute about page 6.
19
20 There are three things that you are going to try to
21 assist us on, one is what I would call the money for
22 the apartment, how the instructions came about,
23 whether this would fairly represent your
24 understanding of the account, the John Furze memo.
25 The third one, Exhibit 10, was this apparent payment
26 out of your account to a silversmith in respect of
27 some silver or some kind of a gift to you. I think
28 it is fair to say that an examination of the account
29 will show that the ultimate payee of that was not
26
1 your account. In other words, it was charged to
2 your account but your account was similarly credited
3 with a similar amount, so ultimately your account
4 may only have been used as a convenience. It looks
5 to me as if somebody gave you a present of something
6 worth £11,000. It may be nothing
7 whatsoever...(INTERJECTION).
8 A. But I would remember that.
9 118 Q. It may be nothing to do with us at all and if it is,
10 as far as we are concerned that is it.
11 Unfortunately it passed through your Ansbacher
12 account.
13 A. Let me understand this, Exhibit 10 is from Richard
14 Ogden to me?
15 119 Q. Our understanding so far, and we are asking you
16 about it, of course, but our understanding so far is
17 that money was withdrawn from your account for the
18 benefit of Richard Ogden.
19 A. Yes.
20 120 Q. Money was later replaced in your account in the same
21 sum, so ultimately you didn't pay for it. It
22 appears that Richard Ogden, who we believe to be a
23 silversmith, has given you something which was worth
24 £11,650 on foot of the money which he had got from
25 Guinness Mahon. Because he was told when he got the
26 money:
27 "If this could be left with a

compliments slip with an envelope
28 addressed to Sir Derek Birkin, Chairman
RTZ..."
29 MS. MACKEY: That wasn't Richard
27
1 Ogden that was told that.
2 121 Q. JUDGE O'LEARY: No, that was Guinness
3 Mahon in London. So in
4 other words, Guinness Mahon in London got that
5 instruction.
6 A. So are you saying that this money went in and out,
7 out and in?
8 122 Q. It did, yes. Obviously if Mr. Ogden ended up with
9 £11,000 and if you ended up with a piece of
10 jewellery worth £11,000, where did it come from? If
11 it didn't come from an Ansbacher situation we are
12 not the slightest bit interested, but if it did come
13 from Ansbacher we are interested. We would like you
14 to think about whether in 1993 at or around
15 Christmas you got a present?
16 A. Christmas?
17 123 Q. Yes, at or around Christmas, 21st December, 1993.
18 MS. MACKEY: The reason we are
19 interested in it, Sir
20 Derek, is that unless there is some other
21 explanation for it, it would appear that this
22 person, Richard Ogden, actually got money from an
23 Ansbacher account, so he is, in some way, connected
24 with it and we might have to look to see whether he
25 was client, but it came out of your Ansbacher
26 account, which is how are you linked to it.
27 JUDGE O'LEARY: But a similar amount went
28 back in later.
29 MS. MACKEY: This is the amount that
28
1 went back in, it came from
2 Guinness Mahon, but nevertheless he received money
3 from an Ansbacher account.
4 124 Q. JUDGE 0'LEARY: In other words, was
5 Mr. Ogden receiving it as
6 a tradesman; do you understand?
7 A. It sounds like it.
8 125 Q. Yes, it does. Or was he receiving it because he was
9 an Ansbacher client? That is what we have got to
10 try to figure out. If you could think around
11 December 1993 whether you, or anybody associated
12 with you, got goods to the value of £11,650 that
13 would end the matter as far as we are concerned, we
14 will know what the position is otherwise we will
15 have to ask Mr. Ogden, whom we haven't asked so far.
16 A. That would appear to be the explanation.
17 126 Q. Would you think about it?
18 A. Yes, I will.
19 127 Q. MS. MACKEY: It would appear, almost
20 certainly, to be some form
21 of silverware because he was silversmith?
22 A. Yes, some jewellery.
23 128 Q. It may be jewellery or it may be a large piece of
24 silver, I have no idea?
25 A. And it is Christmas?
26 129 Q. JUDGE 0'LEARY: It is Christmas?
27 A. It looks as if I bought something from there doesn't
28 it.
29 130 Q. It does yes, would you think about that?

1 A. Yes.
2 131 Q. If you come back to us and say: "Yes I bought it,
3 for..." I don't care who you bought it for, it has
4 nothing to do with me, but that would set my mind at
5 rest that I don't have to go and ask Mr. Ogden. Do
6 you understand?
7 A. Okay, I ought to be able to track that down.
8 MS. MACKEY: If you were able, Sir
9 Derek, to answer the
10 questions relating to those documents just in
11 writing for us and send it to us that would be fine.
12 Thank you very much.
13 JUDGE O'LEARY: Perfect. Thank you
14 very much indeed for your
15 help and cooperation, it is greatly appreciated.
16 A. Well, I will certainly do my best.
17 132 Q. Of course. I think two of those categories, the
18 last one and the one about the furniture, probably
19 are very easily sorted out?
20 A. Yes, they are, I am sure those are straightforward.
21 133 Q. The other one is a matter for you to look at
22 yourself?
23 A. Yes. Thank you.
24 JUDGE O'LEARY: Thank you very much,
25 indeed. That's the end of
26 the interview.
27
28 THE INTERVIEW WAS THEN CONCLUDED
29
30
uiJe^ 1o o >
M -
I hereby certify the signature

of S'< Jon* «3>EK6K Smut AT
identified by uk ucex-ce AT {fiXKizcf}3ocTPWZ
i G3
which was/were subscribed to this document today
in my presence
London, the ô /C dayof owse- gQot
Notary Public London

D.N.L. F A W C E T t
Scrivener Notary of London,
DPC/MM-M
Appendix XV (6) (l)(c)
r* -• TP-^.WT^/?? • n
—fefesiv??*'. /"•T in ' i.u"l—ri*—~t" ,
r.
;
.A.J.II. to D-.P.'C.' .;•'• /' 18th February, 19S2.
/••••• • ..• • v. ••'. ••' ; • • 'j '• ' • '
. Could you please arrange to transfer two aaounta of

. U.S.S1,750 eaeh to:-•• „ . ' . . • . •
• • Bankera' Trust Company,. •'.
' • 16 Wall'Btreet,
'Hew Y o r k > ' . - . '
' for credl't -of D'omnick Investor* Corporation •
Account Ho. 00801625:. : $1780 to be credited to
' Mr.. J.»V Birkin'.a. Account Ho.00380 88 179 and •SI
S1750 to be credited to VK,
Account Ho.0038852179.
..••".:.. v v -v..- •> •
It Is apparently.Important -that the two mounts of
•$1750 be In Hew York.not'later than Trlday of this'
week.'... .A;.. . • . • . „ •
: .• . ..."• v ' \ . . .• • • ••
One amount of. $1750 abouid be' debited to C.V.C.T.
Account Ho. 13816/03/68 and the other to G.K.C.T.
jAccount Ho.20738/03/68.
. • tv J.
Pi;:?-
A.J.W;
Si.
A y - A * ,
Appendix XV (6) (l)(d)
igga^.,^fc,i-1 -
.. " . 1 ^ College GrsenDubfin " ^ •
ff/Sra JJomi" npat
,|rs Nominees Limited/ • ' " Data 13/5/81 " • • '
ja.v. Overseas Nominees Account 0571 A
'17,College Green, ' Number81411
LDDBLIN 2 , .
WE CONFIRM THAT WE HAVE BOUGHT

FOR YOU:
Description
Price
Consideration
500 Metramar Minerals '$A20

£1,800.00
•St".
i-
Transfer Stamp
36.00
A/C No.
Commission
2 7.00
TOTAL
V a l u e Date 2 5/5/31 £1,863.00 STG
For G U I N N E S S + M A H O N L T D . "
4 C
siiis
Appendix XV (6) (l)(g)
sss,
mm
^ M l l l l
$ :•}•• & * & :
• »J J»
«o ^ "i3
o M44CO
a
-a
90
X
5
8
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*
* ** ? ?
ffiP • ^ i i x. a.
® * ® £
•wsMs •
' ; J293Z303+
•' '4305 SMCT CP
23205-MARS EI
TO* \ GUINNESS mahon cayman trust ) i U i
".FROM ' SUINNESS*MAHON LTD.* DUBLIN » '
DATEi 21/J/flJ
ATTN J- MIKE SHIELD
MIME YOU SHOULD RECEIVE ALL THE STATEMENTS THIS''M0RN1NS.

PLEASE SEE DETAILS OF A/C UHICH I. 0MM I TED-* TO ENCLOSE.
. • » • ... • -j . • •
G.M.C.T. 12
J
23/2 SALE OF D.M. 48,946-43.CR /. ••':!'/
FROM FREE FUNDS 6,926~27CR • •
^f/J INTEREST 347-67 tR• • • ' •
J/J FROM i2 C '6)238-16 CR "
PURCHASE DM 120,730 SO * 000-00.OR
» r}i4/j FROM 12 A 3,730-00 CR
BALANCE 16i428-33
12 A
BALANCE 23,327-96
12 3
T balance FORUARD 73i293 •64 CR 1

^ 7/2/63 LOOSED 396 •88 CR
i 6/2 PURCHASE DM 73,890- •32 OR'
23/2 SALE OF DM 731419. •64 err
~>/3 " INTEREST 676 -08 CR
J/3 TO 12 C 74*093 -70 DR
FROM 12 C 29,384 "00 CR .
BALANCE 29,384-00
.\ V •
x — %'
v
i
BALANCE NIL
TO 12 6,238-16 OR
TO 12 A 3,119-43 DR
TO 12 B 29,384-00 OR
FRQH 12 B 74,095-70 CR
LOOSED 27,162-00 CR
LOOSED 7,061-35 CR
LODGED 10,000-00 CR
ALANCE 79,557-46
Appendix XV (6) (l)(i)
Appendix XV (6) (1) fl)
* ' t
•' s.! s ' r C i » • \ • •

G !uitN iNLOJiyvAri G N
i i'
FftffllMfliF Transmission
TELEFAX HQ: 6796242

INTERNATIONAL TELEFAX: • 353-1-6796242
TO. GUINNESS MAHON ftCO. LTO.

FAX NO. 004471 982 92S2
I SANDRA BRADSHAM.
ATTENTION
Jlr )& Mahon Ltd MARTIN LANI6AN-0' ICEEFFE.
FROM
OrNn
DATE 21ST DECEMBER 1993.
.taphona
S790M4
No. of Images 1 (Including this page).
8730043
W57 MESSAGE:
JbfeiOoeunnwit
sdwig*S2
Onxr telephone conversation thla afftmooo Jtetsrs. I
would"be -very grateful If you could arrange l n w of a
boose draft, as follows*
; . ^ WBfc 10SM8 IHlflllrf
Payees Richard Ogden.
Amounts GBP 11,650.00 (Eleven Thouuand, Six Hundred
and Flft7 Potmaa).
If this could be left, with a cranplJbwsnts slip in an envelope
'J addressed toi
Six Derek BirJdtn, Chaixaan, BIXZ Corporation Pic.
at reception, collection will be arranged as soon as I know
it is sea^r.
GSX, Dublin
Please debit cox a/c with youx A/C NOw14149001.
Venn many thanks,
HZ&P-w-
CQNÛigPrtlALtTY^
Tia message transmitted In this bx b confidential andtorthe «u 'at poixou Mmed above. U yon taw
received this fax message In error, pleue notify u* tmmectfaiely rchJrn ê orijlnai xocsase lo w.
Thank you.
Appendix XV (6) (1) (k)
Please reply to: P.O. Box 837, Grand Cayman. Cayman Islands, British West Indies
42 Fitewflfiam Square, , Telephone: (809) 949-8655 Telex: CP 4305
Dublin 2. Facsimile: (809) 949-7946. (809)949-5267
Tel: 616 5144/676 3065
Fax- 6612035
3rd J u n e , 1994.
Ronan Redmond, Bag.,
Corporate Services, •
Irish intercontinental Bank Limited, /^latc
91 Merrion Square, -
DUBLIN 2. ~
Dear Ronan,
Could you please arrange to let us have for collection two
Sterling cheques as follow:
For Stg.£2,000.00 payable to TERRY WELLS
For stg.£2,042.00 payable to HAMMONDS FURNITURE LIMITED
Please debit the cost of both to Hamilton Ross Account
No. 0„?/01354/81.
Yours sincerely,
For HAMILTON ROSS CO. LIMITED
cÔ
/AJW
Appendix XV (6) (1)0)
P.O. Box 887. Grand Cayman. Cayman Islands. Brjtish West Indies
Please reply to:
, Telephone: (809)949-8655 Telex: CP 4305
42 Fltzwllllam Square,
Dublin 2. Facsimile: (809) 949-7946. (809)949-5267
Tel: 676 5144/676 3063
Fee 6612035
17th June, 1994.
Ms. Daire Nolan-Cassidy;

Corporate Services,
Irish intercontinental Bank Limited,
91 Merrion Square, ~
DOBLIN 2.
Dear Daire,
Could you please arrange to let us have for collection two
Sterling cheques as follow:
Payable'to BARCLAYCARD for Stg.£1,650.00
Payable to MASTERCARD for Stg.£1,000.00
Please debit the cost of both to Hamilton Ross Account
NO.02/01354/81 .
Yours sincerely,
r^Vfkîi
{ — -J
n / v
For HAMILTON ROSS CO. LIMITED
/AJW
Appendix XV (6) (1) (m)
Please reply to:
42 HuwDliam Square, P.O. Box 887, Grand Cayman, Cayman Islands. British West Indies
Dublin 2. Telephone: (809) 949-8033 Telex: CP 4305
Tefc 676 5144/676 3C65 ' Facsimile (809) 949-7946. (809)949-3267
Fax 6612035
Ml DaireNolaa-Cassidy, 9th August, 1994.

Corporate Sendees,
91 Mercian Square,
DUBLIN 2.
. & btj
'r-J V.-
V. - 2*y'
1
Jk *
Dear Daire,
Could you please arrange to let us havefor collection thefollowing Sterling cheques
and debit the cost ofallfour to Hamilton Ross Account No.02/01354/81.
Payable to: Amount
HAKR.ODS Stg.£2,r60.00
TRUMPS . Stg. £3,000.00
CONVERT A ROOM StgJ2,850.00
JOHN LEWIS Stg.£2,069.00
Yours sincerely,
CLjft^. ^ in.
For H A M I L T O N ROSS CO. LtMTTBB

r A j '
/AJW
Appendix XV (6) (1) (n)
ft *
Hamilton Ross Co. Limited

Fleaae reply to:
42 Ftowifliam Square, P.O. Box 887. Grand Cayman. Cayman Islands. British West indies
Dubfin 2. - Telephone: (809) 949-8635 Telex: CP 4305
Tel: 676 5144/576 3063 Facsimile: (809) 949-7946. (809) 949-5267
Fax: 6612035
Ms. Daire Notea-Caasidy, 25th August 1994.

Corporate Sendees,
91 Merrion Square,
DUBLIN 2.
Dear Daire,
Could you please arrange to let us havefor collection a Sterling i _

Stg.£4,000.00 payable to TERRY WELLS and debit the cost to Hamilton Ross
Account No.02/01354/81.
Yours sincerely,
r
•\ __ •dG-}**
JUf
b V
For HAMILTON ROSS CO. UMTTED
/AJW
Appendix XV (6) (1) (o)
r*
Pieaae Reply to: Hamilton Rosa Co. Limited

. Inns Own, P O. Box 887, Grand Cayman, Cayman blands. British Wen Indies'.
.Mnettvwn Street. Telephone: (809) 9494633 Tales: CP 4305
Facsimile: (809) 949-7946, (809) 949-3267
I2th June, 1995.
Ms. Daire Nolan-Caasidy,

Inrfi Trutgrr/mtinfiit i) P wtfr TiTnftnwir
91, Menrion Square,
Dublin 2.
Dear Daire,
Please transfer on 19th June the sum o£Stg£13,46630 to:
Basque Gcmeraledu Luxarobouig S A.,

t
Swift Code: BC5LL-LULL
for the credit of: Account No. 35-189521-60-1
4D-8060
Mease deist our account ao. 02/01334/81 with this amount.
Yours sincerely.
E)
Appendix XV (7) Captain RG Bryce
Captain RG Bryce.
a) Letter of 16 December 1975 from John A Furze to GMCT.
b) Letter of 22 September 2001from RG Bryce to the Inspectors.

GUINNESS MAHON CAYMAN TRUST LIMITED
A Member of tha Guinness Mahon Merchant Banking Group
P.O. Box 887
Grand Cayman
Trim*, cgnm..
British West Indies
16th December, 1975

f -ef JAP:nb
Captain R. G. Bryce j*-„
16 Rue des Didier, ff > f7.
31140 Castel Ginest, ' "V'j ^ *
Par Aucamville, 0.
I PRANCE. J ~
Dear Capt. Bryce: Jll^X^
Thank you very much indeed for your recent letter
following which I am pleased to say we received the svun
of\as$12,001.93 from the Chase Manhattan Bank. This
amount has been placed on deposit with us for a period
of six months at 6.875% per annum.
I note that from time to time you may wish to transfer
funds from your account in France to us and I confirm
that we will be pleased to place any additions to the
credit of your deposit account. The interest rate
applicable to such additions will be the Euro-Dollar
interest rate ruling at the time of receipt of the funds
in question.
Finally, may I take this opportunity of thanking you for
establishing the account with us and should you have any
further queries or need assistance in financial matters
please do not hesitate to let me know.
Wishing you a very happy Christmas and prosperous 1976.
Yours sincerely,
(tnj
Tel: 832 2829
"St Benedicts",
Thormanby Road,
Baily,
Dublin 13.
22 September, 2001.
Office of the Inspectors,

3 rd Floor,
Trident House,
Blackrock, 21 SEP M
nira
Co. Dublin.
Your Ref: C/B 15.
Dear Inspectors,
I am in receipt of your letter dated September 20th, covering the subject of my account with Guinness Mahon
Cayman Trust Ltd.
The following history of my places and periods of employment may be of assistance to you. During June 1974,
Aer Lingus (my employer at the time) appointed me to manage an Airbus operation in Bangkok Thailand on behalf of
Airbus Industrie. On completion of the type rating in Toulouse, the Air Siam crews and I ferried the aircraft to Bangkok
to commence operations in mid October. I was responsible for the operational aspects of the lease until it was terminated
by Airbus in mid October 1975.
The aircraft was returned to Toulouse and I remained with Airbus for a further two and a half years. My family
and I returned to Ireland in mid April 1977. During our absencefrom Ireland our house was rented by two parties, Mr
J.P. Debeir between Jan & Dec 1976 and Mr. J.B. Thompson Feb 1976 to Feb 1977.
Following my departure from Bangkok, Mr. J. Guinness a sailingfriend and then Chairman of Guinness Mahon
offered to set up an account in the Cayman Trust on my behalf in order that I could leave my savings offshore until my
return to Ireland.
My family and I re-established domicile in Ireland in mid April 1977.
The monies in my Guinness Mahon Cayman account would have been repatriated during the tax year following
my return as best I can remember. It was my understanding that this was correct in terms of the tax regulations inforce at
this time.
As it is some 24 years since I returned to Ireland my memory is not a clear as one would wish. Also any records
which pertain to the foregoing have regrettably been discarded some years ago.
I have recorded the foregoing as truthfully as possible considering the time scale concerned. In closing I wish to
offer all assistance possible so that this affair can be concluded as expeditiously as possible. Please note that I will be on
vacationfrom to-day until October 6 th .
Yours Faithfully,
Capt. R.G. Bryce.

Appendix XV (8) Mr John Byrne
John Byrne.
a) Transcript of evidence of Mr John Byrne of 24 January 2001.
b) Statement of Mr John Byne furnished by letter of 4 December 2000.

c) Charts prepared by Mr Byrne re Irish Companies structure & the UK
companies.
d) Letter of 30 April 1982, Guinness and Mahon to the Secretary, Carlisle

Trust Ltd.
e) Internal Guinness and Mahon memo of 21 January 1982 to Mr D Robson.
f) Internal Guinness and Mahon memo of 20 April 1982 from JD Traynor re

Carlisle Trust.
g) Statement of account of 31 May 1990 re a/c no. 80019005.
h) Principal Ledger of Ansbacher Cayman Ltd Call deposit account in

Guinness and Mahon, account RefNo. 13154602 of 1 January 1987.
i) Letter of 23 April 1990 from JD Traynor to Guinness and Mahon.
j) Statements from 30 April 1990 to 31 October 1992 re a/c no. 80019005.
k) Statement of Account No. 80019005 of 30 September 1994.
1) Internal IIB memo of 27 March 1992 re Tepbrook Properties Ltd.
m) IIB loan agreement of 18 April 1994.
n) Letter of 25 April 1994 from IIB to Mrs Ciara Byrne, Ballymadun Stud.
o) Letter of Lien of 20 April 1994.
p) Letter of guarantee of 20 April 1994 - Hamilton Ross to IIB.
q) Letter of guarantee of 6 June 1975 from John Byrne & Ciara Byrne to
Guinness and Mahon.
r) Letter of guarantee of 12 October 1989 from Endcamp Ltd to Guinness

and Mahon.
Letter of 19 November 2001 from Gore & Grimes, Solicitors to the
Inspectors.
Letter of 26 February 2001 from Gore & Grimes to the Solicitor to the
Inspectors.
PRIVATE EXAMINATION OF MR. JOHN BYRNE
UNDER OATH
ON WEDNESDAY, 24TH JANUARY 2001
Stenographer
PRESENT
The Inspectors: HIS HONOUR JUDGE 0'LEARY
MR. ROWAN FCA
Interviewee: MR. JOHN BYRNE
Represented by: MR. B. SHIPSEY SC
Instructed by: MR. ANTHONY GORE GRIMES
GORE & GRIMES
CAVENDISH HOUSE
SMITHFIELD
DUBLIN 7
I N D E X
WITNESS EXAMINATION PAGE
MR. J. BYRNE JUDGE O'LEARY 6 - 7 7
MR. ROWAN 78 - 81
JUDGE O'LEARY 82 - 84
1 THE EXAMINATION COMMENCED, AS FOLLOWS, ON WEDNESDAY,
2 24TH JANUARY 2001:
5 JUDGE 0'LEARY: Could I first of all say
6 that this is an interview.
7 It is not a hearing. It is not a Court. It is just
8 an interview.
10 I note, Mr. Byrne, and I am delighted to see,
11 that you have your legal advisors with you. He
12 is entitled to consult with his legal advisors at
13 any time. If you feel at any time, whether it is
14 in the middle of a question, that you would like
15 to consult with your legal advisors all you have
16 to do to me is say, "I would like to consult with
17 my legal advisors," and we will leave the room
18 and allow you have that time for consultation.
19
20 If on the other hand your legal advisors feel that
21 they should consult with you they can similarly say,
22 "Would you mind giving us a few minutes," and we
23 will give you a few minutes.
24 MR. BYRNE: Thank you, Judge.
25 JUDGE 0'LEARY: There is no difficulty
26 with regard to that.
27 MR. BYRNE: Thank you.
28 JUDGE 0'LEARY: I want to make this as
29 unconfrontational as we
4
1 possibly can.
2 MR. BYRNE: Thanks.
3 JUDGE O'LEARY: All right?
4 MR. BYRNE: All right.
5 JUDGE O'LEARY: The really only formal
6 part of it is the taking
7 of the oath, if you like, because that gives it a
8 stamp of approval. I will ask you now -- I will ask
9 our solicitor to administer the oath.
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1 MR. JOHN BYRNE, HAVING BEEN SWORN, WAS EXAMINED BY
2 HIS HONOUR JUDGE O'LEARY AS FOLLOWS:
5 1 Q. JUDGE O'LEARY: Mr. Byrne, if you feel
6 tired at any time or
7 anything like that all you have to do is say you
8 want time out. There is no difficulty with that
9 in that regard?
10 A. Thank you.
11 2 Q. In any event at around 11 o'clock we will take a
12 break. There will be tea or coffee there for you.
13 We hope to deal with the matter in a civilised
14 fashion. First of all I should explain to you
15 that we are not investigating John Byrne. That
16 is not the purpose of our investigation. We are
17 investigating a company.
18
19 Unfortunately a lot of people had tangential
20 arrangements with the company we are investigating
21 and those people are, if you like, included in our
22 net but they are not the focus of our investigation.
23 So, we are -- there is absolutely no agenda. As far
24 as we are concerned we are investigating
25 the company.
26
27 Unfortunately we have to ask you questions because
28 you did a lot of business with the company and you
29 are one of the principal customers of the company
6
1 but if you think of it in that way for the moment
2 I think that is nearly the best way of looking at
3 it.
5 We are certainly passing no criticism of you today
6 If at any time in the future we want to pass a
7 criticism of you we will give you an opportunity,
8 through yourself or through your lawyers, to come
9 in before us and make whatever representations,
10 cross-examine any people, or produce evidence, of
11 your own as would be appropriate?
12 A. Thank you, Judge.
13 3 Q. So, all those things will be there. Could I first
14 of all say that your statement to us was extremely
15 helpful and we appreciate that gratefully. It has
16 made our job a lot easier. We have volumes of
17 stuff that deals with you, Mr. Byrne. Most of it
18 is not relevant to our enquiry at all. Most of
19 it is of peripheral interest and even if it is of
20 interest to us there is so much repetition there?
21 A. Yes .
22 4 Q. That if you see the situation that obtained in
23 one case it obtained in the other?
24 A. Yes .
25 5 Q. Mr. Byrne, did you approve the statement yourself?
26 A. I did, yes.
27 6 Q. Yes. In other words can I take it that now on
28 oath you are confirming the matters contained in
29 the statement, Exhibit 1?

1 A. Yes, I am.
2 7 Q. All right. Fair enough. So, that saves a lot
3 of time because as I say it is a very helpful
4 statement, Exhibit 1. Could I bring you back --
5 again the focus here is the company and there will
6 be a few questions about yourself later but by and
7 large the focus is the company. Could I bring you
8 back to when you first started doing business with
9 the company which is under investigation, which
10 was ultimately Ansbacher or Guinness Mahon Cayman
11 Trust or Mr. Des Traynor? When was the first time
12 you started doing business with them, do you
13 remember, Mr. Byrne?
14 A. Well, it would have to be some time in the 1970's.
15 8 Q. Yes. The Trusts were established in 1971?
16 A. They were, yes.
17 9 Q. It was obvious that you were doing business with
18 them at that stage?
19 A. I was, yes.
20 10 Q. From that stage on?
21 A. I was, yes.
22 11 Q. Would you have done business with them before
23 that do you think?
25 12 Q. You think they were the first introduction?
26 A. I think that was when...(INTERJECTION).
27 13 Q. The relationship started?
28 A. The relationship started you might say.
29 14 Q. Yes, I understand. We can take it that that

1 is, if you like, the starting point?
2 A. Yes .
3 15 Q. All right?
4 A. I don't think...(INTERJECTION).
5 16 Q. And...(INTERJECTION)?
6 A. I don't think we go back before that.
7 17 Q. Yes. I am not interested in it any way?
8 A. Yes, yes.
9 18 Q. To be honest with you I have no interest whatsoever?
10 A. Yes .
11 19 Q. It is only to put the thing in its proper context?
12 A. Yes, yes.
13 20 Q. Did you know Mr. Traynor before this or was it
14 through this that you got to know him?
15 A. No, I knew Mr. Traynor for quite some time before
16 that. He -- the first time I met Mr. Traynor
17 was around 1960 -- I know he was -- the first
18 time I really met him at close quarters was the
19 first time he came down to do an audit in the
20 Brandon Hotel in Tralee.
21 21 Q. I see?
22 A. With Jack Stakelum and I was extremely impressed
23 with him.
24 22 Q. Yes?
25 A. Because he -- they came down to do the audit some
26 time in the afternoon and they worked all night.
27 I said I would see them in the morning and they
28 were gone. They finished the whole lot. They
29 worked all night and they were gone back to Dublin.

1 23 Q. I see?
2 A. So, I said, "God, these are some characters".
3 24 Q. Yes?
4 A. And after that I became very friendly with him.
5 25 Q. Yes?
6 A. And he was my financial advisor.
7 26 Q. I know, yes?
8 A. And he was -- strictly speaking anything I did
9 I consulted with him.
10 27 Q. You consulted with him, I understand?
11 A. Because I...(INTERJECTION).
12 28 Q. He must have been a remarkable man because there
13 was a lot of people depended on him?
14 A. It was extraordinary, Judge.
15 29 Q. Yes?
16 A. Because, you know, you would be surprised -- I
17 mean there are times, you know, when you read the
18 paper and it describes what they say and you would
19 love to say something but, you know, you can't.
20 30 Q. He must have been a remarkable man. I mean that
21 is a fair comment?
22 A. He was a remarkable fellow.
23 31 Q. Yes. That is fair?
24 A. And I am not an accountant.
25 32 Q. Yes?
26 A. And being -- and not being an accountant
27 then of course you left everything to him.
28 33 Q. Yes?
29 A. As far as financial matters were concerned.
10
1 34 Q. I appreciate that. I appreciate that. One
2 of the problems that we have come across and
3 Mr. Traynor will be the focus of some of our
4 enquiries because he held a position in the
5 company; you understand?
6 A. I do, yes.
7 35 Q. One of the difficulties which we are coming
8 across is, and I think it is encapsulated more
9 in your case than any other case, that really
10 Mr. Traynor was wearing a lot of hats when he
11 was dealing with you?
12 A. Well, he was I suppose in one way because he
13 was...(INTERJECTION).
14 36 Q. He was a Director of one of your companies?
15 A. He was a Director of the company and he was --
16 anything that -- if there was any problem or any,
17 we will say, shortage of funds for the various
18 proj ects.
19 37 Q. Yes?
20 A. He was the first to be brought in the firing line
21 38 Q. Yes?
22 A. In other words, "Look, we have this problem.
23 You...(INTERJECTION)".
24 39 Q. You solve it?
25 A. Solve it.
27 A. And invariably he did and he was the sort of man,
28 Judge, that it doesn't matter what sort of a
29 problem you had or a worry you had. He had the

1 capacity of saying, "Well, what are you worrying
2 about, you know? Its nothing".
3 41 Q. Yes?
4 A. "I can solve that."
5 42 Q. Yes?
6 A. He was like that.
7 43 Q. The problem though from our prospective is he
8 has done a lot of things, I am sure all very good
9 things, and when we are assessing those things, and
10 particularly with what I have to talk to you later
11 about, it is very hard for us to know whether at a
12 particular time he was acting as your Director; as
13 your banker; or as some kind of liaison with the
14 Cayman Islands situation; or all three at any
15 particular time. That is the problem?
16 A. Yes. Well, I don't think he ever had anything to
17 do with the direction of the companies as such.
18 44 Q. Yes?
19 A. Or anything that was going on. He...(INTERJECTION).
20 45 Q. I know. He was not the man who decided what you
21 were going to build or let or anything?
22 A. Or do and never discussed anything. In other words
23 you might say that he never came into the picture
24 unless there was some hiccup or...(INTERJECTION).
25 46 Q. However, the problem is that he was both a Director
26 then and a banker?
27 A. He was. He was a banker all right.
28 47 Q. And when we come to the question of the back to back
29 loans he was probably doing something else as well.
12
1 So, I mean he was doing three things, if you like,
2 all at the one time; is that not it? Did you see
3 that as a problem at the time?
4 A. I didn't, no.
5 48 Q. All right. You did not see that?
6 A. No, Judge, I didn't.
7 49 Q. That is fair enough. That is fair enough.
8 However, he was also your advisor?
9 A. He was, yes.
10 50 Q. However, primarily on financial matters?
11 A. Strictly financial.
12 51 Q. Yes, I understand that. You set up two structures
13 in 1971 in the Cayman Islands?
14 A. Yes .
15 52 Q. Forget for the moment who owns them. We will
16 come back to that argument later and I am sure
17 Mr. Shipsey and myself will have great discussions
18 about that in due course. However, all I am trying
19 to do at the moment is to understand it. That is
20 all I am trying to do?
21 A. Yes, yes.
22 53 Q. Is to understand it?
23 A. Yes .
24 54 Q. I want to make it clear that we are not in the
25 slightest way concerned with whether what you did
26 in 1971 was legal or illegal. We have no concern
27 about that. It is not our problem. You can sort
28 that problem out yourself. Do you understand?
29 A. I do, yes.
1 55 Q. However, factually speaking two structures were
2 set up in which you had a part. I will not put it
3 any more than that. I will not say you owned them.
4 I will not say anything at the moment other than
5 you had a part. I have struggled from the vast
6 quantity of paper that I have to understand it
7 and I am going to see, to ask you, do I understand
8 it? Am I first of all saying that -- this is
9 only a chart of the various companies (indicating).
10 MR. GORE GRIMES: Yes.
11 MR. SHIPSEY: Yes.
12 JUDGE 0'LEARY: That is all it is.
13 MR. GORE GRIMES: However, we have a chart
14 here (indicating).
15 JUDGE 0'LEARY: You have a chart as well?
17 MR. GORE GRIMES: Just if it is helpful
18 to you.
19 MR. SHIPSEY: We just
20 thought...(INTERJECTION).
22 MR. SHIPSEY: I am sorry,
23 Judge...(INTERJECTION).
24 JUDGE 0'LEARY: Yes.
25 MR. SHIPSEY: We should may be have done
26 it earlier.
27 JUDGE 0'LEARY: I have no difficulty at
28 all.
29 MR. SHIPSEY: We have an Irish companies
14
1 and a UK companies
2 structure, Exhibit 2.
3 JUDGE O'LEARY: That is very helpful.
5 MR. SHIPSEY: So...(INTERJECTION).
6 JUDGE O'LEARY: Extremely helpful. It is
7 an awful pity we did not
8 have it before.
9 MR. SHIPSEY: I am sorry.
10 JUDGE O'LEARY: Yes, that is grand.
11 MR. SHIPSEY: We should have just
12 considered this earlier
13 as an aid memoire (Same Handed), Exhibit 2.
14 JUDGE O'LEARY: It is extremely helpful.
15 No, if you look at -- I
16 had Dublin City Estates. I had Alstead. Smithfield
17 I did not bother about because I was not concerned
18 about and Goreville, yes.
19 MR. SHIPSEY: Smithfield was Endcamp.
20 JUDGE O'LEARY: Endcamp?
21 MR. SHIPSEY: It is a new name for
22 Endcamp.
23 JUDGE O'LEARY: Was it formally Endcamp?
25 JUDGE O'LEARY: And then you went up to
26 Carlisle Trust.
28 JUDGE O'LEARY: That is the way I had it,
29 yes.
15
1 MR. SHIPSEY: Yes.
2 JUDGE 0'LEARY: Except funnily enough I
3 had Dublin City Estates as
4 having a direct relationship with Ansbacher Cayman.
5 MR. GORE GRIMES: It did originally.
6 JUDGE 0'LEARY: Rather than through
7 Carlisle.
8 MR. GORE GRIMES: It did originally.
9 JUDGE 0'LEARY: It did originally but it
10 changed; did it?
11 MR. GORE GRIMES: It changed.
12 JUDGE 0'LEARY: I see.
13 MR. GORE GRIMES: Then it went under
14 Carlisle.
15 JUDGE 0'LEARY: So, I am right but I am
16 wrong; is the position.
17 MR. GORE GRIMES: Well, you are right.
19 MR. GORE GRIMES: And then later it changed.
20 JUDGE 0'LEARY: Yes, I understand.
22 JUDGE 0'LEARY: So, that was the way it
23 was structured; all right?
25 JUDGE 0'LEARY: We went up to Ansbacher
26 Cayman and then we went
27 up to Prospect Holdings and then we had Prospect
28 Settlement.
29 MR. GORE GRIMES: Correct.
16
1 JUDGE O'LEARY: In fact I had all those
2 right.
3 MR. GORE GRIMES: Good.
4 56 Q. JUDGE O'LEARY: Could I say to you that
5 Dublin City Estates, for
6 example -- no, let us take Carlisle Trust as, if you
7 like, the primary operating company? There are
8 1,000 shares in that company and 990 of them are, at
9 the time I was talking about them, they may have
10 changed since, what are called B shares and 10 are A
11 shares ?
12 A. Yes .
13 57 Q. And you can take it, Mr. Byrne, I am familiar with
14 the purpose of that and I have no comment to pass
15 one way or the other about it. The 10 A shares
16 are held, or were held, at a time when I had the
17 record: Four by you; four by Mrs. Byrne; one by
18 Mr. Gore Grimes and one by Mr. Traynor.
19 MR. GORE GRIMES: One by Mr. Christopher
20 Gore Grimes.
21 JUDGE O'LEARY: Christopher Gore Grimes.
23 58 Q. JUDGE O'LEARY: Were they — was
24 Mr. Christopher Gore
25 Grimes's share an actual share or was he
26 only holding it for somebody else or do you know?
27 A. I am not -- I think it was a nominee?
28 59 Q. A kind of a nominee?
29 A. Yes, a nominee.
1 60 Q. Fair enough. On behalf of either you or your wife?
2 A. Yes, yes.
3 61 Q. And Mr. Traynor would be in the same category?
4 A. That is it exactly.
5 62 Q. They were Directors of the company?
6 A. Yes, yes.
7 63 Q. And they wanted -- they obviously had that?
8 A. Yes .
9 64 Q. All right. I understand. that.
10 MR. GORE GRIMES: And they have since --
11 this is just to clear
12 up: They have since been transferred to Mr. Byrne
13 & Mrs. Byrne's; all the main shares have.
14 JUDGE 0'LEARY: Have they?
15 MR. GORE GRIMES: Yes .
16 JUDGE 0'LEARY: All right. Five each is
17 it?
18 MR. SHIPSEY: And that is
19 shown...(INTERJECTION).
20 MR. GORE GRIMES: I think there is five
21 each, yes.
22 MR. SHIPSEY: That is shown on the chart
23 as well. The voting A
24 preference.
25 JUDGE 0'LEARY: Yes. It is, yes.
26 MR. SHIPSEY: Yes .
27 JUDGE 0'LEARY: I just want to get it
28 clear in my own mind.

1 65 Q. JUDGE O'LEARY: We will go up now to
2 Prospect Holdings.
3 Prospect Holdings is an unlimited company in the
4 Cayman Islands.
6 JUDGE O'LEARY: It has share capital I
7 think of £21,000. It
8 was divided into: A shares; B shares; C shares;
9 D shares, which were convertible shares; ordinary
10 shares and redeemable preference shares and they
11 were as follows: A shares -- now, in the Memorandum
12 and Articles of Association those A shares are
13 linked with your name. There are certain powers and
14 duties and...(INTERJECTION)?
15 A. Yes, yes, yes.
16 66 Q. Granted to the A shares?
17 A. Yes, yes.
18 67 Q. And they have certain powers during your life time.
19 Can I take it that you owned those A shares; the A
20 shares ?
21 A. Yes. Well, Judge, I am not an accountant
22 but certainly I always understood that I would
23 in circumstances, certain
24 circumstances...(INTERJECTION).
25 68 Q. Mr. Byrne?
26 A. Yes .
27 69 Q. I do not want an explanation from you. I am
28 not interested in traps. I have no interest
29 in traps at all?
1 A. I know. I know that but...(INTERJECTION).
2 70 Q. I want to know just the facts of the situation?
3 A. Yes.
4 71 Q. And if you would prefer me to ask your solicitor?
5 A. Yes.
6 72 Q. I will swear him in and ask him.
7 A. Yes, yes.
8 73 Q. I have no difficulty in that regard?
9 A. Yes, but I do know, Judge.
10 74 Q. Yes?
11 A. That in as far as Prospect: The only involvement
12 I would have in Prospect and this is -- I am not
13 an accountant.
14 75 Q. Yes?
15 A. This is that in case the whole family -- the family
16 were the beneficiaries.
18 A. But in case...(INTERJECTION).
19 77 Q. I understand. I understand what the structure
20 is and I understand all that?
21 A. In case the whole family were wiped out.
23 A. It would come back to me.
24 79 Q. However, I just want to find out who owns the A;
25 B; C; D shares; ordinary shares; and redeemable
26 preference shares?
27 A. Yes.
28 80 Q. Could you (to solicitor)?
29 MR. GORE GRIMES: I can't even give you that
20
1 information, Judge.
2 JUDGE O'LEARY: Well, will you?
3 MR. GORE GRIMES: Because I don't have it
4 available to me here.
5 JUDGE O'LEARY: Will you post it on?
6 MR. GORE GRIMES: I can certainly find it
7 out for you; no problem.
8 81 Q. JUDGE O'LEARY: Are you happy for him to
9 do that, Mr Byrne?
10 A. I am very much; very happy.
11 82 Q. All right.
13 JUDGE O'LEARY: So, we will just leave it.
15 JUDGE O'LEARY: I think the A shares are
16 Mr. Byrne's. I think the
17 B shares are Mrs. Byrne's. I think the C and D
18 shares belong to people. I do not know who they
19 belong to.
20 MR. GORE GRIMES: They were — yes, there
21 were shares issued to
22 the public.
23 JUDGE O'LEARY: Yes.
24 MR. GORE GRIMES: In the Caymans.
26 MR. GORE GRIMES: And the reason for that
27 was to create a public
28 company.
21
1 MR. GORE GRIMES: To make the thing a public
2 company.
3 JUDGE 0'LEARY: Yes, a public company.
4 MR. GORE GRIMES: In order
5 to be known.
6 JUDGE 0'LEARY: A public unlimited
7 company?
8 MR. GORE GRIMES: A public unlimited
9 company.
10 JUDGE 0'LEARY: Yes .
11 MR. GORE GRIMES: In order to avail of
12 certain artificial
13 valuation rules.
14 JUDGE 0'LEARY: All right.
15 MR. GORE GRIMES: In relation to a Estate
16 duty.
17 JUDGE 0'LEARY: All right. I am not
18 really concerned.
19 I just... (INTERJECTION) .
20 MR. GORE GRIMES: No.
21 JUDGE 0'LEARY: Yes .
22 MR. GORE GRIMES: Just so you understand
23 why it was done.
25 MR. GORE GRIMES: That is the whole reason.
26 JUDGE 0'LEARY: Yes. Above the Prospect
27 Holdings there is Prospect
28 Settlement.
22
1 JUDGE O'LEARY: And John Byrne is the
2 Settlor there.
4 JUDGE O'LEARY: And you did say in your
5 statement, Exhibit 1,
6 Mr. Byrne, that there were a number of documents
7 which you have given us for Tristan that you would
8 make available to us for Prospect but I think one of
9 those documents may not exist at all. There is a
10 Letter of Wishes in the Tristan case from Mr. Furze.
12 JUDGE O'LEARY: However, there was no need
13 for a Letter of Wishes in
14 this case.
15 MR. GORE GRIMES: There may not be. That is
16 possible.
17 83 Q. JUDGE O'LEARY: Because not only are you
18 the Settlor but you retain
19 the right to appoint new Trustees?
20 A. Yes.
21 84 Q. So, you are both the Settlor and you retain the
22 right. In the case of Tristan Mr. Furze was the
23 Settlor?
24 A. That's right.
25 85 Q. And in order to get over that situation he then
26 gave to you the power to appoint the new Trustees;
27 is that accurate?
28 A. That would be accurate.
29 86 Q. Yes, Okay. So, I am fairly clear on that and that
23
1 structure and subject to the other information which
2 Mr. -- yes. I am sorry. Apparently I am speaking
3 too fast. Everybody complains about that. I will
4 try to slow down, Mr. Byrne?
5 A. No, that is fine, Judge.
6 87 Q. All right, Okay. I understand that side of the
7 equation. There is another side of the equation
8 about which I really have not as much information
9 at all. I am going to start from the top there
10 (indicating). The Tristan Trust: The Settlor was
11 John Furze. He transferred the power to appoint
12 new Trustees to you John Byrne, the Appointee, and
13 there was a Letter of Wishes and we have all those.
15 JUDGE O'LEARY: There is no difficulty
16 about that. Underneath
17 that was Tristan Securities.
18 MR. GORE GRIMES: Limited.
19 JUDGE O'LEARY: Sorry?
20 MR. GORE GRIMES: Limited.
21 JUDGE O'LEARY: Limited.
22 MR. GORE GRIMES: A limited company.
23 JUDGE O'LEARY: A limited company, yes.
25 JUDGE O'LEARY: Limited, yes.
27 JUDGE O'LEARY: And you would say they are
28 nominee Directors; is it?
29 MR. GORE GRIMES: The Directors originally
24
1 were John Furze and
2 John Collins.
4 MR. GORE GRIMES: But they are now — I mean
5 I am not sure who they
6 are now.
8 MR. GORE GRIMES: They are just nominees.
9 JUDGE 0'LEARY: They are just nominees.
10 MR. SHIPSEY: Nominees.
11 MR. GORE GRIMES: They are just officials of
12 Ansbacher.
13 JUDGE 0'LEARY: Yes. Could I by the way
14 ask you in respect of
15 Prospect: Who are the Directors? Is it nominee
16 Directors there now as well?
17 MR. GORE GRIMES: Exactly the same, yes.
18 JUDGE 0'LEARY: And is Mr. Byrne a
19 Director of either of
20 those companies?
21 MR. GORE GRIMES: No, no, he is not.
22 JUDGE 0'LEARY: All right. So, Tristan
23 Securities: When we come
24 down from Tristan Securities I had a query to ask
25 you about Danstar but I mean you have it down
26 there: "Danstar".
28 JUDGE 0'LEARY: And I have seen all that.
25
1 JUDGE O'LEARY: And Intramar Securities;
2 is it?
4 JUDGE O'LEARY: Intramar Securities.
5 MR. GORE GRIMES: And I am — we are not
6 sure if that is limited or
7 unlimited.
8 JUDGE O'LEARY: All right, yes. Then
9 there is Tepbrook
10 Properties, about which I was familiar.
12 JUDGE O'LEARY: The shareholding of the
13 Tristan side: The
14 Tepbrook Properties shareholders are Danstar; I
15 understand that.
17 JUDGE O'LEARY: And the Directors are
18 Ronald Woss and
19 Pat McCann. Are they just nominees Directors or
20 are they working for the company?
21 MR. GORE GRIMES: Ronald Woss is Australian
22 and Pat McCann is here in
23 Dublin.
24 JUDGE O'LEARY: Is here in Dublin?
26 88 Q. JUDGE O'LEARY: Mr. Byrne, are you a
27 Director of Tepbrook?
28 A. No.
29 89 Q. No. All right. I am sorry for being so
26
1 pedantic about this now?
2 A. Yes.
3 90 Q. However, if I do not understand it, you
4 know...(INTERJECTION)?
5 A. No, Judge.
6 91 Q. If I do not understand it -- then you go to
7 Danstar Holdings, which is an Australian company?
8 A. Yes.
9 92 Q. And the Directors of that are Ronald Woss and who
10 else?
11 MR. GORE GRIMES: The Directors, sorry, of
12 Danstar?
14 MR. GORE GRIMES: A W. Trainor.
16 MR. GORE GRIMES: No relation of the late
17 Des Traynor.
18 JUDGE 0'LEARY: No relation at all.
19 MR. GORE GRIMES: But...(INTERJECTION)
21 MR. GORE GRIMES: It is T-r-a-i-n-o-r.
22 JUDGE 0'LEARY: Yes, all right.
23 MR. GORE GRIMES: But another Australian.
24 Two Australian people.
26 MR. GORE GRIMES: Who are pure nominees.
27 JUDGE 0'LEARY: Yes, and that is 100%
28 owned by Tristan
29 Securities.
27
1 MR. GORE GRIMES: It is, yes. You see there
2 the shares were held by
3 the late John Furze and by John Collins as Trustees
4 for TSL, yes.
5 93 Q. JUDGE O'LEARY: All right. That is
6 excellent. Mr. Byrne,
7 do you have any of the A and B type shareholdings
8 in the UK company structure?
9 A. You mean?
10 94 Q. Either preference shares that you have in the
11 Irish companies?
12 A. No, no.
13 95 Q. You do not have that?
14 A. No.
15 96 Q. Thank you. Am I right in saying -- that is very
16 helpful. Thank you very much. Am I right in
17 saying that these entities within the Cayman are
18 two separate entities? I mean there is a line
19 down between them.
21 JUDGE O'LEARY: They are two separate
22 entities ?
23 MR. GORE GRIMES: They are.
24 JUDGE O'LEARY: They are two separate
25 entities. Obviously
26 they have to be.
28 97 Q. JUDGE O'LEARY: That is the way the system
29 operates. I understand
28
1 that. That is helpful now. I will put that down
2 now if you do not mind for the moment and I can
3 work from your excellent document; okay, Exhibit 3?
4 We are not the slightest bit interested, Mr. Byrne,
5 in 1972 or 1971 or indeed today how much money is
6 in the Caymans. We have no interest whatsoever in
7 that. It might however be helpful to us, and I am
8 not insisting you answer this question, it is a
9 matter entirely for yourself, if you could tell me
10 which of the two Trusts were bigger in terms of
11 their cash availability; that is all? I do not
12 want to know what it is. Was it the Tristan or
13 the Prospect Trust?
14 A. Tristan.
15 98 Q. Tristan, yes. I got that impression but obviously
16 I could not guess it. All right.
17 Now...(INTERJECTION).
18 MR. GORE GRIMES: Judge, it may be helpful
19 to you just to say that
20 Prospect effectively has no cash.
22 MR. GORE GRIMES: Prospect is simply shares.
23 JUDGE 0'LEARY: I worked that out myself.
24 MR. GORE GRIMES: Yes, yes.
25 JUDGE 0'LEARY: However, I just wanted to
26 confirm that.
28 JUDGE 0'LEARY: Because it is very
29 difficult when you are
29
1 dealing with such a vast volume of paper, Mr. Byrne
2 MR. GORE GRIMES: Of course.
3 A. Absolutely.
4 99 Q. JUDGE O'LEARY: To actually come to these
5 conclusions ?
6 A. Sure.
7 100 Q. You have said in your statement, Exhibit 1,
8 Mr. Byrne, that from time to time, in respect
9 of various ventures, borrowings were made from
10 Guinness & Mahon; IIB; and may be from other
11 Institutions; may be from Kredietbank, which were
12 backed by funds from what I would call loosely "the
13 Cayman set up". I am not calling it that in a
14 pejorative way. I am saying "the Cayman set up".
15 Those were the facts. There is no point in
16 disputing those?
17 A. Correct.
18 101 Q. You accept that?
19 A. I do, yes.
20 102 Q. Yes. We have, Mr. Byrne, and normally we do
21 not tell people what we have but we are telling
22 you this, from the Hamilton Ross structures the
23 J accounts. The way they operated was: There was
24 one pooled account and they were J. There was
25 various code names?
26 A. Yes .
27 103 Q. One of the code names was J?
28 A. Yes .
29 104 Q. It is quite obvious from looking at all the

1 J accounts that they referred to the same
2 operation because they were transferring -- J1
3 was transferring into J2 and J2 was transferring
4 into J6. We have received evidence that the
5 J accounts were connected with the Cayman
6 operation; is that true?
7 A. That could be, Judge. It could be true.
8 105 Q. I can give you a look at the J accounts if you
9 want to?
10 A. Yes, yes.
11 106 Q. And you can assess it yourself?
12 A. Well...(INTERJECTION).
13 107 Q. I have no difficulty in that regard?
14 A. Yes, but...(INTERJECTION).
15 108 Q. I am not trying to fool anybody.
16 MR. GORE GRIMES: I think it might be
17 better, Judge, just
18 to look at them.
19 JUDGE 0'LEARY: Yes. What I am going to do
20 is...(INTERJECTION).
21 MR. GORE GRIMES: Sorry -- I mean the reason
22 I say that is because I
23 don't know whether you are suggesting, Judge, that
24 Hamilton Ross are owned by Ansbacher.
25 JUDGE 0'LEARY: No, no.
26 MR. GORE GRIMES: You are not.
27 JUDGE 0'LEARY: Nothing at all to do with
28 that.
29 MR. GORE GRIMES: That is — because I do

1 not think that is right.
2 JUDGE O'LEARY: Nothing to do with that.
3 MR. GORE GRIMES: I think they are separate.
4 Just as you mentioned
5 it...(INTERJECTION)
6 JUDGE O'LEARY: No, no, and I will talk to
7 Mr. Byrne.
8 A. Yes, yes.
10 JUDGE O'LEARY: I mean I do not
11 want...(INTERJECTION).
12 MR. GORE GRIMES: That is
13 why...(INTERJECTION).
14 JUDGE O'LEARY: I do not want it to be
15 dialogue between myself
16 and the...(INTERJECTION).
17 A. Yes.
18 MR. GORE GRIMES: No.
19 JUDGE O'LEARY: And...(INTERJECTION).
20 A. Yes.
22 JUDGE O'LEARY: All I am interested to
23 know is: Whether the
24 J accounts which we have, irrespective for the
25 moment of where they were, are accounts in respect
26 of money which had its origin in the Cayman set up,
27 the Cayman organisation, set up by Mr. Byrne in
28 1971. That is all I am interested in.
29 MR. GORE GRIMES: Yes. Therefore, we need
32
1 to see them.
2 JUDGE 0'LEARY: Yes. So, what I am going
3 to do is I am going to
4 rise for a few minutes
6 JUDGE 0'LEARY: And give you an
7 opportunity to see them.
9 MR. SHIPSEY: Thank you.
10 JUDGE 0'LEARY: They might not be all
11 there but there is
12 enough there to make up your mind I guarantee you.
13 A. All right. Thanks.
14 109 Q. I will hand you over a file, for the purpose of the
15 note, which contains the J accounts.
16 MR. SHIPSEY: Would you like us to go to
17 another room?
18 JUDGE 0'LEARY: No, no, not at all.
19 Mr. Shipsey, would you
20 just give it back to me one second please?
21 MR. SHIPSEY: Yes, sure.
22 JUDGE 0'LEARY: I just want to make sure:
23 (1) that it is what I say
24 it is. Yes, that is because I do not want to give
25 you other information and that I had not anything
26 written on it (Same Handed).
27 MR. SHIPSEY: Sure, okay. Thank you.
28 JUDGE 0'LEARY: We will rise for a few
29 minutes and when you are
33
ready you can call us back.
MR. GORE GRIMES: Yes.
MR. SHIPSEY: Very good
JUDGE O'LEARY: All right
Thank you very much.
SHORT ADJOURNMENT
1 THE EXAMINATION CONTINUED AFTER SHORT ADJOURNMENT
2 AS FOLLOWS:
5 MR. SHIPSEY: Judge, I will give you
6 back the folder (Same
7 Handed).
8 JUDGE O'LEARY: Thank you.
9 MR. SHIPSEY: Mr. Byrne has looked at —
10 there are -- I do not want
11 to be giving evidence but there are other accounts.
12 We just looked at the Hamilton Ross ones in that.
14 MR. SHIPSEY: So, that is what Mr. Byrne
15 has addressed his mind to
16 in relation to the Hamilton Ross accounts.
17 110 Q. JUDGE O'LEARY: Yes. The J accounts and
18 Hamilton Ross: Are they
19 -- have they their origin in your -- well, I will
20 not say it is your structure. In the structure in
21 the Caymans?
22 A. Well, I would say they were ours.
24 A. Pertaining to me.
25 112 Q. Okay, that is fair enough?
26 A. In one way or another, yes.
27 113 Q. That is fair enough.
28 MR. SHIPSEY: I...(INTERJECTION).
29 JUDGE O'LEARY: No, I cannot
35
1 now...(INTERJECTION).
2 MR. SHIPSEY: I know, yes.
3 JUDGE 0'LEARY: Really...(INTERJECTION).
4 MR. SHIPSEY: Yes, yes.
5 A. Yes, yes.
6 114 Q. JUDGE 0'LEARY: I hope I am being as
7 fair to Mr. Byrne as I
8 can. I think this is the first time we are going to
9 have a little bit of a disagreement, Mr. Byrne?
10 A. Okay.
11 115 Q. Okay?
12 A. Fine.
13 116 Q. I should flag this to you?
14 A. Yes .
15 117 Q. The reason that I cannot put earlier accounts
16 to you is because we do not have the information
17 from Ansbacher in Cayman but of course you could
18 make that information available to us if you
19 wanted to and you have chosen not to do so?
20 A. Well, I don't think that is right.
21 MR. GORE GRIMES: I...(INTERJECTION).
22 JUDGE 0'LEARY: I am not interested in —
23 I am talking to Mr. Byrne
24 now. Please, now? He can take advice if he wants
25 to.
26 A. Yes .
28 JUDGE 0'LEARY: However, I am not getting
29 involved in communications
1 with his solicitor on this.
3 118 Q. JUDGE O'LEARY: Mr. Byrne, I understand
4 that you are not the
5 Trustee. I understand that and I understand that
6 the Trustees has to exercise their own judgment in
7 these matters separate from you but you can fire the
8 Trustees at your whim. I mean that is the structure
9 which we have agreed is in place. So, it is
10 disingenuous of you to say that you cannot get
11 the information.
12 MR. SHIPSEY: Sorry, could I just come
13 in there?
14 JUDGE O'LEARY: No.
15 A. No, no, no, I...(INTERJECTION).
16 MR. SHIPSEY: And may be we need to
17 take a break.
18 A. I think I can answer that, Judge.
19 119 Q. JUDGE O'LEARY: Yes?
20 A. We have had the same problem with Moriarty.
21 120 Q. I know that?
22 A. And it...(INTERJECTION).
23 121 Q. I have read that evidence?
24 A. And it has been...(INTERJECTION).
25 122 Q. The Moriarty evidence?
26 A. And it has been a pain in the neck. So, we decided,
27 "Well, there is only one way to solve this one.
28 Get on the plane and head out to Cayman". We were
29 getting nowhere. We made several several attempts.
37
1 We wrote several letters. We rang him up and they
2 never responded to anything that we wrote. So, we
3 decided, "Well, we would go out there," more or
4 less at the behest of Moriarty's Tribunal; that we
5 decided we would go out there and Anthony and
6 myself, Anthony Gore Grimes and myself, went out and
7 we spent a couple of days there but we were -- there
8 was plenty of chat and plenty of guff and plenty of
9 everything else but there was no cooperation
10 whatsoever. They said they would not cooperate
11 with the Tribunal; no way they would. We employed
12 then -- we employed a local barrister or solicitor
13 to investigate the whole thing. He came back I
14 think the following day or may be a week after
15 with his advice that whoever the Trustees were,
16 that would be appointed, would be no better than
17 the Trustees that are already there. They still
18 wouldn't provide the information and that is as --
19 so, we came back with our tail between our legs.
20 123 Q. However, Mr. Byrne, you can fire the Trustees?
21 A. You could fire the Trustees, yes, Judge, but what --
22 the advice we got was: The new Trustees would
23 be no better than the old ones.
24 124 Q. However, it depends on who the new Trustees were?
25 A. Well, they would be obviously Cayman residents.
26 125 Q. You see the Confidential Relations Preservation Law
27 1995, dealing with the question of disclosure of
28 these things, has no application to disclosure by
29 a professional person acting in the course of
38
1 business on the instruction of a principal.
2 So, all it requires is for the Trustee, whoever
3 the Trustee may be, to issue the instructions
4 and then it will be done; that is all?
5 A. But...(INTERJECTION).
6 126 Q. And if he will not do it you can go and change
7 the Trustee?
8 A. Well, this is what Mr. Moriarty was
9 endeavouring...(INTERJECTION).
10 127 Q. All right. I understand that. We will leave
11 that to one side any ways?
12 A. Yes .
13 128 Q. I understand your position?
14 A. Yes .
15 129 Q. And I think you understand ours?
16 A. I do, indeed.
17 130 Q. All right, Okay?
18 A. I do, indeed.
19 131 Q. All right, Okay. I will not proceed any more
20 with that. Mr. Byrne, I am going back to the
21 accounts of which the J accounts are only just
22 typical because they are the ones we happen to have?
23 A. Yes .
24 132 Q. However, of course there were ones prior to the
25 change over in 1989 as well as the ones afterwards.
26 However, did you get statements or did any person
27 that you know get statements of how much money was
28 in these back to back loans?
29 A. Yes, yes. I always got statements when Des was
39
1 alive.
2 133 Q. Yes?
3 A. I mean he would probably ring up and say, "Well,
4 come in," and he would have the statements and I
5 would probably sign them and they would be sent
6 back but since Des died things seemed to have
7 changed and I think they are sent into the
8 secretary now and they sign them.
9 134 Q. Yes. I am not talking about the accounts. I am
10 talking about statements. I am talking about --
11 like an ordinary bank statement. Did you get
12 bank statements from them?
13 A. Bank statements?
14 135 Q. For the back to back loan, which was earning
15 interest?
16 A. I think I would have got -- I certainly would
17 probably have got a view of them.
18 136 Q. A view of them?
19 A. Yes .
20 137 Q. And did you retain them; would you say?
21 A. No.
22 138 Q. You did not retain them?
23 A. No, no.
24 139 Q. And do you remember whether they were on a
25 particular headed notepaper or not?
26 A. I can't recall.
27 140 Q. Yes. Some people say they were on headed notepaper
28 Some people say they were not on headed notepaper.
29 Do you remember in your case?
40
1 A. I don't remember.
2 141 Q. You do not remember. Fair enough. Tell me: When
3 Mr. Collery took over and it was a Hamilton Ross
4 exercise -- we have to go into the legal effect of
5 that later but I am not going to go into that today
6 That can be gone into with your legal advisors in
7 due course. Did you get statements of the kind
8 that I showed you there today from him?
9 A. No, no.
10 142 Q. You never got them from him?
11 A. No.
12 143 Q. I see?
13 A. The first time I ever heard of Hamilton Ross
14 was when it came up, it cropped up, in the
15 Moriarty Tribunal.
16 144 Q. Yes. I am not really concerned about what name
17 was at the top of it?
18 A. I see.
19 145 Q. Really we are not interested about that because
20 names change from time to time. The company
21 itself had three or four names. I am really
22 concerned in: Did you get statements of that type?
23 A. No.
24 146 Q. No, you did not?
25 A. No, no.
26 147 Q. Fair enough. From Mr. Collery?
27 A. No.
28 148 Q. Or any of his minions we will say?
29 A. No.
41
1 149 Q. All right, Okay. Could you tell me from your
2 memory, and you can only go from your own memory of
3 course, how would the typical loan be arranged with
4 the cash backing? You wanted a project. You had a
5 project in mind. Did you go to Des Traynor or say
6 to Des Traynor or what?
7 A. Well, with the back to backs really I suppose I
8 always considered that it was a legitimate form
9 of bank security strictly and I also was
10 aware...(INTERJECTION).
11 150 Q. I am not saying it was not. That is not my point?
12 A. I see.
13 151 Q. I am talking about a different thing. I am talking
14 about when you went in to borrow money from Guinness
15 & Mahon; all right?
16 A. Yes .
17 152 Q. That had to be arranged somewhere. Who did the
18 arranging?
19 A. Des .
20 153 Q. All right. Did you go in and talk to Des?
21 A. I would have done, yes.
22 154 Q. All right, Okay. You would have said,
23 "Mr. Traynor," or, "Des," or whatever you wanted to
24 call him, "I need half a million pounds"?
25 A. Exactly.
26 155 Q. All right, Okay. Sometimes it was a new half
27 a million pounds and sometimes it was rolling up an
28 old situation, which is very common in the property
29 area; is that not right?

1 A. Yes .
2 156 Q. I understand. So, you say to Des, "I want half a
3 million pounds"; to Mr. Traynor?
4 A. Yes .
5 157 Q. What did he do then? To your knowledge now what
6 did he do?
7 A. Well, with Des he was the sort of man that nothing
8 was a problem as far as he was concerned to
9 everything.
10 158 Q. Yes?
11 A. But with -- I do remember something about Des
12 getting the Trusts involved in some form of back
13 to back.
14 159 Q. Yes?
15 A. But I cannot for the life of me recall all the
16 nitty-gritty that was involved in the transaction.
17 160 Q. Yes, but I am not really concerned about, shall we
18 say, those details. However, I am just saying a
19 typical loan; you want a half a million pounds; you
20 go into Mr. Traynor; Mr. Traynor says to you, "I
21 will arrange it". When do you next go back to him?
22 A. Well, you might say now, before anything happened,
23 he would say, "Right, I will arrange that," you
24 know?
25 161 Q. All right. So, he would give you verbal approval?
26 A. Yes, exactly.
27 162 Q. When he said that was he acting as a Guinness &
28 Mahon man; as one of your Directors; or as an
29 Ansbacher man; do you think, or a bit of all?
43
1 A. Well, I couldn't answer that, Judge, but
2 certainly he would be I suppose combining the
3 whole lot.
4 163 Q. Combining the...(INTERJECTION)?
5 A. Combining the whole lot.
6 164 Q. That is what you felt any way?
7 A. That is what I felt, yes.
8 165 Q. All right. Fair enough. I understand. So, then
9 we have many examples, and I am going to give you
10 one I think, of the type of letter which was sent.
11 It is called a facility letter but this is only an
12 example?
13 A. Yes, yes.
14 166 Q. You understand?
15 A. I know, yes.
16 167 Q. There is no point in me going through 25 examples?
17 A. Yes, yes.
18 168 Q. Because they are all the same?
19 A. Yes, yes, yes, yes.
20 169 Q. I am looking at a facility letter which is
21 at page 198 of our brief, which is dated the
22 30th April 1982, Exhibit 3. It was a Carlisle
23 Trust borrowing and it was for £900,000. In fact
24 in this case it was a roll over really of a
25 loan effectively but it was a new loan and it
26 was to repay a facility originally availed of
27 in March 1972 (Same Handed), Exhibit 3. I know
28 you could not possibly remember that individual
29 one, Mr. Byrne, but is that typical of the kind

1 of letters that would have been put in place as
2 a result of your request?
3 A. Yes, I think -- I would be -- it would be fair to
4 say that it was.
5 170 Q. Yes. Could I say to you that I have looked
6 through them all, Mr. Byrne?
7 A. Yes .
8 171 Q. All that I have, Mr. Byrne, and I can say to you
9 that, except insofar as one matter is concerned,
10 they appear to me to be almost identical. The
11 one matter which changes is: Sometimes there is a
12 different security; sometimes the guarantee is by
13 yourself; and sometimes it is between yourself and
14 your wife. In that particular case it is yourself
15 and your wife; all right?
16 A. Yes .
17 172 Q. Would you accept that that was the normal situation?
18 A. I would say so.
19 173 Q. Sometimes it was you and sometimes it was
20 yourself and your wife?
21 A. Yes, I would say so, yes.
22 174 Q. Right, Okay. You will see that nowhere in that
23 letter does it make any reference to a back to back
24 facility. Did you ever notice that yourself? You
25 can take it from me that there was a back to back
26 facility for that loan; we will come to it later.
27 However, you can take it for the moment for the
28 purpose of my question that there was a back to
29 back facility for that loan and it is not mentioned

1 in the letter, Exhibit 3?
2 A. I can't explain it.
3 175 Q. Yes. It was never mentioned in any letter that I
4 could see?
5 A. I see, yes.
6 176 Q. And did it ever strike you as odd?
7 A. No.
8 177 Q. No, or unusual in any way?
9 A. No.
10 178 Q. Does it strike you as odd now that I have put it
11 to you like that?
12 A. Well, when you point it out it does but certainly
13 when this was -- when -- Des was my financial
14 advisor.
15 179 Q. I know. I know?
16 A. I more or less didn't question anything like that.
17 180 Q. Mr. Byrne, this may be a potential criticism of
18 Guinness & Mahon. I am only saying a potential
19 criticism?
20 A. Yes, yes.
21 181 Q. Because they may have a very logical explanation
22 for it?
23 A. Yes.
24 182 Q. At the moment it is a potential criticism of
25 Guinness & Mahon?
26 A. Yes.
27 183 Q. It is not a criticism of you; do you understand?
28 A. I do, indeed, Judge, yes.
29 184 Q. However, I am saying to you as a
46
1 businessman...(INTERJECTION)?
2 A. Yes .
3 185 Q. Would it not be your experience that if a loan was
4 backed by cash that is the best kind of backing you
5 can get; is it not?
6 A. Well, that would be but certainly...(INTERJECTION).
7 186 Q. And...(INTERJECTION)?
8 A. Well, certainly I wouldn't have had -- I probably
9 wouldn't have -- I would have read it and let it go
10 187 Q. Yes. I am not criticizing you, Mr. Byrne, in that
11 regard at all?
12 A. Yes .
13 188 Q. What I am saying to you is: As an experienced
14 businessman would you accept that it is unusual
15 for the best security not to be mentioned at all?
16 A. Well, I suppose there has -- looking at it in
17 retrospect I suppose you would have to think
18 that way.
19 189 Q. All right, Okay. Fair enough. That is not a
20 criticism of you now, I want to make that clear,
21 and it may not be even a criticism of Guinness &
22 Mahon because they may have a perfectly logical
23 explanation for it, which I have not asked them
24 about yet; all right?
25 A. Fair enough.
26 190 Q. If you look at -- the signature is at the end of
27 that, Exhibit 3:
9 fi
Zo
29 "Pat O'Dwyer,"
47
2 and I think the man was Rue Leonard, was he; what
3 he was known as?
5 191 Q. Did you know both of those? Were they -- how
6 did they figure in the scene as far as you were
7 concerned?
8 A. Well, they were -- they were -- they did hold some
9 -- I suppose you could call them Assistant Managers.
10 192 Q. Yes?
11 A. Or Assistants in the Lending Department in there.
12 193 Q. Yes?
13 A. But I knew both.
14 194 Q. In the hierarchy in Guinness & Mahon at that stage
15 was Des Traynor higher or lower than Rue Leonard
16 and Pat O'Dwyer?
17 A. He was, yes.
18 195 Q. He was what? He was higher; was he?
19 A. He was higher, yes.
20 196 Q. I see. So, I can put it in that context?
21 A. Well, put it like this, Judge: That Des was
22 telling everyone in there what to do or what
23 not to do.
24 197 Q. So, he was running the show?
25 A. Exactly.
26 198 Q. I mean whatever his title he was running the show
27 as far as you were concerned?
28 A. Yes.
29 199 Q. If you actually look at the next sheet of paper
48
1 you will see why I picked that particular one
2 because I had a specific memo dealing with it.
3 This was given to us by Guinness & Mahon. The
4 source of this document is Guinness & Mahon.
5 This is a memorandum, Exhibit 4, which is at
6 page 196 of our documentation, and that refers
7 to the back to back loan. So, if you would look
8 there at that Carlisle Trust:
10 "We have participated to the extent of

100% in this Guinness & Mahon Limited
11 Dublin facility which is backed by a
matching deposit with GM Cayman Trust
12 redeposited with ourselves."
13
14 I think for some reason they were using both Irish
15 and English banks and routing it through an English
16 bank to the Irish bank. That is what that is all
17 about. Do you know anything about that?
18 A. Not much.
19 200 Q. Not much about it. Yes, all right. Fair enough.
20 The next one is a memo from Mr. Traynor; again
21 given to us by Guinness & Mahon and no doubt in
22 due course they will swear that that is true,
23 Exhibit 5. It is at page 197 of our schedule
24 of documentation and it is:
25
26 "To: Mr. D. Robson.
27 From: J.D. Traynor."
28
29 Do you know who Mr. D. Robson was?
49
1 A. No.
2 201 Q. He may have been a London operator. You did
3 not know him any way?
4 A. No, never heard of him.
5 202 Q. All right. However, you can see any way that
6 it deals with the stg£900,000 loan; do you see that?
7 A. Yes .
8 203 Q. All right. I note that he talks about Central Bank
9 approval and all that. That is all down there in
10 it?
11 A. Yes .
12 204 Q. Yes, I see. So, as far as you were concerned
13 you would have asked Mr. Traynor; Mr. Traynor
14 would have arranged it; you would have signed the
15 facility letter; presumably you would have signed
16 the Letter of Offer when you got it but in any event
17 you would have signed the personal guarantee; both
18 yourself and sometimes your wife?
19 A. Yes .
20 205 Q. That is the system?
21 A. That is the system.
22 206 Q. However, the details of how he actually routed
23 the money or anything like that: Were you party
24 to that at all?
25 A. No, no.
26 207 Q. You had not anything to do with it?
27 A. No.
28 208 Q. However, you do know that there was matching
29 funds somewhere from the Cayman to back it?
50
1 A. Well, I would have known that there was back
2 to back.
3 209 Q. Back to back, yes?
4 A. I would of course.
5 210 Q. Yes. Sometimes the funds were in Ireland, sometimes
6 they were in England but they were somewhere; all
7 right?
8 A. They were -- I assume they were somewhere.
9 211 Q. They were somewhere?
10 A. Yes, yes.
11 212 Q. And they could get access to them?
12 A. Yes, yes.
13 213 Q. Like all bankers that is what they really want;
14 is access to the money if they need it?
15 A. Well, they weren't -- at times on various buildings
16 there might be an over run or something would be
17 needed something would -- we would need cash for
18 builders and Des was the one to arrange it.
19 214 Q. Ultimately, Mr. Byrne, the position in your
20 structure, in your Irish structure, is that you
21 control the structure but you do not own the
22 structure?
23 A. That is correct.
24 215 Q. I think that is your position?
25 A. That is my position.
26 216 Q. Is that a fair summary of the position?
27 A. That is a fair summary, Judge.
28 217 Q. Yes, you control it but according to the way you
29 are looking at it you do not own it?
51
1 A. Exactly.
2 218 Q. Have I picked that up correctly?
3 A. You have, indeed.
4 219 Q. All right. Why should somebody who controls
5 something but does not own it give a personal
6 guarantee; as an experienced businessman I am
7 asking you that question?
8 A. Yes. Well, that is a question now that I would
9 have to say I find difficulty in answering because
10 there...(INTERJECTION).
11 220 Q. Mr. Byrne, that is why I ask it because I find
12 it difficult to understand it you see?
13 A. Yes, I almost find it difficult as well, Judge.
14 221 Q. Yes?
15 A. But there must be some good explanation for it.
16 222 Q. There must be. However, you appreciate the point?
17 A. I do indeed. I do indeed, yes.
18 223 Q. You control it I accept?
19 A. Yes.
20 224 Q. Now whether you own it or not -- you say you do not?
21 A. Yes.
22 225 Q. And for the purpose of this question I am accepting
23 you do not own it?
24 A. Yes.
25 226 Q. I mean I am accepting it for the purpose of the
26 question?
27 A. Yes.
28 227 Q. Yet you personally guarantee it?
29 A. I do, yes. The only...(INTERJECTION).
52
1 228 Q. Which is out of your own personal wealth?
2 A. The only answer I can give to that is it might
3 have been, you know, take it or leave it and there
4 might have -- if there was probably a rush to get
5 the borrowing cleared that is what I did.
6 229 Q. Mr. Byrne, that cannot be right because I have
7 dozens upon dozens upon dozens of facility letters
8 all saying the same thing?
9 A. Yes .
10 230 Q. Sometimes with yourself and sometimes with
11 your wife?
12 A. Yes .
13 231 Q. However, they are all personally guaranteed by
14 you and I am just seeking to understand how a
15 person would personally guarantee money for a
16 structure that he does not own. You did not own
17 Carlisle Trust. You were an employee presumably
18 of Carlisle Trust?
20 232 Q. You were drawing a salary from it?
21 A. Yes .
22 233 Q. Yes. You had some control over it through your
23 A shares?
24 A. Yes .
25 234 Q. However, you did not own it?
26 A. Well, it is an interesting point.
27 235 Q. Yes, all right. I note your answer in that regard
28 You have said to me that Tristan is the Trust in
29 the Cayman that has the hard ready cash and I have
53
1 seen that myself from various documents?
2 A. Yes, yes.
3 236 Q. And that is why I was able to pick it up and I
4 merely got you to confirm it?
5 A. Yes.
6 237 Q. How could Tristan give a back to back facility to
7 Carlisle when it was in a different structure and
8 had no relationship with it?
9 A. Well, this is a point that -- I was aware that Des
10 did involve Tristan in a back to back borrowing.
11 238 Q. It had to be Tristan. Sure it was the only one
12 with money?
14 239 Q. It could not be anybody else?
15 A. And -- but as I said I do not know or could not
16 possibly remember what all the details were or
17 how it came about.
18 240 Q. No, I understand that. I am not asking about the
19 details. I am just asking you as an experienced
20 businessman: You have two different streams of
21 property; one owned by Tristan?
22 A. Yes.
23 241 Q. Forget who is the beneficial owner. Forget all
24 that. One is owed by Tristan, with its own
25 Trustees, and one owned by Prospect and yet
26 Tristan uses its money to give a guarantee for
27 the borrowing of a structure to which it has
28 no relationship?
29 A. Well, that was something that Des Traynor did
54
1 and I honestly, Judge, can't...(INTERJECTION).
2 242 Q. You cannot?
3 A. Can't give you the reason for it.
4 243 Q. Yes. Obviously the Trustees must have agreed to it?
5 A. Well, they obviously did.
6 244 Q. Yes. Do you have any record of the Trustees
7 agreeing to it?
8 A. I have no record, no, Judge.
9 245 Q. Can you get a record of the Trustees agreeing to it?
10 A. But as far as I know -- at that particular time I
11 don't know how involved Des Traynor was with the
12 Trustees.
13 246 Q. Yes. However, did City -- I want to get the name
14 right. Did Carlisle Trust Limited, which made the
15 borrowing -- they were not the only company that
16 was borrowing but I am just taking this as a
17 typical one?
18 A. Yes, yes.
19 247 Q. Did Carlisle Trust ever make a payment to Tristan
20 in compensation for having done this extraordinary
21 thing?
22 A. I can't remember.
23 248 Q. Your solicitor is shaking his head as if to
24 indicate that it is not but I do not know that?
25 A. I ... (INTERJECTION) .
26 249 Q. I cannot put that on the record?
27 A. Yes, yes.
28 250 Q. However, I mean you would know that as a Director
29 of Carlisle?
55
1 A. Well, I would but it is so long ago now I can't
2 tell you the details.
3 251 Q. Yes, but you can...(INTERJECTION)?
4 A. But...(INTERJECTION).
5 252 Q. Yes. However, you could look that up?
6 A. I could look it up, yes.
7 253 Q. Yes. Would you tell -- that is the question I
8 want to ask: Would you look at the records of
9 Carlisle and would you see if it ever made a
10 payment to Tristan Securities in respect of what
11 was an extraordinarily generous backing facility
12 bearing in mind that there was no relationship
13 between them at all?
14 A. Yes, I will indeed.
15 254 Q. You see, Mr. Byrne, one of the conclusions that
16 I have to consider, and it is only one of the
17 conclusions, is that this whole thing was a sham;
18 do you understand?
19 A. I do.
20 255 Q. And that -- what I am trying to find out you see
21 is who the client of Ansbacher was. What you are
22 effectively saying to me is, "It was these companies
23 who were the clients," and I need to understand
24 that position and that you were not the beneficial
25 owner and that you were not the owner. So, I
26 should report in due course that the client of
27 Ansbacher were Prospect or Tristan as the case
28 may be. However, if I was to come to the
29 conclusion with the other Inspector who will
56
1 be dealing with this particular aspect of this,
2 who is Mr. Paul Rowan by the way; I forgot to
3 introduce him to you. If I was to come to the
4 view with him -- I could conceivably, I am not
5 saying that because I have my mind completely open
6 on it, come to the view that the whole thing was a
7 sham and that proof or evidence that it was a sham,
8 and that you were always personally in control of
9 the money, was that one independent unit without
10 any benefit guaranteed the borrowings of another
11 independent unit. Can you see the way my mind is
12 working?
13 A. Yes, I can. Yes, I can.
14 256 Q. Have you anything -- do you want to say anything
15 to me about it?
16 A. Well, certainly I will have to go back to the
17 records.
18 257 Q. Would you...(INTERJECTION)?
19 A. To Carlisle Trust and see.
20 258 Q. All right. Would you do that? Would you do that?
21 A. Yes .
22 259 Q. I would greatly appreciate it?
23 A. I will indeed.
24 260 Q. Because it appears to me, looking at the thing as
25 objectively as I can, that if Mr. Rowan here was
26 borrowing money and I was to guarantee that?
27 A. Yes .
28 261 Q. I am talking about -- I am not talking about
29 borrowing money for a car. I am talking about a
57
1 million pounds?
2 A. Yes .
3 262 Q. And I was to guarantee it I would expect to get some
4 benefit for it or I would not do it unless his
5 interests and my interests were identical. Can
6 you see the point?
7 A. I can indeed. Oh, yes. Well, all I can say,
8 Judge, is that I took advice from the best people
9 I could -- as were available to me.
10 263 Q. Mr. Byrne...(INTERJECTION)?
11 A. And I was reliant entirely on them.
12 264 Q. Mr. Byrne, nobody has suggested, I hope they
13 never will, that you did not act on professional
14 advice. Nobody has suggested that. However, you
15 see one of the things that I have to consider is
16 whether the professional advice was good enough or
17 not?
18 A. Fair enough.
19 265 Q. Do you understand the point I am getting at?
20 A. I do, I do, I do.
21 266 Q. Whether it achieved the desired objective or
22 whether the whole system broke down and that is
23 only in the context of because I have duty, we have
24 a duty, to decide who the clients of Ansbacher were.
25 It is only: Am I going to put your name down or am
26 I going to put the company's name down? This is
27 what this is all about?
28 A. Yes, yes.
29 267 Q. It is not about anything else?

1 A. Yes .
2 268 Q. It is not about whether Mr. Byrne is right or
3 wrong. It is not about whether he owes taxes or
4 not because no matter what conclusion I come to
5 it has nothing to do with the tax authorities;
6 do you understand?
7 A. Yes .
8 269 Q. They have to make their own case?
9 A. Yes .
11 A. I do indeed.
12 271 Q. So, really what I am focusing on is: I must
13 determine who the client of Ansbacher was and that
14 is the only purpose of my line of questioning. It
15 is not to criticize you in any way, Mr. Byrne; all
16 right?
17 A. Thank you.
18 272 Q. If you want to give me any further information on
19 that you can do it through your solicitor. I am
20 hopeful that this will be our last interview but
21 I cannot guarantee it but I am hopeful that it is
22 because you have been extremely helpful in the way
23 in which you answered the questions. From time to
24 time different -- I am moving on to a different
25 point altogether; away from that point. From time
26 to time different Directors of Carlisle and the
27 other associated companies signed the accounts.
28 You signed them sometimes and I think other people
29 signed them. Obviously I can theoretically hold you
59
1 responsible for every time they were signed because
2 you were a Director all the time but I am more
3 interested at the moment in the time you signed
4 them. Insofar as I have been able to ascertain from
5 the records available to me -- and if there are
6 other records with regard to Carlisle I am more than
7 willing to look at them. As far as I am concerned
8 the accounts of the company never disclosed the back
9 to back facility and I am further advised that at
10 least after 1986 this was wrong. Did anyone ever
11 bring that to your attention?
12 A. No.
13 273 Q. Right, I see. That the securities which had been
14 given, or on which loans were taken out by the
15 company, the note on the balance sheet should
16 include all such securities including the back to
17 back loan. You see some securities were included
18 but others were not. The reason I am asking you
19 that, Mr. Byrne, I want to explain to you, is not
20 because I want to say, "Mr. Byrne did anything
21 wrong," but I am trying to work out if I possibly
22 can what went on in the mind of the late Mr. Traynor
23 because the auditors of your company wrote on a
24 number of occasions and the back to back loans were
25 never mentioned to them either. So, I am not
26 criticizing your auditors in any way; you understand
27 that?
28 A. I do.
29 274 Q. So, the letters which they got from Guinness &
60
1 Mahon, under presumably the control of Mr. Traynor
2 who was the operative there at that time, did not
3 mention the back to back nature of the facility
4 and of course then it was not included in the
5 accounts for that reason. Did the auditors
6 ever ask you about any peculiarity like that?
7 A. I don't recall ever been asked anything like that.
8 275 Q. Nothing like that, fair enough. I think you have
9 given evidence in your statement, Exhibit 1, which
10 you have now adopted, right, and which is now a
11 sworn statement for that reason, of the fact that
12 you acquired no personal benefit from the monies
13 held in Cayman?
15 276 Q. That is correct. I would like to give, Mr. Byrne,
16 a sheet of paper which is part of the extracts from
17 the J account, Exhibit 6. For the sake of argument
18 at the moment I will call it a Hamilton Ross
19 Statement. We could have arguments about what it
20 was but for the sake of argument it is a Hamilton
21 Ross Statement. I would like you to look at that
22 (Same Handed)?
23 A. Thanks.
24 277 Q. No, that is not the one. It is the one with — I
25 think that is the wrong one. I think you have got
26 the wrong one. It is nothing to do with that.
27 If you would hand him my one there (Same Handed),
28 Exhibit 6?
29 A. Okay.
61
1 278 Q. I wonder would you put a mark on that to indicate --
2 you might call it "number 1". Would you just write
3 "number 1" on it?
5 279 Q. JUDGE 0'LEARY: That is grand. I think
6 what Mr. Rowan is going to
7 do is he is going to get his own copy of it because
8 then we will have enough copies for everybody. You
9 see that?
10 A. Yes.
11 280 Q. There was a draft for £3,500 taken out of that
12 and that draft appeared to go to someone by the
13 name of John Byrne. Did you get that draft?
14 A. I just can't recall.
15 281 Q. You cannot recall. Is it possible that you got
16 the draft, Mr. Byrne?
17 A. Yes.
18 282 Q. In order to help you I have a second sheet of paper,
19 which is a printout of the principal ledger of the
20 Ansbacher Cayman call deposit account in which the
21 same draft is printed out a few days previous to
22 that and that was the system that operated and you
23 can see the £3,500 is clearly indicated to you.
24 Have you got that, Exhibit 7?
25 MR. GORE GRIMES: Yes, yes?
26 A. Yes.
27 283 Q. JUDGE 0'LEARY: You can have another copy
28 of it, Mr. Shipsey (Same
29 Handed), Exhibit 8.
62
1 MR. SHIPSEY: Thank you.
2 JUDGE O'LEARY: We might call that
3 "number 2".
4 MR. GORE GRIMES: "Number 2"?
5 284 Q. JUDGE O'LEARY: Yes. You can see that it
6 is quite clearly indicated
7 that it was for John Byrne. Now, Mr. Byrne, I am
8 not trying to trick you. I want to make that clear.
9 So, I am going to give you a third sheet of paper
10 as well and that might be called "number 3" (Same
11 handed)?
12 A. Thank you.
13 285 Q. And this we got from the Irish records of Ansbacher.
14 You can see where it is headed "Ansbacher":
15
16 "Please reply to: 42 Fitzwilliam

Square, Dublin 2."
17
18
It is 1990. I think he probably had left the bank
19
at that stage. It is an instruction or a request to
20
Mr. Humphries which says:
21
22
23 "I wonder would you be good enough
please to organise a Sterling Draft
24 payable to John Byrne in the sum of
Stg.£3,500 and debit Ansbacher Limited
25 Account No. 13154602.
26 I would like to have Andy pick this up

in the morning (Tuesday) if at all
27 possible and am therefore sending you
this letter by fax. The original will
28 follow by hand in the morning"?
29
63
1 A. Judge, I have -- I can't recollect.
2 286 Q. Yes, I understand that. However, unless you can
3 give me another explanation, and that is all I am
4 saying at the moment, I would in my view be entitled
5 to assume that you had access to those funds?
6 A. Well, I never knew I had access to those funds.
7 287 Q. Yes. I understand that that is your evidence and
8 I appreciate that but you got £3,500. There is no
9 reason that I could see and therefore I am asking
10 you for a reason why you should receive £3,500 from
11 one of the Cayman structures. You did not do work
12 for the Cayman structure. You were not a Director
13 of the Cayman structure. You had no business with
14 the Cayman structure. How could you get £3,500 from
15 them; that is the question I want to ask you?
16 A. I just can't recall the structure.
17 288 Q. Yes, I see?
18 A. In any shape or form.
19 289 Q. Fair enough. I see?
20 A. Is there any...(INTERJECTION)?
21 MR. GORE GRIMES: Could I have a word with
22 Mr. Byrne?
23 JUDGE 0'LEARY: Certainly, of course.
25 JUDGE 0'LEARY: Of course. Would you like
26 us to leave?
27 MR. GORE GRIMES: No, no, not at all.
29 MR. GORE GRIMES: I am just suggesting to

1 Mr. Byrne that he should
2 ask you for time to investigate that matter.
3 JUDGE O'LEARY: Of course.
4 MR. GORE GRIMES: And come back to you on
5 it.
6 JUDGE O'LEARY: Of course, you can.
7 MR. GORE GRIMES: Rather than leave it up in
8 the air.
9 JUDGE O'LEARY: Yes. Of course you can
10 come leave and come back.
12 JUDGE O'LEARY: Of course you can come
13 back to me.
15 A. Thank you, Judge.
16 2 90 Q. JUDGE O'LEARY: Of course you can come
17 back to me?
18 A. Yes.
19 291 Q. Everything you say to me here today, if you feel you
20 have to change, of course you can come back to me?
21 A. Okay, thank you.
22 292 Q. Now, that may give rise to the necessity for
23 another interview or it may not?
25 293 Q. However, of course, all I am looking for is an
26 explanation?
27 A. Yes.
28 294 Q. There is one other puzzling thing or there would
29 be two others really?
65
1 A. Yes.
2 295 Q. However, one other puzzling thing about the
3 J accounts: Most of them are perfectly
4 straightforward?
5 A. Yes.
6 296 Q. One other puzzling thing about the J account is
7 that somebody's American Express was being paid
8 out of the J accounts; do you know who?
9 A. I can't recall well now but I certainly would --
10 we will have to look in to those too; certainly.
11 297 Q. I do not know as yet whose American Express it was?
12 A. Yes, yes.
13 298 Q. And therefore I thought I would short circuit it by
14 asking you?
15 A. Yes.
16 299 Q. Now, if you do not know I will have to investigate
17 myself elsewhere and of course if you could
18 investigate so be it. Do you have an American
19 Express card yourself, Mr. Byrne?
20 A. No.
21 300 Q. No. So, it was not you?
22 A. Well, I haven't -- I have no -- I did have
23 a...(INTERJECTION).
24 301 Q. Diners?
25 A. A Diners at one time.
26 302 Q. Yes. No, this is an American Express?
27 A. Yes.
28 303 Q. Quite clearly American Express?
29 A. Yes, yes.
66
1 304 Q. AMEX which in all banking terms?
2 A. Yes, yes.
3 305 Q. Is known as American Express?
4 A. Yes .
5 306 Q. There are many examples of it but you can take it
6 from me that you were entitled -- well, whether
7 you were or not entitled to it. I can -- we can --
8 our solicitor, Ms. Cummins, can make available any
9 number of examples of the American Express
10 references ?
12 A. Okay.
13 307 Q. JUDGE O'LEARY: And post it on to you?
14 A. Yes .
15 308 Q. As part of it. I have them all here in front of me?
16 A. Yes .
17 309 Q. However, I mean I am not going to go through them
18 all because that is not the purpose of it. It is
19 not an exercise to see who has the best memory; that
20 is not it?
21 A. Okay.
22 310 Q. That is not the purpose.
23 MR. SHIPSEY: Perhaps, you might just
24 indicate the period of
25 times just so that we can make enquiries?
26 JUDGE O'LEARY: 1991 - 1989.
27 MR. SHIPSEY: Right. 1989 to 1991.
28 JUDGE O'LEARY: Yes. However, you will
29 have those (indicating)

1 any way because she will send you a copy of them,
2 Exhibit 9.
3 MR. SHIPSEY: Yes.
4 MR. GORE GRIMES: Yes, absolutely.
5 JUDGE 0'LEARY: It will effectively be a
6 copy of the Hamilton Ross
7 account in which it is mentioned.
8 MR. SHIPSEY: Yes, fine.
9 JUDGE 0'LEARY: One of the J accounts.
10 MR. GORE GRIMES: Yes, the number -- not
11 necessarily Hamilton Ross.
12 The number one.
13 JUDGE 0'LEARY: Whatever they are.
14 MR. GORE GRIMES: Whatever they are.
15 JUDGE 0'LEARY: Whatever they are. The
16 J accounts.
17 MR. GORE GRIMES: Yes, the J accounts.
18 JUDGE 0'LEARY: I only use Hamilton Ross
19 as a short them for the
20 moment. Accounts produced by Mr. Collery which he
21 said were in the beneficial ownership of, we will
22 call it, the Cayman Structure for the moment.
24 JUDGE 0'LEARY: Yes, all right.
25 MR. GORE GRIMES: Yes, I
26 think...(INTERJECTION).
27 JUDGE 0'LEARY: Associated with Mr. Byrne.
28 MR. GORE GRIMES: These are the memorandum
29 accounts. They were
68
1 normally referred to as the memorandum accounts.
2 JUDGE 0'LEARY: All right, the memorandum
3 accounts. However, they
4 are there (indicating) •
6 JUDGE 0'LEARY: They are there.
7 MR. GORE GRIMES: Perfect.
8 JUDGE 0'LEARY: And you will get copies of
9 those with the American
10 Express references on it.
11 MR. GORE GRIMES: Good.
12 JUDGE 0'LEARY: And they relate to
13 1990/1991. It is a
14 puzzlement to us as to why that should be the case.
16 A. Yes, yes.
17 JUDGE 0'LEARY: Because it is an unusual
18 thing to pay out of it.
19 A. Yes .
20 311 Q. That is the reality of it?
21 A. Yes, yes.
22 312 Q. There is one other matter Were the Trusts which
23 were established in 1971 -- I do not want to know
24 numbers. I am not interested in numbers. Were the
25 Trusts that were established in 1971 -- they were
26 obviously given assets at that time; be they big or
27 small. I do not want to know. However, were they
28 ever supplemented thereafter with other assets?
29 A. No.
1 313 Q. No. If you like they have been a stand alone
2 facility since then?
3 A. That is my understanding.
4 314 Q. Your understanding, I see. Fair enough. Are you
5 familiar, Mr. Byrne, with a venture called
6 Ballymadun?
7 A. Ballymadun, yes.
8 315 Q. Yes. Is that how you pronounce it; Ballymadun?
9 A. Yes.
10 316 Q. I think it -- was it a stud farm or something?
11 A. It was, yes.
12 317 Q. And was it your wife's or something?
13 A. Yes.
14 318 Q. Or your's or you and your wife?
15 MR. GORE GRIMES: I wonder, Judge — may
16 be I would just come back
17 on that last answer because it actually contradicts
18 something that is in the statement, Exhibit 1. I
19 think it is unfair to leave it sitting there.
20 JUDGE O'LEARY: Which one is this now?
21 MR. GORE GRIMES: Well, just in Mr. Byrne's
22 statement, Exhibit 1,
23 which you are now taking as a sworn statement, he
24 says:
25
26 "I do not have a record of the dates

upon which funds were subsequently
27 transferred to the Tristan Settlement.
Such funds emanated from activities
28 carried out in the United Kingdom by
companies controlled by me in that
29 jurisdiction. I do not have any
correspondence in connection with
70
1 such transfers."
3 He made it quite clear that there were other funds
4 transferred that he does not have details of.
5 JUDGE O'LEARY: I will take all those
6 matters into account
7 really.
8 MR. GORE GRIMES: I just wanted to make sure
9 that there was no
10 conflict.
12 Well...(INTERJECTION).
13 MR. GORE GRIMES: By saying now on oath
14 because we are on oath.
15 JUDGE O'LEARY: All I can say is,
16 Mr. Gore Grimes, I am
17 really asking Mr. Byrne the question.
18 MR. GORE GRIMES: I understand that.
19 JUDGE O'LEARY: If at the end of the time
20 Mr. Byrne consults with
21 you and wants to change any of his testimony.
23 JUDGE O'LEARY: He is perfectly entitled
24 to come back to me.
25 MR. GORE GRIMES: And clarify it, yes.
26 JUDGE O'LEARY: And clarify it.
27 MR. GORE GRIMES: Yes, Judge.
28 JUDGE O'LEARY: Yes, there is no
29 difficulty.
71
1 MR. GORE GRIMES: Thank you, Judge.
2 JUDGE 0'LEARY: However, I do not
3 want...(INTERJECTION).
4 MR. GORE GRIMES: Me to interrupt you.
5 319 Q. JUDGE 0'LEARY: To be interrupted, yes.
6 Who owned Ballymadun?
7 A. It is in my wife's name.
8 320 Q. Your wife's name?
9 A. Yes.
10 321 Q. Ballymadun?
11 A. Yes.
12 322 Q. Is it your wife's alone or is it -- are you
13 a beneficial owner of it or who is?
14 A. No. Well, my wife is the owner.
15 323 Q. Is the full owner?
16 A. Yes.
17 324 Q. All right, Okay. Then may be if you feel that
18 I should ask your wife this question I have no
19 difficulty in you telling me that but I want to
20 avoid bringing your wife in if I possibly can?
21 A. Yes, thank you.
22 325 Q. I have no interest in bringing your wife in to be
23 honest with you but I must find out about something.
24 I wonder would the witness be given page 1,104.
25 It is a J6 account. It is what you call memorandum
26 accounts (Same Handed), Exhibit 10?
27 A. Thank you.
28 326 Q. It is in our second folder. You will see there
29 that there was a lodgement of £203,841.75 to that
72
1 account from something that is described as
2 Ballymadun. It may have been the repayment of a
3 loan. I do not know what it was. I am just asking
4 you what it was. She might have made that profit
5 and put it in there, I do not know, but I would like
6 to know what it is?
7 A. Judge, I just can't recall but if you leave it
8 with me I will certainly check it out.
9 327 Q. I will?
10 A. I will certainly...(INTERJECTION).
11 328 Q. Of course I will leave it with you, Mr. Byrne.
12 There is no difficulty in that. However, could
13 you help me with regard to this? This was a
14 venture which your wife was involved in?
15 A. Yes .
16 329 Q. And is it a money making venture or is it just a
17 hobby?
18 A. Well, it was certainly meant to be a money making
19 venture; certainly.
20 330 Q. However, a lot of those things do not turn out like
21 that?
22 A. They don't always turn out that way.
23 331 Q. All right, I understand?
24 A. I can assure you.
25 332 Q. I understand?
26 A. But I know there was some land sold. Some of it
27 was sold off out there and I would have to see what
28 it was.
29 333 Q. Yes?
1 A. And may be come back to you on that.
2 334 Q. Yes?
3 A. But certainly it went through a sale.
4 335 Q. When did she buy it? Do you remember when she
5 bought it?
6 A. It would be in the 1970's any way.
7 336 Q. In the 1970's?
8 A. Yes.
9 337 Q. And does she still have it?
10 A. Still have it, oh, yes.
11 338 Q. And she sold some of it, did she?
12 A. Sold some land and it was -- as far as I know now
13 it was quite -- doing well and not so well now.
14 339 Q. Yes?
15 A. Between cattle and horses I am afraid the market
16 is fairly -- the horses were very good for a while
17 but then you could run into a bad patch with -- it
18 is like a yo-yo, you know? You find that you send
19 them to the wrong stallions. You have your good
20 patches and your bad ones but it was quite
21 prosperous at one time and then...(INTERJECTION).
22 340 Q. Did it...(INTERJECTION)?
23 A. Not so prosperous at the moment.
24 341 Q. Did it borrow money from the structure; I am using
25 that in the loose term at the moment?
26 A. Yes.
27 342 Q. Did it borrow money from the structure at any time?
29 343 Q. You do not think so?
74
1 A. No, I don't think so but I will come back to you on
2 that.
3 344 Q. You will come back to me on that?
4 A. Yes, yes. Yes, I will come back to you on that.
5 345 Q. And you will explain that to me?
6 A. I will. That has got to be obvious; whatever it is.
7 346 Q. Exactly, yes?
8 A. But... (INTERJECTION) .
9 347 Q. It does not come immediately to mind?
10 A. Yes, yes.
11 348 Q. Yes. Obviously it was £211,060 Irish pounds?
12 A. Yes.
13 349 Q. Do you see that there?
14 A. Yes, I do, yes, yes.
15 350 Q. That is the -- the sterling equivalent at the time
16 was Stg.£203,841.75?
17 A. Yes.
18 351 Q. However, it appears to have been a lodgement of
19 £211,060, which is denoted by "IR211060"?
20 A. Yes.
21 352 Q. That was the way they did it?
22 A. Yes, yes. Well, I would have to go back to
23 Deloitte & Touche.
24 353 Q. What I would be anxious to know when you are
25 explaining that to me is: I would be anxious to
26 also know whether -- well, I would be anxious to
27 know the circumstances in which that money was
28 lodged effectively to a Trust because that is
29 effectively who got the money eventually. It
75
1 seems to be an extraordinary situation; that you
2 make Stg.£203,000 and that you lodge it to a Trust
3 over which you do not have any control. The only
4 disappointment, Mr. Byrne, I have with our interview
5 is, and I think I should be frank with you, I find
6 it a bit hard to accept that with goodwill you could
7 not get the necessary information in respect of the
8 Tristan and Prospect settlements from Cayman and it
9 is well I would say that to you so that you
10 understand my position?
11 A. Yes .
12 354 Q. Now, of course, if you want to -- in due course,
13 before we arrive at any decision, we will notify you
14 with regard to the matter but it would be unfair of
15 me if I did not at this stage say to you that that
16 is a disappointment to me. It is really the only
17 disappointment if you like, you know?
18 A. Yes .
19 355 Q. However, it is a disappointment?
20 A. Yes .
21 356 Q. Yes?
22 A. Well, we will have to -- we thought we had --
23 Judge, we thought really that we had done
24 everything in our power to wrestle the documents out
25 of them.
26 357 Q. Yes, I understand the point you are making?
27 A. And unfortunately we hit a sort of a brick wall.
28 358 Q. Yes. Thank you very much, Mr. Byrne. Mr. Rowan,
29 have you any questions for Mr. Byrne?
76
1 MR. ROWAN: Yes.
3 END OF EXAMINATION OF MR. BYRNE BY HIS HONOUR
4 JUDGE O'LEARY.
10
11
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14
15
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18
19
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22
23
24
25
26
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77
1 MR. BYRNE WAS EXAMINED, AS FOLLOWS, BY MR. ROWAN:
4 359 Q. MR. ROWAN: Mr. Byrne, I think one
5 question?
6 A. Yes.
7 360 Q. In your statement, Exhibit 1, to us you indicated at
8 some point -- if I may just find it. Yes, it is on
9 page 2 of your statement, at the bottom of page 2 of
10 your statement. You indicated
11 that...(INTERJECTION).
12 JUDGE O'LEARY: Do you have a copy of
13 your statement, Mr. Byrne?
14 A. I have, yes.
15 JUDGE O'LEARY: Yes, yes.
16 3 61 Q. MR. ROWAN: That you had a number of
17 advisors both here and
18 across the water?
19 A. Yes.
20 362 Q. I believe that you also had Haughey Boland as
21 certainly auditors to some of the companies in
22 the group in Ireland?
23 A. That is correct, yes.
24 363 Q. Earlier you were asked by the Judge about the whole
25 issue of recording accurately the securities for
26 loans borrowed by the various Irish companies; the
27 issue of why the cash backed security was not
28 recorded in the company accounts?
29 A. Yes.
78
1 364 Q. And you said that this was a matter which you
2 left to Mr. Traynor to get on with advising you
3 about and that although the auditors requested
4 confirmation from Guinness & Mahon about the
5 nature of the securities; that the auditors
6 were never told about the backing deposit.
7 JUDGE O'LEARY: I think in fairness,
8 Mr. Rowan, it was I that
9 said that.
10 MR. ROWAN: Did you?
11 JUDGE O'LEARY: I did. I said that, yes.
12 MR. ROWAN: Right, yes.
13 JUDGE O'LEARY: It was I said that.
14 However, you can take it
15 that we have the information to that effect. We
16 have documents. You can take that...(INTERJECTION).
17 MR. GORE GRIMES: Yes, I accept that.
19 MR. ROWAN: I think...(INTERJECTION).
20 JUDGE O'LEARY: It does not reflect badly
21 on you and therefore I did
22 not put the documents to you.
23 365 Q. MR. ROWAN: Yes. I think you said
24 essentially that you did
25 not have any dealings with what the auditors asked
26 for confirmation from the bankers about; that you
27 did not know about it?
28 A. Yes.
29 366 Q. And we accept that?
79
2 367 Q. What I wanted to show you was a document which we
3 have come across. This is page 687 in our file of
4 documents (Same Handed), Exhibit 11?
5 A. Thank you.
6 368 Q. And it is an internal memorandum from Irish
7 Intercontinental Bank from a writer by the name
8 of John Reynolds and it is dated 27th March 1992
9 and the subject is:
10
11 "Tepbrook Properties Ltd."
12
13 This memorandum outlines a meeting which the
14 writer had with Mr. Paul Carty of Deloitte & Touche.
15 Deloitte & Touche as I understand it merged with
16 Haughey Boland at some stage?
18 369 Q. And Mr. Carty went to see Mr. Reynolds and outlined
19 a proposal to him and the memo says:
20
21 "Carty advised that they would require

a five year term loan which it was
22 agreed would be secured by an Ansbacher
guarantee supported by cash along with
23 a deposit of the Title Deeds to the two
properties ..."
24
25
26 And you can read on but in essence this seems to
27 demonstrate, Mr. Byrne, that Mr. Carty was aware of
28 the full implications of the back to back
29 arrangements?
80
1 A. Yes, I would say probably yes to that.
2 370 Q. And Mr. Carty was a partner in Deloitte & Touche
3 I believe?
4 A. He was, yes.
5 371 Q. So that in effect that meant that Haughey Boland
6 were aware of the nature, the correct nature, of the
7 back to back arrangements?
8 A. I just couldn't answer that one.
9 372 Q. Is that not the implication?
10 A. That is the implication.
11 373 Q. Of what this note is saying?
12 A. Yes.
13 374 Q. Thank you very much.
14
15 END OF EXAMINATION OF MR. BYRNE BY MR. ROWAN
16
17
18
19
20
21
22
23
24
25
26
27
28
29
81
1 MR. BYRNE WAS RE-EXAMINED, AS FOLLOWS, BY HIS HONOUR
2 JUDGE 0'LEARY:
5 375 Q. JUDGE 0'LEARY: Mr. Byrne, could I just
6 bring to your attention
7 there, just for the sake of completeness, that in
8 that document at the end of the first sentence:
10 "I was advised by Messrs. Traynor

and Carty is ..."
11
12
13 That the company,
14
15 "...is beneficially owned by
Mr. John Byrne of Carlisle."
16
17
18 I know that proves nothing; I understand that?
19 A. Yes.
20 376 Q. However, you can take it that there are hundreds of
21 references to you being the beneficial owner of the
22 company. You can take it that throughout the
23 documentation -- this is only one example. Have you
24 any comment to make on that?
25 A. I don't have, Judge, no.
26 377 Q. Yes. It is just a rather strange thing for him to
27 say; was it not?
28 A. A strange thing, yes, yes, yes.
29 378 Q. Because...(INTERJECTION)?
82
1 A. Yes.
2 379 Q. Because in reality the structure was that you
3 controlled but did not beneficially own it?
4 A. Exactly, yes.
5 380 Q. That was an entirely different structure?
6 A. Yes.
7 381 Q. However, you can take it that this is only
8 typical of dozens?
9 A. Yes, yes.
10 382 Q. Certainly dozens of such references?
11 A. Yes, yes, yes. I really can't say what is at the
12 back of Paul Carty's mind.
13 383 Q. No, this is John Reynolds?
14 A. Yes.
15 384 Q. Well, it is Paul Carty's too. I suppose receiving
16 it from -- Paul Carty giving it to John Reynolds?
18 385 Q. Yes. You can take it that Mr. Traynor would have
19 made similar observations?
20 A. I suppose he would, Judge.
21 386 Q. You know?
22 A. Yes.
23 387 Q. Would Mr. Traynor have thought that you owned it
24 or would he have been aware of the structure; the
25 details of the structure?
26 A. I can't recall that. It wouldn't have been
27 discussed.
28 388 Q. You cannot -- ever discuss it. Yes, I see. Fair
29 enough. That is reasonable. I wonder, Mr. Byrne,
83
1 could you just stay for two minutes? I just want
2 to talk to my colleague outside the door to see if
3 there is anything else we want to ask you?
4 A. Yes, I will, indeed.
5 389 Q. Because I want if possible to try to
6 avoid...(INTERJECTION)?
7 A. Yes.
8 390 Q. You can stay there. We will be back in one second.
9 A. Yes, Judge.
10
11 SHORT ADJOURNMENT
12
13
14
15
16
17
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22
23
24
25
26
27
28
29
84
1 THE EXAMINATION CONTINUED AFTER SHORT ADJOURNMENT
2 AS FOLLOWS:
5 391 Q. JUDGE O'LEARY: That is grand. We have
6 nothing else to say; all
7 right?
8 A. That is grand.
9 392 Q. That is grand. Thanks very much. Mr. Byrne,
10 thank you very much for you help?
11 A. Yes.
12 393 Q. We really appreciate it?
13 A. Thank you very much, Judge.
14 394 Q. I really appreciate it?
15 A. Okay.
16
17 THE EXAMINATION WAS THEN CONCLUDED.
18
19
20
21
22
23
24
25
26
27
28
29
85
GjjvviW^/VT
^ êviKck Poel
ENQUIRY INTO ANSBACHER (CAYMAN) LIMITED
UNDER COMPANIES A C T 1990
STATEMENT OF JOHN BYRNE
Introduction
I make this statement in response to the'request for assistance contained in a letter

dated the 2S!h October 2CC0 item the Inspectors appointed by the High Court to .
investigate the affairs of Ansbacher (Cayman) Limited (hereafter "Ansbacher
Cayman') than known as Guinness and Mahon Cayman Trust Limited pursuant to
Sections 8 and 17 of the Companies Act, 1990, • •.
J have sat out hereunder the facts with as much detail as I am reasonably able to
provide given the fact that my dealings with Ansbacher Cayman commenced In
1971. Apart from the documents which I- am attaching to this statement and despite
searches and enquiries which I have made, I do not have any other
contemporaneous records surrounding the establishment of the two trusts. In
addition, some of the persons who advised me at the time are now dead.
By way of background I was born In County Kerry In 1919. In 1941,1 emigrated to

England.'. I started out !ika many of my compatriots in construction and eventually
built up a substantial building and property development business, f also involved
myself in ifta development and operation of a number of dance halls and ballrooms
in the U.K., which were focused on the large population of young Irish immigrants In
Birmingham, Coventry'and London.
Jn the eariy 1960's at the Invitation of Sean Lemass and Sean McEntee, I decided to
invest In Ireland and became involved In property development M y first property
venture was the.construction and development of O'Connell Bridge House on D'OIIer
Street in Dublin which was completed In 1964. This development was carried out
through.Carlisle Trust Limited, an Irish company originally Incorporated and
controlled by me. My second venture was tha construction of an Apartment Block
known as St. Ann's at Ailesbury Road. This was also carried out through Carlisle
Trust Limited. My third venture was the development of D'OIIer House (the former
T&C Martin premises) through another Irish company originally Incoiporated and
controlled by me, namely, Dublin City Estates Limited, in or about 1969. Although
these ventures were carried out in Dublin my principal activities were still being
carried out in tha U.K.
Throughout my time in England, m y closest advisor was my solicitor, the late Arnold
Finer. In Ireland I was advised by my solicitor, the late Christopher Gore-Grimes.
From in or about the mid-1960s, my accountant and (later) financial advisor was the
late Desmond Traynor.
I now turn to the specific information requested in Appendix C of the letter from the
Inspectors:
Cavman Island Trusts and Trust companies:
The establishment of the Tristan" and "Prospect" Settlements:-
(a) The background to the establishment of what became known as the Tristan
and Prospect Settlements was as follows. By 1&71 my business ventures in
England were substantial and a s ! was becoming Involved to an increasing
extent in Irish property development, I was concerned to minimise my family's
exposure to what was then known as "estate duty" in the event of my death. I
took separate legal and taxation advice in Ireland and England from my
respective advisors. I was advised that it was legally permissible both in
Ireland and England to establish discretionary trusts domiciled and controlled
in the Cayman Islands, which was at that time (1971) still part of the Sterling
area.
The trust known as the "Tristan Settlement" was established in connection

with my UK business and the trust known as the "Prospect Settlement" was
established in connection with my Irish business.
Both trusts, which were established in the Cayman Islands, were founded in
such a way that they are controlled by the trustees of the respective trusts. I
received legal advice that the trustees of both trusts (which trusts are
governed by Cayman Law) are under no obligation to accept any instructions
from me In relation to the trusts. I have requested the Trustees on a number
of occasions to provide Information to the Moriarty Tribunal and they have not
• done so. Notwithstanding the above I a m writing to the Trustees requesting
them to provide Information to your Enquiry..
I do not control the Trusts or the Cayman Companies owned by the. Trusts. I.
do not have power to enjoy income from either.
The mechanics of the establishment of the two trusts were as follows:-
O n the 9 * August 1971, the Tristan Settlement was established. T h e Settlor

was the late John Andrew Furze and the Trust was known as the Tristan
Settlement A company was Incorporated In Cayman known as Tristan
Securities Limited which was and is owned by the Tristan Settlement.
The advice that I received in relation to the Tristan Settlement was from the
late Arnold Finer Solicitor, the late Maurice Finer Q.C., the late Desmond
Traynor and from the late John Furze, an executive of Ansbacher Cayman. I
do not now have any correspondence relating to the establishment of the
Tristan Settlement or Tristan Securities Limited but I enclose with this
statement a copy Indenture of Settlement dated 9 t h August, 1971, John
Andrew Furze and Guinness & Mahon Cayman Trust Limited (the 'Tristan
Settlement'); •
On the 9" 1 August 1971, a trust known as the Prospect Settlement was
established. A Cayman Island company was Incorporated known as Prospect
Holdings, which was and is owned by the Prospect Settlement. I was advised in
rs
the matter of the Prospect Settlement by the late Christopher Gore-Grimes, by

Counsel retained by the late Mr. Gore-Grimes, Mr. Charles Haccius, BL and by
the late Desmond Traynor. I do not have any correspondence relating to the
' establishment of the Prospect Settlement but I enclose the following with this
statement:
(i) copy Deed of Trust dated the 9 t h August, 1971 John Byrne and Guinness
& Mahon C a y m a n Trust Limited;
(ii) Memorandum and Articles of Association of Prospect Holdings.
There were no Shareholders Agreements In respect of either Tristan

Securities Limited or Prospect Holdings.
(b) I attach a Statement prepared by the late Desmond Traynor on the 2 2 n d July
1982 attaching accounts relating to the Prospect Settlement and Prospect
Holdings. From this It appears that the sum of £ 2 1 , 0 0 0 was Invested in share
capital and there was a loan of £1,329.88. It appears from the Statement
prepared by M r Traynor that these sums were transferred to the Prospect
Settlement in August 1971.
T h e shares in Carlisle Trust Limited and Dublin City Estates Limited were
transferred to Ansbacher Cayman who In turn held them In trust for Prospect
Holdings. The date of the transfer of the shares was the 2 0 t h day of June •
1972.
I do not have a record or any correspondence in relation to funds which w e r e

transferred to the Tristan Settlement but I believe these were first transferred
in 1971 and emanated from the activities cairied out in the United Kingdom by
companies controlled by me in that Jurisdiction.
(c) I. believe that no further funds were transferred to the Prospect Settlement.
I do not have a record of the dates upon which funds were subsequently
transferred to the Tristan Settlement Such funds emanated from activities
carried out in the United Kingdom by companies controlled by me In that
Jurisdiction. I do not have any correspondence In connection with such
transfers.
I believe that in the early 1990's a loan was provided at one stage by Tristan
Securities Limited to Alstead Securities and that this loan was subsequently
repaid. I am endeavouring to ascertain further details in connection with this
loan.
(d) I have never received or enjoyed any income or benefit from either the Tristan
Settlement or Tristan Securities Limited or from the Prospect Settlement or
Prospect Holdings. Nor did I have the power to enjoy any such income.
J
As appears from the Tristan Settlement deed the Settlor was Mr. John Furze.
I have no information regarding the transfer of funds which was handled by
the late Mr. Desmond Traynor.
Letter of Wishes in respect of Tristan Settlement enclosed together with

Supplementary Deed in respect of Tristan Settlement I am searching for
similar documents in respect of the Prospect Settlement
Communication was originally with the late Mr. Desmond Traynor who was a
director of Ansbacher Cayman and was also my financial adviser. I have no
record of my communications with Mr Traynoi-. I have been furnished with
copies of correspondence between Mr. Traynor, Guinness & Mahon (Dublin)
Limited and Ansbacher Cayman, which I understand the Inspectors have.
Following Mr. Traynor's death I communicated with Ansbacher- Cayman
through Mr. Padraig Collery.
(5) I am advised and believe that Paragraphs (2) - (5) inclusive of

Appendix C do not apply to me since no funds were transferred by me
to Ansbacher Cayman. Nor was there a transfer by me to any account
maintained by Ansbacher Cayman with another financial institution.
Loan facilities were provided by Guinness & Mahon (Ireland) Limited

and Irish Intercontinental Bank at various times and in various amounts
to the Irish Companies. These loans were secured inter alia by "back to
back" deposits of funds by Tristan Securities Limfted with Ansbacher
Cayman. The only documentation which I have Is the documentation
provided by Guinness & Mahon and Irish Intercontinental Bank. I
understand that the Inspectors have been furnished with copies of that
documentation.
Exchange Control Acts, 1954 to 1992

I understand that the funds required to establish the Tristan Settlement and
the Prospect Settlement did not require any exchange control permission, as
the Cayman Islands werethen In the Sterling area.
As regards working capital loans by Guinness & Mahon Limited for the Irish
property development companies with which I was associated and which were
drawn down in Sterling, my recollection is that Guinness & Mahon Limited
undertook to obtain, and did obtain, all necessary exchange control consents.
To the best of my knowledge and recollection, I had no connection or

involvement with Ansbacher Cayman insofar as companies and trusts
established in the Channel Islands were concerned.
. IRISH COMPANIES S T R U C T U R E
100%
I
Dublin Cltv Estates Alstead Securities ^mlthfleld Property <?<?ryl'l9 Limited

Limited Irish Company Development Limited Prftw U m l M
Irish Company Directors: John Byrne (formerly known as J5Q Prqpytfog
Directors: John Byrne, and Clara Byrne Endcamp Limited) now dormant
Clara Byrne Shareholder. Carlisle Irish Company Companies
Shareholder: Carlisle Trust Limited Directors: John Byrne, Directors: John Byme
Trust Limited Owns: Ashford House, Clara Byme and Clara Byme
Owns: D'Oller House Tara Street; Pamell Shareholder: Carlisle Shareholder: Cariisle
House; 18 Pamell Trust Limited Trust Limited
Square; various minor Owns: Phoenix House,
sites Smithfield
UK COMPANIES STRUCTURE
G-HVT GU1NNESS+MAH0N LTD
BANKERS 17 Cailaga Gn«n Dublin 2 P.O. Sox SSA T«l: 716944 (17 Un«)
Gur Raf: FQ'D/SC 30th April, 1982.
Tha Secretary,
Carlisle Trust Limited,
c/o, Management & Investment Services Ltd.,
3, Trinity Street,
DUBLIN.2
Dear Sir, ' •. .

With reference to recent discussions,*we have pleasur'e in confirming
that we are prepared to make available to you a facility, to be availed
of by you 1n the form of a Loan Account, subject to the following terras
and conditions:-
Marimurt Amount: £900,000.00 (Nine Hundred Thousand Pounds) -
Sterling.
Purpose: To repay a facility originally availed of in
March, 1972.
Term: All sums advanced are repayable on demand but in
any case not later thin 30th April, 1985.
'Interest: We propose, charging Interest on the facility, at
3» over tha cost to us of.taking twelve months funds..
The present effective rate is 17% and such rate shall
be reviewed by us on.the 1st May annually. Interest
will be debited to your account on the 31st July,
31st October, 31st January and 30th April, annually.
We shall apply to you Immediately after the 30th
April, for payment of annual Interest.
Security; As security for the loan we shall retain the mortgage
dated 16th March, 1972 together with the Joint &
'Several Guarantee completed by Mr. 4 Mrs.J. J. Byrne.
Assignment Whilst all or any part of the balance remains outstanding
Clause: on the loan, we reserve the right to assign such
balance or any part thereof as may be outstanding
at any time to another bank in accordance with the
terms now or at any future time applicable to the
facility.
riiMivni Maii.Qw.liB r,ia, JIJOS. HdA'«>cait»«Oiiu;iaii. j.m. G«.a<i« IOuummI. « O.ftnMtu tB/miM. A P3.Guwi.Hl. JJt.J..*,
FIN.iiii<AC)|t,c» WCoii«mGim» N.^llnj, G.L.HHI ISiiuiM, J.C. Jni,.0 t O'COIUW.O. "omon IGM.u.i,
U r ikj.nuiMil. G. UcCciitt.
{gUt<Hty If there shall be any increase 1n the cost to us of
ifaEss: making or maintaining the loan by an amount which we
deem material resulting from any .changes 1n the reserve
or liquidity requirements to which we may be.
subjected, then we shall be entitled to c4ll for payment
of additional interest of such amount as we shall
certify as the amount required to compensate us for
such increased cost with effect from the date of
notification. You shall be at liberty within one'-
month after such notification and without payment.,
of any premium or penalty td repay the full amount of
the facility outstanding together with interest at •
the rate applying prior to not1f1cat1oh.
In order to facilitate documentation of this loan, we enclose herewith
the following:-
(a) A copy of this facility letter to be signed by those authorised to
accept the facility on behalf of the Company and returned to us.
(b) We shall also require a certified copy of the relative Board
Resolution authorising acceptance of the facility on the terms
mentioned and specifying the officials authorised to do so on behalf
of the Company.
We are pleased to be of assistance to you 1n this matter and should
you be in doubt regarding any particular aspect: of the facility please do not
hesitate to let us know.
Yours faithfully,
for GUINNESS + MAHON LIMITED.
Banking Manager.
T. R. Leonard,
Banking Manager.
MSMORANOJJM From A.J.L. Whiaster
^ N N S S S V W H O N a c o . LTD.
T„ Mr. D. Robson '•
21 st January,.. 1332.
Oata
9 CARLISLE TRUST IJKETSD - LOAM £900,000

J jy*.
Tka final maturity data of tha ahave loan is 30 March 1982 and I
would be grataful for your comments regarding any extension to
tha period of the facility that may (or may not) be contemplated
by tha borrower.
Wa have participated to the extant of 1004 in this Guinness a Mahon
Limited Dublin facility which* la backed by a matching
GM Cayman Trust radepositad wiSi oursalvaa. ~
As you know wa have been unable to clear tha outstanding'
documentation in this matter and, far easa of rafBranca, I an
enclosing cony memoranda dated 15 July 1981 and 10 July 1979.
The present loan balance is E9$2>966.S7 DR.
^ C v L O
i ^ K v
. n
Appendix XV (8) (l)(f)
To: Mr. D. Hobson, 20th April, 1982.
From: J. D,'Traynor.
* •
i
Ha: CAHI3SLB TRUST LIMITED £900.000 STERLING LOAN.
I wish to refer to your last visit and to the notes you

left with me. We spoke on the- telephone on Friday 2nd
April when I advised that we proposed to give a new
facility of £900,000 on Friday, 30th April, to Carlisle
Trust to clear the existing facility. I asked would
G.M. & Co. take 100% participation of this loan on the
basis that G.M.C.T. made a funding Deposit and Q. + M.
guaranteed the loan, tha differential to G.K. & Co. to be
You fait there should he no problem but said you would ask
B.A.U. to ring me the following week on his return to the
office. 1 tried to make contact a number of times on •
Tuesday and.Wednesday the 6th and 7th April but he was at
meetings and a note was taken to ring me back but I have
heard nothing from him.
When speaking to R.D.F. in London on Wednesday last 1
mentioned tha matter and he indicated that of course the
loan would ba dona.
We are now proceeding to have Central Bank approval
obtained, facility letter approved and Resolutions etc.
sorted out so that matters may be /finalised in good time.
Arrangements have been made for £108,08-3.35 Sterling
being interest to 30th April - to be credited to G.M. & Co.
value 30th April, 1982.
tr*
JDT/AJW
w
L.
Tf.jT|iY
- !! A ! I
: 10/ 4/90 BROUGHT FORWAHD
1/ 5/90 29/ A/90 Ir32.50 Anex
1/ 5/90 33/ 4/90 Draft
3/ 5/90 15/ 5/90 Anez Ir330
f
J-6
ACCOUNTHUMBER npQ19005 PAGE ±
BALANCES SHOWN
223524.18
31.77
3500.00 219992.41
. 322.57
' .MJJ
219669.84
C • -•
Print Key Output
5763SS1 V3R1M0 940909 54401354 09/04/97 13?19tQ2
Display Device 0PS0151
User . . . . . . SKELLS
Account Statement 9/04/97 13tl9i01
Account: 13154602 GBP ANSBACHER (CAYMAN) L CALL DEPOSIT
Statement start Date 01JAN87
Sel Value Narrative P o s t Amount Balance
19APR9Q EXCH ANSBACHER LIMITED 45.000.00DR
CHEQUE LODGED 9«000.OOCR 16.025.020.21CR
Z0APR90 ANN VERDON 20.000.00DR
KENNETH REGAN 1«,457.00DR
. CASH DRAWN 350.00DR
EXCH ANSBACHER LIMITED 326.4ADR
EXCH ANSBACHER LIMITED • 325.00DR
CHEQUE LODGED 4.606.88CR
STG DRAFT LODGED 10,009.OOCR 16,017,168,65CR
23APR90 J GUINNESS 10.000.00DR 16,007i168.65CR
24APR90 EXCH ANSBACHER LIMITED 48.875.00DR
JOHN BYRNE 3.500.00DR
DRAFT IFO ST MARTINS SCH 1.137.60DR
DRAFT IFO SOLIHULL SCHOOL 1;083.80DR
Cind 1 - Exit,
Please reply to: P.O. Box 8S7. Grand Czyun, M*h W«tbdn
HwaM(!M)MMtS/4
42 Htewflliam Sqnare, DtaCPOOtS
Dublin 2 ns(ios)MM9M
Tfet 765144/763063 C*»)94Mlff/
Fax: 612035
23rd April, 1990.

Guinness & Mahon Limited,
17 College Green,
DUBLIN 2.
Bear David,
I wonder would you be good enough please to organise a
Sterling Draft payabla to John Byme in tha sum of Stg.£3,500
and debit Ansbacher Limited Account No. 13154602.
a •
t would like to have Andy pick this up in the morning
(Tuesday) if at all possible and an therefore sending you
this letter by fax. The original will follow by hand
in the morning.
Yours sincerely,
J.D. Traynor.
JDT/AJW
Appendix XV (8) (1) G)
L J
pi/ 3/90 BROUGHT FORWARD
2/ 4/90 3/ 4/90 Lodged
9/ 4/90 9/ 4/90 Drawn
9/ 4/90 9/ 4/90 Drawn
17/ 4/90 17/ 4/90 Lodged
\\M
»; •. • ••
JO/ 4/90
CARRIED FORWARD
I
n
• '^S-'i-VMnV a"V< • •*«••
J-6
' ACCOUNT NUMBER' 80019005 . PAGE 13
BALANCE8-8HOWN ARE IN: sterl lug
122579.78 M.
109558.78 232138.56
5000.00 * rS
i:«•
6520.58 220617.98
2906.20 ..I
i-J I £
I
I
i
J
223524.18
.O.
L J
fO/ 4/90 BROUGHT FORlMAf©
1/ 5/90 25/ 4/90 1*32.30 Aoex
1/ 5/90 23/ 4/90 Draft
f5/ 5/90 15/ 5/90 Aaex Ir330
• w
;C
J-6
ACCOUm-NUMBER flQ01g0M PAGE
BALANCES SHOWN AflrilsE' lT
223324.18
31.77
3500.00 219992.41
322.37
NJJ
.V
• • it
• x-yi
•
- v
" "•••:.;
lilMJ
•• i'V
219669.84 V
• "i?
• :
:
• J
IJUVM
1
J
10/ 6/90 BROUGHT FORWARD
1/ 7/90 30/ 6/90 Differentials
1/ 7/90 30/ 6/90 To J3
1/ 7/90 30/ 6/90 To J2
1/ 7/90 30/ 6/90 To J /
8/ .7/90 18/ 7/90 Gtee Fee
14/ 7/90 30/ 6/90 Lodged
54/ 7/90 24/ 7/90 AMEX Ir317.02
<H1i»J
m i i 1 ' 7 / 90 CARRIED FORWARD
1
• "• • » • • •• Vcj.'h'
J-6
ACCOUNT NUMBER o n 0 1 q n n » 5 PAGE
BALANCES SHOWN A H E W I?
227583.62
8943.66
4708.19
160.'96
4074.32 209696.27
1530.00 208146.27
2948.81
294.04
210801.04
•i • r
; s*
JH/10/90 BROOQHTFORWARD
9/11/90 19/11/90 70 ULSTER BANK
: i.
HMi
^0/11/90
I :
'.• C W-CJW^4 !»•/••- < V'
stm
t J-6
ACCOUNT NUMBER R N F 1 1 Q N N . PAGE O N

900 20
BALANCES SHOWN A f ® ? '
241781.64
50000.00
14M \
. t :
• . •
191781.64
' B
L J
30/11/90 BROUGHTFORWARD
3/12/90 3/12/90. ULSTER BANK TFE
L4/12/90 14/12/90 TO COLLEGE TALBBOGK
W/12/90 14/12/90 TO S
14/12/90 14/12/90 TO S •
31/12/90- 31/12/90 BIFF TFR
31/12/90 31/12/90 Interest to 31/12/90
%
•: •
• I
3-6
ACCOUNT NUMBER flnni Q n n - PAGE _-
BAIAN0E8 SHOWN A R I W 9 0 0 ^ 2 1
191781.64 'IM4 |
263.96 191317.68 • > •o
300.00
7196.48
3000.00 179021.20
21797.14
7607.79
• 164831.85
( "
• • L J
pl/12/90 BROUGHTFORWARD
2/ 1/91 31/12/91 TO S
iiUbii
(*!/ 1/91
CARRIED FORWARD
C • «V « |*>tf%> Jrti • " • •»• t,

J-6
ACCOUNT NUMBER 80019005 PAGE
BALANCES SHOWN ARE (ft sterling
22
164831.85 451-J
2126.25
I'U-l
162705.60
is
J
1/ 3/91 28/ 2/91 AHBX IR115
.9/ 3/91 19/ 3/91 • TO S
58/ 3/91 28/ 3/91 QKT DIIJS
tt/ 3/91 31/ 3/91 Interest to 31/ 3/91
MM _
v.
••so: >1/ 3/91

V CARRIED FORWARD
\
J-6
PAQE
ACCOUNT NUMBER 80019005 23
BALANCES SHOWN ARE IN: sterling
162705.60 'Mm
105.34 162600.26
7000.00 155600.26
21443.76 134156.50
5315.90
139472.40
• . — \
L. J
1/ 4/91 31/12/91 TO CORRECT VALUE DATE
1/ 4/91 31/12/90 TO CORRECT VALUE DATE
1/ 4/91 28/- 3/91 TO 33 (
1/ 4/91 28/ 3/91 TO J
1/ 4/91 28/ 3/91 PROM J2
1/ 4/91 28/ 3/91 •mm J
1/ 4/91 28/ 3/91 mm J3
15/ 4/91 15/ 4/91 ANEX
JO/ 4/91 28/ 3/91 FROM J2 '
30/ 4/91 28/ 3/91 FROM J2
30/ 4/91 28/ 3/91 REV ENTRY
30/ 4/91 •28/ 3/91 SEV ENTRY
kWf
30/ 4/91
J—6

BALANCES 8HOWN ARE IN: sterling
139472.40
2126.25
2126.23
3300000.00
2800000.00
112530.64
2838683.51
3150744.12 141430.67
38.25 141392.42
116822.22
3270904.01
112530.64
3130744.12
263843.89
1/ 7/91 1/ 7/91
' -V 1/ 7/91 1/ 7/91
115/ 7/91 22/ 7/91
V- • -
•laiD
II
St,
wr 11/ 7/91
:1l: (Mil V CARRIED FORWARD
<
/
d-O
ACCOUNT NUMBER 80019005 P M B 26

BALANCEB8H0WNARE1N: sterling
.34
1290.00
19902.72 . 229190.62
162.80
J
JiiJulJ
•Jj
229027.82
Mi
• u
. v. ;«iv'
-- \»
J. \'<
L J
v
{31/ 1/93 BROUGHT FORWARD
6/ 2/92 6/ 2/92 CBEDIT SUISSE
14/ 2/92 i4/ 2/92 AHKX
•j. •.:••.
te;
29/ 2/92
r i
c
1..
C
70640.74
300.00 ' 70340.74
194.40
70146.34
• r*.
L J
VJJ BROUGHT FORWARD.
.9/ 3/93 16/. 3/92 AMEX
Jl/ 3/92 31/ 3/92 TO B/B D/A
11/ 3/93 31/ 3/93 FROM 1X73
11/ 3/93 31/ 3/93 FRQH DJ
11/ 3/93 . 31/ 3/92 DIFFERENTIAL ./
ML/ 3/92 31/12/91 Int. Adjust, to 31/i2/91
Jl/ 3/92 31/ 3/92 Interest to 31/ 3/92
31/ 3/92
< ; CARRIED FORWARD '
' • f ••« '-IVI, *• •• >•. * . ' y . «... .

J-6 m
BALANCE8 SHOWN ARE IN: l i t e r l i n g
70146.34 -
1
I/
584.44 69561.90
600000.00
• 402424.83
341451.37
26614.39
0.44
1757.30
.(
188580.57
•ia
PO/ 4/92 BROUGHTFORWARD
1/ 3/93 '6/ 4/93 D IK 3336.68
1/ 3/93 9/ 4/93 AMBX •
18/ 5/93 14/ 3/93 AHEI
.V-
ii,
•tr
KM.-:
31/ 3/92
CARRIED FORWARD
: :
J-6

BALANCES 8H0WN ARE IN: sterling
191073.72
484.04
•319.89 190269.79
16.03
190253.76
c
... <1'J
L.
1/10/92 30/ 9/92

l/iO/92 1/10/92 EBON J9
1/10/92 30/ 9/92 FBQH J6A
4/10/92 14/10/92 EES TO A LTD
J0/10/92 16/10/92 AMES
».
31/10/92
C ••:• *!•'••'>:Vy.
J-6
ACCOUNT NUMBER ^ " j ^ g f

38
BALANCBB SHOWN ARE IN:
• HAt Afcnf-'
176545.97
85000.00
85000.00
2394.52 178940.49
4000.(X) 174940.49
278.07
174662.42
Appendix XV (8) (l)(k)
J-6
L_ _ J ACCOUNTNUMBER 80019005 PASE
58
B1/08/94 .BHOUQHT FORWARD

01/09/94 01/09/94 IR211060 BALLYMADUN 328848.23
203841.75
b1/09/94 01/09/94 IHT CM ABOVE , 3262.88 535952.84
ZB/09/34 28/09/94 DIFFERENTIALS • 19894.18
30/09/94 516058.66
30/09/94 Interest to 30/09/B4 . 4705.08
•/ ". -i'-'-r
* ••-.:••
•• • I ®
? Jllli
MM
' ir?m
K i t
:" '
JO/09/94
VkMMHMHp CARRIED FORWARD 520763.72 •• • . • -i" -
— . • ; * t m
'••a
• C * '
Appendix XV (8) (1) (1)
I R I S H Z K T E R C O N T X N B N T A L B A N K
IOTEEHAL M E M O
Jrcaas • To:
John R e y n o l d s
Sc. LD
Subjects Data:
T B E H 8 C G K ^ROEESKEXES L T D 27 M a r c h , 1992
I » e t on* 27. M a r c h w i t h Paul:" "CEUfrty., of Deloitte & Touche

further t o sry "previous aaating w i t h Des Traynor of Ansbacher
L t d . , i n -relation t o t h a proposed property acquisition by the
above c o m p a n y which I w a s advised- by M e s s r s . Traynor and Carty
is b e n e f i c i a l l y ©wihed & y 3£r. J o h n B y m e of Carlisle.
a d t h e structure o f t h e proposal whereby Tephrook

Properties L t d . v i l i purchase two s i t e s in Cricklevood, London
f o r a p p r o * . G B P 3 m , including c o s t s . T h e sites have a rent
roll o f approsc, GB3?150,000 and t h e intention is to redevelop
them over time.
Equity of G B P 2 , a s m w i l l b e investad in the transaction with
d e b t o f . SEPi.75a b e i n g required. There is a further site
w h i c h m a y b a a c q u i r e d later i n t h e y e a r with a view t o
developing f o r G a t e w a y s supermar&eh. T h i s may be t h e subject
o f a s e p a r a t a t i a a n o i n g proposal.
sujpgwsTisau. j w x & a axong w i w «. — . ^ .

t h e t w o p r o p e r t i e s , t h e Deposit of the Title • Deeds to be
executed b y t h e b o r r o w e r s solicitors, The borrower
w i s h e s t o h a v a t h a facility l e n t b y a UK resident bank and
consequently, K B London will b e required t o undertake the
transaction with IIB .sub p a r t i c i p a t i n g t h e risk, having
received t h e s a c u r i t y .
Carty is' to prepare a formal loan proposal and will revert
during tha c o u r s e of the next week with same.
- f e s .
JOHBTRSYHOLDS
Appendix XV (8) (1) (m)
n r
. ; it8 Acc.Number:
Date: 18 April 1994
: Maurice Leonard Next Review Date: 30 June 1994
BORROWER(S) DRAWERS
. NAME PROFREL NAME COUNTRY

. 1. Clara Byrne
2. .
3.
KEY FIGURE8 N/A
NAME : Clara Byrne
CITY : Ballymadun Stud, Ashbourne, BORROWER Date N/A
STATE : Co. Meath. TNW
COUNTRY : Ireland TOW
LEGAL STATUS : Private Individual Total Assets
ESTABLISHED : N/A Sales
^ C L I E N T 8INCE V New Curr.Cash Fl.
. -70UP : N/A •
GUARANTOR Date N/A

HER LENDERS . : N/A TNW
TCW
BUSINES8 U N E Total Assets
BORROWER : Stud Farm Sales
Curr.Cash FL
CB CODE 1.1
Exchange Rate: 11EP >44.43 BEF
LIMITS IN: IEP IN: THD

NR. Outstanding Granted/ . Requested Nature C Description of the Credit Maturity
Approved Request U Unas and Limits Date
211 New IEP211,060 ADV-ST 30 June 1994

/•V / Bilateral
• i Bullet
211 GROUP RISK: 211
Note: UB's exposure to Cayman International Bank and Trust Company Umited C'CIBTC")/HamHton Ross - related
cash-backed facilities Is approximately GBP21m.
C{506i
.. iN<3 and SUBPARTICIPATIONS N/A
ÎSK PARTICIPATION/SUBPARTICIPATION within KB Group No
SPECIFIC REPAYMENT SCHEDULE N/A
GUAftANTI=i=S and Q O M n A T E ^ L
Type Amount Value Status
1. Guarantee of Hamilton Ross Co. Ltd. GBP225K GBP225k Proposed

supported by a lien on a GBP225k deposit
placed with IIB by Hamilton Ross.
Guarantee of John Byrne. . AflsUms N/A Proposed
( .
• EXISTING SECURITY REVIEWED AMP IN ORDER Yes
COVENANTS N/A
T5RM8 and QQNpmQNS N(A
INTEREST N/A
FgpS
Fee Type % Caic.Meth. Period Application field
^M-oqotlatlon 0.5% IEP1.000 In advance
l„ jptional Currencies None

Drawing Scheme N/A
Availability Period 30 April 1994
Put Options Yes
Tax-WHT N/A Tax Credit N/A Tax Clause: N/A
Law Irish Jurisdiction: Ireland
PRQFITAIWUTY
Usage of the line : New
Capital Adequacy Ratio : 0% weighting on used portion
0% weighting on unused portion
Minimum Margin 35 bp
jctive Margin 570 bp

^ncl. fees)
r r
..onequity N/A
Return on committed amounts N/A
Interest Status: N/A Interest Booking: N/A
Classification: Low
Provision-exist None New Proposed: None
RI=LftT1PNSHIP
^ a t e Contact . - April 1994 With: Mr. DesTraynor
1 . J o s e Contact To request facility Role: Consultant to borrower
• ••• .jS
Other lending, deposits
•ancillary Business
GLOBAL PROFITABILITY N/A
INDIRECT COMMITMENT N/A
OPINION ON THE BORROWER N/A

Ratings N/A
AUPfTfNQ N/A
I SHAREHOLDERS N/A
EXECUTIVE SliMMARY
Purpose
To seek approval to provide a IEP211k short term cash-backed facility to Ciara Byrne.
r: r 4
; . . i m m a r v of Transaction
IIB to provide an IEP211 k to Ciara Byrne to be drawn before 30 April 1994 for a period of
approximately one month. The facility is to be fully backed by a cash deposit placed with IIB by
Hamilton Ross Company Limited ("Hamilton Ross") and charged to IIB.
Summary of Borrower
The proposed facility is required for a transaction relating to Ballymadun Stud in Ashbourne, Co.
Meath, owned by John and Ciara Byme and held in Clara Byrne's name. John Byme Is a Dublin
based property developer with substantial property interests held in various companies including
Tepbrook Properties, Carlisle Trust and AJstead Securities to whom we provide cash-backed loan
facilities of approximately GBP19m.
s Security
( :ur primary security will consist of the guarantee of Hamilton Ross supported by a Hen over a
jsh deposit of GBP225k plus accrued Interest placed with KB by Hamilton Ross. The facility is
also to be guaranteed by Mr. John Byme.
Assessment
H i e proposed facility, will be backed by a cash deposit equivalent to 110% of the facility amount
and we rely on this cash backing for our security rather than on recourse to Hamilton Ross or
John Byme under their guarantees, although the latter is of value. W e would not normally
provide a facility of this size, however it forms part of total cash-backed facilities of GBP21m
arranged by Des Traynor which produce significant income for IIB at low risk.
"•:-:."r\" ••' . • • v»• / v• •• ' .••
Mq]or Risk Factors:
q]or Strong Points:

» ,. Lien on deposit placed wWUlB: GBP225k
« A n c i l l a r y txislnesdl'tt-,.; ' • • •
-v v Documentation based on precedents approved by IIB*s solicitors. 1
n r c
... Jvice Account Officer:
Kecommend approval.
Recommended by:
itlftmfi Lmmm
Loan Officer
Supported by:
Deputy Head of Lending ^SfeOit Department
Decision of IIB Credit Committee
O l
•'
Director i I
Director I
App No:
Sent to Kredletbank for A/ I l"t on:
t,.
r< n
Appendix XV (8) (1) (n)
IRISH IKTt HCOWTI MtNTA I »ANK
PH/AOC/7762 . April 25, 1994
Ms. Cigra Byrne, .

(trading as Ballymadun Stud),
Ballymadun Stud,
Ashbourne,
Co. Meath.
•êar Ms. Byrne,

We are pleased to confirm the willingness of Irish Intercontinental Bank Limited ("IIB") to make
the following facility available to you, Ms. Ciara Byrne trading as Ballymadun Stud, ("the
Borrower") subjecttothe following terms and conditions.
1. AMOUNT AND NATURE OF FACILITY:

Up to IEP212.000 (two hundi.
Loan facility (the "facility"). The facility will be used by tfie Borrower to'fund her
working capital requirements.
2. LATEST DRAWDOWN DATE;

The facility is to be drawn down in foil in one amount of IEP212.000 not later than 30
April 1994 and not less than three business days notice of an intention to make die
drawing will be provided by die Borrower to uB.
3- INTEREST;
The interest rate or rates on amounts outstanding under the facility will be set two
business days before the date of the drawing of the facility andfor subsequent rollovers
(if any) two business days before thefirstday of each interest period.
In each case the interest rate will be 0.35% above the rate at which IIB shall be offered
funds of like amount on the Dublin Interbank Market for the relevant interest period.
The Borrower may, by notice in writing to IIB, not later than two business days before
the date of first drawdown, or, as the case may be. before the expiry of an interest period,
elect whether the next following interest period will be of one or three months duration,
or such other duration as may be agreedfrom time to time by IIB and failing such
election by the Borrower, the nextroUowing interest period will be of one month
duration.
Interest will be calculated on the daily balance outstanding and will be due and payable
on the last day of each interest period with thefinal interest payment on the date of final
repayment ofthe facility. ^600^
IRISH ItmRCOMTINlNTAI. BANK UMfTtD • «l MtMIONSQUAIU. DUSUN 2 •TCUPHONt.01*l»7*4 • FACSIMIU. 01 7BSOX • TCkZX. J33I1
_ _ .»>-.«». . . . . ... t u i H f U I L I M m t U N O N U M X R M 1 J 7
PERIOD OF FACILITY;
IIB is entitled torequirerepayment of the facility on demand at any time. While IIB
retains the right to require repayment of the facility on demand at any time, it is agreed
that, unless and until IIB shall exercise such right, the facility will be repaid on 30 June
1994.
SECURITY:
Any and all indebtedness or liability of the Borrow to DB istobe secured by the
following which shall be in a form satisfactory to IIB and its advisers:
(a) the guarantee of Mr. John Byrne for all sums duefrom the Borrower to IIB; and
(b) such other security in such form as shall berequiredby IIB at its absolute
discretionfrom time to time PROVIDED THATtfat any time the Borrower is
required by IIB to provide such other security to HB, the Borrower shall have the
righttoprepay the facility immediately to IIB subject to Clause 5 of the Standard
Terms and Conditions attached hereto.
FEES;
A negotiationfee of IEP1,000 is payable on acceptance of this letter of offer and is not
refundable.
P M l T Y i
The Borrower shall indemnify IIB against any loss or expense including but not limited to
loss or expense on account of funds borrowed, contractedfor or utilisedtofund any
amount payable hereunder which IIB may sustain or incur as a consequence of:
a) the occurrence of any of die Events of Defkult set out at Clause 9 of IIB's Standard
Terms and Conditions which are attached hereto; or
b) drawdown of the facility or any part thereof not being made on the due date after a
drawdown notice has been received hy IBfrom the Borrower.
STANDARD TERMS AND CONDITIONS:

The facility is subject to IIB's Standard Terms and Conditions which are attached hereto
and which form part of this Facility Letter.
ACCEPTANCE OF OFFER:
This offer will lapse on 27 April 1994.
To accept this offer on the above terms and conditionsplease return the enclosed
duplicate of this letter duly accepted and the attached direct debit mandate duly
completed by the Borrower.
Yours faithfully,
for and on behalf of • . .
IRISH INTERCONTINENTAL BANK LIMITED
)iam Donlon, Brian Dunne, i

banking Director. Senior Manager.
Accepted onîe above terms and conditions as Borrower
Ciara Byrne.
s. '
Accepted ontyeabove terms andconditions as Guarantor
John Byrne."
Witness:
X
Address: /<Jo, ^ ( U z *
Occupation^ / QZrt To
n
Irish Intercontinental Bank Limited (IIB)

STANDARD T E R M S AND CONDITIONS
Attached B Factty Utnr Ral:- PN/AOC/77tetxi 25 April 1994 « Ms. Clara Byrne
I. CondUent Prtctdmc
61 (t/a Ballymadun Stud)
AuMtablty el thm tKJky a aubjact la cunad mated panodtogdMtMi a M M aeeniad and payabto bate* in speeded maturity ty1
(aj CerrpteUoa d audi lagd loimalllea am In xiOi Iorh dbe la audi M M pqmd««« at t ih. ft . . . . . . . . .L.t .. —[ | > f , | IM^,,! .
aa M may and HB*i aacunty nquinmml*
Mwg bi«i imiplaled ai a maiwat addartwylollB. (bt aotfy MB d aa dtomattte cunanqr * d** * wahaa to
(b| MBtangadldlad «dh Ma OanoMa IUa lo ha borrow Ha laed*.
preparty (tadudbig planning poartaaan) and dhar
aaaalt bamaldun aaaecudytortoelae% and tod
auch UWwU cnrdrwa unimpaired Icr Ha pariod al ha
tniHlinanl yia*ai^ u
( D m M «W«M M pnor appRWd In MNng d KB
(«l M due and wd. aUnadtoho a'atdiMy d Mb Hind i emato ar piapad ar aoampltoaiada any maMgaea ar
hawing been obtained and bang h U brae cum«r toM an Mia LwdanOiMb M M A M«M M
(d) Baoaipt by M d: to mr naeaaaaiy eanaad d •» .. dutga awar la aaaala attiar liaatolavaar d lift, o
fM^MUfULl ataatad i»iy al la U M M draM dawa auaH dtomatkia awraaqr la an . ahdl dlapaaa d ia buaaMaa ar a aubatanW pan d aa
dotdtodxHaaini'OlIm illM Baaroaioj «m«M aqukalaratoMm «aaBl» Tha lanna and aondiana d aaaato ar ataai dad adh la bock dabla adtaraiaa Man
HwlaeiByw* apply aiOM mdaadatodl diawneaai addi by gadng • aad raaMng Ha aama «toaaidnar,
(a) than bang no daaMpwada batwaaa Me dde MeaMnaiiM aanney kaai Nmatolima. couna d bwdnaaai ar
^ tadNy to altered by M and Jho data d da adarad M < tia Bawuaar (Mhaaa Ma Boiwwat • aa aidwdul)
drawdown MentoMia opinion ol IB wodd ba RidyI. toa* • man* d ewtanoy aneMnga mawanMi. «a amaad thai caand any ad d banluuptcy or «y ocow *
jto*any adtana odada an Ha twataaei al ha«Mandk« andar M heity M aaeaad f aqiMad d mada daeMng Mm baakrapfe or haUla
'. ...L/, Bdwwetarenlalulutewetpecla. MLiaaadyMui|> lo id rait«luxaaeleJ
la —Map ia l<
ll
Bw
n
npa«mwl dial ba mada d aueh amoud aa aKall radu(m) ea * «VaaaiM
J st dw# toea*4
thai occur ahleh h lha opiwaa d M «
>10 addaadnatod%toad mora Man Ma aquMad d ha ftaVtoto*advana a«acto aa ta butaiaaa or aa
A« paimada awtoba ifiacto by We Beiaewai baa and dear M m proapadaar hdaWmanldtoKiaMaroda d IB
d any and at daoidlom. mdudng (MM MtoBaa) 10. Warranlac
«MihddtagtoaadVtoaManawartoompalad bytowoa r. Cavonanti:
taguMeatodadud aay audi amount da amend payada Tha Baiiamai liamby oanniatoBBhat
bawwndar M ba Hamdlea^ kmaaaad aa kd Ma ad |a| tha aaiadng baa tad padamanca d la
amoud dtor alMtogtoroudidaducdoa «Mklba aqud to aâraaa
•w amoud wNcftwoiddtanaboam payatto * aa audi(b) I «Ad an inauianea oMoa aeeaptablatoH. taap al -pa" but aaMaitoad
Ânfc®tadiriiW) ipprapdda aaaala and In padedar Ma prnpany aatimiiy
ynwHad at awmlytoIB. kiadad agaM al
Paymanto ba mada by aueh mama « may ba Mpddad •aaoaiNa buMtt Ma and dao mairtdn dhar
bymtam«natoHm« hauranca pultlil approprtdato«M Bonowart. (b) Mara am na paadbiQ artoiaatpnad.
bualnaaa. Tha Baiionar pwduoatoM on damaad praeaadtogt batoia any Court ar Mund «Mch would
X Lata Paymanis: innualy any pdUaa d hauranca dua and aand ba Biaytoha«a any adMita aRada aa *• bualnoct d
toaatar aa any amount ahal ba dua byftaBomwor aoiaa. and W. I mquodad.towaMTa Watad adad ttw Banawd d daluhaa piaapaotai
puitoHM la Itw laedw and wpafct aasb amaiid didt boar (o) Ml dtadoaurn Ma Man madatoIB d al lada «
inland until pdd d abova MfaPHnia Bda boil|b}torMia dumMon d ha lacBy. Ma BanoM M tomlah wtHontoha Bonawar Men aught praparVtoba
KnatoBna (ar d audi laaaar Ma aa BB iM, d la ho MoMb IdomidlontoRBtoratattontotoadand mada laiauaitoa bank aaalamplallnQ Ma paMaca d
dhmalton. ddannlna> cidiaitolad Mi aiodHj M » IB h anyBuandan*
hamby auhstaadtodabM any audi amoad daa M My 'n a aapy dtoaudUd >a» aad I |d) *a BanaM ll adtodatauh d any dtootonaaana
auarad la napadttiaaMtoa aapafata asaaud d toa
Bonawortoba opanadtorOito pupoaa. CBWttOM Wt llBlljf IMlf Of (My MltN IQfMRMl
4. CottK oadi dlalnanddyaom
iMohyiir
All taoataodto andtoaa.laodhar w«b dt dkai coda and % eapyfliIt f I ttOl^f lOMfMl. tJeQfanacml:
• -«pamaa Incumd by RB la tka anaogamad d Ma (adly. AMtelow^nQn (a) Any Induftanao by IBlaMadifaieamad d any mm
^ molalanorotlaoblalalnBrapayitMttaiadabalbalar f» «BNa_—-afidhadhaanddaoeh. or oandUaa dto*taoB^ Mtor (or any agraanud
: d aw Bommar and M ba paid by Ba Kbadtog and pidh did lata aMOiailt ntdtog BiaaHt tr a adbw by M d M Mnah d any
i ahaatotoa'aMar loantok« id ad Mm M Ml aaadButo • ganard adnt d aueh lam
at addttm aad afl M adhad pn(udaatoaqr dhar
Prepayment: toanaraniilMii.
Ol PM | (b) Natahraer dalay by Mia aaanldng anyrightpooar
gMngtoB M l M l a (d a aril ad w diod too pnor apprand In wrBng d M or prMaga graniadtoI undor ha lacSy laSar dua
msaaady upon ha I " i d an an—id ar aparda aa a M M horad nor dM aay dngto ar
•data* Payment dale. Such aoBee M Uk M M d la patlld auwcha d any auehright,pbm ar ptvlaga
«Mga Bw Biaiuaraitoropey tha laf» artoeapocBaJ pradudttttoM m aaatdaa d any auohrightp«dt at
pari Biered on the dale apedOed. Any aw* prMm epayme8.
nt w«
OoMJIU: ( a) TMrightoand nmadaa pmMadtoIn Ma laeMy
obtgelhoBenMertomdtepapnofdtoUdtM
mt
d much amourt m ahal ba deemed by KB la teaecaaaary v«h«n t «fft, W n Ifri, ftpff* M lar ata oumdadra aid nd aaduahra d anyrightsor
nmadaa pmrfdad by tot
to aongaoaale RBtorBie sodtoIB d unatakg
tundng MtangaiiiantotorIn tacitly aad iMIiail Mai L ^ ^ J o l a m M d M l al hB 12. T lina:
«' If d Hie aiaul aa paipdl (a« ir«U to Ma aaadiudlM d Ma pmMana rddlngtoMa paymad
aammnadloa la» IIB'a Ilea al proH)i An»pmw>med ahd MQUW
l mMBM mNfnM P mI
b« subjedtoal neceaaaty euchanga coaM and etherMarad and dMr ahatgaa, dicuM my d Ma Mbdng dmodaMmashalbodhaaaaaneadhaeodracL
tagulalay senaanto lUMno bam obtowwd. awads eceur In raliiton la lha Borwwar ar aay Ouar 1a
9d.ocAulgnmant:
a. Raiarva Assoc Cmgk (a) 11 ahdlddaulli Ma paimadd any MidiaunddTha lacdly h paiaandtolha Bona»or and dul nd be
lh a bd l ly . or
The Bonowar wK paytoIIB audi addUond ma par eaM pabr) t * dial ddaul n aw partoimaneo d any tomi. capable d aaagnmad by Ma BorraiMt In «hda or m part.
annua d Mated aa MB shaM eerily lo be addllend co( ds ca*anaM d agraamonl eoualnad la im laoBytoo«ror
to IIB m reaped d Ka complane* with any reaervo aaaala aan ry dhor agtaamod v«Hh IB or any aampany wjMInB roaorvat lha ilgMtoaaalgn al ar pan d lha lacttty
seacul dap Ma ar edict titular raquirameiU tapoM by l ha Kioddbarh NV Oraup and aueh ddaul dialwWiod IM pnor eonood d he Benewar.
any npMeiy adherty bom UnatoUna. conHnua unromadladtor10 daya; ar 14. Govarnlng Law*:
Amoufile peyaWa pumtanttothis Clause ndlba payiblaen (e) I a ncofcar or dhd wniar eWear It appomiad oxar
anydliaauixd The laaily la govamodby lhabwol Iratand.
<« ntovam rMaraol pa>«nanl data.
Ma)p
( IMIia
andlaatido
a ddta
tri'i l«<nid h I laaiWua 'a piopi1a5
oalaorM aioeullsn • lavdd upon r t a.
dflaNo
it
d adOcas:
Jurrancy Avail ibilty: agatal any d U ptopady.« Anynoilca thai ba deamed gwantolha Bono»er I sant »v
Should »8 ndriy In Borrow tial ha cunncy in «Mdi»« (I) 11 thai dep paynam d Is dabli or mWioul lhaprp« apad ardbiary pad wtwi 4t hours allot bung sad H m»
SoniMMt watMatonarf o< llw laeiHy wN ad ba avaHatilt loapproval In wting d 'IB dial caau or dial Mnulaladto known addasa d lha Bonaoar at 'fiivanby haod.
Ita « audiaaal amiunl In raapad d Dm nad Mowng rMnticn lo caaia lo carry on it buanacc at whan datvarad, or I by Wax. » Wda*. wtian im
p««tn>a Berawar anal a<har.. (g) « any loan. <MM. guiranlaa or dhar oblgala n
Inranaai a campidad and lha 8ono««fs anaw«M«»
HI alaa lonwca* »atoe<«>an M>a lad dw al «va Who condHuling pan 0(^1 ^dxaclnaa dial bacom dua•gnal • racawad.
Appendix XV (8) (1) (o)
T.T/fTEROF LIEN
To:

91, Merrion Square,
Dublin 2
available as security for aU such liabilities as aforementioned.

Furthermore you are authorised to set off and apply such moneys or any part
thereof; firom time to time in or towards satisfection of such liabilities entirely at
your own discretion without further notice and such setoffwill be a good and
valid discharge of such moneys so applied without any further endorsement or
authorisation whatsoever.
o n ^ "
Dated thisÔ day of April 1994
PRESENT when the common seal

of HAMILTON ROSS CO.
LIMITED was affixed hereto:
Director
m
\
Dwetor/Secretary
96006
To Irish Intercontinental Bank Limited
91, Menion Square,
Dublin 2.
Date : ^ "April 1994
We Hamilton Ross Co. Limited of P.O. Box 887, Grand Cayman, British West Indies
(hereinafter called "the Guarantor") in consideration of your from tune to time making advances
J o or coming undfer liabilities or discounting bills for or otherwise giving credit or granting
a, jinking facilities to or granting time to or on account of Ms. Ciara, Byrne (trading as
. ballymadun Stud) (hereinafter referred to as "the Principal") do hereby guarantee to and agree
'"'/ith you as follows:
1. The Guarantor will pay you on demand and hereby guarantees the paymenttoyou on
demand of all sums of money which now are or shall hereafter become due to youfrom the
Principal either alone or in conjunction with any other corporation or corporations person or
persons and whether as Principal or Surety and whether upon account current or other banking
account or accounts or otherwise or in resjpect of bills drafts notes or other negotiable
instruments made drawn accepted advised endorsed or paid by you or on your account for the
.Principal either alone or in conjunction as aforesaid or whichjyou mayfrom time to time beco
liable to pay in respect of any bills drafts notes letters of credit circular notes or any other
dealing or transaction on account of or for the benefit or accommodation of the Principal eith
alone or in conjunction as aforesaid togetherwith all interest costs commissions and other
banking charges and expenses which you may in the course of your business as bankers ch
against the Principal ana all costs charges ana expenses whichyou may incur in enforcing or
obtaining payment of the sums of money duetoyoufrom the Principal either alone or in
conjunction as aforesaid or attempting sotodo.
>\ This guarantee shall continue in force and be a continuing guarantee to the extent at any
ne time of all monies duetoyou by the Principal (whether current or otherwise or subject to
. notice or not and in whatever currency) in additiontosuch further sumfor interest and other
"" banking charges and costs and expenses as shall accrue duetoyou within sue months before or
at any time after the date upon which payment shall be demanded by youfrom the Guarantor or
any one or more of the persons constituting the Guarantor and shall (subject to the aforesaid
maximum limit of the liability of the Guarantor) be applicabletothe whole ultimate balance that
may become duetoyoufrom the Principal either alone or in conjunction as aforesaid and not
merely to a portion co-extensive with the amount of the said limit.
3. It shall be lawful for you at anytimeafter noticetodetermine this guarantee has been
given or after payment of the moneys guaranteed has been demanded of the Guarantor to
continue any existing or to open any new account or accounts with the Principal and no money
thereafter paid into such account or accounts shall be appropriated in discharge of any moneys
hereby guaranteed unless expressly directed by the person paying the same at the time of such
payment to be so appropriated.
4. Where the Guarantor is afiim or otherwise consists of more than one person the liability
of the Guarantor hereunder shall be deemed to be the joint and several liability of the parties in
he firm or of such persons as aforesaid.
The bankruptcy or insolvency of the Principal shall not affect or determine the liability of
the Guarantor under this guarantee 6ut such liability shall continue in full force and effect until
vou shall have been repaid all moneys due to yqu from the Principal immediately before the <<
6. All dividends compositions and moneys received by youfrom the Principal orfrom any
other company person or estate capable of being applied by you in reduction of the indebtedness
of the Principal shall be regarded for all purposes as payments in gross and you shall be entitled
to prove in the bankruptcy of the Principal should he become bankrupt in respect of the whole of
his indebtedness to you and without any right on the part of th.e Guarantor to be subrogated to
you in respect of any such proof until you shall have received in the bankruptcy of the Principal
orfrom other sources lOOp in the £.
7. No assurance security or payment which may be avoided under any enactment relating to
bankruptcy or under Sections 286 and 288 of the Companies Act 1963 or any statutory
modification thereof and no release settlement or discharge which may have been given or made
/-Non the faith of any such assurance security or payment snail prejudice or affect your right to
recoverfrom the Guarantor to the full extent of mis guarantee.
.• ^ .• This guarantee and yourrightsunder it will not be affected or prejudiced by your holding
taking any other or further securities or by your varying releasing or omitting or neglecting to
enforce any such securities or by your varying or determining any credit to the Principal or by
your renewing bills of exchange promissory notes or other negotiable instruments or giving time
for payment or granting any other indulgence to or making any other arrangements with or
accepting, any compositionfrom the Principal or any person or persons corporation or
corporations liable on any bills of exchange promissory notes or other negotiable instruments or
securities held or to be held by you.
9. You shall be at liberty but not bound to resort for your own benefit to any other means of
payment at any time and in any order you thinkfit without thereby diminishing the liability of
the Guarantor and you may put this guarantee in force either for the payment of the ultimate
balance after resorting to other means of payment or for the balance due at any time
notwithstanding that other means of payment have not been resorted to and in the latter case
without entitling the Guarantor to any benefit from such other means of payment so long as any
moneys remain duefrom the Principal to you.
10. You may at any time (both before and after any demand hereunder and without prior
^ *ice) set off and apply the monies or any part.thereof in Account No. 02/39375/77 of the
arantor with you (whether currant or otherwise or subject to notice or not and in whatever
xrency) in or towards satisfaction of any liability of the Guarantor to you (and notwithstanding
that such liability may be contingent) entirely at your own discretion without further notice and
such set-off willce a good and valid discharge of such monies so applied without any further
endorsement or authorisation whatsoever.
11. In the event of the Principal becoming bankrupt or making any arrangement or
composition with creditors the Guarantor will not prove in competition with you in any such
bankruptcy in respect of the debt duefrom the Principal to you but will give you the benefit of
any proof which the Guarantor may be entitled to make in respect of any part of such debt paid
by the Guarantor until you shall have received the full amount of the debt due to youfrom the
Principal.
12. Any accounts settled or stated by or between you and the Principal or on his behalf may
be adduced by you and shall be accepted by the Guarantor as conclusive evidence of the amount
thereby appearing to be duefrom the Principal to you and any payment to you by or on behalf of
the Principal on account of his liability whether for advances or interest or charges or any
• acknowledgement by acquiescence on account or otherwise by or on behalf of the Principal of
liability shall operate as an acknowledgement of the liability of the Guarantor according to
: terms thereof.
13. N o t h i n g done or omitted by you in pursuance o f any authority or permission contained in
this Kuarantee shall affect or discharge the liability p f & e Guarantor under it.
n
14. This guarantee shall remain in full force and you shall be entitled to recover against the
Guarantor to the full extent herein mentioned notwithstanding that the debt of the Principal may
have been ultra vires the Principal or that the borrowing powers of the Principal may have been
exceeded or that by reason of any. incapacity or any defect or informality the amount advanced
to or the liability of the Principal cannot be recovered from or enforced against the Principal.
15. The benefit of this guarantee and allrightsconferred upon you hereby may be assigned to
and enforced by any assignee and proceeded on in the same manner to all intents and purposes
as if such assignee had been named herein instead of you.
16. Any notice or demand required to be given or made under this guarantee may be given or
made by leaving the same or sending it through .the post in a prepaid envelope addressecfin the
>se of a notice to be given to you to 91 Mernon Square hi the City of Dublin and in all other
.ses to the Company or person to or upon whom tne notice or demand .is to be given or made at
jieir registered or principal office or last known place of abode and a notice or demand so given
or made shall be deemed to be given or made on the day it was so left or the day following that
on which it is posted as the case may be.
17. As a separate and independent stipulation the Guarantor agrees that any sum or sums of
money intended to be the subject of this guarantee which may not be legally recoverable from
the Principal whether by reason of any legal limitation, disability, infancy or incapacity of the
Principal or any other fact or circumstance and whether known to you or not shall nevertheless
be recoverablefrom the Guarantor as sole or principal debtor in respect thereof and shall be
repaid to you by the Guarantor on demand.
18. If for the purposes of obtaining judgement in any Court it is necessary to convert a sum
due hereunder in one currency (in this clause called the "first currency") into another currency
(in this clause called the "second currency") the rate of exchange which shall be applied shall be
that at which in accordance with normalrankingprocedures, you could purchase the first
currency with the second currency on the business day preceding that on whichfinal judgement
is given and the Guarantor's obligation in respect of any such sums duefrom it to you hereunder
: hall notwithstanding any judgement intilesecond currency, be discharged only to the extent
~ .iat on the business day following receipt by you of any sum judged tp be due hereunder in the
second currency you may in accordance with normal banking procedures purchase the first
currency with the second currency. If the first currency so purchased falls short of the sum
originally due to you in thefirst currency the Guarantor agrees that it shall as a separate
obligation and notwithstanding any such judgement indemnify you against such shortfall.
19. Notwithstanding any other provision hereof, all amounts payable or expressed to be
payable to or for your account by the Guarantor under or in respect of its obligations hereunder
shall be payable by the Guarantor onlyfrom and to the extent of the sums on deposit in Deposit
Account No. 02/39375/77 (the "Deposit Account") of the Guarantor with you and shall be
recoverable bv you onlyfrom and to the extent of the amount so deposited by the Guarantor
with you PROVIDED the amount so deposited by the Guarantor with you in the Deposit
Account shall at notimebe less than a principal amount of GBP225 000 (two hundred and
twenty five thousand pounds Sterling) together with interest accrued thereon AND FUK l iijlk
PROVIDED THAT the Guarantor shall not withdraw any sum so deposited in the Deposit
Account with you without your prior written consent.
20. This guarantee shall be governed by the laws of Ireland.
n
IN WITNESS whereof this Guarantee has been executed the date and year first herein written.
PRESENT when the Common Seal

of Hamilton Ross.Co. Limited
was affixed hereto: Director
d. a
//Director
i .
To GUINNESS & MAHON LTD. ' J4 — GUARANTEE
This Guarantee dated this •.. • • . ••

V
One thousand nine hundred and •• • between
1 .»&«£!{ sC. .6 ^f (Name)
0r.
2 0/r\/e.A fir/.^.E; .,. ..Wme)

of. fc^rr^wfe^r
..(Name)
of,... ("Address)
(hereinafter culled "the Guarantors" which expression shull include their executors administrators
successors or assigns) and Guinness Sc. Mahon Ltd. (hereinafter called "the Bank" which expression
sliall include its successors or assigns).
Whereas the Guarantors have requested and the Bank has agreed to {{rant and.or continue accotn-
•modution to .
ClLy . A y k £> (Numel
Of. k .. M i ..A:A (Address)

(hereinafter eaJied "the Customer") upon the Guarantors executing u Guarantee in favour of :hc Bunk
on the terms and conditions hereinafter appearing.
Now therefore it is hereby agreed and declared as follous:
1. In consideration of the Bank making or continuing advances or otherufee giving credit or affording
bunking facilities to the Customer, for us long as the Bank may thinkfit. the Guarantors agree to pay
to the Bank on demand all sums of money (hereinafter called the "ultimate balance") which are now
or shull at any time be cuing or remain unpaid to the Bunk from or by the Customer whether as
principal or surety and whether solely or jointly with any other party or from any firm in which the .
Customer may be a partner, upon current over-draft accounts, promissory notes or bills discounted
or paid and oilier loans, credits or advances made to or for the accommodation or at the request
of the Customer solely or jointly or of any such firm as aforesaid whether for actual or continent
liability or on any other account » hat*oever together w Ith in all the cases aforesuid. all interest, discount
und other bankers' charges including legal charges occasioned by or incident to this or any other
security held by or offered to the Bank for the ultimate balance or by or to, the enforcement of any
such security PROVIDED ALWA\S that the total liability ultimately enforceable against the
Guunyuors under this guarantee shall not exceed the sum of £ ©ZVid'iO
(suy./ssv 2*h/ Ax g/j ) plus interest from the date of
demand or earlier determination of the guarantee until payment calculated at the Bank's ruling rate
or rates Tor overdrawn currcn: accounts compounidable with half-yearly rests together with all costs,
churgcs and expenses. . '
2. This guarantee is subject »o t::c tenrn and conditions hereinafter set forth.
The terms and conditions hereinbefore referred to:

A. Unless the contrary intention appears. words in the plural shull include the singular.
B. The agreements and oblivion* »*n the part of the Guarantors herein cotiui/ied shall take eil'ect
as joint and several agreement artd obligations and references to the Guarantors shall take ctfoct
as references to each of titcst*. no.sc of them shall be released from liability hereunder by reason
of the guarantee ceasing :o bo binding as a continuing security on any other of them.
C. Thi.i guarantee shall re .iJJit.'on in and not in substitution for any .other guarantee for the
customer given to the lian* i>> the guarantors.
D. This guarantee shall re ::: .uUtit.vn in and shall not be in any way prejudiced aJlec:cd b> any
It. Although tlic ultimate liability of llic Guarantors under this guarantee is not to exceed the limit
hereinbefore specified, yet this guarantee shall be construed and take effect as a guarantee for the
whole and every part of the ultimate balance owing by the Customer to the Bank and unless and until
such balance has been paid in full by the Guarantors the Guarantors shall nut be entitled to share
in any security held by the Bank on account of that balance or to stand in the place of the Bank in '
respect of any sccuritv or money nor until such balance has been paid in lull shall the Guarantors
take any steps to enforce any right or claim against the Customer in rcspcct of any monies paid by
the Guarantors to the Bank hereunder or have or exercise any rights as surety in competition with
the Bank.
F. For the purpose of enabling the Bunk to sue the Customer or prove ygainst his estate for the
whole of the ultimate balance or to preserve intact the liability of any other party, the Bank may at
any time place and keep for such time as it may think prudent any money received, recovered or
realised hereunder on one or more separate or suspense accounts to the credit either of the Guarantors-
or of such other party as it shall think fit without any intermediate obligation on the part of the Bunk
to apply the same or any part thereof in or towards the discharge of the ultimate balance owing as
aforesaid and without any intermediate right on the part of the Guarantors to sue the Customer or
prove in the bankruptcy..insolvency or winding-up -of the Customer in competition with the Bank
or so as to diminish'any dividend cr other advantage that would or might come to the Bank or so as
to treat the liability of the Customer as diminished.
G. All monies received b\ the Bunk from the Guarantors or the Customer or any other party liable
to pay the same may be applied by :he Bank to any account or item of account or to any transaction
to which the same may be applicable.
H. This guarantee sliall not be considered us satisfied by any intermediate payment or satisfaction
of the whole or any pur. or* any sum or sums of money owing as aforesaid but shall be a continuing
security and shall extend to cover any sum or sums of money which shall for the time being constitute
the balance due from or unpaid by the Customer to the Bank upon any such account or accounts
as aforesaid and so that where such balance exceeds the aforesaid limit of the liability of the
Guarantors, the Bank may select the particular account or accounts which is or arc to be regarded
as secured by this guarantee.
I. This guarantee shall be binding as a 'continuing security on the Guarantors, and in the event of
death of. any of the Guarantors, o t his executors or administrators and on his estate, until the.
expiration of one calendar month a:ler all the Guarantors, including in the case of death, all the
executors or administrators c:* the estate of the deceased Guarantor shull have given to the Bank
notice in writing to discontinue and determine it. and shull. in addition, extend to cover any cheques,
orders for payment, drafts, bills, notes and negotiable instruments drawn, made, endorsed or accepted
by or for the amount of the Customer on the Bank and purporting to be dated before the expiration
of such notice although not paid or honoured by the Bank until after such expiration.
J. The Bank shull be at liberty without any further consent from the Guarantors and without in any
way affecting its rights agaittst the Gaarantors, at any time to renew, determine, enlarge or vary any
credit to the Customer, to renew. \ a r \ . exchange, abstain from perfecting or release any other securities
held or to be hold by the Bank for or on account of the monies intended to be hereby secured or any
part thereof, to renew bills ar.J promissory notes in any manner and to compound with, give tiittc for
payment to. accept composition from and make any other arrangements with the Customer or any
other party in respect of the l.\tbi(:'iie> hereby secured and the Bank may release or discharge any of
the Guarantors from the o r a t i o n - of this guarantee or make any composition or arrangement
with any one or more of thc.r. * it hot: affecting its rights against the other or others of the:ti. .
K. In the event of this gu;::;:.-icc ce.sing from any cause whatsoever 10 bo binding as a co:ni::;iing
security on the Guarantors or any of them, the Bank shall be at libertj without thereby all'e.ting
its rights hereunder to open a :Vo!i a.vount or accounts or to continue any then existing a»x-ou:u or
accounts with the Customer j.-t- no nuney paid from time to lime into any such account or .icc-uuits
by or on behalf of the Custoitvr jiu: subsequently drawn oui by the Customer shall oil settlement
of any claim in respect oft!:.? iiutrar.ee be appropriated toward* or have the effect of pavmc.tt of
• imv rvn-r nt* fill' mmiii'v tli-» •*- • •> •••!• i •irvn'i) Itv ih.» CiNliillli'r nr • <!' ilii- i'i)(-'iVn1 thcreoil at the time
I lie Customer »r the amount, of Cic Adchtedness of the Customer to [lie Bank ami any judgment
.recovered by the Bank against die Customer in respect of' inch indebtedness shall be binding and
conclusive on and against die Cuaniiuun>.
M. The Guarantors hereby warrant and undertake l<» I lie IJ.i-1. tliat in respect ol'their I/ability
under this guarantee they have not taken and will m:t lake from the Customer, cither directly or
indirectly, without the consent of the Bank, any promissory notes, bills of exchange, mortgage, chargc
or other security whether mprely personal or involving a charge on any property whatsoever of the
Customer whereby the Guarantors or any person claiming through them by endorsement, assignment,
or otherwise would or might on the bankruptcy, insolvency or winding-up of the Customer and to
Ihc prejudice or the Bank increase the proofs in such bankruptcy, insolvency or winding-up or
diminish the property distributable among the creditors of the Company: and that as regards any
such security as aforesaid which the Guarantors.may have l.iJtcjj or may take with such conscnt as
aforesaid the security shall be a security to the Bank for the fulfilment of the obligations of the
Guarantors hereunder and shall forthwith be deposited by the Guarantors wjth the Bank for that
purpose.
N. In wspcct of the Guarantors* liability hereunder the Bank shall have a lien on all securities or
other property of the Guarantors held by the Bank whether for safe custody or otherwise. The Bank
shall further be entitled (as well before as uAer demand hereunder) to set-off against any credit balance
in any account of the Guarantors with the Bunk (whether current or otherwise or subject to notice
or not) the liability of the Guarantors to the Bank hereunder.
O. No assurance, security or paymerit which may be avoided under urn enactments relating to
bankruptcy or under the provisions of any other law-governing the Customer and no release settlement,
or discharge which may have been given or made on the faith of any such assurance, security or
payment shall prejudice or alfect the Bank's right lo recover from the Guarantors lo the full extent
of I his guarantee as if such assurance. >ccurity. payment, rcfcusc settlement or discharge (as the case
may be) had never been granted, gives-or made. . ' .
P. The m>n-e.\ecution or invalid e.\eeu:ion of this guarantee by any one or more of those who have
agreed lo join in this guarantee will not all'ect the liability.of those who have joined in und signed
this guarantee.
<?. 'I his guarantee shall not be discharged nor shall the Guarantors' liability be affected by reason
of any failure or irregularity deiee: or informality in any security given by or on behalf of the Customer
in rcspect or the monies or liabil;;io hereby sccured nor by any legal liniitn'tfcn. disability, incapacity
or want of any borrowing powers of or by the Customer or want of authority of any director, manager,
ollicial or other person appearing to. be acting for the Customer in any matter in rcspoetoflhe nionics-
or liabilities hereby sccured or any other circumstances which renders the liability of the Customer
void ur unenforceable and such monies or liabilities will be recoverable by the Bunk from the
Guarantors as principal debtors and th:s guarantee shall be deemed to be an indemnity.
R. Should the Customer be an umncjrporate body, committee, partnership., trustees or ficbtcrs

on a joint account, this guarantee shall remain effective notwithstanding any death, reu'rement. change,
accession or uddition us fully as if tits person or'-persons constituting such body, committee, partner-
ship. trustees or debtors on join: account at the date of t lie Customer's default or at any time previously
was or were the same as at the date hrivof.
S. Any notice of demand hereunder by llic Bank shall be deemed to have been sullicicnily given
if sent l\v prepaid post lo the addresses o'tho Guarantors last known to the Bank or stated herc-jnder
a»d shall be deemed to have readied the addressee in the eoursc of post. In the ease of death of any
of llie Guarantors, any notice of JcituikJ by the Bank shall be suHicieiuly given if sent by prepaid
post addressed to the deceased or his personal representative at his address last known to the Bunk
or suited hereunder unless and u:::il :he Rank shall have received notice in writing of the name and
address of the person lo whor.i :epre>e.itation has been granted.
'I. I his guarantee is and will .wiuin :!ie properly of (lie Uauk.
(o • icf)<r
jua run tec dated .tz ~ ....if.
For the account 0l. .Ate- A'9 • .
Witness present Signatu.x* of Guarantors Address and Occupation

(adding address and occupation) of Guarantors
5t Jt.^-,^ Ijd'j (
1
C- .
. 6 / . /: ' a. fa<vV
Ajcxjt
WE certify that WE have this du> r.nut the :.bovc Guarantee and have received a cops there. •!'.
Date ...
ouarant
Gun rani'
Guarantor
Appendix XV (8) (1) (r)
r
guarantee
By Individual(s), Partnership or Company(ies)
To Guinness Er Mahon limited (hereinafter called "the Bank" which

expression shall include and extend t o their successors and assigns)
Where the I N C O N S I D E R A T I O N of the Bank from time to time making or

Customer is in continuing advances to or coming under liabilities or discounting bills
partnership enter
for or otherwise giving credit or affording banking accommodation
names of Fart-
ers or trade facilities or granting time to or on account of '.
, name (if any)
. (hereinafter called "the
Where the Customer")

Guarantor is in
partnership enter
trade name
(hereinafter called "the

Guarantor") HEREBY U N C O N D I T I O N A L L Y G U A R A N T E E S A N D
AGREES to pay to the Bank on demand all sums of money which are
now or shall hereafter become due to the Bank by the Customer (either
alone or in conjunction with any other person and whether as principal
. o r surety) upon current account or other banking account or upon foot
/"V-/' of bills, notes, drafts, negotiable instruments, letters of credh, circular
notes, guarantees, bonds, indemnities or other transactions drawn,
made, accepted, advised, endorsed, done, paid, discounted or given
by the Bank for or for the benefit or accommodation or at the request
of the Customer (either alone or in conjunction as aforesaid) and all
sums of money which the Bank may from time to time become liable
to pay on foot of any such bills, notes, drafts, negotiable instruments,
letters of credit, circular notes, guarantees, bonds, indemnities or other
transactions as aforesaid, or otherwise howsoever, together with:
(a) all interest, discount, commission and other banking charges and
expenses chargeable up to date of such demand against the
Customer by the Bank in the course of its business as bankers;
(b) further interest on the moneys secured by this Guarantee from

the date of demand thereof until payment at the rate as agreed
between the Customer and the Bank and applicable at the date
of such demand and in the absence of such agreement at three
per cent in excess of the Bank's Base Lending Rate for the time
being;
r- ©
(c) all costs, charges and expenses, including legal expenses

recoverable from the Customer and all costs, charges and
expenses, including legal expenses, (on a full indemnity basis)
arising out of or in connection wjth the recovery by the Bank of
the moneys due to the Bank under this Guarantee which the
Guarantor hereby agrees to pay.
Delete If PROVIDED nevertheless that the total amount recoverable from the
guarantee is. to
s unlimited Guarantor hereunder shall not exceed
I sayj£*>.. Sr... tffrr^. (ftS**/.. ..
together with a further sum for such interest and other costs, charges
and expenses as aforesaid as shall accrue due to the Bank at any time
before or at any time after the date of such demand as aforesaid.
This Guarantee shall be construed and take effect as a Guarantee of

the whole of the said moneys and liabilities and until they shall have
been paid discharged and satisfied (and they shall be deemed to be
due and owing notwithstanding the bankruptcy insolvency or
liquidation of the Customer) the Guarantor agrees that the Guarantor
shall not take steps to enforce any right or claim against the Customer
in respect of any moneys paid by the Guarantor to the Bank hereunder
and shall have no right of proof in such bankruptcy insolvency or
liquidation in competition with the Bank notwithstanding any payment
of the whole or part of the sum for which the Guarantor may be liable
nor any other right of a surety discharging his liability A N D if this security
shall from any cause whatsoever cease to be binding upon the
Guarantor or the Guarantor's legal personal representatives as here-
inafter provided the Bank may without prejudice to its rights hereunder
open a fresh account or accounts and continue any existing account
in the name of the Customer and may.appropriate to any such fresh
account any moneys thereafter paid in received or realised for the credit
of the Customer without being under any obligation to apply the said
moneys.or any part of them in discharge of any indebtedness or liability
of the Customer to the Bank and if the Bank shall fail to open such
a fresh account it shall be deemed to have done so with the effect that
the said moneys shall not operate to reduce the said indebtedness or
liability at the time this Guarantee so ceases to be binding as a continuing
security.
3. This Guarantee shall be binding upon the Guarantor and the executors
administrators or other legal personal representatives of the Guarantor
as a continuing security until the expiration of three calendar months
from the time of receipt by the Bank of notice given in writing by the
Guarantor or the Guarantor's said representatives or any of them to
determine the same and shall not be considered as satisfied by any
intermediate payment of the whole or any part of the moneys due or
owing to the Bank by the Customer but shall extend to cover all such
moneys as shall be due or owing or accruing due or owing at the time
at which such determination shall take effect and shall further extend
tn rrwpr anv cheques, orders for payment, drafts, bills, notes or other
negotiable instruments drawn made endorsed or accepted by or for
the account of the Customer on the Bank and purporting to be dated
before the expiration of such notice although not paid or honoured by
the Bank until after such expirations.
* Notwithstanding the foregoing provisions regarding termination of this
Guarantee by the Guarantor giving to the Bank three months written
notice, in the case of an advance to the Customer being repeyable at
a fixed date no such notice shall take effect until the day next succeeding
die date upon which all the moneys and liabilities hereby secured should
have been fully paid discharged and satisfied by the Customer in
accordance with# the ternris of this Agreement • with the Bank.
N o assurance security or payment which may be avoided under any

enactment relating to bankruptcy or under the provisions of any other
statute affecting the Customer or his affairs and no release settlement
or discharge given or made by the Bank on the faith of any such
assurance security or payment shall prejudice or affect Its rights to
recover from the Guarantor to the full extent of this Guarantee including
any moneys which the Bank may be compelled by due process of law
to refund to the Customer in liquidation or a liquidator pursuant to any
such enactment or statute and any costs payable by the Bank pursuant
to or otherwise incurred in connection with such process. In the event
of the death bankruptcy or liquidation of the Customer the Guarantor's
liability hereunder shall extent to all sums which would at any time have
been owing to the Bank by the Customer if such death had occurred
or such bankruptcy, or liquidation had commenced respectively at the
time.when the Bank receives actual notice thereof and notwithstanding
such death bankruptcy or liquidation.
This Guarantee shall be in eddition to and not be prejudiced by any

other Guarantee or security how or hereafter held by the Bank for all
or any part of the moneys and liabilities hereby secured nor shall any
other such security or the liability of any person not a party hereto be
in any way prejudiced by this present security A N D so long as any
moneys are due or owing hereunder the Bank shall have an immediate
right of set off in respect of all moneys standing to the credit of the
Guarantor with the Bank on any account whatever and a lien over any
securities or other property of the Guarantor held by the Bank whether
for safe custody or otherwise.
To the extent that any payment made by the Guarantor hereunder may
be subject to withholdings, taxes, duties, levies, imposts or charges
imposed in respect of such payment by any authority of the Republic
of Ireland or other country, state or other political division by means
of deduction at source or otherwise, the Guarantor will in such event
pay to the Bank such additional amount as may be necessary to ensure
that the Bank receives the full amount due to it in accordance with
the foregoing provisions of this Guarantee.
.-..J •M.'.H-ww ».IM&>.. -• •'iiiTiiiMr»7i'i .irar.i y
©
r
7. For all purposes including any legal proceedings a copy of the account
of the Customer in the Bank's books signed by any of the Bank's officers
shall be accepted by the Guarantor as conclusive evidence of the state
• such account.
of •
8. T h e Guarantor has not taken and will not take from the Customer any
security whether personal or forming a charge on property of the
Customer for the moneys and liabilities hereby secured such as might
on the bankruptcy insolvency or liquidation of the Customer result in
any diminution in or prejudice to the security herein and the Guarantor
U N D E R T A K E S that any such security now or hereafter held by the
Guarantor shall be held in trust for the Bank and for its benefit in respect
of the obligations of the Guarantor hereunder.
8. W I T H O U T PREJUDICE to this security the Bank may without the

knowledge or consent of the Guarantor determine reduce or Increase
any credit or facility or compound with grant time or other indulgence
• to or renew any bills of exchange or notes for the Customer or to or
for any other person whatsoever or deal with exchange release modify
or abstain from perfecting or enforcing any security or other Guarantee
or right which the Bank n o w has or may hereafter have against the
Customer or any such other person. Without prejudice to the generality
of the foregoing, the Bank shall be at liberty but not bound to resort
for hs o w n benefit to any other means of payment at any time and
in any order the Bank may think fit without thereby diminishing the
liability of the Guarantor and the Bank may enforce this Guarantee either
for the payment of the ultimate balance after resorting to other means
of payment or for the balance due at any time notwithstanding, that
other means of payment have not been resorted to a n d l n the latter
case without entitling the Guarantor to any benefit from such cither
means of payment so long as any moneys remain due from the
Customer to t h e Bank.
10. T h e Bank may at its absolute discretion without the consent of the
Guarantor and without notice to the Guarantor A S S I G N the debt and
liabilities hereby secured and the rights and benefits embodied in this
Guarantee together with any securities of the Guarantor held by the
Bank in support thereof or otherwise to any person or persons firm
committee association or other unincorporated body or t o any limited
company or corporation whatsoever and the Guarantor agrees that the
Guarantor and the executors administrators or other legal personal
representatives of the Guarantor shall be bound to any such assignee
in like manner and to the like extent as the Guarantor is bound to the
Bank hereunder.
11. This Guarantee shall continue to bind the Guarantor notwithstanding

any amalgamation or merger that may be effected by the Bank with
any other bank, company or companies, person or persons or
notwithstanding any reconstruction by the Bank involving the formation •
of and transfer of all or any of its assets to a new company or
notwithstanding the sale of all or any part of its undertaking and assets
to another company whether the company or companies with w h i c h
the Bank amalgamates or the company to which it transfers all or any
of its assets either on a reconstruction or sale as aforesaid shall or shall
not differ in their or its objects, character and constitution from the
Bank it being the intent of the Guarantor that this Guarantee shall remain
valid and effectual in all respects in favour of, against and with reference
to and that the benefit of this Guarantee and all rights conferred upon
the Bank hereby may be assigned to and enforced by any such company
or companies, person or persons and proceeded on in the same manner
to all intents and-purposes as if such company or companies, person
or persons had been named herein instead of the Bank.
T h e Bank is to be at liberty without prejudice to any other rights it might

have at any time and from t i m e to time to place and keep for such time
as the Bank m a y think prudent any moneys received recovered or
realised under or by virtue of this Guarantee to or in a separate or
suspense account as the Bank shall think fit without any intermediate
obligation on the Bank's part to apply the same or any part thereof
in or towards the discharge of the moneys due or owing to the Bank
by the Customer.
•
A n y notice or demand required to be given or made under this

Guarantee m a y be given or made by leaving the same or sending it
through the post in a prepaid envelope addressed in the case of a notice
to be given to t h e Bank at its registered office and in all other cases
to the Company pr person to or upon w h o m t h e notice or d e m a n d is
to be given or made at their registered or principal office or last k n o w n ~
place of abode and a notice or demand .so given or made shall be
deemed to be given or m a d e on the day it was so left or t h e day
following that on which it is posted as the cese may be.
If the name of t h e Customer hereinbefore inserted is that of either a

firm or of a limited company or other corporation or of any committee
or association or other unincorporated body any of the provisions
hereinbefore contained w h i c h are primarily and literally applicable to
the case of a single and individual Customer only shall be construed
and take effect so as to give the Bank hereunder a guarantee for the
money owing from that firm and every member thereof jointly and
severally and from that limited company or corporation or committee
or association or other unincorporated body as identical or analogous
as may be with or to that which would have been given for the money
owing from a single individual if the Customer had been a single
individual. In the case of a firm this Guarantee shall be deemed to be
a continuing guarantee of all money owing on any such account as
hereinbefore mentioned from the persons or person carrying on business
in the name of or in succession to the firm or from any one or more
of such persons ajthough by death, retirement or admission of partners
0 0
or other causes the constitution of the firm may have been in part or
wholly varied. In the case of a limited company or other corporation
any reference to bankruptcy shall, be deemed to be a reference to
. liquidation or other analogous proceedings and the money owing as
aforesaid and hereby guaranteed shall be deemed to include any money
owing in repsect of the debentures or debenture stock of the limited
company or other corporation held by the Bank or on its behalf.
This Guarantee shall not be discharged nor shall the Guarantor's liability
be affected by reason of any failure or irregularity, defect or informality
in any security given by or on'behalf of the Customer in respect of the
moneys or liabilities hereby secured nor by any legal limitation, disability,
incapacity or want of any borrowing powers of or by the Customer
or want of authority of any Director, Manager, or official or other person
appearing to be acting for the Customer in any matter in respect of
the moneys or liabilities hereby secured or any other circumstances
which renders the liability of the Customer void or unenforceable and
in any such event such moneys or liabilities shall be recoverable by the
Bank from the Guarantor as principal debtor and this Guarantee Shall
be deemed to be an indemnity.
Should the Customer be en unincorporated body, committee,

partnership, trustees or debtors on a joint account, this Guarantee shall
remain effective notwithstanding any death, retirement, change,
accession or addition as fully as if the person or persons constituting
such body, committee, partnership, trustees or debtors oh joint account •
at the date of the Customer's default or'at any time previously was
or were the same es at the date thereof.
The Guarantor hereby represents and warrants to the Bank that—
(a) the execution and.delivery of this Guarantee will not contravene

any provisions of law now in effect nor of the Memorandum or
Articles of Association (or Bye-Laws or other relevant corporate
documents) of the Guarantor nor any agreement indenture note
or other instrument which is binding upon the Guarantor;
(b) the Guarantor has full power to execute and deliver this Guarantee
and to perform its obligations hereunder and that such actions
have been duly authorised by all necessary corporate action; and
Ic) the Guarantor has obtained all such consents or approvals or

exemptions by any governmental or public body or authority
which are required to authorise or are required in connection with
the execution delivery or performance of this Guarantee or the-
taking of any action hereby contemplated.
Should the Guarantor be a firm or consist of more than one person,
the Bank shall be at liberty to release any one or more of the partners
in the firm or of such persons from the obligations of this Guarantee
or to accept any composition from or' make any other arrangements
with any one or more of them without prejudicing or affecting the Bank's
rights and remedies against the other or others of them.
T h e non-execution or invalid execution of this Guarantee by any one

or more of those who have agreed to join in this Guarantee shall not
affect the liability of those who have joined in and signed this Guarantee.
S o far as may be necessary to give effect to the provisions of this

Guarantee, the Guarantor waives in favour of the Bank all rights which
but for this waiver the Guarantor might exercise or enforce against the
Bank or the Customer.
T h e Guarantor agrees that in the event of the Bank taking proceedings

hereunder the Bank may in its absolute discretion bring them in the
Courts of the Republic of Ireland or any other country which it m a y
deem suitable and for the purposes of those proceedings the Guarantor
hereby submits to the jurisdiction of the chosen courts and agrees'that
any writ notice judgement or other legal process or document relating
to such proceedings may be served on the Guarantor by delivery to
or service o n him or his agent in the Republic of Ireland being
of,
or elsewhere as the case may be. This Guarantee shall be construed

and take effect according to the law of the Republic of Ireland in force
at the time any such proceedings are begun.
In this Guarantee where the context so admits words denoting the

singular number only shall include the plural number also and vice versa.
Words denoting the masculine gender only shall include the feminine
gender also and words denoting persons only shall include companies
and this Guarantee shall be construed and take effect accordingly.
This Guarantee is and will remain the property of the Bank.
D A T E D this day of,

For and on behalf of Limited (the Guarantor)
acting pursuant to a Resolution of the Board dated
day of 19 a certified true copy of tyhich is enclosed. For eompiation
whoro t h a
Signature guarantor is a
(Director or Secretary) company and
Mating Is not
Signature . rsquiwd.
Witness Address-
' Occupation.
The Common Seal of C AÛ-SiX T/^Sf ^ ^ L i m h e d (the Guarantor) For completion

wfwroth*
was hereunto affixed In the presence of: guarantor Is a
company and
X Director . •aaltns is
mqulrad.
/S Director/.»•»•,•>••», w.j, • Ml 1^'Vll | | |
f v7 ?/f
Signature.
JIOViiii
Witness Address....
Occupation
SIGNED BY ^ For eompiation

• whwi tha
the presence of: L / / W S B S oV"
wttwrtlMM ara
Signature fflw&fe.J.. .i. .„.. savwral Individual
Witness Address. .7?... 7 M M . <£>.
. Occupation flbZ&ftfffatt..:...
SIGNED BY ....
in the presence of:
Signature.
Witness Address
Occupation.
SIGNED BY ;
in the presence of:
' Signature.
Witness Address
Occupation.
Appendix XV (8) (1) (s)
G O R E & G R I M E S
C/y^cC
AGG\JL
B02801.46 I J - •
T h e Inspectors,
3 r d Floor,
Trident H o u s e ,
Blackrock,
C o . Dublin. 19 N o v e m b e r , 2 0 0 1
RE: MR JOHN BYRNE AND THE ANSBACHER ENQUIRY
D e a r Sirs,
This letter is written following t h e invitation contained in t h e letter d a t e d t h e 2 5 t h

October 2 0 0 1 from t h e Inspectors to M r J o h n Byrne to respond to t h e Inspectors
'Preliminary Conclusions'.
1. THE TRISTAN SETTLEMENT
1.1 T h e s t a t e m e n t in this section is inaccurate in asserting that M r Byrne stated

that t h e structure of the group of c o m p a n i e s o w n e d by the Tristan S e t t l e m e n t
w a s similar to t h e structure described in respect of t h e Prospect Settlement.
N o such e v i d e n c e w a s given a n d the statement of M r Byrne furnished to t h e
Inspectors m a k e s it perfectly clear that both t h e Tristan a n d Prospect
S e t t l e m e n t s w e r e 'founded in such a w a y that they a r e controlled by t h e
trustees of t h e respective trusts'. T h e group of Irish c o m p a n i e s under t h e
Prospect S e t t l e m e n t a r e controlled by M r Byrne, w h e r e a s t h e group of
c o m p a n i e s under t h e Tristan Settlement a r e controlled by t h e trustees of that
trust. T h e Inspectors a r e not entitled a s a matter of law to ignore the perfectly
valid, legally constituted structure established in the C a y m a n Islands almost
thirty y e a r s ago.
1.2 In addition, M r Byrne furnished the Inspectors with two charts explaining the
corporate structure. O n e w a s h e a d e d 'Irish C o m p a n y Structure' a n d t h e other
w a s h e a d e d ' U K C o m p a n y Structure'. It is clear from t h e transcript that t h e s e
charts w e r e a c c e p t e d by the Inspectors a s a n accurate reflection of t h e legal
status of the various c o m p a n i e s under t h e ultimate ownership of both
settlements a n d a s showing Mr. Byrne's position a s a director a n d
shareholder of only the Irish c o m p a n i e s .
1.3 It is clear from t h e U K C o m p a n y Structure chart, which w a s a c c e p t e d by t h e
Inspectors, that M r Byrne is not a director or shareholder of a n y of t h e
c o m p a n i e s comprised in t h e Tristan Settlement. T h e e v i d e n c e of M r Byrne
w a s that the Tristan S e t t l e m e n t trustees control the trust a n d Tristan
Securities Limited a n d its subsidiaries. In so far as t h e Inspectors
understanding of t h e Tristan S e t t l e m e n t is concerned therefore, t h e Inspectors
h a v e misunderstood t h e legal structure of t h e settlement a n d t h e m a n n e r in
which it h a s o p e r a t e d in a fundamental a n d basic respect. T h e r e is simply no
e v i d e n c e either in t h e s t a t e m e n t of Mr. Byrne or in his sworn e v i d e n c e to t h e
Inspectors which l e a v e s it o p e n for the Inspectors to reach t h e conclusion
which they h a v e purported to reach in the last s e n t e n c e of this section.
2. THE PROSPECT SETTLEMENT

2.1 It is factually incorrect to state that t h e c o m p a n i e s b e n e a t h t h e Prospect
S e t t l e m e n t 'typically h a d various categories of shares which v e s t e d ownership
in t h e next highest corporate vehicle while retaining control in the hands of M r
Byrne'. A s is clear from t h e c o m p a n y structure, t h e Prospect S e t t l e m e n t is
controlled by its trustees. Prospect Settlement in turn o w n s 1 0 0 % of t h e
shares in Prospect Holdings, a C a y m a n unlimited c o m p a n y . M r Byrne is
neither a director nor a shareholder of Prospect Holdings. M r Byrne is a
director of Carlisle Trust Limited a n d holds, together with his wife t h e voting
'A' preference shares. All of t h e non voting 'B' ordinary s h a r e s a r e held by
A n s b a c h e r a s trustee for Prospect Holdings.
2.2 T h e preliminary conclusion t h e n g o e s on to assert ' s o m e of t h e s e entities (ie

within t h e Prospect S e t t l e m e n t ) w e r e Clients of Ansbacher'. T h e only such
entity which w a s a client of A n s b a c h e r w a s Prospect Holdings.
3. GENERAL FINDINGS ON STRUCTURE

3.1 It is factually incorrect to conclude that the Tristan S e t t l e m e n t provided c a s h
backing for the borrowings of t h e Irish c o m p a n i e s 'for no reward'. T h e
Inspectors h a v e a c c e p t e d that Tristan Securities Limited e a r n e d interest on
t h e m o n i e s which w e r e deposited.
3.2 Both t h e Tristan a n d Prospect Settlements a r e discretionary trusts. T h e

potential beneficiaries under e a c h of the Settlement Trusts include M r Byrne's
family. It is therefore u n r e m a r k a b l e that the directors of Tristan Securities
Limited should h a v e d e c i d e d to provide security for Irish c o m p a n i e s controlled
by M r Byrne a n d his wife for t h e benefit of their family. It is difficult to
understand therefore, h o w t h e Inspectors c a n conclude that t h e provision of
cash-backing by Tristan Securities Limited for t h e borrowings of the Irish
c o m p a n i e s 'is a very strange u s e of trust money'.
4. OTHER RELEVENT MATTERS
4.1 T h e Irish c o m p a n i e s of which M r Byrne a n d his wife w e r e directors (and in the

c a s e of Carlisle Trust Limited, t h e holders of all t h e voting 'A' preference
shares) undertook very substantial commercial d e v e l o p m e n t s in Ireland over
m a n y years. It is, with respect, not surprising at all that M r Byrne a n d his wife,
a s directors of t h e c o m p a n i e s would b e called upon by lending institutions to
provide personal g u a r a n t e e s . It is a c o m m o n feature of Irish commercial life
that lending institutions require personal g u a r a n t e e s from c o m p a n y directors.
T h e g u a r a n t e e s w e r e given to G u i n n e s s & M a h o n a n d institutions other than
A n s b a c h e r w h o lent m o n e y to t h e c o m p a n i e s of which they w e r e directors.
4.2 In so far a s t h e alleged p a y m e n t of £ 3 , 5 0 0 to M r Byrne is concerned, it is

important to r e m e m b e r that this isolated p a y m e n t w a s m a d e in April 1 9 9 0 .
T h e r e is no e v i d e n c e that M r Byrne himself procured or m a d e t h e p a y m e n t . In
the context of the scale of funds held to the order of Tristan Securities Limited
the said isolated p a y m e n t cannot b e of any significance.
4.3 T h e Inspectors' s u m m a r y in relation to t h e B a l l y m a d u n Stud loan contains t h e

following inaccuracies:-
(a) T h e loan w a s c a s h b a c k e d by Hamilton R o s s not by Hamilton

R o s s / A n s b a c h e r . Hamilton R o s s is not o w n e d by A n s b a c h e r , a n d is
not the subject matter of t h e Inspectors' investigation.
(b) T h e J 6 Account is not a Hamilton R o s s account. It is a n A n s b a c h e r

M e m o r a n d u m Account relating to Tristan Securities Limited. A s
explained in our letter of 2 6 t h of February 2 0 0 1 , the p a y m e n t of m o n i e s
to t h e J 6 Account w a s a n error by IIB, of which M r Byrne w a s not
a w a r e until it w a s brought to his attention by the Inspectors.
(c) T h e IIB internal documentation d o e s not confirm a n "Ansbacher

connection". It confirms a connection with Hamilton Ross.
T h e s t a t e m e n t in t h e preliminary conclusion concerning t h e B a l l y m a d u n Stud

loan to the effect that M r Byrne's explanation is 'rejected a s failing to disclose
t h e full extent of the t e r m s and conditions u n d e r which t h e m o n e y w a s
a d v a n c e d ' is not o p e n to t h e Inspectors on t h e facts, nor is it o p e n on t h e facts
for t h e Inspectors to conclude that M r Byrne w a s the real beneficiary of this
transaction. M r Byrne h a s furnished a n explanation a n d h a s sought a n d
obtained details from his bankers t h e detail of which is set out at paragraph 5
of our letter to the Inspectors dated 2 6 t h February 2 0 0 1 .
4.4. T h e r e a p p e a r s to b e a typing error in t h e reference to letter of February 2 8 t h

2 0 0 1 which should be February 2 6 t h 2 0 0 1 .
4.5 It w o u l d be grossly unfair for the Inspectors to b a s e a n y conclusion upon

c o m m u n i c a t i o n s received by M r Byrne from A n s b a c h e r in circumstances
w h e r e M r Byrne, at the request of the Inspectors (and indeed the Moriarty
Tribunal) h a s corresponded with A n s b a c h e r informing t h e m that h e h a s no
objection to providing the information to the Inspectors.
5. INSPECTORS CONCLUSIONS
I T h e trusts a s established did transfer ownership to t h e trusts of t h e assets

that w e r e transferred. T h e trusts are controlled by t h e trustees a n d not by M r
Byrne. In t h e c a s e of t h e Prospect Settlement control of t h e trust rests with the
trustees but control of t h e Irish c o m p a n i e s o w n e d by t h e trusts w a s retained
by M r Byrne. In t h e c a s e of t h e Tristan Settlement there w a s no objective of
retaining control for M r Byrne, a n d control of that entire structure rests with the
trustees.
II T h e basis for the Inspectors' conclusion that "the trusts a s o p e r a t e d did not
a p p e a r to retain t h e legal separation necessary to a c h i e v e M r Byrne's
- objective" is not understood. T h e trusts exist and, a s a c c e p t e d by t h e
Inspectors at the third p a r a g r a p h under the heading G e n e r a l Finding o n
Structure, remain separate. T h e trustees have, a s a matter of fact a n d law,
for almost thirty y e a r s o p e r a t e d a s they w e r e intended a n d they h a v e at all
times b e e n controlled by their respective trustees. A clear indication of this
fact is that despite M r Byrne's request that the trustees c o - o p e r a t e with t h e
Inspectors in providing documentation, the trustees decided that t h e y w e r e
under a fiduciary duty which prevented t h e m doing so, a n d they refused that
request. T h e r e is, with respect, no e v i d e n c e to justify t h e Inspectors'
conclusion a s set out in this paragraph.
III M r Byrne's relationship with t h e operating c o m p a n i e s i.e. Carlisle Trust

Limited a n d its subsidiaries is not in issue. Mr a n d Mrs Byrne at all times
controlled t h e s e c o m p a n i e s . T h e Inspectors suggestion that "Mr Byrne's true
relationship with t h e operating c o m p a n i e s is indicated by t h e personal
guarantees" is not understood.
^ IV T h e r e is no e v i d e n c e to support the conclusion that t h e funds held by Tristan

Securities Limited in A n s b a c h e r in Ireland w e r e available for a n y purpose to
M r Byrne w h e t h e r at a n y t i m e or at all, nor is there a n y e v i d e n c e to suggest or
support the conclusion that M r Byrne (as o p p o s e d to t h e directors of Tristan
Securities Limited or the trustees of the Tristan S e t t l e m e n t ) had p o w e r to
apply or did apply t h e m a s h e thought fit. It cannot be the c a s e a s a matter of
law that t h e o n u s of proof rests upon Mr. Byrne to disprove this. M r Byrne h a s
m a d e a s t a t e m e n t a n d has given direct sworn e v i d e n c e that h e did not control
t h e funds of Tristan Securities Limited, a n d that t h e s e w e r e a n d a r e controlled
by t h e directors of Tristan Securities Limited a n d ultimately by the trustees of
t h e Tristan Settlement.
V T h e C a y m a n records h a v e b e e n withheld from t h e Inspectors by t h e trustees

in C a y m a n . Mr. Byrne's e v i d e n c e that he h a s informed the trustees that h e
h a s no objection to t h e m co-operating with t h e Inspectors h a s not b e e n
challenged. T h e legal opinion obtained from a reputable firm in the C a y m a n
Islands h a s b e e n explained to the Inspectors. It is not o p e n to the Inspectors
to draw a n y inference in this regard or to conclude that t h e control of t h e trust
funds rested with M r Byrne at all times. Mr Byrne's p o w e r to c h a n g e t h e
trustees is a fiduciary p o w e r a n d could not b e exercised by him for his o w n
benefit (or for t h e benefit of the Inspectors). It d o e s not, therefore, confer on
him control of t h e trusts.
6. INSPECTORS PRELIMINARY CONCLUSIONS
W e note t h e Inspector's p r o p o s e d conclusion that M r Byrne w a s a client of

A n s b a c h e r . W e d o not understand w h a t is m e a n t by t h e term "client" in this context,
or indeed t h e period in respect of which it is alleged M r Byrne w a s a client. If it is
suggested that M r Byrne w a s a "customer", this is emphatically not t h e c a s e , either
a s a matter of fact or law. M r Byrne n e v e r had a n account with A n s b a c h e r a n d
accordingly cannot a s a matter of law b e a customer. M r Byrne a c c e p t s that h e
a s k e d A n s b a c h e r to provide t h e two trust structures. O n c e t h e trusts w e r e
established the trusts b e c a m e t h e clients of Ansbacher. M r Byrne fuily a c c e p t s that
Prospect Holdings a n d Tristan Securities Limited w e r e clients of A n s b a c h e r as
indeed w e r e t h e trusts t h e m s e l v e s . W e do not accept that asking A n s b a c h e r to
provide t h e two trust structures m a k e s M r Byrne a client of A n s b a c h e r . E v e n if it
d o e s , that client relationship terminated o n c e the trusts w e r e established a n d M r
Byrne w a s never a client of A n s b a c h e r during the period of t h e existence of t h e
trusts.
W e would ask you to confirm that you will t a k e into account t h e various points m a d e
in this letter, and look forward to receiving your revised preliminary conclusions.
Y o u r s faithfully,
Appendix XV (8) (l)(t)
GORE & GRIMES
SOLICITO RS
C A V E N D I S H HOUSE. S M I T H F I E L D . D U B L I N 7
TEL: 35.1 - I - X72 ')2W FAX:35.1 - I - H72 <JS77 D.D.E. BOX No. <>->
E-Mail: soli-s@gi)ivgrimos.ie
y o , ; k R,ai:
<H;k KI;K AGGVJL
B02801.46
Ms Mary Cummins,
Solicitor to the Inspectors,
Trident House,
Blackrock,
Co. Dublin
BY COURIER 26 February, 2001
RE: JOHN BYRNE

ANSBACHER ENQUIRY
Dear Ms Cummins,
Further to the attendance of Bill Shipsey and myself with our client, Mr Byme, on the
24 t h January last and your letter of the 2 n d February, I have pleasure in providing
you with the results to date of our further enquiries into the outstanding requirements
made by the Inspectors in the course of Mr. Byrne's examination.
At the outset, however, I wish to deal with a number of matters that arise from a
reading of the transcript of evidence.
A. Mr. Byrne has no objection, and has never had any objection, to the Trustees
of the Tristan and Prospect Settlements furnishing documents to the Moriarty
Tribunal or the Inspectors. With respect, however, we do not accept the
suggestion made by his Honour Judge O'Leary during the course of the
examination that the removal by Mr. Byme of the trustees of either or both of
the settlements would have the effect desired by the Inspectors. I confirm that
I have taken legal advice on my client's behalf on this very point and have
been advised by a highly reputable firm of Cayman lawyers, Bruce Campbell
& Co., that another Cayman Island trustee would be likely to adopt the same
position as that adopted by Ansbacher Cayman in refusing to disclose
information unless ordered to do so by a Cayman Island Court. As you are
aware I have written on behalf of Mr Byme to the Trustees asking them to co-
operate fully with the Inspectors and confirming that Mr Byme has no
objection to their co-operation. In the light of the advice which we have
obtained, and our client's co-operation with the Inspectors, the
B028C1/48/2092DR-1.LET
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characterisation by Judge O'Leary of our client's position in relation to this
matter as "disingenuous" is unfair.
B. My client is perfectly satisfied that the two trusts established on his behalf in
or about 1971 are and were fully legally compliant. We were most concerned
to hear a suggestion in the course of his interview that the inspectors might
conclude that one or both of the trusts were a sham. We fail to see how such
a construction is open, or how the terms of reference of the Inspectors could
extend to deciding whether trust structures established in 1971 were or were
not properly constituted and run. As was made,clear by the Inspectors during
the course of the examination, neither Mr. Byrne nor the Prospect or Tristan
Settlements are the subject of the investigation and it would, therefore, be
quite wrong and inappropriate, in our submission, for the Inspectors, charged
as they are to investigate the affairs of Ansbacher (Cayman) Limited, to pass
judgement by inference on the validity or legality of the Prospect and Tristan
settlements.
Entirely without prejudice to the above, it is quite dear that there is no legal or
factual basis whatever for contending that either trust is a sham. Furthermore
such a contention would give rise to very complex legal and factual issues
which could not be determined in an enquiry of this nature.
C. My client does not accept that Carlisle Trust Limited or indeed any of the Irish
companies whose loans were secured by Bank Guarantees or by back to
back deposits from Tristan Securities Limited were themselves required to
record the details of such security in their accounts, i have taken advice from
a Senior Counsel who specialises in this area of law, and I am advised that
there is and was no legal obligation imposed upon the Irish companies
pursuant to the Irish Companies Acts to record details of a security provided
by a third party. In this regard, I enclose a Submission of Mr Daniel O'Keeffe
S.C. confirming this position, which I hope will be of assistance to the
Inspectors. We would be quite happy to elaborate further on this matter if
required.
Turning to the specific queries raised during the course of the interview and
reiterated in your letter of the 2 n d February, I am instructed to reply as follows:-
1. I have written to the trustees of the Prospect Settlement to seek to confirm the
current shareholdings in Prospect Holdings. They have confirmed that the
issued share capital of Prospect Holdings is 20,800 Ordinary Shares. These
are registered in the name of Overseas Nominees Limited (an Ansbacher
nominee company) and are held on behalf of Ansbacher (Cayman) Limited as
trustee of Prospect Settlement. All other classes of shares have been
redeemed.
2. There was no payment ever made by Carlisle Trust Limited in respect of the
backing facility provided by Tristan Securities Limited. Tristan Securities
Limited was earning significant interest on the monies which it had deposited
as part of the back to back arrangement. We have provided you with copies
of both the Tristan and Prospect Settlements and the documentation relating
to them. As you will have seen both Settlements were established by or on
behalf of the same person. Both Settlements have the same Trustees. Both
Settlements were set up with the intention of ultimately benefiting the same
class of potential beneficiaries, namely the members of Mr John Byrne's
family.
Mr. Byrne has no recollection of either requesting or receiving the Guinness &
Mahon draft for £3,500 in 1990. It would appear from the information you
have furnished that this bank draft was obtained from Guinness & Mahon by
the late Mr Desmond Traynor. Mr Byrne does not know why it was debited to
the Ansbacher Cayman account, and was not aware of the fact that it had
been so debited until this information was furnished to him by the Inspectors.
In relation to the American Express card, we have written to American

Express to seek to ascertain whether a card was issued in our client's name in
1989. To date we have not heard back from American Express but will write
to you when we receive a response.
I have now ascertained from Irish Intercontinental Bank (IIB) that on the 28 t h
April 1994 they advanced a loan of £212,000 (net of fees £211,060) ("the
Loan") to Ciara Byrne, wife of John Byrne, and owner of Ballymadun Stud
("the Stud"). The IIB Solicitors, Arthur Cox, advise me that you have been
furnished with:-
(i) Facility Letter issued by IIB dated 25 t h April 1994.
(ii) Personal guarantee given by John Byrne dated 26 t h April 1994.

(iii) Letter from Mrs Ciara Byrne to I IB dated 26 t h April 1994.
I have obtained a copy of the Bank Statement of the Stud ("the Bank
Statement") with Bank of Ireland, Rotunda Branch (BOI), for the relevant
period, and I attach a copy. You will note that on the 28 t h April 1994 a
payment was received of £211,060 and is designated as coming from IIB.
You will also note a payment out of the account dated 3 r d May 1994 of the
sum of £211,060. I have obtained a copy of the cheque from BOI and
enclose a copy. You will note that it is signed by Patrick Byrne, drawn in
favour of IIB, and received by IIB on the 29 th April 1994. It is stamped by IIB
and marked "not negotiable". I have asked IIB to advise me as to where this
money was lodged.
The cheque for £211,060 sent to IIB by the Stud was a repayment of moneys
which had been expended by Mr Byme over a period of almost six years for
the benefit of the Stud.
I have also ascertained from the Bank Statement, that on the 1 s t September
1994 a credit of £251,631.63 was received from Finers Solicitors. Finers are
Mr Byrne's London Solicitors and Mr Byrne has ascertained that this sum
represented an amount due to him from the proceeds of sale of a London
property.
You will note that at the same time there was a debit on the Bank Statement
of £217,483.04 which is marked Telephone Payment". Mr Byme believes
that this was a repayment of the Loan together with accrued interest. I have
written to IIB's Solicitors to ask them to confirm ttiis matter.
My client is waiting for formal confirmation from IIB as to precisely where they
deposited the proceeds of the cheque for £211,060 which they received from
the Stud.
It appears from the information furnished by the Inspectors that a sum of
SGT£203,841.75, presumably the Sterling equivalent of IR£211,060, was
lodged to Account No. 80019005 in IIB in September 1994. This is recorded
in the Memorandum Account J6, a copy of which you have furnished to us,
and is described as coming from Ballymadun. I have written to lib to check
their records to see from what account the said payment was received and on
whose instructions the payment was made.
Mr Byrne did not give any instructions for this money to be transferred to the
J6 Account, and if it was so transferred then this was an error which has not
been brought to Mr Byrne's attention by the Inspectors.
Mr Byrne confirms that the Stud did not borrow moneys from the Trust
Companies or the Trusts.
There are a number of small points in relation to the transcript of evidence that I
would like to draw to your attention:-
Page 2 - This should state instructed by Mr Anthony Gore-Grimes and not by Mr

John Gore-Grimes.
Page 8, Line 1 2 - 1 believe that the word "him" should be them" as I believe that
Judge O'Leary was referring to the date on which Mr Byme started to do business
with Guinness & Mahon Cayman and not the date on which he started to do
business with Mr Des Traynor.
Line 18 - Same point.

Line 22 - Same point.
Page 30, Line 14 - 1 believe the first word should be "pejorative" and not
"unpejorative".
Page 64, Line 21 - the word "invariably" should be deleted.
Yours sincerely,
Anthony Gore-Grimes
Appendix XV (9) Mr Patrick Carty & Mrs Beatrice Carty
Patrick Carty & Mrs Beatrice Carty.
a) Transcript of evidence of Mr Paul Carty of 31 May 2000.
b) Letter of 26 April 2000 to the Inspectors from Paul Carty.
c) Deposit Dealing Ticket.
d) Cayman International Bank & Trust Company Ltd statement of 6 October

1994.
PRIVATE EXAMINATION OF MR. PAUL CARTY
UNDER OATH
ON WEDNESDAY, 31ST MAY 2000
Stenographer
PRESENT
The Inspectors: MR. JUSTICE COSTELLO
MR. ROWAN FCA
MS. MACKEY BL
Interviewee: MR. PAUL CARTY

1 THE INTERVIEW COMMENCED AS FOLLOWS
2 MR. JUSTICE COSTELLO: Mr. Carty, we will start
3 our interview now. I will
4 introduce myself first. I am Declan Costello.
5 On my right is Miss Mackey and on my left is
6 Mr. Rowan. We are the inspectors appointed by the
7 High Court to investigate the affairs of the company
8 referred to in the order.
10 Mr. Carty this is an interview and we would ask you
11 to take an oath. We will ask Ms. Cummins to
12 administer the oath to you.
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
3
1 MR. CARTY, HAVING BEEN SWORN, WAS EXAMINED AS
2 FOLLOWS BY MR. JUSTICE COSTELLO:
4 1 Q. MR. JUSTICE COSTELLO: Mr. Carty, if you could
5 give us a brief outline of
6 your professional career and background?
7 A. Certainly. Is this interview in relation to myself
8 or to others?
9 2 Q. Purely in relation to yourself.
10 A. My background from my career, I qualified as a
11 chartered accountant in 1965 when I joined a small
12 firm and became a clerk. Then in 1967 I joined the
13 firm of Haughey Boland. On 31st December 1971 I
14 became a partner. On 31st December 1986 that firm
15 merged, Haughey Boland merged with Deloitte Hassetts
16 & Sells. On 1st May 1991 it merged with
17 Deloitte & Touche. I was managing partner of
18 Deloitte & Touche from January 1991 up to
19 31st December 1999. At the present time I am a
20 partner in the firm of Deloitte & Touche.
21 3 Q. If we could now look at your letter to us of
22 26th April. Have you got a copy of it there,
23 Mr. Carty (Exhibit 1)?
24 A. Yes, Mr. Costello.
25 4 Q. You say you have never been an settlor of any trust
26 in Ireland or overseas. Would you tell us about
27 the discretionary trust that your -- was it your
28 father who established it?
29 A. Yes, my father and mother. My parents.
4
1 5 Q. I am wondering who actually established it; in whose
2 name?
3 A. I think both.
4 6 Q. What was your father's name?
5 A. Patrick Carty.
6 7 Q. What was your mother's name?
7 A. Beatrice.
8 8 Q. Did you know they were establishing this trust.
9 Did they talk to you about it?
10 A. Not at the beginning, I knew later on.
11 9 Q. After it was established?
12 A. After it was established.
13 10 Q. How long after?
14 A. Shortly afterwards.
15 11Q. Do you know for example who advised them?
16 A. I insofar as I know they went to Mr. Traynor.
17 My father knew Mr. Traynor.
18 12 Q. What was your father?
19 A. My father was a businessman, a self-made
20 businessman. A shopkeeper in the late 1960's.
21 But nothing of substantial means I should say.
22 13 Q. Your father went to Mr. Traynor and he took the
23 advice of Mr. Traynor?
24 A. He did, yes. In fairness, they would have come
25 back to me at some stage and mentioned it.
26 14 Q. I am just wondering did they mention it in the
27 course of the negotiation?
28 A. No. I would say in fairness that probably before
29 they signed up anything, they might have said
5
1 something to me naturally.
2 15 Q. That is what I would have thought. You were an
3 accountant. You were a partner in the firm. It
4 would have been strange if your father hadn't talked
5 to you about it?
6 A. Yes. My father and my mother -- I had a closer
7 relationship with my mother than my father. But
8 they would have spoken about it, yes.
9 16 Q. Before it was established, signed up, they told you
10 about it?
11 A. Yes, they could have told me about it. I would have
12 to agree. It is 30 years ago. I would have to
13 assume they would have said something to me.
14 17 Q. Did they tell you why they were doing this?
15 A. In a way my mother was the bigger influence in the
16 family. My mother always felt that she would like
17 to leave something to her children. There was four
18 of us. I think it was more in that context. It
19 was a family type of situation.
20 18 Q. Was there any explanation made about tax savings as
21 a result of going out of...(INTERJECTION)?
22 A. They had a very small amount. It was taxed income
23 that they had saved.
24 19 Q. I am wondering why a trust was being set up
25 offshore. It was an offshore trust, wasn't it?
26 A. It was the Channel Islands. Later I understand it
27 was the Channel Islands. That is where it started,
28 yes.
29 20 Q. Did they give you any explanations as to why they
6
1 were doing it in the Channel Islands and not in
2 Dublin?
3 A. No.
4 21 Q. Did they explain to you what Mr. Traynor said to
5 them as to why they were doing that?
6 A. They gave me no great details, Mr. Costello, other
7 than it was a trust that was being set up and it was
8 going to benefit the children.
9 22 Q. Did you not know it was being set up in the
10 Channel Islands?
11 A. Yes, I do and eventually it was. When I was aware
12 of it being set up my view would have been that it
13 was tax avoidance rather than tax evasion.
14 23 Q. Of course. I am not at the moment making any value
15 judgment. All I am saying is that it does seem to
16 me strange that they would have set it up in the
17 Channel Islands unless this was for tax avoidance of
18 some sort. And did you know that?
19 A. Yes, avoidance, yes.
20 24 Q. Did you ever see the deed of trust, Mr. Carty?
21 A. No.
22 25 Q. We would require to get the deed of trust. Can you
23 get it for us?
24 A. I will enquire certainly.
25 26 Q. Do you know who the trustees were?
26 A. No, other than whoever was Guinness & Mahon in the
27 Channel Islands.
28 27 Q. You yourself knew Mr. Traynor?
29 A. I did, yes, Mr. Costello.

1 28 Q. You know the setup of the companies in the
2 Channel Islands?
3 A. I do, Mr. Costello.
4 29 Q. Tell me what ...(INTERJECTION)?
5 A. How companies are set you mean?
6 30 Q. No. I am asking you about the setup of the
7 subsidiaries of Guinness & Mahon in the
8 Channel Islands?
9 A. From that I only know what I read here in your
10 document.
11 31 Q. You didn't know since?
12 A. No, it is from the document.
13 32 Q. You didn't know of Guinness & Mahon Jersey Trust
14 company or College Trustees?
15 A. I knew Guinness & Mahon like other banks in Dublin
16 operated trusts. Guinness & Mahon were not the
17 only one in Dublin.
18 33 Q. They had a subsidiary which managed trusts?
19 A. Yes.
20 34 Q. You didn't know the name of it?
21 A. I learned more information from the document here
22 than the knowledge I would have had.
23 35 Q. I want to look at a document on page 31. This was
24 an internal document of Guinness & Mahon. You will
25 see that it is dated 23rd January 1979. The
26 photostat is obliterated. It is to Mrs. Cahill
27 "re letter of wishes of Paul Carty (Exhibit 2)."
28 A. Yes.
29 36 Q. How does your name appear on that?
8
1 A. Can I say, Mr. Costello, I did request sight of
2 documentation -- I know you don't have to give it to
3 me -- before this meeting. I just make the point
4 out of courtesy of procedures. I would have
5 expected that I wouldn't get surprises. I am
6 disappointed that...(INTERJECTION).
7 37 Q. I am sorry we cannot get into an argument?
8 A. I just make the point.
9 38 Q. I want to tell you, we have very good reasons why we
10 adopt the procedures we adopt, Mr. Carty.
11 A. Okay, thank you. First of all I will say at the
12 outset, I have no trusts or offshore money and never
13 had. The letter of wishes that is spoken about
14 here I would think might relate to a situation where
15 I knew I was a beneficiary from my mother's and
16 father's trust. At one stage I was going away.
17 I put a letter, which is a very small letter of
18 wishes -- I don't know if Guinness & Mahon still
19 have it -- saying that if anything untimely happened
20 to me how it would benefit my family. That is all
21 that relates to. It does not relate to money of
22 mine.
23 39 Q. Do you remember this, Mr. Carty?
24 A. No, I don't remember it at all. This is a surprise
25 to me. But it is 1979.
26 40 Q. Of course, it is a long time ago. I am wondering
27 how there is a document on the file of
28 Guinness & Mahon which refers to a letter of wishes
29 to be signed by you. "The attached letter for

1 safekeeping."
2 A. I know I did a letter of wishes in that context.
3 41 Q. Explain to me why if you were a beneficiary under
4 the trust you would write a letters of wishes ?
5 A. Purely from the point of view that if anything
6 happened to me and my mother and father, that I was
7 a beneficiary under the will and the trust. I would
8 have thought that would flow then automatically to
9 my estate.
10 42 Q. Have you experience of discretionary trusts?
11 A. Not great experience.
12 43 Q. Have you ever assisted clients in discretionary
13 funds?
14 A. No, but I would have been familiar with
15 discretionary trusts.
16 44 Q. We know that discretion is given to the trustees.
17 They have absolute discretion?
18 A. Yes .
19 45 Q. The discretionary trust scheme depends then on the
20 trustees carrying out the letter of wishes which the
21 settlor gives them. You knew that?
22 A. I knew that.
23 46 Q. You were not the settlor, Mr. Carty?
24 A. No, certainly not.
25 47 Q. How did it come about that you wrote a letter of
26 wishes and were involved?
27 A. Purely from my interpretation of that, automatically
28 thinking that if my mother's wishes were that
29 Paul Carty would benefit, I thought that would flow

1 to my children and my wife. Actually I would have
2 still thought that.
3 48 Q. A letter of wishes goes to the trustees?
4 A. Yes.
5 49 Q. How could a letter from you have the slightest
6 effect on the trustees if you were not an executor?
7 A. Other than Mr. Traynor knew the family and somewhere
8 along the way he is a trustee or part of the
9 trusteeship I would have thought in 1979.
10 50 Q. Did he mention this to you?
11 A. No, but he knew I knew of the existence.
12 51 Q. But did he mention to you about writing a letter of
13 wishes?
14 A. No, I did that myself.
15 52 Q. Do you remember doing this?
16 A. I have a vague recollection of doing something.
17 I have a vague recollection. I am just responding
18 with my vague recollection.
19 53 Q. If we can move on, Mr. Carty. When did your father
20 die?
21 A. 12th December 1987.
22 54 Q. When did your mother die?
23 A. 15th June 1990.
24 55 Q. During the period when your father was alive did you
25 ever obtain any funds from the trust?
26 A. No.
27 56 Q. During the period that your mother was alive did you
28 ever gain anything from the trust?
29 A. No.
11
1 57 Q. Did you know how your father used the funds?
2 A. No, I didn't know how he used them. They were quite
3 sensible and if I might say, they didn't spend much
4 money my parents.
5 58 Q. I take it, Mr. Carty, if you didn't know before you
6 would have known from the papers about the Ansbacher
7 accounts?
8 A. Yes.
9 59 Q. And the coded accounts from Guinness & Mahon?
10 A. Yes.
11 60 Q. And the people with trusts were able to use... As
12 set out in our letter to you?
13 A. Yes.
14 61 Q. Do you know did your father utilise any of those
15 services?
16 A. He might have, yes.
17 62 Q. Can you recollect whether you were involved in any
18 way with that or helping him about getting funds for
19 him out of the money?
20 A. No.
21 63 Q. But he may have used a Guinness & Mahon account in
22 Dublin, a coded account in Dublin to withdraw funds?
23 A. He might have, yes.
24 64 Q. You weren't his executor?
25 A. In the end, yes I was.
26 65 Q. You were his executor?
27 A. Yes.
28 66 Q. Do you recollect whether the funds were referred to
29 in the affidavit of assets?
12
1 A. No, they were not referred to.
2 67 Q. You can get us the affidavit of assets?
3 A. I can make an attempt to get that, Mr. Costello,
4 yes.
5 68 Q. Who was your solicitor in those days?
6 A. Mr. Andrews of a place in Merrion Square called
7 TP Robinson.
8 69 Q. Were you executor of your mother's estate at that
9 stage?
10 A. Yes.
11 70 Q. Were the funds referred to in the affidavit?
12 A. No.
13 71 Q. Could you get us that affidavit too?
14 A. Yes.
15 72 Q. After your father's death did you have any
16 discussion with Mr. Traynor and/or your mother about
17 the money that was...(INTERJECTION)?
18 A. No, I think it continued on with my mother.
19 73 Q. That is what I am wondering, how that happened.
20 Was there any approach made to the trustee?
21 A. I understood from my mother and father that it was a
22 joint type of trusteeship. It wasn't one person.
23 74 Q. Mr. Carty, the usual form of trust is for a father
24 or a husband to establish a trust and state who the
25 beneficiaries are. They would include himself, his
26 wife and his children perhaps?
27 A. Yes, I understand that.
28 75 Q. What you are suggesting is that it wasn't the usual
29 form, that it was a joint trust?
13
1 A. Yes, I am suggesting that it was my mother's money,
2 not alone my father's money.
3 76 Q. You think they both set up a trust?
4 A. That is what I think, yes.
5 77 Q. Do you know, was any money transferred to the trust
6 in the life-time of your father?
7 A. No, at the beginning. Nothing after that.
8 78 Q. You never contributed to it?
9 A. No.
10 79 Q. As far as you know nobody added money to the trust?
11 A. Certainly not.
12 80 Q. Then, Mr. Carty, after your mother's death what
13 happened?
14 A. I would have met Mr. Traynor on other issues,
15 Mr. Costello. It was mentioned. And there was
16 some difficulty with one of the family. That is
17 why the trust didn't get terminated until
18 October 1993. I have a brother in Germany. There
19 were some difficulties there. Mr. Traynor did
20 speak to me. I spoke to my colleagues and my two
21 other brothers and in October 1993 the trust was
22 terminated and a distribution was made. I never
23 saw any documentation or I didn't ask Mr. Traynor
24 for any documentation. I didn't ask for any proofs
25 of what was there. I just wanted to terminate.
26 81 Q. Did you ever get an account of...(INTERJECTION)?
27 A. No, nor did I ask. I think there were three
28 payments made.
29 82 Q. Did you know if your mother ever asked for an

1 account during her life-time?
2 A. No.
3 83 Q. Did your father ever ask for an account?
4 A. No. I have never seen any.
5 84 Q. Did you take any advice, Mr. Carty, in relation to
6 the funds that you obtained as to whether or not any
7 tax liability on you would obtain?
8 A. All my tax affairs are up-to-date, Mr. Costello.
9 85 Q. But did you take advice in relation to the obtaining
10 of these funds?
11 A. I understand the position as regards these funds.
12 86 Q. You took advice?
13 A. No, I took my own advice. I dealt with the tax
14 matters arising from that.
15 87 Q. There are a couple of matters that I want to refer
16 you to?
17 A. Certainly.
18 88 Q. There was a loan to a company called
19 Morris Insulation Ltd from Guinness & Mahon of
20 £20,000 in 1989. Do you recall this loan from
21 Guinness & Mahon to Morris Insulation Ltd?
22 A. I do, yes.
23 89 Q. I am wondering about the security. You gave the
24 security for this loan to Brian and Paul Carty?
25 A. Yes, Mr. Costello.
26 90 Q. Was there any other backing deposit for the
27 guarantee that you gave?
28 A. No, Mr. Costello. They were personal guarantees.
29 I think I signed a personal guarantee.

1 91 Q. You did, yes. As you know very well, banks very
2 frequently want a bit more than a personal
3 guarantee. They may want something else as well.
4 They may want a deposit?
5 A. I had no money on deposit.
6 92 Q. I have to ask you these questions.
7 A. I appreciate that, Mr. Costello. I don't mean to be
8 abrupt.
9 93 Q. I want to ask you about a personal loan much
10 earlier. In 1976 you got a personal loan of £5,000
11 or a bit over that from Guinness & Mahon. It was a
12 joint and several guarantee of Mr. Stakelum,
13 Mr. JF Donnelly and Mr. Michael Norris. You
14 remember this (EXHIBIT 3)?
15 A. I do, yes. That would be a company called
16 Computime, Mr. Costello.
17 94 Q. In the documents that we have you are personally
18 given the money?
19 A. Yes because we were investing in a company called
20 Computime.
21 95 Q. You were investing the money?
22 A. Yes. Mr. Norris, Mr. Stakelum and Mr. Donnelly and
23 myself. We must have been investing £20,000 in a
24 company called Computime.
25 96 Q. Cross guarantees were given?
26 A. Yes. What year was that?
27 97 Q. 1976 and the repayment date was 31st May 1976?
28 A. It was borrowed in 1976 and paid back in 1976?
29 98 Q. I am not able to say that. It just says what the

1 present balance was and it says the repayment date
2 was May 197 6. What I am concerned about is that
3 there was no backing deposit?
4 A. No.
5 99 Q. It was a personal guarantee?
6 A. Yes.
7 100 Q. Mr. Stakelum, was he involved with you in this
8 company?
9 A. The four people mentioned were shareholders in the
10 company. There was one other person who ran the
11 company. I cannot think of his name. But there
12 was one other person who was a managing director of
13 the company. This was a bureau computer business.
14 Bureaus were popular at that time.
15 101 Q. Mr. Carty, I have no further questions but
16 Miss Mackey would like you ask you some questions.
17 END OF EXAMINATION OF MR. CARTY BY MR. JUSTICE
18 COSTELLO
19
20
21
22
23
24
25
26
27
28
29
17
1 MR. CARTY WAS EXAMINED AS FOLLOWS BY MS. MACKEY:
3 102 Q. MS. MACKEY: Mr. Carty, getting back
4 for a moment to your
5 parents trust, who did you understand from your
6 parents to be the beneficiary?
7 A. The children.
8 103 Q. All four?
9 A. Not all four. It was either three or four, I am not
10 so sure.
11 104 Q. Why do you say that?
12 A. Because there was a little family -- these
13 transcripts are not made public?
14 105 Q. No, they are not made public. We don't need to get
15 into your family affairs. Did you understand at the
16 time that it was three or four. Did your parents
17 tell you?
18 A. It was three.
19 106 Q. They told you it was three?
20 A. Yes because of the other particular difficulty.
21 107 Q. Can I have the names of the other beneficiaries,
22 your brothers. Was it Brian and John?
23 A. So you know?
24 108 Q. I am asking you; I am not sure that they are your
25 brothers?
26 A. You must know.
27 MR. JUSTICE COSTELLO Mr. Carty, you are here to
28 answer questions.
29 A. I appreciate that but I don't want to be getting the
18
1 appearance of being ambushed, Mr. Costello.
2 109 Q. The question, Mr. Carty, is the names of the
3 beneficiaries. Yourself, your brothers?
4 A. From my understanding my brother, John, and my
5 brother Brian and Paul.
6 110 Q. That is the answer.
7 111 Q. MS. MACKEY: At the time of the
8 termination of the trust
9 you explained there that it wasn't terminated, it
10 was just after your mother's death because of the
11 difficulty with the brother in Germany, who I take
12 is not one of these three brothers?
13 A. No.
14 112 Q. When it came to the termination of the trust did
15 Mr. Traynor approach you or did you approach
16 Mr. Traynor about it?
17 A. After my mother's death he would have been at the
18 funeral. After my mother's death it was discussed.
19 113 Q. Can you tell me a bit about the discussion?
20 A. Yes. One of the difficulties was the brother that
21 was abroad.
22 114 Q. Why was that a difficulty?
23 A. It was a difficulty insofar as he would have seen
24 him having certain rights in my mother's will and
25 also to whatever else there was. So it was very
26 important that...(INTERJECTION).
27 115 Q. As I understand it, he wasn't named as a
28 beneficiary?
29 A. No. But it was important that we regularise all the
19
1 -- I didn't want anything reverting back afterwards
2 so it was important that we resolve all our
3 difficulties beforehand.
4 116 Q. That could have been made clear by production of the
5 trust deed at that stage which would clearly state
6 the beneficiaries. There would be no further doubt
7 then?
8 A. I am speaking of the letter of wishes as distinct
9 from the trust deed. The trust deed could have
10 said the four children. The letter of wishes I
11 think said something less.
12 117 Q. In fact you know what the trust deed said and what
13 the letter of wishes said?
14 A. No, I don't know what the trust deed said. I am
15 only trying to give you my best understanding.
16 There was this dispute within the family. The deed
17 could easily have the children of Patrick and
18 Beatrice Carty. But my understanding was the
19 letter of wishes did not have one brother provided
20 for.
21 118 Q. Are you referring to the letter of wishes written by
22 you?
23 A. No.
24 119 Q. That we have talked about here?
25 A. No.
26 120 Q. There was another letter of wishes?
27 A. My mother and father must have had a letter of
28 wishes, as I understand it.
29 121 Q. You understand that they did?

1 A. Yes.
2 122 Q. Did you understand this from Mr. Traynor?
3 A. Yes.
4 123 Q. What did Mr. Traynor tell you about it?
5 A. All he said is there are three children.
6 124 Q. He said to you that there was a trust deed which
7 mentioned the three children?
8 A. No, a letter of wishes.
9 125 Q. And that the trust deed, as I understand what you
10 said a moment ago, would have mentioned just the
11 children?
12 A. I think so.
13 126 Q. He Told you this?
14 A. I cannot be positive.
15 127 Q. What did he say about the letter of wishes?
16 A. The letter of wishes -- that there was Brian, Paul
17 and John.
18 128 Q. Were named in the letter of wishes?
19 A. Yes.
20 129 Q. Was the letter of wishes written by your mother or
21 by your father?
22 A. By both.
23 130 Q. Two letters of wishes?
24 A. One letter of wishes.
25 131 Q. One letter of wishes signed?
26 A. Signed, as I understand it from what I said to
27 Mr. Costello at the outset.
28 132 Q. Where would this letter of wishes be, Mr. Carty?
29 A. It would have been given at the very very early
21
1 stages of this.
2 133 Q. To who?
3 A. To Mr. Traynor.
4 134 Q. No doubt a copy of that letter of wishes should be
5 with the trustees in the Channel Islands. Would
6 that be correct?
7 A. It could be, I don't know.
8 135 Q. You said your impression would be that the trustees
9 were subsidiaries of Guinness & Mahon in the
10 Channel Islands. Would that be Guinness & Mahon
11 Jersey Trust or would it be College Trust ees?
12 A. I don't know which one.
13 136 Q. Would you write to both of those entities and ask
14 them?
15 A. Yes, if you give me the details.
16 137 Q. We will give you the address after the interview.
17 That is to Guinness Mahon Jersey Trust in the
18 Channel Islands and to College Trustees. And ask
19 them for a copy of the trust deed relating to your
20 parents and the letter of wishes. And if they have
21 any other documentation relating to the trust?
22 138 Q. Do you know if the trust had a name?
23 A. I don't know the name.
24 139 Q. Getting back to the termination, Mr. Traynor talked
25 to you about it just after the funeral?
26 A. Yes.
27 140 Q. Was it he who pointed out to you that there was this
28 difficulty?
29 A. No, I would have pointed out to him not to do
22
1 anything for the moment.
2 141 Q. Why would you have done that?
3 A. Because of the dispute that was going on with my
4 brother.
5 142 Q. Did he then tell that you that there was this
6 discrepancy between the letter of wishes and the
7 trust deed?
8 A. No.
9 143 Q. When did you learn of that?
10 A. I didn't associate any discrepancies to tell you the
11 truth. At the end of the day it was the letter of
12 wishes I was more relating to than the deed of
13 trust. Nor did he refer to the discrepancy.
14 144 Q. You asked him to do nothing for the time being?
15 A. Yes .
16 145 Q. Then time passed. Who next raised this?
17 A. I raised the issue when matters were resolved with
18 my brother abroad.
19 146 Q. You asked Mr. Traynor. What was the content of
20 that?
21 A. My view was that the wish was to terminate the
22 trust.
23 147 Q. That wish was expressed on behalf of your whole
24 family, was it?
25 A. My two brothers and myself.
26 148 Q. What was the next step that occurred.
27 What did Mr. Traynor do?
28 A. A distribution took place of a certain amount of
29 money. I think equal amounts of money.
23
1 14 9 Q. Did you inform Mr. Traynor in writing that you
2 wished the trust to be terminated at that point?
3 A. No.
4 150 Q. You met him or you spoke to him?
5 A. I probably met him, yes.
6 151 Q. What did he actually do in order to terminate the
7 trust?
8 A. All I know is that cheques were distributed.
9 152 Q. To you and your two brothers?
10 A. I don't recall any formal letter.
11 153 Q. I don't have any further questions, Mr. Carty.
12 Thank you.
13 MR. JUSTICE COSTELLO Mr. Carty, we usually
14 adjourn for a cup of
15 coffee. We will adjourn now. We won't detain you
16 much longer.
17 A. Not at all, you do that.
18 154 Q. If we come back in about five or ten minutes.
19 A. Certainly.
20
21 SHORT ADJOURNMENT
22
23
24
25
26
27
28
29
24
1 MR. CARTY WAS FURTHER EXAMINED AS FOLLOWS BY
2 MR. JUSTICE COSTELLO:
4 155 Q. MR. JUSTICE COSTELLO: Mr. Carty, there is one
5 matter that I wanted to
6 clarify. That is about when you think your
7 parents' trust was established, the approximate
8 date?
9 A. I would say 1971.
10 156 Q. 1971?
11 A. I would say so about that time.
12 157 Q. I am just wondering how it came about that the
13 letter of wishes, which you signed, was made in
14 1979?
15 A. My children were all effectively -- there were three
16 children around that time.
17 158 Q. That is how?
18 A. That is how it.
19 159 Q. Do you remember who you gave the letter of wishes
20 to?
21 A. I would say I gave it to Mr. Traynor.
22 160 Q. Very well, Mr. Carty. Thank you, Mr. Carty.
23 This will be transcribed and Ms. Cummins will be in
24 touch with you. We would ask you to come in and
25 sign this transcript?
26 A. Certainly, yes.
27
28 THE EXAMINATION WAS THEN CONCLUDED
29
25
§> C j ^ C X V O
\ \ vv\oo
jg E*Hv&lT | Wenne',
r^S. Deerpark,
CastteknockRaac
• ~ Dublin 15.
26* April 2000 J
OfSce-af the Inspectors

to Ansbacher (Cayman) Limited
3r d Floor *
w
Trident House
•ff Blackrock
Co Dublin
. -1
flV^rt T^MTtjfm Try lata jpargqta did have aritomttioagytTOStfa "Wfaich I Was a
beneficiary. ThnfHfffTVWfft'TrP^T"1*^ my mfrfher'a death and termination
appointments ware in or Efcound October 1993 through Mr. JJD. Traynor. I
shared in such appdixtaieatBt &at&np.'
Yours faithfully,
Paul Carty
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Appendix XV (10) DHA Cecil
DHA Cecil.
a) Guinness and Mahon Minutes of Meeting of 26 March 1975.
b) Letter of 25 March 1975 from Guinness and Mahon to DHA Cecil.
c) Letter of 25 March 1977 from Guinness and Mahon to GMCT.
d) Letter of 12 November 1975 from Guinness and Mahon to Gombrette Ltd.
e) Internal Guinness and Mahon document headed 'Gombrette Limited' and

referring to funds held by GMCT.
f) Letter dated 29 September 1977, John Collins - JD Traynor.
g) Letter dated 2 December 1976, Guinness and Mahon - John Collins.
h) Internal Guinness and Mahon memo dated 18 October 1977, P.O'D -

J.D.T.
i) Guinness and Mahon file note headed 'Christopher Woodward Non

Resident Loan'
Minutes of Meeting held
on 26th March, 1975
at 9.40 a.m.
PRESENT: Mr. J. H. Guinness

Mr. J. D. Traynor
Mr. M. J. Pender
Mr. D. Watson
Mr. P. O'Dwyer
Mr. I. W. Kelly
• Elv
•• .))
^056;
I.W.K. reported that, generally speaking, the market remained quiet.
However, Dublin one month funds show an upward tendency because of
make-up day.
**059: It has been agreed to advance a sum of £179,616 to Mr.D.H.A.Cecil

) for a period of six months against lodgement of 700,000 shares in
Jamaica Sugar Estates Limited and the_Guarantee of G.M.C.T. who are
j hypothecating funds with us equal to the Loan.
/ - k . /iir.
lu
GUINNESS & MAHON
«»r*w.nm> uw
4MN K. MMHm «M«(|WM 17. C o l l e g e Green,
WUMM m* I. MAM««#%«
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A. Willi Mltwna MI«M4IW
MIITAIIV
• tjJJMWACRIN RCGISTEREO OFFICE.
mams, ousun rstcx: sao*
WtlfMOWi; OUiUW 111444
KCS.NO. I9IM
Mr. D.H.A. Cecil, PO'D/JB

c/o C.D. Alexander,
21, Wilton Place,
LONDON S. W.I 25th March, 1975
D e a r Sir,
»
We refer to recent negotiations and now write to confirm that

we i r e prepared to malice available to you bridging finance,
subject to the following terms and conditions
(1) Borrower : Mr. D.H.A. Cecil
(2) Maximum £179, 6l6.85 (one hundred and seventy nine

Amount ; thousand six hundred and sixteen pounds
eighty five pence)
(3) Term : All fundsâdvanced are repayable on

•t demand but, ir. any case, not later than
* the 26th September, 1975.
i
(4) Interest Rate : We propose charging interest on the loan at
13% per annum. Interest will be debited
by us to the account on the 31st March,
30th June and at maturity of the loan. We
shall apply to you immediately after the
aforementioned dates for payment of interest
due.
C O N T I N U A T I O N S H E E T N9 j
(5) Security : We shall require that you complete a Blank

Transfer over 700,000 shares in Jamaica
Sugar Estates Limited, transferring the
shares in question into the name of our
Nominee Company - Mars Nominees Ltd.
Such transfer, with the relative share
certificate, will be retained by us as security
for the loan. In addition, we shall require
a Letter of Guarantee signed by Guinness
Mahon Cayman Trust Ltd., supported by a sum
equal to the loan hypothecated in our favour.
We enclose herewith a copy of this facility letter for signature by

you and return, thereby confirming your acceptance of the
facility on the terms mentioned. We also enclose a signature
card for completion and return.
We are pleased to be of assistance to you in this matter and

should you be in doubt regarding any particular aspect of the
loan, please let us know.
Yours faithfully,
for GUINNESS & MAHON LIMITED
Banking Manager
Loans Officer flst&l*--* 'H.
flt^
, "--Jr.
• "I. .•
. . , . .—...
L.'f . - . .f. « ••=><1
V
; . •• . ; v" ' " ' ~ -
. -rj&r-- ' •
IMT W* i IWvAp
•i• * mt ' . . «. j>» t
^ysr***^- "
/ 2Stk. Nardil A
I
* . ' . • * •
Ntk* SMald./Csq.,
Sulnftati'MahM font Ltd.
P.O.Iox. 187,
(raid Cumm*
M I TUN WEST HDIES.
.-m . m.c.t. > 3 jiccpmrr m gen low.

Daar Mks,
I conffm havingrollad the deposit and loan tlx Mnths to aatur*
an tha Mth. Saptaabar, 1977.
X return harerith slmad copy 1attar ra qcadlt of 125,374.55 to

Sundry Sob. Caapany Account.
Yours rlncaraly.
TXUBIW.—
MNMOt ACCOUNTS.
o r .
Enc/1
a\M GUINNESS-f-iVlAHON LTD
^SInKESS 17 CoNeye Grc«n Dublin 2 PQ Box 55A "telephone:782^44
Our Ref: PO'D/MR. 12th November, 1975.
The Secretary,
Gombrette Limited,
La Motte Chambers,
ST. HXLIER,
Jersey.
Dear Sir,
Ve refer to our Facility Letter dated 14th Hay 1975, placing
at your disposal a facility of £247,500 (Two Hundred and forty
Seven Thousand Five Hundred Founds) to enable you purchase 900,000
Jamaica Sugar Estates Limited Ordinary Shares. Taking into
consideration that the facility matures on the 16th inst., we
hereby confirm that we are prepared to extend your Loan for a
further period, subject to the following terms and conditions:
(1) You may continue to avail of the facility by way of Loan
o Account.
(2) In accordance with normal banking practice, all sums being
availed of are repayable on demand, but in any case not later
than 31st March 1976.
(3) Ve propose to continue charging/A titer est on the facility at
14{% per annum, such rate ahaSU be applied to the Loan during
the extension now being granted. Interest shall be debited to
the Account on the usual quarterly dates and we shall apply to
you immediately thereafter for payment of same.
(4) As security for the Loan, we confirm w® are holding 900,000
Jamaica Sugar Estates Limited Shares in the name of our
Nominee Company - Mars Nominees Limited.
Ve enclose herewith a copy of this letter for signature by
your authorised signatories and return in due course, thereby
Continued ...
Trichoma: Mar* OuMnTolcc 9303 u*i*9«ig Otracxn Jdw H Ggmnn* (Cluiimuil WJkw O. L Nnxxxt. J. Dtvwd Trevn*. Mhk. f. O
0*>C» 1,70 JCo—Own. Out-* - CMtriM Owwifl<*w>0 CUphwn. P DwWf. 0*~«l T. O'Cawwr. )
tajMMra* ,S
VaEmcuM Omcnn: Mara* W. e»«n«. A Pmr B. G » « m KMtE. a P Qummm. A CkHw I m Jw
Stcnwf. G m u C. A McCrackm.
A m m * •< Ik* Gummu Pmi OfMC
B/QMI/O0O3O1/VOL79 2393
Continuation Sheet No. I
Gombrette Limited 12th November, 1975,
confirming your agreement to the extension now being granted. At

the same time, perhaps you would also kindly arrange to let us have
a Board Resolution confirming the continued borrowing.
Yours faithfully,
P. O'Dwyer,
Loans Officer.
B. J. McLoughlin,
Authorised Signature.
GOMBRgPEE LIMITED
Balance: £274,741.71
Limit: £274,741.71
interest Rate: 1%
< i
Fonda hold by Guinness Mahon Cayman Kruat.. As security for tha
Loan we have received a guarantee signed by Guinness Mahon Cayman
Trust.
irs
•l
n.
Appendix XV (10)(l)(f)
JT^' GUINNESS MAHON CAYMAN TRUST LIMITED -r-
A Mambar Mia <Julnn»»» Malion Marctiant Banking Croup
Talaphon* No B-AJJS3/4 Ra Bm ear
Tala* CP 303 • Grand Cayman
M U M M M Quion»»» British Wast IndlM
29th September, 1977
yourraf
ourral JAC:ee „, •<
V" ...
Mr. J. D. Traynor
Guinness s Mahon Ltd.
17, College Green
Dublin 2 ~
(X-U \ \j-j-
v
v A
IRELAND
Dear Des,
UOKHS -fr DEPOSITS Rg J.SVE.
Pat O'Dwyer has recently telexed re renewal instructions for

two of the above situations. I have also recently discussed
with Hugh the situation and it is obvious this is not going
to be the profitable operation they initially foresaw. In
this light he has asked that we eliminate the interest rate
factor which was going to hira and just charge the differential.
In practice this means all deposits carrying no interest and
loans being at 1%. I should be grateful if you would ask
Pat O'Dwyer and Ru Leonard to arrange this as from 1st October
1977 if you do not have any objection. I enclose a schedule
^m^ of the loans and deposits.
We were in fact charging a further Jj% here but will now drop
this. Is there any room for sharing your 1%?
/-"n Hugh is in negotiation with the Jamaican Government for them
to purchase the sugar assets. Re rejected their first offer
and is hopeful for a bigger one, but I cannot see the money
available to shareholders coining anywhere near the current
loan/deposit figure.
/ n
Yours sincerely,
end
fr
(^.CfoHH A.
COLLINS
Appendix XV (10)(l)(g)
Our Kef: PO'D/MR. 2nd December, 19?6.
Mr. John Cot Una,

Oulnneaa Mabon Cayman Tmat -Ltd.,
P.O. Box 887,
GRAND CAYMAN,
British Waat Indlea.
fTo^J^J
D. H. A. CBCIL Loan A/e 679,747.44.

Interest to Slat Dee 2.788.98.
m.suUa.
GOKBRXTTS LTD Loan A/a £301,356.76.
Interest to 31st Deo 11.298.81.
wi»!«B.1M.
Dear John,
I a bow above the balanaea of tba Loan Aoeoanta In the
names of Mr. Cecil and Gombretta LI sited aa at l i s t Deaember.
1976. It baa been agreed to extend the.facilities for a
further period and I have, therefore, fcarked av records to
the effect that the Loans will mature on the 30th Jtine, 1977.
We propoae to continue charging interest on the Loana
at 13ft and .144% reapeotlvely. a l l other oondltlona applicable
to tha faoliltlea aha11 remain unaltered*:
Kindest regards.
Tours alncerely,
P. O'Dwyer,
Loans Offleer.
Appendix XV (10) (l)(h)
e / L O A N / O H A CECIL. 3
• n .n-..
:.o?d . to 13* J»
> J. :• i.. '•><!.

>. •^•••y- ^rr-:'^:---- ' ''••.-Vii".-.i'""
s
•vwv /,- g,yj . »

, .. !!•_•»'» J 'i. 2. rêan*
..iToliooria.f • x;sffoarrtapoadajwa— witlx
-11.1. Joba Rsrss, I slsb
to-iiaKiiara tils® i^lXaaia®. Iw»a» terra ba«a extended for a
P®arried of oaaa jwk? t© sHart Cetebasr 1073- at l l
S123.S31.07
2130,CC0.C0
I S affactiv® 1st Cetobar
IDatf 3l3t Catobar 1978.
2kJ»rwat, aata..^.:, atfaotivv 1st Octcbar

31st October 1978.
0323BZSTT3 LIMITS© • Eatlaaaca- • £343,746.57

'•' iliait' £37»,CC0.C0
. 'laitarast Sate 1% affactiya 1st October
JSaturiiy Data 31at October 1978,
• I haT-a aot rapli^d - i© John Collia'a iattar rosardlag tha

•gasotioa c 2 aJsayias. IfS. Plaaae ma m v a ôor instructions
s&oald you aa to xspI7.
Appendix XV (10) (1) (i)
CHRISTOPHER WOODWARD
DON RESIDENT LOAN.
£135,900.00
Review 13th May 1978.
By way of Loan Account.
9% .
Share purchase..
"Suitably Secured", f feWfc
sVo^fc CteV W * . l o a o o o SIwmcw U v s+vnvuA
No facility letter Issued.

Appendix XV (11) Celtic Helicopters Limited
Celtic Helicopters Limited.
a) Celtic Helicopters Limited Credit application.
b) Letter of 27 May 1991 - JD Traynor to IIB.
c) Letter of 27 May 1991 - Ansbacher Limited to IIB.
d) IIB credit committee application of 28 May 1991.
e) Letter of 30 May 1991 - Ansbacher Limited to IIB.
f) Letter of 30 May 1991 - JD Traynor to IIB.
g) IIB statement of 19 November 1991.
h) Letter of authorisation of 30 May 1991 - Ansbacher Limited to IIB.
i) Letter of authorisation of 30 May 1991 - Ansbacher Limited to IIB.
j) Letter of 30 May 1991 - Celtic Helicopters to IIB.
k) Letter of 31 May 1991 - IIB to Ansbacher Limited.
1) IIB cheques in favour of Guinness and Mahon and Celtic Helicopters of

31 May 1991.
m) Cheque in favour of IIB dated 14 September 1991.
n) Cheque in favour of IIB dated 1991.
o) Letter of 23 January 1992 - Ansbacher Limited to IIB.
p) Letter of 7 February 1992 - Ansbacher Limited to IIB.
q) Letter of 14 February 1992 - JD Traynor to IIB.
r) Letter of 17 February 1992 - JD Traynor to IIB.
s) Internal Guinness and Mahon memo re Celtic Helicopters Limited credit

application.
t) Letter of 5 March 1992 - IIB to Deloitte and Touche.
u) IIB internal memo of 6 March 1992.
v) Letter of 9 March 1992 - Ansbacher Limited to IIB.
w) Letter of 9 March 1992 - IIB to Celtic Helicopters Limited.
x) Letter of 10 March 1992 - IIB to Ansbacher Limited.
y) Letter of 11 March 1992 - Haughey Boland Deloitte and Touche to IIB.
z) IIB letter of guarantee of 12 March 1992.
aa) IIB internal memo of 27 April 1992.
ab) Letter of 16 April 1993 - JD Traynor to IIB.
ac) Letter of 20 April 1993 - JD Traynor to IIB.
ad) Letter of 21 April 1993 - IIB to Celtic Helicopters Limited.
ae) IIB facility letter of 21 April 1993.
af) Letter and enclosure of 23 April 1993 - Hamilton Ross Company Limited
to IIB.
ag) IIB internal memo of 4 May 1993.
ah) Letter of 5 May 1993 - IIB to Jet Aviation Business Jets AG.
ai) Letter of 8 September 1993 - JD traynor to IIB.

C7TLTTC KVT.Tm-pwrRS T.TOTTm
CR5DIT APPLICATION
BACygRouyp
Celtic Helicopters is a Dublin based helicopter operating

business. We have been requested to provide a ten month term
loan facility of IR£150,000 to this company supported by the
guarantees of the promotors. In addition to this support, we
will initially receive the guarantee of Ansbacher Limited,
supported by a lien on IR£150,000 cash deposited with IIB.
This is an interim security arrangement which will be replaced
as soon as practically possible by the guarantee of KB London
secured by a charge on Stg£175,000 deposits placed with KB.
CELTIC H1SLT COPTERS LTD - TRADING AMD FINANCIAL INFORMATION
The spread shaats summarise the audited trading and financial

accounts for jCeltic Helicopters for the years ending 31 March
1989 and 1990. Attached are the P&Ls and Balance Sheets for
the 6 months ending 30 September 1990. Notwithstanding a
substantial increase in turnover between 1989 and 1990,
profitability remained relatively static at IR£28,000. The
six months to September 1990 show a profit of IR£5l,00 which
represents a IR£20,000 decline on the same period for the
previous year. This is largely attributed to exceptional
costs arising in the maintenance of the helicopter fleet.
As at September 1990, the financial position of Celtic

Helicopters was highly leveraged with borrowings of IR£900,000
and shareholders funds of IR£279,000 of which IR£148,000 was
made up of a revaluation in respect of two of the company's
helicopters.
PROPOSAL
It is proposed that we provide a IR£150,000 cash backed

facility to Celtic Helicopters secured by a Sterling deposit
in an amount of Stg£175,000. The facility will be a demand
one and as such should we be unhappy with the level of
security cover, we will be in a position to request improved
cover.
ASSESSMENT fr• MCQMMSFPATI???
As a cash backed facility, this is an acceptable proposal and

is recommended for approval.
Appendix XV (11) (1)
;
27th 1991
Ma. Siobhan Lynch,
Maaager - Sankin?.
I r i s X Intercontinental Saak Limited r
91 * Merrion Stp.fare,
DC7BITN 2.
•H
V
Re: C5LTIC HELICOPTSR3 LIMITED
Dear Slohhan,
Attache* h e r e t o :
<1 ) Cor-v of 1t-v Accounts f.r,v th« year en-fte*! 31 a t March
199 3 *.
("2) "opy of V-ar.avfwnfc Accounts fotf t h e 6 ^Tenths ended 3 0 t h

• «
(3) C e r t i f i e d t r u e copy of fcha ,:e«n6ran,Hw*and A r t i c l e s o f
Association. ,
(4) Schedule showing nirector.-i, âcrefcarv .in.-1 Shareholders^.
\ : t
The <~0-U>any 3 , 8 aiixioos t o g o t a ltoan o f in£15P # 0Q0 ho be r e p a i d
on o r before 31 s* »*arch 1993 j Câran ^laughoy ami John
B a r n i c i e w i l l s i g n a j o i n t and s e v e r a l guarantee.
th
I woul-i be g r a t e f u l i f yea c o u ! 2 c o n s i d e r and contact n e .
Yours s i n c e r e l y .
J.D. Traynor
JDT/AJV
Bee. p.p. Carty, Bsq

Appendix XV (11) (l)(c
f- lO*
" Ansbacher Limited
A Member of ihc Henry Antbaefw HoMitt* PLC Merchant
Please reply to: P.O. Box 387, Grand Cayman. British Wot India
Phone (809) 949-4633/4
42 Fitrwilliaxn Square, Tetac CP 4305
Dublin 2. Fax (*») 949-7946
Tel: 765144/76X65 <*») 949-3367
Fax: 612035
27th May, 1991.

Ms. Siobhan Lynch,
Manager - Banking,
91 Merrion Square,
DUBLIN 2.
Dear Siobhan,
I have written to you under separate cover in connection with a
facility for Celtic Helicopters. Ansbacher will, as usual,
place funds and sign the usual documentation in connection
therewith.
As the funds, however, are required urgently I would like to
suggest that Ansbacher would guarantee the facility, and open a
separate Deposit with you in connection therewith authorising
you to transfer the funds to Kredietbank when matters have been
finalised.
I would be grateful if I could hear from you as soon as possible.
Yours sincerely,
J.D. Traynor.
JDT/AJW
S3 : [IB Acc.Xuaber.
tef: J. REYNOLDS Oats: 2« KAT '91
lext leTiar date: 31 HAiCH '92
EOmEt(S): DRASE2(S)
lilE: PSOFSEL: HUE: OQOHT&T:
1. CELTIC HELIC0PTE2S LTD.
3. m mass is iio IEP
JM8 CELTIC BEUCOPfOS UD B0BME2 Date:

cm THH: 0.245
stm Dublin Airport Td: 0.245
s—QgaEtt Ireland total Assets: 1.256
jJL.STAOTS Prirata Coapany Sales: 0.615
3HED Carr.Cash Fl: 0.124
v . . sna JJgU
G2C0P Celtic Eelicoptars CffittAsroi Date:
COTJ2 LE3DK3S Bank of Iralaad, Guinness ( Hahon IBS:
ICS:
Total Assets:
TOSDESS LEIE Helicopter operator Sales:
a n ACE CODE : curr.cash Fl:
Exchange late : H/A
C2EDITLIH2S Df HATIQHAL CQ22EBCT OP IEF0SHK OHIT: . NR: IEP
32 COTSWHDOG GHAHTSD/ •3EQ0ZSTED JGOT12 C DESCRIPTION OF E E KWJ2ITY

APPROVED XEQOEST 0 C2EDIT LUES AHD UHUS SUE
150 Cadi badced deaasd facility 31/3/92
T - - 150 GSOOP HISK: 150

t
mTPZP.WRXTrHG and snttP^TTCTPATIONS N/A

Total Facility : Agent
Position in Syndicate - : Arranger
Original Underwriting KB: Final Take
Amount still to be sold :
Hame of Subparticipant(s) : Amount
S P S C X f I C KBrPAYHEaTT SCflSPTOB
Date Amount Comment
/-"V3/92 IR£150,000
1 anri f;r>T,I.fVraaAL
1. Joint and several personal guarantee of Messrs. Ciaran Haughey and
John Barnicle.
2. Guarantee of Ansbacher Ltd. supported by
3. Lien on IR£150,000 cash deposit with IIB.
(2S3 to be rflPlacqd in due course by)
*
4. -Guarantee for Stg£175,000 of KB London'.secured by charge on deposits

placed with KB London amount outstanding as at any time under the
loan facility (less the margin).
^ TTMG SECURITY RKVi^MH *?TO TIT ORDER:
N/A
Type Amount compliance
TSKHS a n a cQSPiTiQwa
Cnt. Base Margin Calc.Meth. Period Application
field
DIBOR/LJBOR 1% Actual/360 days 1 year DIBOR/LXBOR

to be fixed
over period
of facility.
FEES
Pee Type % Calc.Meth. Period Application

field
Ojjîonal Currencies
Drawing Scheme Fully drawn.
Availability Period N/A
Put Options Yes
Tax - 1SHT N/A Tax Credit : N/A Tax Clause :
Law Irish Jurisdiction s Irish Grossing Up
Usage of the line: 109%

Capital Adequacy Ratio: weighting'oil used portion Nil/20%
weighting oh unused portion N/A
Minimum Margin N/A
otive Margin 1%
si. fees)
Return on equity - - no drawdown :
• - 50* drawdown :
- 100% drawdown :
^Return on committed amounts
no drawdown :
- 50% drawdown :
- 100% drawdown :
»
interest Status: N/A Interest Booking: Accrual
ilassification :
Low risk
>rovis ion-exist: Hew Proposed N/A
N/A
mATTfflT^TTTP
)ate Contact : 28/3/91 with : Oes Traynor

Purpose Contact: To discuss loan Role : Consultant
to Borrower
^ciliary Business: Deposits
.titiih PROFITABILITY N/A
N/A
Sith : DOSS For :
QW THE BORROWER
Ratings
Short Long Cap.
Rating a g g n q y Sasai wgaitv watch
H/A
TIH6
Miion: unqualified By: Haughey Boland 6 Co.
KMRf SgftRTBROIiOBRS
Name Nationality Part. *
ciaran Haughey Irish 30
John Barnicle Irish 30
Mars Nominees Irish 40
•o
TScqTIVE
•urpose:
To seek approval for loan,
[ajor Risk Factors:
Documentation.
Currency fluctuations.
fajor Strong Points:
^ Acceptable return given security and demand nature of facility.
Ve Account Officer:
Recommend approval.
ASSOCIATE'DIRECTOR
DECISION OF IIB
CREDIT COMMITTEE: APPROVED
•~pvo<3 by:
DIRECTOR
App. No:
Sent to Rredletbank for on
Ansbacher Limited
A Mtmbtr of th* Htnry Antbachtr Holdings PLC Merchant Banking C
Please reply to: P.O. Box 187. Grind Cayman. British West » H r i
Phone: (109) 949-4*33/4
42 Fitzwilliam Square, Telex: CP 4305
Dublin 1 FMK (809) 949-7946
(809) 949-5367
Tel: 765144/763065
Fax: 612035
30th May, 1991

Ms. Siobhan Lynch,
Manager - Banking,
91 Marrion Square,
DUBLIN 2.
Re: CELTIC HELICOPTERS
Dear Siobhan,
I have pleasure in enclosing herewith:
(a) Letter from Ansbacher.
(b) Copy of my letter to Garrett..
» (
As you want the Guarantee from Ansbacher to be under seal I

have sent both copies to Cayman by Courier and will return
them to you as soon as they come back.
I hope to get Mandate etc. in to you early in the morning and
would in that event wish to have two drafts picked up before
lunch
1 payable to Celtic Helicopters for £50,000.00
1 payable to Guinness & Mahon Limited for £100,000.00
Many thanks for all your help.;
Yours sincerely,
J.D. Traynor
JDT/AJW 9JOJ5
Appendix XV (H)(1)(f)
Jp'
4
•M
30th May, 1991

Garrett Logan, Bag.,
Irish Intercontinental Bank Limited/,
91 Mexrion Square,
DUBLIN 2.
Dear Garrett,
Could you please arrange the transfer of Stg,E175,000 from
Ansbacher Limited No.1 Call Account No.02/0ip87/81 to a new
Deposit Account in the name of Ansbacher Limited.
Please let me have a note of the number of this new Deposit'
Account as s.oon as it has been opened and also advise
Siobhan Lynch when you have done so. 0
Kind regards, t
Tours sincerely,j
J.D. Travnor
DPC - Please debit S.8
JDT/AJW
PIMM Ml* kllMillwa.lv < ulm a
ibmM«<tMi)H*
CHV
*"S0At..6« UlrtlU»-
c / o CORPOHAtE SEHVICFIS
AI.SBAClHH d i m e s
nusK NMMCONNNEKTAI. BANK LTD.
STATEMENT C/U COÔKATB SBBVICSS 91 MaikmSqum
I*?"... DuMiil
T*KPHONR (01) 6I9M4
TAIN: 33333
A;CJ 02/02115/77 taoiniilc (0I)7I?034
B < , H M S
OfcP Olil »*»»0
VTATIM8NT OAtlx 19H0VV1
PAGE NO* OAI
VMM I cMorr •AUNOt

, RATI OCT AILS
DAT! U.UU
,P1«*V»1 OROUISHT FUM.MR0 ••
175/UUU.OU 1?5#UUU.0U
JV 1U667» N6U CB HATt 11.Z5S 3UKAY91 17**6/2.UV
LOBGEflElir 30JUMV1 1*672.UV
J 30JUHV1 INTEREST TU 30JUH91
j?
i
.l-
ii
> •
IN TH| IVINT OUfMCS fUAIf WMTI OVMORAWN IALANCII Ml MAMIO O

TO OIWI INTHNAl AUCrr SIPANTMIMT. PIMM Ml* UlM W«4IM lllllH* MIW Hi*
•bom dM* 4a ml tppMt M Ma •UIMIM
AIISUACKEH LIMITED
C / 0 COltPUP.iTk SERVICES
FO. 3<a 37. Coarf
- '> L> » » > \
a
V
J*
To: '/
Irish in tar continental Bank Limited, ;
Marrion Square, "<r
EOBLXH 2.
Efa hereby authorise and empower you ponding payment .-of any Bills,
Botes, Overdrafts, Loans, Guarantees or other contirfgencies in
respect of which ve may be liable to you either directly, Jointly
•ith others, as collateral for>3 third party or in any othar manner
•'•§Stetsoevar,and notwiîiSandingCh^t sqch liability may be currant,
tô hold all moneys wJvL4n now or hareafEar may stand to our credit
v Deposit Account Ncfi QzJ&xnt/n oryotharwisa and in whatever
security.for all sich liabilities as
ante as se
-currency as being ava^Lla
aforeaentioned.
Furthermore you are authoPTsei—frydet off and apgly such moneys or
any part thereof, from time to time in or towards- satisfaction of
such liabilities entirely'at your own discretion'without further
notice and such set off will be a good and valid: discharge of . such
aoneya so applied "without any further endorsement or authorisation
vhatscevar. ' ?
\\
Dated thi^s 30 th day of May ? 991
•signed:
For and on behalf of AN3B LIMITED.
JDT/AJ'A
J*
so
• \
UGOl
Jr\
r>
Ansbacher Limited
A Mimbtr of (he Henry Ansbacher Holdings PLC Merchant Banking Group
P.O. 3ox 287. Grand Cayman. British West Indies

Phone: (809) 949-1633/ 4
Telex- CP 430J
Fax: (809) 949-7946
(809) 949-3267
To:
91 Merrion Square,
DUBLIN 2.
We hereby authorise and empower you pending payment of any Bills,

Notes, Overdrafts, Loans, Guarantees or other contingencies in
respect of which we may be liable to you either directly, jointly
with others, as collateral for a third party or in any other manner
whatsoever, and notwithstanding that such liability may be current,
to hold all moneys which now or hereafter
o r
may stand to our credit
on Deposit Account No. 0Q.-O3SLV5 otherwise and in whatever
currency as being available as security for all such liabilities as
aforementioned.
Furthermore you are authorised to set off and apply such moneys or
any part thereof, from time to time ir) or towards satisfaction of
such liabilities entirely at your own discretion without further
notice and such set off will be a good and valid discharge of such
moneys so applied without any further endorsement or authorisation
whatsoever.
Dated this 30th day of May 1991
Signed:
For and on behalf of ANSB^CfiSR LIMITED
JDT/AJW
i i \SOO~f-
ry
r -LT1C H E L I C O P T E R S L T D .
Dublin Airport
Ireland
Telephone 3 7 9 9 0 0 Ext 4722
423386 or 9 6 7 0 1 1 (24hr Paging)
Siobhan Lynch,
Irish International Bank,
91, Merrion Square,
Dublin 2.
30th May, 1991
Further to documentation sent to you early today please issue two •

i cheques, one for £100,000.00 wade payable to Guinrtess and mahon ••
Bank, and the second for £50,000.00 made payable ^to Celtic
Helicopters.
Signed:
John T. Barnicle Ciaran G. Haughey
Direct Director
—i
H/^QQow
.... i T a.MUU r tt HMI*M » fmrvt M. O'Kallv. VJK.T. No. 47381381.*' -'"

rv
IHI5H INRTTCONTIMCNTAL IANI
SL/EA. - 31 May 1991

Ms Joan Williams,
Ansbacher Ltd.,
c/o 42 Fitzvilliao Square,
Dublin 2.
Ra: Celtic Helicopters

Dear Joan,
I enclose a cheque for IE?100,000 payable to Guinness &
Mahon Limited and for IEP50,000 payable to Celtic
Helicopters Limited in accordance with the drawdown request
from Celtic Helicopters Limited.
Yours sincerely,
SIOBHAN LYNCH
Manager - Banking.
WISH INTWCQNT1NINT/M. BANK lIMfTIO • «1 MOttON SC&1AU. DUIUN X • TUXFMONt. 01 •l»7«M • RACMMIU. 01 7390*4 • TCUX ]]]U
I I C D K U Q I N THC U r U t L I C O t IRELAND N I W I U IBIIT
A S U M I O I A K Y o r K U O l t T S ANK M.V.
Appendix XV (11) (1)(1)
V/0
93 • 33 • I
Irish Intercontinental Bank Ltd.
31 M23HION SQUARE, DUBLIN 2.
Allied Irish Banks pic

3 COLLEGE STREET, DUBLIN 2.
OATS CHEQUE NO. PAV TO rue O«OB* OP •MOUNT
iiWt aasoi G-ui^jioess H-Ûc.0 "^rt-aK loo, Aoc : o c

1 AMOUNT Qf PCI UN OS IN WQPOS »Or «<n »« b.x.11 of IRISH INTH-CONTINENTAT
BAN
[T#n« a' Tho»j|anaii
Thousands 1 H unfl'ttf 1 T«ni * Un.ri CTC
t
T*lO <3/&b ZB^C Ji-aec ImSC X
PENCE AS IN FIGURES
Aumo/HM s.®/»«of
i a
» 022a0i« e^cmast* oe
V/0 9 3 - 3 3 -8-
Irish Intercontinental Bank Ltd.

91 MERRION SaUARE, DUBLIN 2.
(X) Allied Irish Banks pic (g)

~S »COLLEGE
• i sok STREET.
mibi iIU •» 2.
DUBLIN
DATE CHEQUE NO. PAY TOTHI OWDEFL OP AMOUNT
D«J-TIC- HSJLI R-C see oc

SILSTEI
* INTEHCONTINENTA LBAN
T«ns a' Tha-itandtTKouuon Huna'tdt 1 T»n« ' U" t«
/
p.rft
PENCE AS IN PLQURSS /
/ /I .-IL g ^ i * .
Auinonwd Sign«ie>.i>
"'•eaaosw ^"-aaBM: s w o ? 3056«" oa

Appendix XV (11) (l)(m)
.• ' ' . . •.' - r. '
t <4i' vO . V Jfi k OUJUN AWPOH R RAM-UTO to-ai-u
•v.'.'
TB®nx ^ I r e l a n d . .
it ' S-; I orord «r
'•u
M
£
i
LV? •.;II•
\
: xMM
C,*. l •'I'fSl
* • • DU3LM AKWSRR IJULVW OWT-H <|g)

w
BanxtFlraiiaoa
.f iTiVi: >'-' r".
frJJCtei"* • or ord<sr
. V"-:.'*- - ^'.--^ i?
LKar :,-..•
llfW
' 4i - ' v.-.-.
Appendix XV (11) (l)(o)
t
s i
"fei
ut^Mti
th. on Uufc
Si*?. i
St
i V
i .'V
sV.r
t'J
' w A'J KCITEM
fife' A
s \
»»
Appendix XV (11) (l)(p)
( j y
(JujS
Please reply Ansbacher Limited
4 k
42 Fltswffliaa Squarc,
P.O. Box 337, Grand Cayman, Cayman blonds, British West Indies
Dublin 2.
Tal: 765144/752C65 Tilephono: (309) 949-3655 Telex: CP 4305
Fax 612035 Facsimile (309) 949-7946 (309) 949-5267
7th February, 1992.

Garrett Logan> Esq./
91 Merxion Square,
DUBLIH 2.
Dear Garrett,
I would be grateful if you could arrange to let me have three
Irish Pounds Drafts for collection first thing on Wednesday
next, 12th February, Each Draft should be payable to the
Bank of Ireland, one for IR£1 Q.0,0Q0.0G, the second for
IR£50,000.00 and the third far ER£3,819.69.
The total Sterling tt should be debited to Ansbacher Limited
Account Mo.'!!
Yours sincerelyv
J.P. Traynor.
JDT/AJW
w m I a m a a
A'-cioja c? na causcra
MM ICCM3D B1133 3AHAII\3.331033 VBFLDJ 3LAHE3.
OUIEQANY. UCNACO xm JWNZCAXND 1Obi
Appendix XV (11) (l)(q)
i\
•i t
Ms. JUobhan lynch, ;
Manager - Banking, ;
IrtsH Intercontinental Bank Limited,
91 'lerrion Square,
rxrPLTW 2.
rtear Siobhan,
\s arranges*, herewith *raft for credit to Celtic helicopters
Account.
f
I wu'.ilc' if yot* caul* Lot .no '^YTb in J.*ia course a
co.!" of rlc-:*. Vj ° .
".any foe yonr Sol •». j
Vo'ics sincerely,
t
i '
J. P. Traynor. x
ft
JT>T/AJV
HC6€
Appendix XV (11) (l)(r)
.4-'i t
Ms. Slohhan lynch,
'tatiagor - Hanking,
Trish Intercontinental Bank Limited,
91 Merrion Square*
DUBLIN 2.
In: Celtic êltcoptera
"•ear ,ctobhan. I
=îrther to letter âhe* "e'lr'tary with vhlch T nncloso-*
^raft for I-'.EI53,a5"». , j enclose herewith cash amounting to
T^ns.40 tho vfa-rten-t Interest incunt'^r5 û* to the
latenaas of *:he tint wo receive;! tho draft on rrl^jy last.
4
Topefnlly this now concludes .natters and apologias for the

various changes 1* ''a tea.
Yours sincerely. V
J.D. Traynor.
JDT7NJH
"CO?
Appendix XV (11) (1) (s)
rr?.?D7T ^-BTJCATTOH
•nrraocccrroft
Tha purpose of this r a sort is to seek approval to provide a
oris yaar l2Ploo:c guarantaa facility to Celtic. The facility
will be used to iss'ia 2 guarantaa in favour of Bank of Ireland
and will be secured by the guarantee of Ansbacher Limited,
supported by a lien on cash dspcsits of GBP125X placed with
IIB*. The borrower aay request us to accept as alternative
security, tha guarantaa of XB London, supported by a charge on
deposits of G3?125k, placad with X3 London.
In 1991 wa advanced an XBPlSOk loan facility to Celtic which
was repaid in February 1992.
n B M H T O L -RiSSTOTS
Audited accounts for tha two years ended March 1990 together
with management accounts for the six months to September 1990
are attached. Wa hava raqâstad updated financial information
from tha company.
Performance for tha six months to September 1990 . shoved a
significant improvement with profits of IEF34k as compared
with the latter half of '89/'90 when a loss of I EPS 71c was
incurred. The balance sheet as ^t'. September 1990 is highly
gaared with borrowings (including finance leases) of IEP902k
as compared with equity of IEP279X (of which IEP148k is
accounted for by revaluation reserves relating to tha
helicopters).
FRQEOSMi
We would consider the facility (which is a demand facility) to
be adequately secured by the guarantee of Ansbacher together
with tha cash-deposit of GBP125k.
Given tha cash backed nature of tha facility, approval of the
above is recommended.
Appendix XV (11) (1) (t)
PN/ES 5 March 1992
Mr. Paul Carty,
Deloitte & Toucha,
Deloitte House,
Earlsfort Terrace,
Dublin 2.
Ra: Procnâdfitia.r»n+;*«Facility - Celtic Helicopters Ltd.

Dear Mr. Carty,
I enclose a form of guarantee which we would propose to
issue in favour of Bank of Ireland in relation to the above.
I should point out that the availability of the proposed •
facility is currently the subject of a credit application
and its availability is subject to approval.
Yours sincerely, *
Banking Executive
Appendix XV (11) (1) (u)
KB : IIB Acc.Jiater: 6355
Sef: C. HG3AH Date: 6 HA2CH '92
Xezt ISTiev date: 3i mica '92
B023C'd(S): mm\s)
1UJZ: FS0F32>: XA&: canny.*
1. CELTIC HZLICOPTEIS LTD. ("CELTIC*)
3. KEY FIGURES In lio BEF
HUE CELTIC HELICOPTERS LTD BORROHKR Date:Hgit Acs 6 Iths 09/9C

air T3H: 15.3a
sim Dublin Airport tea: 15.3a
amna Ireland Total Assets: 77a
LEGAL STATUS Private Coapany Sales: 22a
ESTABLISHED Curr.Cash PI: 3
CLUStr ST3CS 1991
GKJJP Celtic Helicopters CDAIARDK Date: M/A
0THK2 L23DE3S Bank of Ireland CM:
ICS:
Total Assets:
BUSQESS U3S Helicopter operator Sales:
Bosxotiza BACK CCDS : 6 Curr.Casb Fl:
Exchange Bate : BEF55• IEP1
1
CREDITLIHES 13 HATIOHAL C0ME8CT OF 22FOSTIHC OUT: BE ' •' IH: THD
HS OOTSTAHDIHG 61A2TTED/ REQUESTED MATURE C DESCRIPTION OF THE unsm

iPPIOVED REQUEST 0 CREDIT LUES AHD LMTS DATE
1 5,550 fey C Cash backed IEPlOOk guarantee facility 30/6/93

Deaand facility
T - - 5,500 GRCOP BISK: 5,500
tloog
r
iraPgaBRTTOIC and SPBPATrrTCIPmQHS N/A
specific pT^pynrgvr s m n t o N/A
gqaaaargss ^nfl CTTIIJVTWRMI

l. Guarantee of Ansbacher Ltd. supported by Proposed
^ 2. Lien on GBP10d,000 cash deposit with IIB.
33ISTOK5 STSCTBITY jgYIfflffin MTO Iff QRDBRi H/A

i
T2BMS and COMDITIOKS N/A
I N/A
FEES
Fee Type Calc.Keth. Period App lication
eld
fie!
1% Ant of facility Payable annually
in advance
Optional Currencies s No
Drawing Scheme : —i A s set out
iAvailability Period : —'
Put Options : -
Tax - WHT : N/A Tax Credit s N/A Tax Clause :
Law s Irish Jurisdiction ; Irish N/A
PROFITABILITY
Usage of the line:

Capital Adequacy Ratio: 20* weighting on used portion
Nil weighting on unused portion
n
Minimum Margin
Effective Margin As set out
(incl. fees) ;
1
Return on equity - no drawdown
- 504 drawdown
- loot drawdown
Return on committed amounts N/A
no drawdown
- 50% drawdown
- 100% drawdown
Interest Statuss N/A interest Booking: N/A
Classification : Low risk
Provision-exist s Nil New Proposed Nil
Date Contact : March 1992 With : Das Traynor

Purpose Contact: This proposal Bole : Consultant
to Borrower
Ancillary Business: Deposits
<3LPBAL PROFITABILITY N/A
INDIRECT 'v • * 1
^C¥ N/A
3PINION ON THE BOM N/A
AUDITING March 1990

Opinion: Unqualified By: Haughey Boland 6 Co.
MAIN SHAREHOLDERS
Name Nationality Part. %
Ciaran Haughey Irish 30
John Barnicle Irish 30
Mars Nominees Irish 40
fflnBBRY
sek approval to provide a one year ÊPlOOk cash backed guarantee

Lity.
c Factors:
None.
>ng Points:
Cash backed facility.
Documentation has been approved by IIB's solicitors (July
1991).
lount Officer:
i the cash backed nature of the facility, approval is
mended.
>F IIB
/ . .
APPROVED
_ . ... _
DIRECTOR q/j^ DIRECTOR

edietbank for on : N/A
t
Ansbacher Limited
Pli3j2 rsply to:
42 Fi^rviiliaai Squart, P.O. Box 337, Grand Cayman, Cayman Islands. British West Indies
Dublin! Telephone: (809) 949-8655 Telex: CP 4305
Tel: 75il44/763C65 Facsimile (809) 949-7946 (809) 949-5267
Fax: 612035
9th March, 1992.

Ms. Siobhan Lynch,
Manager - Banking,
91 Merrion Square,
DUBLIN 2.
Rc Celtic Helicopters Ltd.
Dear Siobhan,
I wish to confirm having spoken to Paul Na.essens on Thursday
last asking him to speak to you about arranging that I.I.B. would
give a Guarantee to the Bank of Ireland in the sum of IRE100,000
in connection with Celtic Helicopters Limited.
The facility would be for a 1 Sjn^nthjperiod to be given to the
Bank of Ireland, Dublin Air^Srt Bran^hr^-^ The Manager there is
Mr. Gerry Duffy and he has been given a copy of your ordinary
Guarantee and indicates that it would be suitable for him.
I would ba grateful if you could push ahead with getting approval
and if you get approval please deal with Mr. Duffy directly.
If you h£va any problems, please telephone me.
Yours sincerely,
J.D. Traynor.
JDT/AJW
A .'XSiQER OF THE A.VS3.VCHZ3 WTSWATJONAI. THUST OJIOUP Of COMPANIES WJTO omczs ^ ^

(• 'I MJOLOCATED WTO2 SAH.VM.V3.1VHSH VDKStNISLANDS.
Aj J CUXANSSY, MONACO AND swrrzswjum
Appendix XV (11) (1) (w)
o.
>\
IIISM I,H;UCO-KI.-II.'I:>V » '•'"
CG/AS/6353 9, 1992
Celtic Helicopters Limited,

43-49, Mespil Road,
Dublin 4
Dear Sirs,
We are pleased to confirm tha willingness of Irish
Intercontinental Bank Limited ( a I I 3 M ) to make the following
facility available to Celtic Helicopters Limited,
("the Borrower") subject to the following terms and
conditions.
l. Agrarar A?ro frvrmra o? 7AC.TL.TTf:

A facility in an amount of I2?100,000 (one hundred
thousand Irish pounds) to provide a guarantee in a font
acceptable to 113 in favour of The Governor and Company
of the Bank Of Ireland ( the "BOX Guarantee") in respect
of loan facilities provided to the Borrower.
2. CQSEgSSIQfl
The Borrower will pay to 113 a guarantee commission of
1% per annum on the amount of the guarantee in advance
of the issue by 113 of the BOX Guarantee.
3. RsrarasffiT
Should IIS be required to pay any sum on foot of this
facility, the Borrower will reimburse such sum to XIB
for value on the same day as IIB shall have made such
payment. In the event of any such payment due to IIB
under this or any othar clause of this agreement not
being made on the due date, the Borrower will pay such
amount together with interest thereon at IIB's Prime
Rate plus 1% from tima to time calculated from the day
on which IIB shall have made such payment (or, as the
case may be, the amount shall have become due by the
Borrower to 113) until the date of reimbursement,
subject to quarterly rests.
$6ool
I W S H J N T L R C O N n N t N T A L B A N * LIMITED • 9 1 MJOBUON 5 C . U A M . O U 3 U N Z • T U J J ' W O N l . O l 6 J 9 7 * 4 • J A C J 1 M 1 U . 0 1 H M M • TXiXX. S M 2 2
x t e i S T t u D in Tut x i r u i i i c o r i u u n ^ x u m i u m i s t
A l U H S I D I A U Y at 1UDIITI..NJ N.V.
PZ3TOO O? 7ACTT.TT-r;
Without prejudice to IIB's right to terminate this

facility on demand at any tine this facility is subject
to rsvi3v on 30 June 1993 and will be cancelled on that
data, unless otherwise extended in writing by IIB.
ffSCTRrETfl
Any and all indebtedness or liability of the Borrower

to IIB is to be secured by such security in such form
as shall be required by IIB at its absolute discretion
from time to time.
In consideration of IIB providing the BOI Guarantee,

the Borrower hereby undertakes and agrees as follows:
(i) To indemnify IIB against all actions, proceedings,
damages, costs, claims, expenses or losses which
113 may suffer or sustain by reason of or on
account of IIB having given the BOI Guarantee;
(ii) That the Borrower's liability hereunder shall
continue until IIB's liability either actual or
contingent under the BOX Guarantee shall be
extinguished and until all sums due hereunder
shall have bean discharged;
(iii)That any request made upon IIB for payment of any
sum of money under the BOI Guarantee shall be a
sufficient authority to IIB, without any notice to
or consent from the Borrower for making any such
•payment and it shall not be incumbent upon IIB to
enquire whether any such payment is in fact due;
(iv) On demand pay to IIB all amounts paid by IIB, as
conclusively determined by IIB, to meet any and
all such payments made by IIB under or in respect
of the BOI Guarantee.
tfithou1-. orajudice to II3's right to terminate this
facility" o.i daniand at any time 113 shall be entitled to
cancai it's facility heraunder and to require the
Borro'./ar co place and maintain sufficient funds on
dacoaii th* IIB to meat all its obligations under the
301 Guarxntaa fraa time to time including interest,
comaisis ion tu-.d other charges should any of the events
detailsd in clause 9 of IIB's Standard Terms and
Conditions attached hereto, cccur or should any
s-acurifcy provided for this Facility terminate or become
illegal or unanforcsable for any reason whatsoever.
If for the purposes of obtaining judgment in any court

it is necessary to convert a sum due hereunder in one
currency {in this clause called tha "first currency*)
into another currency (in this clause called the
"second currency*) the rate of exchange which shall be
applied shall 3ba that at which in accordance with the
normal banking procedures, 113 could purchase the first
currency with tha second currency on the business day
precedingJ that on which final", judgment is given and the
Borrower s obligation in respect of any such sums due
from it to 113 hereunder shall notwithstanding any
judgmant in the second currency, ba discharged only to
tha extent that on the business day following receipt
by 113 of any sum adjudged to ba due hereunder in the
sacond currancy IIB may in accordance with normal
banking prccaduras purchase the first currancy with the
sacond currancy. If the first currancy so purchased
falls .short of the sum originally due to IIB in the
first currency tha Borrower agrees that it shall as a
separata obligation and notwithstanding any such
judgment indemnify IIB against such shortfall.
ST^rQ.van asro COMPITTOHSS
The facility is subject to 113's Standard Terms and
Conditions which are attached herato and which form
part of this Facility Letter.
1 0
* ^CCSPTOCS P? QTTSR:
JJU offer will lapse on 24th Harch 1992. To accept
offer on the above terms and conditions
Please return the following:
(*) the enclosed duplicate of this letter duly
accepted;
(b) tha attached form for the opening of accounts; and
(Q) a cheque for ISPl,250 in payment of the guarantee
commission.
Yours faithfully,
For and on behalf of
Irish Intercontinental Bank Limited
Manager - Banking
n n
ucfro^ the above terms and condition's for and on behalf of CELTIC
Appendix XV (11) (l)(x)
SL/ZS 10 March 1992
Mr. Des Traynor,
Ansbacher Ltd.,
42 Fitzwilliam Square,
Dublin 2.
W - Celtic Helicopters Limited

Dear Des,
I enclose a Facility Letter for the IEP100,000 guarantee
facility in duplicate together with an account opening font
to be executed by celtic Helicopters Limited.
Kind regards. ;
Yours sincerely,
SIOBHAN LYNCH
Manager
i
<
: .
i 1 t
i •
UUSH INTiaCOMnNCNTAI. BANK UMrtIO • VI MCMION SQUAU. DUBUN t • TtUTHONC. 01 *IV744 . MfltMU. Ol » K M . mxx. I»u
m c i » t « « c o in thc attruauc or i m i a m o mumih M*,r
A SUIIIDIAtV or KUOIITIAMI N.V.

Appendix XV (11) (1) (y)
H a u g h s y Bo"nid
DeloiUe &
Touche
Chartered Accountants Oaloitte & T o u c h * House
Earlsfort Terraca
A Dublin 2
Telephone: (01) 7 6 44 33
Facsimile: ( 0 1 ) 7 5 6 6 22
Y o u r Raf
Our Ref PPC/AC
Ms. Siobhan Lynch,

Manager - Banking
Irish Intercontinental Bank
91 Merrion Square
Dublin 2. 11th March 1992
Dear MS. Lynch,

Re; Celtic Helicopters Ltd,
I refer to your facility letter of 9th March 1992 addressed
to the above company.
I now return herewith, as requested:
1. Duplicate of facility letter, duly signed.
2. Letter of application for the opening of accounts, duly
signed*
3. Cheque for £1,250 in payment of the guarantee
commission.
I trust this now resolves the matter.
Should you require any further information please do not
hesitate to contact me.
Yours sincerely.
P.P. Ca
PJ Barton FW Bowan PG Butler P8 8yrna PJ Cirr PP Cirty P Culltn OB Oaasy CA Oannah^jAiffi^dpM^J-flWÔonovan

B Gaffney JP Gilmartin JM Hayden JJ Xeenan P Kenny G Lyons R MacOarhy J McAvoy BP MeOonlW CH MaltflflR JA McUugMin
GV Magna 0 Murray RJ Nolan PJ Nunan C O'Carroll TR O'Ferrall TG O'Rourke JS Plttock BF Scanned MM Smith BO Uniacke
Consultants: H Boland TP Butler 0 O'Hegany
Also at Cork & Limerick
Authorised by the Institute of Chartered Accountants in Ireland to carry on investment business in the United Kingdom.
Member
loose
O R I International
Appendix XV (11) (l)(z)
n
f : ' • G U A R A N T E E
• t v, V-;
' V-v^'T' - ' " aatad this day of_l!§rch_

V
between
% , >•. --on.l nine hundred and nineir* "*c
Iirijh Intarcontinencal Bank Limited (Name)
. < ~~
^fe-StSlfe'-Ci — — frarrion gîare, Dublin 1L. (Address)
(Name)
•teMm* -
(Address)
\-frJr * — (Name)
i .(:"
(Address)
V' M of
Chjroir.afcar called "tha Guarantors* which expression shall include their executors administrators
iuct:3330Ti or asaijnj) and The Go vara or and Company of the Bank oHrsland (hereinafter called "the Bank"
which jrorassion jr.ail include ita successors or assigns).
Vv'har.jas tha Guarantors have requested and tha Bark has agreed to grant and/or continue accommodation
•
tf-.
it- Celtic Helicopters Limited (Name)
t
43/49 Hespil Road, Eublin 4
Oi (Address)
(hereinafter called "tha Customer") upon the Guarantors executing a Guarantee in favour of the Bank on
tna terms and conditions hereinafter appearing.
Now th jvafora it is hereby agreed and declared as follows:-
1. In consideration of the Bank making or continuing advances or otherwise giving credit or affording
banking facilities to tha Customer, for as long as the Bank may thinkfit, the Guarantors agree to pay to the
3anlc on d'i m an d all sums of money (hereinafter called the "ultimate balance") which are now or shall at any
timaba owing.rr remain unpaid to the Bank any wh ere from or by the Customer whether as principal or surety
an d wh j tha.- jol sly or jointly with any other party or from anyfirm in which the Customer may be a partner,
upon -rav-Mit overdraft accounts, promissory notes or bill 3 discounted or paid and other loans, credits, leases,
indemni ti.« or advances made to or for the accommodation or at the request of the Customer solely or jointly
or of any suchfirm 33 aforesaid whether for actual or contingent liability or any liability in connection with
i oraign *:cch an ge transactions or on foot of any Guaran tees, Indemnities or on any oth er account whatsoever
together' with in all the cases aforesaid, all interest, discount and other bankers' charges including legal
charges occasioned by or incident to this or any other security held by or offered to the Bank for the ultimate
balanca jr by or to the enforcement of any such security (all such monies beinghereinafter referred to as "the
Customer's liabilities") PROVIDED ALWAYS that the totalamount ultimately enforceable against the
Guar an tor j under this guarantee shall not exceed the principal amount set out below and to the extent they
ralata to audi principal the following additional amounts:-
(a) all ur.oaid interest accrued and payable in respect of the Customer's liabilities;
l-n ntiM)) AL Ji SSCU3UTY FOH7.I3 &0O01

J
Co) all interest on Bit Cuj • j li.abiliiija ens J datatfdamand ondaror earlier determination ofUiis
jjna-a.-iaa untilpayrasr.: •ij'.-;-^:a tad il&a "3~ 3nd in the ranner applicable to the relative account
ol* th a Customer
(c) all unpaid commission, fj 3J, (in :iu. iinj lagal charges) and expenses payable inrespectof the
Cuj to mar's liabilities; a,i.i
(d) all additional amount; -U : vr.iujinplatod by Condition V of paragraph 2 hereof
The principal amount referred U x:ova ix
Amount Currency
100.CC0 TH«h PniTTiri.-^

one hundred thousand I r i s h Pounds)
2. Thi3 guarantee is subject to tha terms mid conditions hereinafter set forth.
The terma and condition J heraiabe/are re/erred t «
A. Unlaa3 the ccsntra^r intention appears, words in tha plural shall include the singular.
£. The agreements and obligation.) on the part of the Guarantors herein contained shall take effect aa
joint and several agreements and obligations and references to the Guarantors shall take effect as references
to each of them and none of them shall bs released from liability hereunder by reason of the guarantee
ceasing to be binding as a continuing aecurily on any other 6f them.
C. This guarantee shall be in addi tion to and not in substitution for any other guarantee for the Customer
given to the Bank by the Guarantors.
D. This guarantee shall be in -addi ticntoand shall notbe in any way prejudiced or affected by any collateral
or other security now or herealiar n aid by the Bank for all or any part of the liabilities hereby guaranteed.
E. Although the ultimate liability of the Guarantors under this guarantee is not to exceed the limit
hereinbefore specified, yet this guarantee shall be construed and take effect as a guarantee for the whole
and every part of the ultimate balance owingby the Customer to the Bank and unless and until such balance
has been paid in full by the Guarantors the Guarantors shall notbe entitled to share in any security held
by the Bank on accountof that balance or to stand in tha place ofthe Bankin respect of any security or money
nor until such balance has been paid in full shall the Guarantors take any steps to enforce any right or claim
against the Customer in respect of any monies paid by the Guarantors to the Bank hereunder or have or
exercise any rights as surely in corapatition with the Bank.
F. For the purpose of enabling the Bank to sua the Customer or prove against his estate for the whole
ofthe ultimata balance or to preserve intact tha liability of any other party, the Bank may at any time place
and keap for such time as it may think prudent any money received, recovered or realised hereunder on one
or more separata or suspense accounts to ths credit either ofthe Guarantors or of such other party as it shall
thinkfit without any intermediate obligation on the part of the Bank to apply the same or any part thereof
in or towards tha discharge of tha ultimata balance owing as aforesaid and without any intermediate right
on the part of the Guarantors to sue the Customer or prove in the bankruptcy, insolvency or winding-up of
the Customer in competition with the Bank or so as to diminish any dividend or other advantage that would
or might come to the Bank or so as to treat the liability of the Customer as diminished. .
G. All monies received by tha Sank from the Guarantors or the Customer or any other party liable to pay
the same may be applied by tha Bank to any account or item of account or to any transaction to which the
same may be applicable.
:
a. . : ^ mxk:*.: my 'r J-iiaia jayân: or satisfaction ofthe
•. .i.- - -3T- •.:..". " v. ay .>vv.j jj iSrns i : s h a l l b* a ccnsinuing security and
aha!; •!:::,•.:: ::v;.' •-...". • • •'•'' :r.-:<ii'/-jhail .V v. a -a: a being constitute the balance due
rr-..7i -ur.-.^-i'y.'-v.; • ~ ••• s 3 a.-./. :?cc. iny :u:haccour.:J «au.-.i$ as !
a'-irssaid and so that where
r.iv.';.ji iwra i.taaa i; v . i:.-?:.-.;• :c'v.»UaaiHiy
J
.jfih a Guar ir. ~ n, th a 3an ? may select the particular
iccoua'. -rrttaocn*-!• •.:. '..;:.•».•; •• b- .-.s-i'viad aa aacur-adby z-.in.ma.
I This j<zanat3; • •• - < bin.ii.'; « 1 ssaanuing jacurifcy on tha Gua.-ar.ars, ana in the event of death
of'-wy of th a Guar-iv hi a :r i i-niniatratora'and on '.via asiate, until tha expiration of one
calendar sio"n& axier . -.:-..» Gajra.-.tors. -.wludinjin tiiecaae ofdaath, all executors or administrators
o: of th a j ; . • =: Guarantor ah-iil hava givm to tha Bank ootiia in writing to discontinue and
datanr.ina it
J. In tha want of il-.: 14--.arsn'>.4 saaainj from anycauaa whatsoav i: to ba binding 33 a continuing security
an tha Guarantors,. th <iv saw-yrt -'•' *Lain: strators or any of them:-
(a) all cinques, o,\: .-.-j .':«• .:ayma.ii, bills. not»s and negotiable instruments or securities drawn,
mad3, andoraa.i .• aipta-l by or tor tha awount of the Gut;roar on the Bank or its agents and
purporting tofc<>> J on or before ihe data whan Uu guaranty eeas«3iobe a continuing security Hhe
discontinuance :•:-') although prn sniod to or paid by tha Bank or its agents after the discontinuance
data Mil
fo) all liabilities of th . .>:3totn toft« Sank at tha Jis.wntinuanea d'Jta whathar cartas n or contingent or
whether poyab'la f:::nwil!h tr aiaoine Mature tine or iimss and also all srvJihs than established by the
Bank for the Casio aw
shall remain payable b.y thiGnaranton and arthu guscran tee notwithstanding tha tth a juarantee shallhave
eeaaad to c a oinding a: i sonSinnl n % zn-raAty.
K. ThaBank shall ba ai lab-arty .yiihouh any further conaant from tiia Guarantors and with out in any way
affecting aia rights again,rt tiia Guai-ontat any time to rinaw, datarrnine, enlarge or vary any credit to
tha Customer, to renew, va-r/, a.C?lwn JJ, nhaj-s or abstaki-from perfecting or enforcing any other securities
haldortobahaldbythd Saiik/aroron account oftha monies in tended tobsharabyaacuradoranypartthereof,
to renew billa and promiaaoiy .iD 'aair. any ^nannsr and to compound v/iih, give time for payment to, accept
compositions from and vnaics any o&iar arrangements w'th tha Customer or any other party in respect ofthe
liabilitiasharsbyaacurad a/id (IsaBankmayralaaae or discharge any of tha Guarantorsfrom the obligations
of Una guarantaa or mjJca aaiy aoaipnaidon or arrangsmant with any on a or mora of them without affecting
itsrightsagainat. iha ot'•..?,• or otiians uf th3Tr..
L. In tha a vent offois-u.irantaauaasing from any causa whatsoever to be binding as a continuing security
on the Guarantors or any ofth am tha Bank shall ba at liberty without thereby afiectingitsrightshereunder
to opsn afrasliaccount or awaants or io continua any then existing account or accounts with the Customer
and no mon ay paid from amaio tr.na into any such account or accounts by or on ba'nalfofthe Customer and
subsequently drawn out by t'l? Cuatamar .shall on settlamant of any claim in raspect of this guarantee be
appropriated towards or hav j thj aiTact ofpaymsnt of any part of tha monias due from or unpaid by the
Customer or of tha interact ;haraon at tha atria of this guarantaa csasinj to be so binding as a continuing
security unless tha party paying i.i tha monay shall at the tima of payment in writing direct the Bank
specially to appropriata it to that purposa.
M. A certificate in writing sijnaJ by any duly authorised officer of tha Bank stating the amount at any
particular tima dua and pay-abla by tha Guarantors to tha Bank shall ha conclusive evidence as against the
Guarantors.
— v r & a - B a.i k- A afe-i -r-.-'^pg ^: af ih sir UaVai'.ity andar this
guarantaa dia^h-iyajiofâV.an and wilt not taka from tha Customer, aithar directly or indiractly.without
tha consent of tha Bank, .-iotas, billa of a.vchanga, mortgagi, charge or oth ;r security wheth er
merely personal or involvi.-.ga ch arga on^nTpri.^-. ^^hiJtsoavar of tha Customer whareby tha Guarantors
or any parson claiming through tha.r. by andorsaiTiantTassTgnTfrr.vôiîth^.viss would or might on the
bankruptcy, insol'/en^/ or .viiiiiin?-up of'th J CJio't.:,nar and to tha prajudica c; ,inT'Jzn>k^-xsasethe proofs
tttolv •lwwlMtây.ft.nBiV^js^;,^.^^.^ aT71
»
Cx>
or may tax > • ;.-, v \ r-V- ,
jhx:J jjcsr-iy iJ rbrJjhj^ffisjSnuf
tha o b l i g l . - , ;;' -.v.^ ie "îa-5^S7ant3r3 with the
Bank far Sr.,:
0. In ras:;;. ,•5* liability h jrsur.i ;r- ;.rf"3an!c shall have i lien an a!i securities or other
property o; i G^'arit: - > »•t t h • Z ..-rif^T- :<:? sa.'i autody -sr icharwise. The Bank shall be
further ant'. -Je-i U3 •<• hi : :.v_..rrJ.dr da:.:and I13.-ju.- j4:'; to jai a.? and apply any credit balance in any
account of th • -.viih '.u 2.uk •N'h air. 3.* runac or otharwlsa or subject to notice or not) against
and in satijfacrioa •: .iabi'ii v/ a/' Si4 Guarantors to tha Bank hereunder and to debit any
^ Noasauran-ie. i-wrrity or jayman i vh Ich may be avoided und aay jnac&n into relating to bankrupt^
or under the p?ovuian.j of any oth er iav gnvaminj the Cos toner or tha Guarantors and no release
settlement, or discharge which may have bean jivan or mada on the faith of any such assurance, security
or payment so ail prejudice ar a/fact tha 3ank'j right to recoverfrora the Guarantors to tha full extant of this
guarantee as ifsuch assurance, security, payment, settlecien tor discharge (as tha case may be) had
never been granted, .3:van or made. The Sank shall be at liberty to retain any security held for the
Guarantors' liability hereunder for a period ox seven months after the repaym ini of all wans that axe or may
become due to the from the Customer notwithstanding any release, settlement, discharge or
arrangement givan or made by tha Bank providad that if at any time within the period of six months after
such repayment either a bankruptcy petition shall be presented against the Customer or a petition shall be
presented to a competent Court for an Order lor the winding up of the Customer or tha Customer shall
commence to bo wound up voluntarily the Bank shall be at liberty to continue to retain 3uch security or any
part thereofi'or and duringsuchforth er period as tha Bank may determine in tvhich evant such security shall
be deemed to have continued to have been held by the Bank as security for the payment to tha Bank of all
or any sums which ahull or may become due and o',ving to tha Bankfrom and by the Guarantors either by
virtue of the provisions of this guars.-1 vea or as a consequence of any Order mada by a competent Court under
any provisions of bankruptcy or Company law.
Q. The non-execution or invalid execution of thi3 guarantee by any ona or more of those who have agreed
to join in this guarantee v/i'ii not affect the liability of those Who have joined in ind signed this guarantee.
R. This guarantee shall r.otba discharged nor shall the Guarantors' liability bi affected by reason of any
failure or irreQnlarity defect or informality in 3ny3acurity jivan by or on behalf of tha Customer in respect
of the monies or liabilities hereby secured nor by any legal limitation, disability, incapacity or want of any
borrowingpovvers oforby the Customer or want of authority of any director, manage.', official or other person
appearing to be acting for the Customer in any matter in respect of the monies or liabilities hereby secured
or any other circumstance .vhi oh ren d; rs tha liability of the Customer void or un enforceable ar.d such monies
or liabilities wili be recoverable by the Sank from the Guarantors as sole, origin i i and independent obligors
upon first written demand by -,vay of a full indemnity together with all losses, claims, costs, charges and
expenses to whi oh th eBank may be subject or which i t may incur in connection wi th tha Customer's liabili ties
or this guarantee.
S. Should tha Customer be an unincorporate body, committee, partnership, trustees or debtors on a joint
account, this guarantee shall remain effective nut'.vithstanding any death, retirement, change, accession
or addition as fully as if the person or persons constituting such body, committee, partnership, trustees or
debtors on join t account at tha date of tha Customer's default or at any time previously was or wers the same
as at the data hereof.
T. Any notice or demand hereunder by tha Bank shall ba deamad to be made when such notica is delivered
or sent by prepaid post to tha address of tha Guarantors last known to tha Bank or stated hereunder and
if posted by prepaid post such demand shall ba daamed to be made at tha time at which it would have been
delivered in the ordinat7 course of post. In the caseofdaath of any of the Guarantors any notice or demand
by the Bank shall be sufficiently given if delivered or sent by prepaid post addressed to the deceased or his
personal representative at his address last kno-.vn to the Bank or stated hereunder unless and until the Bank
shall have received notice in writingof the name and address of the person to whom rearesentationhas been
granted.
U. This guarar. :a2.is and will,-Amain the property of the Bank.

V. 2V?.-/ ;ci:gafci.;- : : ' . v s . - ir.a grantee shall be discharged in the same
curr j.ncy oa >:h iâfth; . . : r . i'•; . • :f v.s I A i l ; a/men t3 to be made hereunder
by sh j Guaran iors.-jh-i'. ; ':.; . ; .1 i.:.: -.vV:.wci ir.; or »rs:aim and without any deduction
for or on account a f x r - .-ssa.-'. . . . a . - '.sviaa, i,T.>5:cj. duties, deductions or withholdings or other
charges of whaUvw i.;:;>:.:.:•:, »!!icvid, -.tfintsld Jr assessed unless the Guarantors are
compelled by law so ta if i.'.a i. t i n Guarantors jhali pay such additional amounts as maybe
nat
necessary in respect of * -y.: > >•' •"-'• « vrdar wwunts after such taxes, levies,
imposts, duties, daduo-.i -.viiilMtdl.-y: or .ihrr ohargas shall equal tha respective amounts due
hereunder.
W. If for th a purpose Atais:.-.* j>id$raa.v. In any court it la necassajy to convert a sum due hereunder
in one currency (In* thij Cia-as* :al;ad '&» Srst surras:/) into another currency (in this Clause called the
second currency") tha ra:.i ax-nanja v>.'. :>. sh-a" a a apoliad shall be that at which in accordance with
normal banking procedures tha or.' . our-.haaa tha first currency with tha second currency on the
business day preceding th V: which nn v. j u d g m e n t ia givan and the obligation ofthe Guarantors in respect
of any such a'um dua fro.-a . '. to tha 3nnk hareu.-.dar shall, notwithstanding any judgment in the second
eumncy.bedischargedonlytothe a-.-tani that on ihabusinaas day following raceipt by the Bank of any sum
adjudged to ba dua haraur.dar tha ;Mund c i r r a n i y tha Sank may in accordance with normal banking
procedures purchase tha ri .-ut -.vith th ; sao.ond -urraacy; if thefirst currency so purchased falls shortof the
sum originally dua to tha 3.ink in tha :irst currency, tha Guarantors agree that they Shall, as a separate
obligation and notwithstanding any rush jud-gman •„ indemnify tha Bank against su«h shortfall
X The Guarantorsher-.by irrevocably;
(i) submit to tha no a -as:! usive pari.; diction of a Court ofcompetant jurisdiction in the country in which
the ralativa account of tha Customer is maintained in reapect of any Jagal proceedings in connection
with th»3 guarantee;
(ii) appoint tha Customer as thai r .\gant for tha sarvka of legal process out ofthe said Court at the
Customer's addrass harsh". or at t h a Cua to .n a r's address last known to the Bank;
iii) confirm that service oflegal prccass out of such Court on th e Customer shall be deemed due service
upon tha Guarantors for tha ourp ojea of such lagal procaedings; and
Civ) agree that nothing hsriM shall -affect therightto service of legal process in any other manner
permittedby laworpraduda arighttobringprocaedingsin any otharcourtofeompetentjurisdiction
as tha Bank may elect and that ia-g-a! proceedings in any una or more jurisdiction shall not prejudice
legal proceedings in any othar jurisdiction.
Y. This guarantee sh all b egova:-i ad by and con a trued in accordance with thalawsofthecounfay in which
the relative account ofthe Customer io maintainad.
Z. Notwithstanding anything herein before contained, this guarantee shall terminate

and cease to have efface on tha 30th June 1993 (unless otherwise extended in
writing by the Guarantors) ar.d tha Guarantors shall have no further liability
under this guarantee save in raspect of an/ written demand received from the
Bank on or before that data.
21. Notwithstanding air-thinj hereinbefore contained, the total amount ultimately
enforceable against tha Guarantors under this guarantee shall not exceed
IEPIOOjOOO (one hundrad thousarrd Irish Pounds). .'O
t
Appendix XV (11) (1) (aa)
IRISH INTERCONTINENTAL BANK
ZHTZRHAL MEMO
From: To:
Siobhan Lynch Maria Kavanagh
.Subject: Date:
Hypothecated Deposit Accounts April 27, 1992
This is to confira that account no. 02/02215/77 in tha name

of Ansbacher Limited ref. Celtic Helicopters Linited has
closed as tha loan to Celtic Helicopters Limited was repaid.
SIOBHAN LYNCH/es
Appendix XV (11) (l)(ab)
16th April, 1993.
John Reynolds, Esq., ,

Irish intercontinental Bank Limited,
91 Merrion Square,
DUBLIN 2.
;
Dear John,
* •
I wish to confirm advising that Hamilton Ross will counter-

guarantee you re D.S.S75,000 Guarantee to Jet Aviation and
will place that amount on deposit with you as collateral.
4
Yours sincerely,
* ' , *
' • %
J.D. Traynor.
Appendix XV (11) (l)(ac)
20th April, 1993
John "Reynolds, Esq.,
Irish Intercontinental Bank Limited;..
91 Merrion Square,
POPLIN 2.
Dear John,
In connection with the proposed Guarantee in the sum of
USX7S,000, I would be grateful if you would itake this letter
as authorisation to place US$75,000 to the qredit of a new
Deposit Account and if you would debit the cost thereof to
Hamilton Ross Deutsche Mark Account Ref. S..9 No.04/39236/81«
I confirm that if I have been unable to complete on behalf
of Hamilton Ross the necessary documentation before leaving
tomorrow for Cayman, I shall complete same 'immediately on. my
return which will b,e Thursday 29th.
Yours sincerely,^ i *
J.P. Travnor
Appendix XV (11) (1) (ad)
C<s/X2/70 5 3 April 21, 1993
The D i r a c t o r s ,
C a l t i c Hallco'Dcars L l a i t a d ,
43-49 Maspil Soad,
Dublin 4
D-aar Sirs,
We ax9 alaased to corufira tha willingness of Irish
Intercontinental BarCc Lijnlted (*IX3a) to amend the facility
provided to Celtic H-aiicootars Liodtad ("the Borrower") in the
Facility Lettar dated March 9, 1992 (the "Facility Letter") in
tha a i a x m a r sat out t^lo*'/.
1. Clares 1 and 2 of tha Facility Letter ara hereby deleted

and raplaoad with tha foilowing
rannrw ymi Tt.VFmra Q? 7a<rrCTrr;;
a) A facility in an amount of IZ?100,000 (one
hundred • thousand Irish Pounds) to provide a
guarantee in a fora acceptable to IIB in favour
of Tha Governor and Company of the Bank Of
Ireland {^tha BOI Guatantae") in respect of
loan .facilities provided to the Borrower;
b) A facility in an aaount of US$75,000 (seventy
five thousand United States Dollars) to provide
a guarantee in a form acceptable to IIB in
favour o.C Jat Aviation Business Jets AG ("the
Jet Guarantee"') in raspect of a Lease Contract
entered into by Jat Aviation Business Jets AG
and tha Borrower.
Tha expression "tha facility" when hereinafter used
shall mean either or both of tha above facilities,
as tha conce:ct so admits or requires.
2.
Tha Borrower will pay a guarantee commission to IIB
as follows:
a) par annum on the principal amount of the Jet
Guarantee which will ba payable in advance of
the issue by IIB of the Jat Guarantee and which
shall he payable annually in advance
tharaaiL car; and
WISH INlMCOMnNtNTAl. 1AW U.'«TtO • 91 MIWCN SCKiViii. :U3UI J • 7U27KCMI. 01 417744 • FACSIMILE. Ol TaJQW - TTI r» M Jtl
uat3T&:ix^ in r. <; JLIC at iuland nummimijt
A JUJilOIAlY or I.U0UT3.VN4 N.V.
b) li ci: r a a vhich shall be payable annually in
adv'ir.cs on J the principal aaount of tha BOI
Guara-Tê 3 ,
2. Clause 4 oi tha facility Latter is hareby delated and

replaced vi th tha follo-ving:-
=•4. TOTOD a? TTVCTTilT?:
-tfhilz 113 ra tains tha right to terminate this
facility on demand at any time:-
a) tha 301 Guaranta* is subject to review on 30
June 1934 and vill ha cancelled on that data,
unl 333 otherwise extended in writing by IIB?
rand
b) tha J at Guarantee is subject to raviaw on 30
April 1991 and will ha cancelled on that data
unless otherwise erctandad in writing by IIB."
3. Clauses 6 and 7 of the Facility Latter ara hereby a m m M
by tha delation at all references to "the BOI Guarantee"
and their replacement with "the BOI Guarantee and/or tha
Jet Guarantaa..*
4. crerea Tro-yre ^ m rffmynrcoKst ;
All other terms and conditions contained in tha Facility

Letter reiaain unchanged and continua to apply.
s. asssmassi
This offer will lapse on 30 April 1993.
To accept tiiis offer on tha above terms and conditions
please return the enclosed duplicate of this letter duly
signed by tha authorised signatories of the Borrower.
Yours faithfully,
for and on behalf of
IRISH I2?TSRC0JTTINENTAL BAJTX LIMITED
Liam Donlon Brian Dunne

Banking Directo: Manager
Appendix XV (11) (1) (ae)
Facility latter lafiraa: CC/1S/7053 diUd Ipril 21, IM3
TO: Tha Directors*

Celtic Helicopter* Limited,
43-49 Hespil Road,
Dublin 4
Accepted on the above tarns and conditions for and on behalf

of CELTIC HELICOPTERS LIMITED
Appendix XV (11) (1) (af)
Irish Intercontinental Bank Limited
91 Merrion Square
Dublin 2
Re: Our Deposit Account with vou No. 03/39312/77 and our Guarantee and Letter of
Lien in vour favour both dated 23 April 1993 (the "Guarantee" and "Lien"l
DearSirs,
We refer to the Guarantee and Lien and note that you intendtoextend die period of die facility
which you provide to die Principal on die terms of your amending letter of offer to the Principal
dated June 16 1995. We hereby agree that the Guarantee and Lien shall remain in fizll force and
effect for the period of die facility as extended as aforesaid and that demands may be made
under the Guarantee and die Lien enforced irrespective of whether any demand has been made
by you on the Principal in respect of the facility.
LETTER Of LIEN
To:

91, Marrion Square,
Dublin 2
We hereby authorise and empower you pending payment of any

Bills, Notes, Overdrafts, Loans, Guarantees or other
contingencies in respect of which we may be liable to you
either directly, jointly with others, as collateral for a
third party or in any other manner whatsoever, and
notwithstanding that such liability may be current, to hold
all moneys which now or hereafter may stand to our credit on
Deposit Account No. 03/39312/77 or otherwise and in whatever
currency as being available as security for all such
liabilities as aforementioned.
Furthermore you are authorised to set off and apply such
moneys or any part thereof, from time to time in or towards
satisfaction of such liabilities enti-jrely at your own
discretion without further notice ahd- such set off will be a
good and valid discharge of such moneys so applied without any
further endorsement or authorisation whatsoever.
Dated this day of April 1993
PRESENT when tha Common

Seal of HAMILTON ROSS COMPANY
LIMITED was affixed hereto
Director/Secretary
Appendix XV (11) (1) (ag)
IRISH INTERCONTINENTAL BANK
INTERNAL MEMORANDUM
FROM: TO:
CLAIRE GANNON RONAN REDMOND

c c MAUREEN COLLINS
SUBJECT: DATE:
. CELTIC HELICOPTERS LIMITED 4 MAY 1993

i
QB propose to issue a Guarantee today in favour of Jet Aviation for an amount of

US$75,000 on behalf of Celtic Helicopters Limited. This Guarantee is to be secured
by a lien over an amount of US$75,000 in Deposit Account No. 03/39312/77 in die
name of Hamilton Ross Company Limited. Please confirm that this amount has been
placed on deposit with IIB, and in respect of the IEP100.000 Guarantee Facility IIB
presently provides to Bank of Ireland on behalf of Celtic, please confirm that an
amount of GBP100.000 is presently on deposit in Account No. 02/01619/77 in the
name of Cayman International and Bank Trust Company Limited.
CG/i
G/2'
Confirmed: fidtJOU- fybofacu-cj.

Ronan Redmond
&"iov3
Appendix XV (11) (l)(ah)
.'—'..iiiJi
m it
i.»
I.H3X inr : . : :.>iri.n.-i7AL i.<ax

CG/AS May 5, 1993
Jet Aviation Busing Jets AG., (f\r

Attn: Mr. T. Staub, \
P.O. Box 1524,
CH-8053, Zurich Airport,
Switzerland
Dear Sirs,
We refer to the Lease Contract dated and executed by Jet
Aviation Business Jets AO as Lessor and Celtic Helicopters Limited ("the Lessee") for
the lease of a helicopterAgusta A109, Rag. VR-BMM for a period of eight years from
the date of execution of the Lease Contract (the "Lease").
1. In consideration of your providing the Lease under the terms set'out therein,
Irish Intercontinental Bank Limited ("IIB") hereby irrevocably undertakes to
pay you onfirst demand, irrespective of tha validity and the effects of the
above-mentioned Lease, and waiving all rights of objection and defence arising
from the Lease, any amount up to a maximum limit of USS75.000 (seventy five
thousand United States Dollars) (the "Undertaking") upon receipt by IIB of:
a) your written and duly signed request for payment; and
b) (i) written confirmation from you that you have not received
payment(s) at maturity (as determined in the Lease) for the sum
claimed under this Undertaking; or
(ii) written confirmation from you that you have received a copy of
the written noticefrom IIB to terminate UB's Liability under the
Undertaking on the Expiiy Date (as defined in Clause 4 hereof) in
accordance with the provisions of Clause 4 hereof.
For'.the purposes of identification, your request for payment and your
confirmation hereunder have to be presented through the intermediary of
afirst rate Bank (as determined by IIB) confirming that the signatures
thereon are authorised signatories of yourfirm, and (subject to the
provisions of Clause 3 hereo f) are to reach IIB at the latest six months
after the termination of the Lease.
2. The total amount recoverable under this Undertaking is in any event subject to
a maximum limit of US575.000 (sev;ntyfive thousand United States Dollars).
3. This Undertaking is valid until the earlier of:

a) 30 April 2001; and
isoos
b) the Expiry Date (as defined in Clause 4 hereof)
IRISH Ih/IXRCONTINCMtAL SAN* UMITtO • 91 MEWUON SQU.Mt. DU3LIM Z • T3L!!*HO.ll£. 01 41 >744 • FACSIMILE. 01 7BS034 • TtLtX Ulil
RcciiTiaco in th£ftiruauc or numsca «osar
a suasioiAwv
and in any event expires in full and automatically if your written request for
payment and your written confirmation, together with afirst rate banks
verification of your signatures are not in our possession on or before the earlier
of the above dates.
4. IIB may at any time give you thirty days written notice to terminate this
Undertaking O'the Expiry Date") on which date all further liability of IIB shall
cease, without prejudice to any demand made by you within the terms of this
Undertaking on or before the Expiry Date, and subject to the aforesaid
maximum limit of US$75,000.
Yours faithfully,
for and on behalf of
IRISH INTERCONTINENTAL BANK LIMITED
Manager
Appendix XV (11) (1) (ai)
J*^
Tal: 67S 51-U'375 3C3i A2¥nri IQUAAS
Fax: 661 2035 DUBLIN 2
8th September, 1993

John R (, Esq.,
Irish jntinental Bank Limited
;
91 Harrion Square,
DUBLIN 2.
Re; CELTIC HELICOPTERS and KBNTFORD
Dear John,
This is to confirm our discussions this morning when I
indicated that the backing deposits of £100,000 and £50,000
respectively are going to.be uplifted and replaced in the
name of Hamilton Ross and that the counter-guarantees etc.
which you presently hold from C.I.B.T.C. will be cancelled
and replaced by Hamilton Ross.
I am very anxious that we put this into place as quickly aa
possible and would appreciate hearing from Maurice or Claire
in this connection.
Yours sincerely,
J.D. Traynor
Appendix XV (12) Mr Ronald Chambers
Ronald Chambers.
a) Transcript of evidence of Mr Ronald Chambers dated 17 April 2000.
b) Statement of Mr Ronald Chambers dated 12 April 2000.
c) Letter of 3 January 1990 - JD Traynor to Guinness and Mahon.
d) Letter of 10 December 1990 - JD Traynor to Guinness and Mahon.
e) Letter of 22 June 1990 - JD Traynor to Guinness and Mahon.
f) Hamilton Ross statement of account - 31 December 1993.
g) Hamilton Ross statement of account - 30 June 1994.
h) Hamilton Ross statement of account - 30 June 1994.
i) Hamilton Ross statement of account - 31 July 1994.
j) Hamilton Ross internal memo - calculation of interest to 3 January 1995.
k) IIB interest statement re Hamilton Ross of 30 August 1994.
1) Internal GMCT memo of 28 April 1976.

PRIVATE EXAMINATION OF MR. RONALD H. CHAMBERS
UNDER OATH
ON MONDAY, 17TH APRIL 2000
Stenographer
PRESENT
The Inspectors: MR. JUSTICE COSTELLO
MS. MACKEY BL
Solicitor to the Inspectors: MS. M. CUMMINS
Interviewee: MR. RONALD H. CHAMBERS
Represented by: MR. MICHAEL O'SHEA
KENNEDY McGONAGLE
BALLAGH
2 0 NORTHUMBERLAND ROAD
DUBLIN 4
INDEX
MR. CHAMBERS DIRECT - MS. MACKEY 1 - 155
DIRECT - MR. JUSTICE COSTELLO 156 - 189

1 THE INTERVIEW COMMENCED, AS FOLLOWS, ON MONDAY
2 17TH APRIL 2000.
3 MR. JUSTICE COSTELLO: Good morning,
4 Mr. Chambers. My name is
5 Declan Costello and on my right is Ms. Mackey and we
6 are the Inspectors who have been appointed, as you
7 know, by the High Court in relation to this matter.
8 I should explain to you, as I do to other persons
9 who have appeared before us, that this isn't a
10 court, it is not a tribunal; it is an interview.
11 If, in the course of the questions that we ask you,
12 you wish us to stop so that you can consult with
13 your solicitor, please tell us so and we will stop.
14 Similarly, if your solicitor wishes to consult with
15 you in the course of your interview, he will let us
16 know and we will stop and he can talk to you.
17 MR. CHAMBERS: All right.
18 MR. JUSTICE COSTELLO: Mr. Chambers, this
19 interview is under oath
20 and we would ask our solicitor now, Ms. Cummins, to
21 administer the oath to you.
22
23
24
25
26
27
28
29
4
1 MR. CHAMBERS HAVING BEEN SWORN WAS EXAMINED, AS
2 FOLLOWS, BY MS. MACKEY.
4 MR. JUSTICE COSTELLO: Mr. Chambers, I am going
5 to ask Ms. Mackey to ask
6 you some questions now.
7 1 Q. MS. MACKEY: Mr. Chambers, before I
8 actually begin to ask you
9 any questions about your statement that you sent in
10 to us, can I have a little bit just about your
11 career for the record?
12 A. Yes.
13 2 Q. Can you tell me your present position?
14 A. All right. Since coming to live in Dublin or prior
15 to that? Do you want it from...
16 3 Q. When did you come to Dublin?
17 A. In 1967.
18 4 Q. Well, maybe since then.
19 A. Since then. I was living in Scotland and working
20 with a company over there. They decided that they
21 wanted to develop more here in the Republic of
22 Ireland and I was offered the position of General
23 Manager.
24 5 Q. And that company was?
25 A. Robert Wilson & Sons was the company in Scotland and
26 the company in Ireland was Burnhouse(Ireland) Ltd.,
27 which was the one company operating in the Republic
28 of Ireland at that time. The plan was that we would
29 endeavour to develop the business on a 32 county
5
1 basis because there was already a company
2 established in Northern Ireland and we were going to
3 centralise the total activity here in Dublin.
4 6 Q. Yes. So you came over as General Manager?
5 A. That is right.
6 7 Q. And you continued in that position up until?
7 A. I continued in that position until -- it was '82 or
8 ' 83.
9 8 Q. Yes. What happened then?
10 A. In 1980, or 1979/1980, I had a couple of slight
11 attacks, I thought they were slight anyway, and the
12 doctor suggested to me that I would need to cut down
13 on my workload. I discussed it with the then
14 Chairman of the company and it was agreed that
15 coming up to 60 years of age, that then I would
16 retire and a replacement would be found, and I
17 resigned from the company.
18 9 Q. In 1982?
19 A. I think it was 1982, yes.
20 10 Q. And you are now retired?
21 A. I have been retired since then, yes, that is right.
22 11 Q. Yes good. Thank you very much. Now in answer to
23 the letter we sent you asking about Ansbacher, you
24 sent us in a statement and some documents, a Trust
25 Deed and associated documents?
26 A. Yes .
27 12 Q. Now do you have a copy of your statement (Exhibit
28 1) ?
29 A. Yes .
1 13 Q. I would like to just go through that and clarify a
2 few points that are not clear to us.
3 A. Fine.
4 14 Q. You explained at the first page of your statement
5 there at the top, you explained that you came to
6 know Des Traynor when the company with which he was
7 an accountant at the time, Haughey Boland, were
8 auditors to Burnhouse?
9 A. That is right.
10 15 Q. After he had joined Guinness & Mahon in the 1970's,
11 he suggested that a capital sum that you had brought
12 with you to Ireland should be placed in a
13 discretionary trust. Now can you remember the gist
14 of that conversation; what he said to you, how it
15 arose?
16 A. Well, there were a number of discussions with him
17 about the capital sum that I had.
18 16 Q. Did you consult him on this?
19 A. Yes. Yes, I did. As we had built up or were
20 building up a very good relationship and I got to
21 the stage that I fully accepted his advices on so
22 many matters, not only this one but so many
23 different matters in the business.
24 17 Q. Not to get wound up in too much detail, he
25 suggested, anyway, a discretionary trust?
26 A. He did, yes.
27 18 Q. Did he explain to you what that was?
28 A. Yes, this was for the benefit of myself and my
29 family. If I happened to die early, then my wife

1 and family would be the beneficiaries of the trust.
2 19 Q. Yes. Did he say what would happen if you didn't
3 die?
4 A. Sorry?
5 20 Q. Did he say what would happen if you continued
6 happily to live, who would benefit then?
7 A. Yes, yes, that is right.
8 21 Q. What did he say about that?
9 A. That I would be a beneficiary, and my wife
10 and...(INTERJECTION)
11 22 Q. That you would?
12 A. Yes, yes.
13 23 Q. Now did he explain to you how the Trust was to be
14 set up? Did he explain to you that someone other
15 than yourself would be the settler of the Trust?
16 A. Yes .
17 24 Q. What did he tell you?
18 A. He indicated that this would be transferred to
19 Guinness Mahon Cayman Trusts in Cayman and they
20 would be the trustees of the Trust, and the settlor,
21 then, was Mr. Furze.
22 25 Q. He told you this?
23 A. Yes, yes.
24 26 Q. Did he explain to you what would happen to the
25 funds, what Guinness Mahon Cayman Trust would do
26 with the funds? Did he tell you about the setting
27 up of a company to hold the funds?
28 A. No, I presume that was already established, Guinness
29 Mahon Cayman Trust.

1 27 Q. They were the trustee?
2 A. Yes.
3 28 Q. But did he tell you that the trustees would transfer
4 the funds to a company?
5 A. Oh, yes, sorry. The hearing is not the greatest,
6 sorry.
7 29 Q. Okay. What did he tell you about that?
8 A. That the money placed in trust would be handled by
9 these trustees and if transfers were required,
10 contact would be made with him, Mr. Traynor.
11 30 Q. Yes, but did he tell you that there would be a
12 company established?
13 A. Yes.
14 31 Q. What company was that?
15 A. The company was Ascot, Ascot Trusts.
16 32 Q. Did he tell you that that company, Ascot, would
17 place the money on deposit?
18 A. Yes.
19 33 Q. Did he say where that would happen?
20 A. In the Cayman Islands.
21 34 Q. Did he tell you that you at any time, if you wished,
22 could withdraw money or use the money?
23 A. Yes.
24 35 Q. What did he explain to you about that?
25 A. The situation there was that if any money was
26 required, I was to contact him and he in turn would
27 contact the trustees.
28 36 Q. Yes.
29 A. And in turn, then, whatever was required would be
9
1 transferred to my bank account.
2 37 Q. Did he tell you that your money would be available
3 to you here in Dublin in Guinness Mahon?
4 A. No.
5 38 Q. He didn't tell you that?
6 A. Definitely not. I always understood that the money
7 in the Ascot Trust was in Cayman.
8 39 Q. Now you say here you got some legal advice about
9 this. Did you get any taxation advice? Did you go
10 to any accountant?
11 A. No, the only one that -- when I was reading through
12 on your notes, it did come to mind that he did
13 suggest to me on one occasion, which must have been,
14 I presume, around about '72, that I should, maybe,
15 speak to Mr. Alexis Fitzgerald, who is a solicitor
16 here. Now whether it was because I was asking
17 questions -- some questions, not very many, I must
18 admit -- on the whole document of the Trust; 'well,
19 you might be advised to speak to someone else.', and
20 he suggested that I see Mr. Fitzgerald, which I did.
21 Now exactly what happened then, I don't know
22 I was extremely busy running the business. I saw
23 him in his offices in Pembroke Street and we had a
24 chat about it and I don't really remember what
25 happened. He certainly didn't advise against it.
26 40 Q. Yes. Did you have a personal accountant at that
27 time?
28 41 Q. Sorry?
29 42 Q. Did you have a personal accountant at that time?
10
1 A. No.
2 43 Q. You didn't?
3 A. No.
4 44 Q. And you didn't consult any accountant about this
5 other than Mr. Traynor?
6 A. No, no.
7 45 Q. Now did you know, Mr. Chambers, that the trust
8 funds, your money, was in a coded account, A/A66?
9 A. Not until very recently. I suppose that would have
10 been somewhere in the 1990's.
11 46 Q. Yes. How did you come to know that?
12 A. There was a statement I received and there was a
13 code on that of A/66.
14 47 Q. Where did you receive this statement?
15 A. I think I must have received it from Mr. Traynor, or
16 it may have been Mr. Collery after his death.
17 48 Q. When you saw this A/A66 on your statement at that
18 time, did you enquire what that was? Did you ask
19 anything about it?
20 A. Not that I recall, no, I don't think I did.
21 49 Q. Did you know that it was a code for your account?
22 A. It was on the statement of Hamilton Ross, which was
23 another situation which arose, and I don't know an
24 awful lot about that one because I understood it was
25 all Ascot Trust.
26 50 Q. Yes. Now the withdrawals that you made or the
27 payments that were made from the Trust, you say in
28 your statement that they began in the late 1980's?
1 51 Q. Now Mr. Traynor had told you that you should go to
2 him, so when you wanted a payment, on the first
3 occasion that you wanted a payment, did you contact
4 Mr. Traynor?
5 A. That is right, I did.
6 52 Q. What did he say to you?
7 A. He said: "I will deal with that and make contact
8 with Cayman and arrange the transfer."
9 53 Q. And how was the transfer made?
10 A. Purely to my bank account.
11 54 Q. To your bank account?
12 A. Yes, and there wasn't any further contact and
13 I would have asked him to transfer whatever sum was
14 required and he would have made the transfer.
15 55 Q. So you would give him the number and details of your
16 bank account and after that, the thing would go
17 ahead?
19 56 Q. Now can I show you a document here, Mr. Chambers?
20 It is page 115. (Exhibit 2) (SAME HANDED) Now this
21 is a letter from Mr. Traynor with the heading of
22 "Ansbacher" on 3rd January 1990 and it is addressed
23 to Mr. Lannigan O'Keeffe at Guinness Mahon in
24 College Green. Do you see that?
25 A. Yes, I see that, yes.
26 57 Q. It is arranging for a transfer of stg£3,000 to
27 Barclays Bank for credit to your account. Was that
28 the account to which your transfer was usually made?
1 58 Q. Now you see from that letter that Mr. Traynor is
2 writing to Guinness Mahon asking for this transfer
3 to be made and he is saying there in the final
4 sentence: "The debit should be to sterling account
5 number 13154 602." Now that, as we know from the
6 history of this whole business, is the account of
7 Ansbacher in Guinness Mahon in Dublin. So it would
8 appear then from that, would it not, that one of the
9 payments from your Trust was in fact being withdrawn
10 from Guinness Mahon in Dublin, from Ansbacher's
11 account. You would agree with that?
12 A. Goodness.
13 59 Q. You didn't know this before?
14 A. No.
15 60 Q. Mary, could you pass 116 and 117 and 118. Sorry,
16 not 117, just 116 and 118.(Exhibit 3 & 4) (SAME
17 HANDED) Again, you see there are two similar letters
18 from Mr. Traynor to Guinness Mahon, different
19 officials in Guinness Mahon, and they are different
20 dates in 1990; 10th December and 22nd June. Again,
21 they are directing transfers to your account in
22 Barclays Bank. Would these be transfers that you
23 requested Mr. Traynor to make from the Trust fund?
24 A. Yes .
25 61 Q. They would. Again, as you see, they are being
26 debited to Ansbacher's account in Guinness Mahon in
27 Dublin. Now did you at any time, Mr. Chambers --
28 were you aware that a loan that you had from
29 Guinness Mahon in Dublin was secured on your
13
1 Ansbacher deposits?
2 A. No.
3 62 Q. They were using that as backing?
4 A. No. The loan to?
5 63 Q. To you.
6 A. No.
7 64 Q. Did you have a loan from Guinness Mahon at any time?
8 A. No, not that I recall.
9 65 Q. You didn't?
10 A. No.
11 66 Q. Is it possible that you had a loan that you might
12 have forgotten about at this stage in 1974 from
13 Guinness Mahon? Evidence provided to us by Guinness
14 Mahon shows that you had a loan for £90,000 in 1974
15 that was backed, in fact, on a cash deposit with an
16 offshore subsidiary of the bank?
17 A. That I had a loan?
18 67 Q. Yes, R.H. Chambers. Are you R.H. Chambers?
19 A. Yes.
20 68 Q. According to the bank, that is the case. You have
21 no recollection of having any such loan?
22 A. No. No, I do not indeed, no.
23 69 Q. Now going back to your statement, did you have an
24 account, an ordinary account, in Guinness Mahon in
25 Dublin, Mr. Chambers?
27 70 Q. Is it possible that you had an overdraft on an
28 account?
29 A. I don't think so, no. I don't recall ever having a
14
1 personal account with Guinness Mahon, no.
2 71 Q. I see.
3 A. No.
4 72 Q. Very good. Getting back to your statement anyway
5 for the moment, and at the bottom of the first page,
6 you say your recollection is that the initial
7 transfer of capital to the Trust was approximately
8 £60,000?
9 A. Yes .
10 73 Q. You subsequently transferred a lump sum payment from
11 the pension trustees when you were retiring from
12 Robert Wilson?
13 A. Yes .
14 74 Q. Following the sale of your house in Dalkey, you
15 transferred a further amount of about £50,000?
16 A. Yes .
17 75 Q. Now you say none of the amounts placed in Trust were
18 subject to taxation, either in Scotland or in
19 Ireland. What do you mean "not subject to
20 taxation"?
21 A. Well, the money that I brought from Scotland had
22 been taxed there.
23 76 Q. Yes .
24 A. And the £60,000 from Irish, I think it was Irish
25 Pensions Trust or Hill Samuel, one or the other,
26 that was all taxed or tax free, I suppose. I took a
27 lump sum plus a pension.
28 77 Q. Yes .
29 A. Then when I sold the house in Dalkey, I understood

1 that any tax that was due had been paid.
2 78 Q. It had been paid?
3 A. Any taxes that had been due by me would have been
4 paid.
5 79 Q. I see. I just couldn't really understand the
6 statement that it wasn't subject to taxation either
7 in Scotland or in Ireland. I didn't know whether by
8 that you meant that it was not taxable income or the
9 tax had not been paid on it?
10 A. No, I understood that everything was in order from
11 the point of view of the money I brought originally,
12 which I can recall part of it, and the pension and
13 the sale of the house.
14 80 Q. Yes. So did you get advice from an accountant about
15 that, or from anybody?
16 A. Again, I would have discussed that with Mr. Traynor.
17 81 Q. You discussed it with Mr. Traynor?
18 A. Yes .
19 82 Q. But so far as you are concerned, you did not anyway
20 pay any tax on that?
21 A. No, not on those two payments or on all the
22 payments. Sorry, that maybe is not as clear as it
23 might have been.
24 83 Q. That is okay. Now moving down to the bottom of that
25 page, you say that you believe the final payment
26 from the Trust was made to you in July 1997, but you
27 have corrected that this morning and I think it is
28 July 1998?
29 A. 1998, yes.
1 84 Q. What happened at that stage to the Trust funds?
2 A. I spoke with Mr. Collery, who I understood was the
3 man to deal with Cayman after Mr. Traynor died and I
4 asked him in September or October 1998 could I have
5 the balance that was in Cayman to transfer it back
6 to me here in Dublin, and that happened in October
7 1998.
8 85 Q. So the entire balance was transferred?
9 A. The entire balance was transferred here.
10 86 Q. To your account here in Dublin?
11 A. Yes. It was transferred firstly to Barclays and
12 then transferred here to Dublin.
13 87 Q. Where do you have your account in Dublin?
14 A. Pardon?
15 88 Q. Where do you have your account in Dublin?
16 A. With the Ulster Bank.
17 89 Q. Since 1998, have you had any relationship with
18 Ansbacher?
19 A. No.
20 90 Q. That was the end of it?
21 A. As I said, I think, Ansbacher I had not heard of.
22 91 Q. Guinness Mahon Cayman Trust was the name of
23 Ansbacher before it became Ansbacher, so it is the
24 same company in fact?
25 A. Really? That is news to me.
26 92 Q. Yes, they changed their name when they were taken
27 over. Now moving to another aspect of the matter,
28 when Mr. Traynor died, what did you do at that stage
29 about your Trust funds?
17
1 A. I met with Mr. Collery.
2 93 Q. How did you know to meet with Mr. Collery?
3 A. Mr. Traynor had told me if I required funds, as I
4 said previously, to contact him. In his absence, to
5 contact Mr. Collery.
6 94 Q. He told you that?
7 A. But this was only done after his death. I had no
8 contact with Mr. Collery prior to Mr. Traynor's
9 death.
10 95 Q. All right. So when Mr. Traynor died, then, you knew
11 that Mr. Collery was the man to contact?
12 A. Sorry?
13 96 Q. When Mr. Traynor died, you knew Mr. Collery was the
14 man to contact?
15 A. Yes.
16 97 Q. How did you know where to find him, because at that
17 stage he had left Guinness Mahon?
18 A. I can't recall how I got to know that.
19 98 Q. Did you contact him or did he contact you?
20 A. I must have contacted him for transfers. Yes, I
21 must have done.
22 99 Q. That continued then, you contacted Mr. Collery
23 after that?
25 100 Q. Up to the time that you withdrew all your funds?
27 101 Q. When you contacted Mr. Collery, how did that work?
28 Would you ring him up and tell him?
29 A. I would have phoned him at home.
18
1 102 Q. In his own home?
2 A. In his own home.
3 103 Q. Would you do what you had done with Mr. Traynor,
4 give him details of the transfer?
5 A. Yes, exactly the same.
6 104 Q. Did you ever withdraw money in cash?
7 A. No.
8 105 Q. Now you got statements from time to time?
9 A. Yes .
10 106 Q. During Mr. Traynor's lifetime you occasionally got
11 statements ?
12 A. Yes, yes.
13 107 Q. Did he send those to you in the post?
14 A. The Trust statements would have been either posted
15 to me or when I would have met him, he could have
16 handed them to me. That would have been the normal
17 position.
18 108 Q. When you say the Ascot statements, they were
19 statements of the deposit or statements of the state
20 of the company or the Trust?
21 A. The state of the Trust, which would have been
22 primarily the opening balances in the Trust, any
23 receipts, withdrawals, interest, and the final
24 balance.
25 109 Q. So would they be like the documents you provided us
26 with here that you got from the Moriarty Tribunal,
27 if I can just refer you to one of those. It is page
28 52, Mary. (Exhibit 5) (SAME HANDED)
29 A. No.
1 110 Q. No?
2 A. No. There would have been another statement which
3 would have set out the company heading and the
4 appropriate headings that I have just mentioned.
5 111 Q. Right. Do you have any copies of those in your
6 possession?
7 A. I don't think I have. I have been away for a while
8 and I have looked when I came back, but I will check
9 a few more files.
10 112 Q. Would you do as thorough a search as you can?
11 A. I will do that.
12 113 Q. If you have any such documents, or any documents at
13 all relating to them, if you would furnish them,
14 please?
15 A. Yes. But not that, I haven't seen that type of
16 thing.
17 114 Q. This is what you furnished us with that you received
18 from the Moriarty Tribunal?
20 115 Q. So you have seen it since then?
21 A. Yes, but that was the first time.
22 116 Q. So what you are saying is that the statements you
23 received from Mr. Traynor would have the heading of
24 Ascot on them?
25 A. Yes.
26 117 Q. And they would give the balance and the interest?
28 118 Q. I see.
29 A. That was, I should add, and I can't remember the
20
1 dates but that name was changed to Ripon
2 Investments, R-I-P-O-N.
3 119 Q. I see.
4 A. I can't recall when but it would have been probably
5 the early 90's.
6 120 Q. Was any explanation given to you for that?
7 A. I asked Mr. Traynor. He said; 'Oh, we just want to
8 use another name.' He was of the type and the
9 relationship we had was that one rarely questioned
10 when he gave you information. He was the type of
11 person; 'well, that is the way it is.', and it
12 rarely was questioned.
13 121 Q. You accepted that?
14 A. Yes .
15 122 Q. Did you then get statements with the heading Ripon
16 Investments on them after that?
17 A. Yes, I did, I think I got a couple of those. There
18 weren't very many, and that would have been on an
19 annual basis.
20 123 Q. Do you have any of those at home?
21 A. I may have.
22 124 Q. Again, if you find those, please.
23 A. Sure, I will, yes.
24 125 Q. You said a moment ago that those statements showed
25 the various transactions that took place in the
26 Trust, including accumulation of interest?
27 A. Yes .
28 126 Q. Now did you make any declaration of that interest to
29 the Revenue Commissioners?

1 A. No, no.
2 127 Q. You didn't?
3 A. No.
4 128 Q. Now if I could ask you to look at these statements
5 which you furnished us which the Moriarty Tribunal
6 gave you and if I could ask you in particular to
7 look at page 57, 70 and 71 (SAME HANDED). Do you
8 see the first one there? The date at the top of it
9 is 31/5/94. Do you see that one?
10 A. Yes .
11 129 Q. You have the code A/A66 up in the right hand corner?
12 A. Yes .
13 130 Q. The third entry down dated 29th June 1994 says
14 "transfer to fixed, £10,000." Do you see that?
15 A. Yes .
16 131 Q. That is then debited to -- this is a Hamilton Ross
17 statement -- that is debited to that account. Can
18 you explain that transaction, this transfer to a
19 fixed deposit? Sorry, it is £100,000.
20 A. £100,000, yes.
21 132 Q. Page 67, Mary, please (Exhibit 7). If I can show
22 you the document that follows on from that, then,
23 you might be able to explain it a bit better. (SAME
24 HANDED) that is a document headed up at the top
25 right hand corner "A/A66A." Do you see that?
26 A. Yes .
27 133 Q. It is page 1 of what appears to be a new account.
28 Do you see there: "Brought forward from call -
29 29/6/94 £100,000."
1 A. Yes.
2 134 Q. So putting that with the document that we looked at
3 a moment ago, it appears that that sum was
4 transferred from the other A/A66 Hamilton Ross
5 account to this one, which appears to be a fixed
6 deposit account, from what it says on the other.
7 A. Yes.
8 135 Q. Now did you give instructions for this to happen?
9 A. No.
10 136 Q. Do you know anything about this?
11 A. No.
12 137 Q. You don't?
13 A. No.
14 138 Q. Can I ask you now to look at the page with
15 handwriting on it there that I passed to you. You
16 provided this to us. Again, this was provided to
17 you by the Moriarty Tribunal. Do you know what that
18 is (Exhibit 8)?
19 A. No.
20 139 Q. You don't know what it is?
21 A. No.
22 140 Q. If you look at the next page (Exhibit 9), then,
23 which is headed "Irish Intercontinental Bank", it
24 says: "Hamilton Ross, Care of Corporate Services.
25 We confirm your deposit with us." Do you see that?
26 A. Yes.
27 141 Q. And it gives an amount of £100,840?
28 A. Yes.
29 142 Q. And then interest at £1,366?
23
1 A. Yes.
2 143 Q. Now if you go back to the handwritten page (Exhibit
3 8), you will see that that appears to be a
4 calculation of that interest and how it is worked
5 out, isn't that right?
6 A. Yes.
7 144 Q. You see there that up at the top right hand corner
8 of that page, the name "R. Chambers" appears?
9 A. Yes.
10 145 Q. So it clearly relates to -- these are your Hamilton
11 Ross statements, aren't they?
12 A. Yes, exactly the same.
13 146 Q. So it appears that £100,000 of your money was put on
14 a fixed deposit which at 30th August had accumulated
15 £1,366 interest?
16 A. Yes.
17 147 Q. You know nothing about that transaction?
18 A. No. Could I ask a question about this one?
19 148 Q. Yes, certainly.
20 A. The date is 30th November and on the other one,
21 Irish Intercontinental is 30th August.
22 149 Q. Yes. This appears to be a calculation, an even
23 later calculation, because if you look at the
24 bottom, it says: "One month to 3/1/95."
25 A. Yes.
26 150 Q. So this appears to follow on from the deposit, the
27 statement that was mentioned there in the IIB?
28 A. Yes.
29 151 Q. So clearly this deposit account continued on from
24
1 month to month from the date on which it was opened
2 in July or June?
3 A. Yes.
4 152 Q. Now you mentioned two companies there; you have
5 mentioned Ascot and you mentioned Ripon Investments?
6 A. Yes.
7 153 Q. Were any other companies involved in the management
8 of your deposits in your relationship with
9 Ansbacher?
10 A. Laterally, the name Hamilton Ross came up. From my
11 recollection, I was only told about that in
12 May 1994.
13 154 Q. Yes, but apart from Hamilton Ross, are there any
14 other names?
15 A. No.
16 155 Q. No others that you know of?
17 A. No.
18 MS. MACKEY: Very good. I haven't any
19 further questions,
20 Mr. Chambers, the Judge may.
21
22
23
24
25
26
27
28
29
25
1 MR. CHAMBERS WAS EXAMINED, AS FOLLOWS, BY
2 MR. JUSTICE COSTELLO
4 156 Q. MR. JUSTICE COSTELLO: Just a few questions,
5 Mr. Chambers, just
6 following on from what you have just said. In May
7 1994, you heard about Hamilton Ross. Was that after
8 Mr. Traynor's death and Mr. Collery told you about
9 it?
10 A. No, Mr. Traynor told me.
11 157 Q. What did Mr. Traynor tell you?
12 A. He said that they were setting up another company
13 and the deposits that I had would be transferred to
14 Hamilton Ross.
15 158 Q. Yes. Just so that I can clarify the situation, you
16 were shown, on an annual basis, accounts; were you?
17 A. Yes.
18 159 Q. Account statements?
19 A. Yes.
20 160 Q. These appeared to be the accounts of a company
21 called Ascot Trust Limited. Was it a company? Did
22 it appear to be a company?
23 A. It did to me, yes.
24 161 Q. You see, I just want to make absolutely clear that
25 there was trustees?
26 A. Yes.
27 162 Q. And the trustees were the company, this Guinness
28 Mahon Cayman Trust Ltd., i sn't that right?
29 A. Yes.
26
1 163 Q. These accounts you were shown were apparently of a
2 holding company or a management company, is that
3 what you understood it to be?
4 A. I did, yes.
5 164 Q. Now did that show that the trustees, that is the
6 Guinness Mahon Cayman Trust, had in fact loaned
7 interest free the Trust funds to this holding
8 company?
9 A. I cannot say.
10 165 Q. I am just wondering do the accounts show how the
11 holding company got the Trust funds?
12 A. Well, on the statements I received it would have
13 been purely Ascot Trust, and then the various
14 headings.
15 166 Q. That is what I want to find out. Was the statement
16 a statement of the trustees, then?
17 A. Yes, I think it would have been from the trustees,
18 yes .
19 167 Q. From the trustees. But did the statement not show
20 that the trustees, if it was a statement from the
21 trustees, did it show that the trustees held shares
22 in a company?
24 168 Q. You don't think so?
25 A. I don't think so, no.
26 169 Q. Well, I just want to clarify how you understood the
27 situation. Did you understand that there was a
28 management company called Ascot Trusts?
29 A. Ascot Trusts, yes.

1 170 Q. Limited?
2 A. I am not quite sure whether it was limited or not.
3 171 Q. You see, a company is a limited company and it is
4 different from a Trust, it is different from the
5 Trust company, is it not? Or were there two
6 companies, one being the Trust company and the other
7 being Ascot Holdings Limited or some such name?
8 A. I will just look at the Trust Deed.
9 172 Q. You look at that. The Trust Deed does not merely
10 say who the trustees are and it gives the name of
11 the Trust as the Ascot Trust?
12 A. Yes.
13 173 Q. That is the Trust fund which is to be known as the
14 Ascot Trust?
15 A. Yes.
16 174 Q. Do you think the statements you obtained were
17 statements from the trustees; Guinness Mahon Cayman
18 Trust Limited?
19 A. That was my assumption when I received the statement
20 on an annual basis.
21 175 Q. It was from the trustees, then?
22 A. From the trustees, yes.
23 176 Q. And you understood that the Trust funds were
24 deposited in the bank in Cayman?
25 A. That is right, exactly.
26 177 Q. You don't know in what name they were deposited, is
27 that right?
28 A. No. I always understood that when I would have
29 asked for a payment from Ascot, that this had to go
28
1 to Cayman.
2 178 Q. Yes. Now what was Ripon Investments, then?
3 A. Well, when I say in the early 1990's, I think it was
4 that Mr. Traynor suggested that he wanted to change
5 the name to Ripon Investments, that they had some
6 other use for Ascot, and that is what happened.
7 179 Q. Changed the name of what? What was the name?
8 A. Ascot Trust to Ripon Investments.
9 180 Q. Do you mean that the Trust fund would then be called
10 Ripon Investments?
12 181 Q. That is what you understood?
14 182 Q. Yes. Now he said he had another use for Ascot
15 Trust; is that right?
16 A. Yes, yes.
17 183 Q. I.e., the name Ascot Trust?
18 A. Ascot Trust, yes.
19 184 Q. As far as you were concerned, then, there was only
20 one legal entity that you were concerned with,
21 namely the trustees, Guinness Mahon Cayman Trust
22 Limited, who were looking after a Trust fund which
23 was called Ascot Trust. That was your
24 understanding?
25 A. That is right, that is my understanding exactly,
26 yes .
27 185 Q. Now there is one other matter I want to refer to and
28 it is a matter of a transaction that occurred a long
29 time ago and I want you to refer to it. It is page
29
1 162. (SAME HANDED) This is a record from the bank
2 (Exhibit 10). It is dated 28th April 1976 and it
3 is :
5 "Guinness Mahon Limited enclose herewith a cheque

for $500 on the instructions of
6 Mr. R.H. Chambers".
8 Mrs. Webb in British Columbia, Canada.

Q
z)
A. That is my sister.
10
11 186 Q. Your sister?
12 A. Yes .
13 187 Q. Would you look at the top document on that photostat
14 and this is an internal memo. It is stated "file
15 GMCT." 28th April, it is the same date.
16
17 "I confirm having asked you this morning at the

request of R.H. Chambers to transfer
18 $500 (Canadian for preference, but US
if this is not possible) to Mrs. Webb
19 in British Columbia and to debit GMCT's
A/N deposit."
20
21 Doesn't that look as if the money that you were
22 paying to your sister was coming out of an account
23 that Guinness Mahon Cayman Trust had and that it had
24 a code "A/N" attached to it?
25 A. Yes, it looks like it.
26 188 Q. You don't know anything about that?
27 A. I don't recall that, but 1976.
28 189 Q. It is a long time ago, but doesn't it look,
29 Mr. Chambers, as if the money that you were giving

1 to your sister was coming out of a Guinness Mahon
2 Cayman Trust account in Dublin?
3 A. Yes, it does, yes
4 MR. JUSTICE COSTELLO: Very good. Thank you.
5 Mr. Chambers, I think that
6 is all we need trouble you with today.
7 A. Thank you.
8 MR. JUSTICE COSTELLO: As Ms. Mackey has
9 indicated to you, if you
10 find any further documents of any sort relating to
11 your relationship with these entities, we would be
12 glad if you would send them on. We would ask you to
13 come in to sign the transcript of your evidence
14 today when it is completed.
15 A. Yes, surely, I will do that. You will let me know
16 when?
17 MR. JUSTICE COSTELLO: Ms. Cummins will let you
18 know, yes.
19
20 END OF INTERVIEW
21
22
23
24
25
26
27
28
29
31
VVas-H^ Gx.VVltVvk.tvS
S o olcvVc. r
U Xjve ôoo
STATEMENT OF RONALD CHAMBERS
In 1967 I movedfrom Scotland to Dublin to take up employment with Burnhouse

(Ireland) Limited a company, partly owned by New Ireland Assurance Company and
partly by Robert Wilson & Sons (Ulster) Limited. I broughtfrom Scotland a capital
sum of approximately £80,000/£90,000 which I placed on deposit in the Ulster Bank.
Haughey Boland, Chartered Accountants were the Auditors to Burnhouse (Ireland)

Limited and over the years I had come to know Des Traynor. In early 1970's after
Mr. Traynor bad joined Guinness & Mahon he suggested that the capital sum that I
had would be better used by placing it in a discretionary trust for the benefit of
myself, my wife and children. He suggested that a trust be set up through Guinness
Mahon Cayman Trust I accepted his advice and a trust was subsequently established.
A copy of the Trust Deed was subsequently furnished to me and a copy is furnished
with this statement.
I accepted completely Mr. Traynor" s advice to provide,for my family in the event of

my untimely death. I did not meet John Furze, the settlor of the trust at this time but I
did meet him for thefirst and only time at Mr, Traynor's funeral. At the time I was
advised he was an associate of Mr. Traynor. I had at this stage a close business and .
personal relationship with Des Traynor. He had always given me sound business
advice and I had no reason to doubt his advice initiation to my personal affairs. He
assured me that the trust was perfectly legal and complied with all tax requirements.
To satisfy me he suggested I take legal advice and he arrangedfor me to meet with
Alexis Fitzgerald, Solicitor. While I cannot recall the specific advice given Mr.
Fitzgerald did not advice me against the proposal nor did he raise any concerns of a
taxation nature. It was some time before the trust document was furnished to me and
when it was Des Traynor confirmed again that the trust had the approval of tax
consultants both here and in the Cayman Islands.
My recollection is that the initial transfer of capital to the trust was approximately
£60,000. This represented the original sum which I had broughtfrom Scotland less
the cost of purchasing a house in Dublin. In 1982/1983 when I retired from Robert
Wilson & Sons I received a lump sum paymentfrom the pension trustees. This was
approximately £60,000 and again on Mr. Traynor's suggestion I placed it in the trust.
A further sum was placed in the trust in 198S following the sale of my home in
Dalkey. Myrecollectionis that an amount of £50,000 was placed then in the trust.
None ofthe amounts placed.in thetrust were subject to taxation either in Scotland or
in Ireland. '
Until his death in 19941 dealt solely with Mr. Traynor in relation to the trust He
furnished to me statementsfrom time to time andfrom my recollection they were the
opening balances, receipts, interest and, where appropriate, withdrawals from the
trust These statements were either given to me by hand by Mr. Traynor at one of our
frequent meetings or alternatively were posted to my home. At an early stage Mr.
Traynor advised me to talk to him if any payment was requestedfrom the trustees. It
is my understanding that he would then contact the trustees in Cayman and tome time
after that a transfer would be madefrom the trust. In most cases transfers were made
directly to my account in London. After Mr. Traynor's death I dealt with Padraig.
Collery in relation to the trust
The trustees commenced to make paymentsfrom the trust in the late 1980's when
payments were made to me and to my children Ronald and Colin. I did not recall any
payments bang made earlier than the late 1980's.
I believe thefinal paymentfrom the trust was made to me in July .1997" and apart from
the Trust Deed, and other documents furnished with this Statement I have no other
documents or papers to hand in relation to the trust. When I moved house in 1988 I
destroyed many documents and papers and assume that the statements which I
received periodicallyfrom Des Traynor were destroyed at that time. Since my return
to Ireland recently I have lookedfor these statements and I will continue to do so.
The documents at 4 and 5 were received by mefrom the Moriarty Tribunal prior to
my interview with the legal team ofthe Tribunal. I believe these documents had been
furnished to the Tribunal by Padraig Collery. I do not understand some entries in the
statements furnished at 4.
I know nothing about and had never heard of Amiens Investments Limited or
Kentford Securities Limited nor indeed had I heard of Ansbacher Limited prior to the
Dunnes Stores Payments Tribunal under Mr. Justice McCracken.
Documents furnished:
1. Trust Deed dated 20 March 1972.

2. Supplemental Deed dated 20 March 1972.
3. Letter of wishes dated 20 March 1972. -
4. Copy statements 31 jSylQQ'l to9 April 1996 relating to the trust
5. Copy Correspondence.
Signed:
* Vi. „
•I
r
J Please reply to.: . Bdtiih West India

Phone: (809) 949-4653/4
42 FitzwijLliam Square, Telex: CP 4305
Dublin 2.. Rue (809) 949-7946
(809) 949-5267
Tel: 765144/763065
Fax: 612035
- 3rd January, 1990,

M. Lanigan-0*Keeffe, Esq.,
17 College Greeti,
DUBLIN 2.
Dear Martin,
Could you please arrange the transfer
Barclays Bank,
81 Fleet Street,
LONDON EC4Y 1ET,
for credit of the Account
Mr • R.H*. CI
Account mf. 10251119.
The debit should bej£o Sterling Account No.13154602.
Yours sincerely,
\
Ansbacher Limited
A Member of the Henry Ansbacher Holdings PLC Merchant Banking Group
P.O. Box 887, Grand Cayman, British Wat Indies

Please reply to:
nr-i V/ 42 Fitzwflliam Square,
Phone: (809) 94*4653/4
Telex: CP 4305
Fax (809) 949-7946
Dublin 1 (809) 949-5267
Tel: 765144/763065
Fax: 612035
10th December, 1990.
H. David Humphries, Esq.,
Senior Manager -Operations,
17 College Green,
DUBLIN 2.
Dear David,
Could you please arrange the transferôf Stg.£10,000.00 to
Barclays .Bank pic,
81 Fleet Street,
LONDON EC4Y 1ET,
for credit to the Account of
Mr. R.H. Chamb
Account No.10251119.
The debit should be to Ansbacher Limited Account No.13154602,
Yours sincerely.
<7DT/ AJW
Appendix XV (12) (l)(e)
/ ' A ' T • •, «
Ansbacher limited
A Member of the Henry Ansbacher HokSngs PLC Merchant Banking Group
P.O. Box 887, Good Ctynu, British Wot T^frr

Please reply to: Phone: (809) 949-4633/4
42 Fitzwflliam Square, Tetoc CP 4305
Dublin 1 Rue (809) 949-7946
(809) 949-5267
Tel: 765144/763065
Fax: 612035
22nd June, 1990.

17 College Green,
DUBLIN 2.
i
Dear David,
Could you please arrange for the transfer of Stg.£10,000 to
Barclays Bank pic,
Kl Fleet Street,
London EC4Y 1ET.
For credit of the Account of'
Mr. R.H*' Chambers
Account No.10251119.
The debit should be to Ansbacher Limited Account No.13154602,
4>f
J.D. Traynor.
BALANCE
177700.24
2250.06
179950.30
Appendix XV (12) (l)(g)
f ^ H I L T O N ROSS
1
J
L.
pHSCR!PTlO''J
31/05/94 BROUQHTFORWARD
tt/06/94 09/05/94 REV ENTBY
20/06/94 20/06/94 DKAJfH
29/06/94 29/06/94 TOR TO FIXED
30/06/94 30/06/94 Interest to 30/06/94
176787.05
681.00 177468.05
172468.05
5000.00 72468.05
100000.00
1181.43 '.
73649.48
]
MAiAtiM ~
|HAMIL,TON BOSS
L.
29/06/94 BROUGHT FORWARD

29/06/94 29/06/94 FBDM CALL
A/A 66A
S H U T V hmrn
J6AHIILTOH BOSS
_J
30/06/94 BROUGHTFORWARD
29/07/94 29/07/94 EELODGED
29/07/94 29/07/94 Interest to 29/07/94
29/07/94 29/07/94 HEPAID
il/07/94
A/A 66A
ACCOUNTNUMBER 80001632 PAGE 2

100000.00.
100400.68
400.68
100400.68
100400.68
Appendix XV (12) (1) (j)
y .Jo. • * WfuS
IRISH i m r a C O m T H E N T A L BANK LTD. . - A
91 Merrion Square •"
Dublin 2
Telephone: (01) 6619744
Telex: 33322
Facsimile: (01)6785034
MAIL TO:
HAMILTON ROSS CO L T D
C/0 CORPORATE SERVICES
D.u: 30AUC94 R.f:XA5592
L^?.?.?NFIM' . YOUR DEPOSIT WITH US j*

Per'-'. i ' !
FROM TO • RATE CURRENCY •AMOUNT 1
* • i•
3 0• A••U 5 . 3 7 5 0 0 0 0 0 i: .. 10 0 , 8 4 0 . 7 . 9
* G•9•I \
50NOV9£
: •" •'. '• J.19*
' INTEREST
.1'
^TOTAL; >, , ' "V: " . • 1 0 2 < 2 0 . 6 - 9 8
• • - {.-'^T'.ir-
' MATURITY > '
W : A T MATURITY . I
XlT WE WILL PAY FOR YOUR ACCOUNT TO ? YOUR PAYING AGENT " "•
: • •
•I
• ! . ..
* * *' . •
. > • .
.• :
••:! •: ' .
i .• • •.. .!' •• •••• • •. . •
OUR PAYING AGENT . WILL PAY FOR OUR ACCOUNT TO

AT R E N E W A L
AM GUN'T 100/4C0.6S ' -V,'-RENEWAL' U N L E S S
INTEREST 440.11 ••• : D T ' H E R W I S E ! . ' A D V I S E D
AOJUST. 0.00
TOTAL > 100/840.79 ,. * -f. •••:•':•-'.vr " •..'•••
• .".i'-.^lii
6f\ kin nI
Appendix XV (12) (1) (1)
Appendix XV (13) Mr Samuel Clarke, deceased
Samuel Clarke.
a) Letter of 18 August 1971 from Kennedy Crowley & Co to W Ronan &

Sons.
b) Letter of 8 March 1972 from Kennedy Crowley & Co to GC Crampton.
c) Extract of transcript of evidence of G Crampton dated 8 February 2000.

Appendix XV (13) (l)(a)
Kennedy Crowley & Co. Chartered Accountants
Hainault House 69/71 St. Stephen's Green Dublin a Telephone 757971
JohnfconiQ,Xsq., lief '. DTK/A

V . Sorum & Sons,
94/95 South Mall,
Cork. D«e: 13 August 1971
re: C q a n Islands Truat
Sear John,
In the course of dlaeuaalona which I had on Trlday with Naaaca.
Caorga Craapton and I was aakad to write to you
asking you to advise than and Maasrs. 8. Clarke, 8. Sayaour, J. Sidney Ease
and I. Webb regarding the astablishaent of discretionary trusts
In tha Cayaan islands. I had already a ant yon for general information
a draft of a treat dead Which is used in tha Cayaan Islands and the
above tuned would like you to advise than aa a group on the suitability
of such a trust deed for their purposes but at a later ataga *-«feres3s
will of course be nseeas&xy La tha individual requirements of each.
In tha first instance they would wish to have written advice and
at a later ataga thay would like to discuss this written advice with yon
on soma suitable occasion whan you are in town.
Aa you know from your other connections thaaa trusts will b« tha
recipients ultimately of certain tax free profits in tha Caynan islands
and the anxiety la that tha arrangaaanta should ha as flexible as
possible, consistent with tha continuing tax free status of tha truat
and of appointments made by tha trustees to tha beneficiaries of
tha truat.
I have already given you soon consent on tha general features of
tha truat daad and if you feel a further discussion would b* helpful
please let SM know.
I aa aandinga copy of this latter to Nr. G, C. Cr step ton.
Yours sincerely,
D. Raid
Martin CinnyVlW lidpr Kwurr VCA ClMWtlUuiK l*riiicip«l Minayen

Decfcm Citlliiu AC A KiKvurtl Iwvjjuii KCA
'
Conor Cruwtry VCA (Wan O'Cnmiw ACA (k-rukl Whwlrr VCA Snrmiiii Rule
I .mirawi' Cruwk-v VCA Duvkl Kmn- tt'A IVto I .yiwli
NuKWlevKCA AK-* Sfwii KCA l)un KvM
\YiKum>I\.lryR\\
Kennedy Crowley & Co. Chartered Accountants
Hainauh House €9/71 St. Stephen's Green Dublin 3 Telephone 757971
O.c. Crtapton, Baq-> ller:

ML/OC
9, Kaple load,
Dublin 14. l)j|jc 8t|l 197i
Re: CPMB Trneta.
Dear Kr Crawpton,
I e» aorry chat it has taken mm rather longer to «oae back t
th* draft Letter of Wlahee. 1 m now aaeloalng alx cop lea o
draft ao that It may be coualderad by aaeh of tha Individual
Z think that tha texaw of tha 1 attar ara fairly aalf-explanatory end
ahould not give vlaa to any problaM bat, ahould anyone «lih to dlacuaa
thea with mm X would ba happy to do ao.
Silica I M r you we have aent to tha Caynan Xalaada tha revlaed draft
Truat Dead, toga Char with tha detail.? required to complete tha appointed
elaaa is aaeh eaaa.
For aaaa of reference, and to avoid too anch identification, wa ara calling
tha Truata tha Whitethorn Troata. Tour oan will ba tha Whitethorn A Truat,
ME Clark1 a tha Whitethorn B Truat, *R Xaat'a tha Whitethorn C Truat,
Mr Seyanur'a tha Whltathorn I Tmat, and
Mr Webb'a tha Whitethorn F. Truat.
Aa aooo aa tha Troata ara dram up I will have tha Lattar of Wlahaa algnad
In aaeh eaaa by Paul Barria -who la tha aattlor. Two fonaal atapa will than
r amain to ba taken. Tha flrat la tha fonatloa by th* Truateea of a coop any
(or coapaalaa) to receive income froa depoalta or inveatuenta on behalf of th*
Truateea. Tha aaeond will ha tha execution by Paul Barria of a Daad (la
blank) aaalgnlng hia power* aa Appointor of the Truata.
Yottra aineerely,
Toara a
Jbi
Kncla.
x
aid.
'.'.in-v I t'.1 Kilpsr (•Wti.-» 1-X'\ CiHHiiliim I'niinieil M.«mci-w

IVrbm ulti'iir: V.' '1 K.lwrml U.iittii I'l \\
i+Hart OV.miht -U".\ U-ikM Wlm-kr IV. I Simimt I Sal.-
I.iiir-iKVI «wk-y H' V I!i-.i.l IUw>- Kl" * I'.-ht l.vnrli
NiatH'n .«•!.•» l'V\ Afc > Siiiii M'.i ('»», l!i-,'H
I would like, Mr. Crampton, if we could go through,
briefly the last set of documents you gave us, which
we got yesterday (SANE HANDED TO MR. CRAMPTON).
Yes, this might be a good time to -- we will break
now, Mr. Crampton, and you might like to look at
these documents I want to go through with you. We
will break for ten or fifteen minutes.
All right.
S H O O T APJOTNUAANIT
MR. JUSTICE COSTXEaitOt Mr. Crampton, we will

continue then, would you
look at this file of documents that you gave us
yesterday?
Yes.
I think it is document No. 10 of 8th March 1972.
That is from Kennedy Crowley telling you how the
Trusts were going to be set up. Do you see that
there were to be six Trusts set up, Exhibit l?
Yes.
Do you see that?
Yes.
1 240 Q. Mere these fellow Directors of yours?
2 A. Correct.
3 241 Q. were these Trusts set up, do you know?
4 A. That, 1 do not know.
5 242 Q. I do not know?
6 A. NO.
7 243 Q- You have not talked to your fellow Directors at all

8 about this?
9 A. There is only one alive at moment.
10 244 Q. Who is that?
11 A.
12 245 Q.
13 A. Correct.
14 246 Q. IS it your recollection that you did not talk to any
15 of them after this financial arrangement was made?
16 A. X understood that there were ...(INTBRJBCTION).
17 247 Q- You understood that they were all set up?
18 A. Yes, but I could not confirm that. I understood
19 there were six trusts.
20 248 Q. Do you know whether any of them had Ansbacher
21 accounts such as you had or Guinness & Mahon
22 accounts such as you had in Dublin?
23 A. I am sure they had.
24 249 Q. You are sure they had?
25 A. They probably had, yes.
26 250 Q. in other words, you think they carried on the same
27 way as you carried on?
28 A. They might, but not for as long.
29 251 Q. Not for as long?
Appendix XV (14) Mr Henry J Cleeve
Henry J Cleeve.
a) Letter of 27 March 2002 - A & L Goodbody to the Inspectors.
b) Guinness and Mahon statement re GMCT of 25 January 1980.
c) Guinness and Mahon statement re GMCT of 22 February 1980.
d) Guinness and Mahon statement re GMCT of 28 March 1980.
e) Guinness and Mahon statement re GMCT of 15 May 1980.
f) Guinness and Mahon statement re GMCT of 31 July 1980.
g) Guinness and Mahon statement re GMCT of 22 August 1980.
h) Letter of 18 August 1980 - Derek Holden Solicitors to Guinness and

Mahon.
Appendix XV (14) (l)(a)
A&L GOODBODY
S O L I C I T O R S
I n t e r n a t i o n a l F i n a n c i a l S e r v i c e s C e n t r e , N o r t h W a l l Q u a y , D u b l i n 1. Tel: 3 5 3 1 6 4 9 2 0 0 0 Fax: 3 5 3 1 649 2649 DX 2 9 D u b l i n

email: l u w @ a l g o o d b o d y . i e Website: http://www.algoodbody.ie
Our Ref. Your Ref. Date
DRB/JHH C/C33/NSPM 27th March, 2002

01-306028
Henry Cleeve J ? ^ (
Dear Sirs,
We have been instructed by Henry Cleeve of The Old Rectory, Gowran, Co. Kilkenny who
has sought our advice in relation to your letter to him dated 12th March, 2002.
Mr. Cleeve has instructed us that the funds used by him to set up the Springfield Trust
(referred to in the Guinness & Mahon Limited statements appended to your Preliminary
Conclusion) had been received by him by way of a bequest, in Canadian dollars, from the
estate of his aunt, a Canadian national, who died in 1979.
You should be aware that Mr. Cleeve is aged 94.
We look forward to hearing from you.
Yours faithfully,
^ L (^V/UrJ^
A & L Goodbody
Office of the Inspectors Appointed By Older of the High Court

to Ansbacher (Cayman) Limited,
3rd Floor,
Trident House,
Blackrock,
Co. Dublin.
T:\LITIGATE\BJW\MAIL-OUT\DBLT2704.03E
M G . D i c k s o n E.Biunker N . H . M a r t i n 5.C. Hamilton R.B.Buckley M.T. Beresford F.J. O'Riordon T.V. O ' C o n n o r
H N. Heoly M A. G i e e n e P.M. Low D.J. Sanfey S . W H a u g h e y PR. Dobbyn C . M . Preston P.J. Carroll J . N . D u d l e y j . H . Hickson
M.F. O ' G o r m o n C . E . G i l l J.A. O'Farrell E.M. FitzGerold S.M. Lohan B.M. Cotter J.G Grennan I . B . M o o r e J. O l d e n J. Coman
V.J. Power I . A . K e n n e d y S.M. Doggett B. McDermott C . Dulty E.M,. Brady P.V. Maher S. O'Riordon M , McKenna K.A. Feeney
M . Sherlock E. M a c N e i l l A.V. Fonagon E.A. Roberts D. Glynn J.B. Roche C. Rogers C . O Donovan G . O'Toole J . N . Kelly
N . O'Sui'ivon M.J. W a r d A . C . Burke J.Given D. W i d g e r
Consultants: JR. Osborne Professor J.C.W. W y l i e A.F.Browne M.M Muldowney
DUBLIN LONDON BOSTON NEW YORK BRUSSELS

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£. * ' •1 ! f •: •••.jv.^tosî
DEREK HOLDEN
M.G.W. r
A.P.C. J j
CY
-SON
DEREK HOLDEN & Co. 003176
iXOSkbOeSBx SOLICITORS
G.C. BRYANT, M.A. (Oxon)
Also at:
63 High Street, Egham, Surrey. Egham 36121/2. VICTORIA HOUSE,
Midland Bank Chambers, High Street, Staines, Mx. Staines 62511/4, 58661/2.
56A, Church Road, Ashford, Mx. Ashford 44251/2. 44 PARK STREET,
CAMBERLEY, SURREY.
OUR REF: PS/JD/CC2966 Cleeve GUIS 3QF.
YOUR REF: DPC/MM Tel: Camberley 28122 (5 lines)
18th August, 1980.

The Accounts Manager,
Guinness & Mahon Ltd.
17 College Green,
Dublin 2 P.O. Box 55A.
Dear Sirs,
re: Mr. H. Cleeve.
Thank you for your letter of the 14th instant enclosing cheque
for £8000. on behalf of your above'named customer.
Tours faithfully,
mm
Derek Holden & Co.
Appendix XV (15) Patrick J Clonan
Patrick J Clonan
a) Letter of 16 May 1990 from JD Traynor to Guinness and Mahon.
b) Letter of 22 June 1990 from JD Traynor to Guinness and Mahon.

'.j
v .••»jf.iA^ • . .» • • \ ' .. '. '. t. I V . • .'i • • . -•."v.'. • '•„' •
• r Ansbachcr Limile
AiUmbtrvfOmBmyAnAadmi
P.O. Box B7. i iWotbdiM
Please reply to:
PhooK 009) MM653/4
42 HtzwflUam Square, Tcta C7 4303
Dublin 2. Ftae 009) »49-7Mtf
U ± 753144/763065 (809) 949-5257
Fax: 612035
16th May, 1990.

N. David Humphries, Esq., n
Guinness • Mahon Limited,
17 College Green,
DUBLIN 2. *
I
Dear David,
Could you please arrange for me to collect Travellers Cheques
to the value of Stg.£1,000 (10 x Stg.8100) on Friday morning.
They are for P.J. Clonan and he will be calling in next week
when I shall get him to sign and return the relevant
documentation to you immediately thereafter.
The debit should be to Ansbacher Limited Account No.13154602.
If there is any problem, please ley me know.
Yours sincerely.
J.D. Tfcaynor. yOoC. OMcil^
JDT/AJW
n
•v-v-r
flea*?-, Cert&ju^
Please reply to:

PA BkM7,
a
A Mtmbtr tftim Bmj Anbtdmr BeUkgi FLC Mmhmtt
MftfeWmbdhi
Phoue 009) 94B-4«S3/4
42 FtawOliam Square, Ttio:CP4M3
Dublin 2. Rue (H9) 949-7946
4»)ttM»7
Tel: 765144/763065
Euc 612035
22nd June, 1990.

Guinness A Mahon Limited,
I 17 College Green,
DUBLIN 2.
Dear David,
Could you please arrange to have the Australian Dollar
equivalent of Stg.£7,233.72 transferred to:
State Bank
303 Chesterville Road
Moorabin Bast
East Bentleigh
Melbourne 3165
Victoria „
Australia
for credit of the Account of
Patrick J. Clonan
Account Ho.261-86285-90.
The debit should be to Ansbacher Limited Account No. 13154602.
In due course please advise amount of Australian Dollars
transferred.
Tours sincerely,
J.D. Traynor.
t 76 9-t-
/
Appendix XV (16) Mr Kevin Collery & Mrs Kathleen Collery
Kevin Collery & Mrs Kathleen Collery.
a) Extract of interview with Padraig Collery of 6 June 2000.
b) Letter of 4 September 2000 from Sheehan & Company enclosing

documentation regarding memorandum account AA 30 K:
Letter of 10 November 1995 from Irish Permanent with enclosures
to Kathleen Collery.
Letter of 4 December 1995 from Irish Progressive Life Assurance
Company Ltd to Kathleen Collery.
Letter of 4 December 1995 from Irish Life to Kathleen Collery.
Statements of account - Darsley Nominees Ltd.
Statement of memorandum account AA 30 K.
Cayman National Bank cheque in the amount of £176,802.48 in
favour of Mrs K Collery.
c) Letter of 16 October 2000 to Inspectors from Padraig Collery.

» t
7 54 Q. This is a schedule of names and details of people

8 who appeared to have accounts in Ansbacher Cayman or
f 9 9 one of its related companies. Perhaps, Mr. Collery,
10 you might just tell us what that statement precisely
11 is?
12 A.
13 55 Q.
14 A.
15 for you to assist you arising from the question that
16 the Honourable Judge asked me at a previous meeting
17 to,, as fax as possible, give him any details that
^ 18 j had either in documentation form or I .could
19 recollect for individuals and to indicate where the
20 accounts were held and if they were trust held for
21 those individuals to the best of my knowledge and
22 that I have endeavoured to do together with the
23 addresses for the individuals also.
24 56 Q. Midway down the page there is. a Mr. D.P. Collery,
25 which I take it is your own entry?
26 A.
27 57 Q.
28 you throw any light on that? Is that someone to
29 whom you are related?
16
It is indeed, that is my mother's account.
This is your mother's account?
It is, yes.
I see. Do you know when this account was opened,
Mr. Collery?
Again X think it was initially with a small amount
in the early 1990s and then subsequently in 1995/96
additional funds were added to the account.
Who is the beneficial owner of this account, Mr.
Collery?
My mother.
Your mother is?
Yes.
I see.
I am pleased to give you any assistance and records
on that. My mother lives in the West of Ireland
she has been seriously ill for some months at the
beginning of this year but she is well again. If
there is any help you wish to have on that account,
I will be pleased to provide it to you.
Would it be correct to assume that you have provided
her with assistance in terms of the operation of
that account?
That is indeed correct, yes.
May I just ask what "K" stands for?
Kathleen.
s heehanjfe Company
S O L «»»«»
1 CLA1I STMIT I C I »•T iO R S W,
TtLCFAX »l ••>••!*. ».»••• »«»
sua iir, »ou» ii»i o*tii
JPS/DC/ 4* September2000
Mary Cummins
Solicitor to the Inspectors
To Ansbacher Cayman Ltd
3* Floor
Trident House
Blackrock
Co. Dublin
RE: Our Client' Mr. Padraig Collery
Dear Ms. Cummins.

Further to your letter of the 3rd August addressed to our client we now enclose
documentation which we trust is what you require.
It is our clients recollection that you sought document} relating to the proof you need
to confirm that the funds receivedin memorandum account No. AA 30 K belong to
Kathleen Collery and not any other person.
If there are any further queries in this regard please let me know. I would advise
however that my client is currently away on two weeks vacation.
JtttMIAN SHIEUAM ».»• »*»"» C. COLIUT ».*., U.».

CKAINNK AHilN H.C.I., MKL M»CUSOM »•!». B.!••».. DOLOKKI O'KIIPrt H.C.I...
CKIUII CLIAKY ll.A.DI, LS.. CH«HVAW Dtl IKK LI.I. IL..4..)
CONSULTANT OAftRETT 4H1EHAHft.C.L. LL.B.
• f
MrsKsthlssn Coltary
Account Transactions
Irish Pounds Amounts
lEPt wm
Ihvtz Document'A' 25,12227
OetfM Part £4,8007? 4,000.00
Datf95 PmtCtiqNoS •1,000.00
Document*? 9,516.70
Document "C' 20,688.40
Document "D" 50,882.44
Document I 1 28-799.57 78,682.01
92 25,12227 23,616J9
17/07/95 4,000.00 4,130.00
27/11/95 20,000.00 20,700.00
16/01/96 28,700.00 30,000.00
2,077.53 2,160.63
26,800.00 27,673.09
600.00 624.00
695.00 930.00
2,556.96 2,65824
1,000.00 • 1,040.00
500.00 817.50
26,846.15 30,000.00
4JS3LQ9
146*497.91
149,028.68
-2.040.00
NOV85 -2,000.00 -4,040.00
Detf92
Mch/JuV8efrt» 1,026.32
Detf93 318.71
Mch*94 305.54
JumflM 306.66
313.92
Datf94 317.66
Mch'85 335.63
JumW 327.91
363.50
Dectt 459.31
MotfOO 1,384.32
JumT96 1,679.67
SepT96 1,925.46
Detf96 1,948.75
Mcti*B7 1,831.40 f
June*87 1,876.84
8epf87 2,023.62
^ Detf97 2,026.61
Mch-88 2,052.07
Juiyss 2.785.43
31/7/96 - 20/7/88 7,346.06 31,813.70 31,613.78
Total 176,80148
^ f X toûrrt m a f t r r t 11/04/00 0:21:13
ABOOI * OMM M
2021024 IEP COLLERY KATHUEBN CAPITAL ACCOUNT
M i ^ ttfar^f'iwa11" immv
8ax Valus Narra*iv» P o a t Amount
2&IUN91 B a l a no* brought forward SOO.Olcn
31DBC81 RETENTION TAX AT 2 9 . 0 0 % 8.00CR
I n t . A p p l i e d To 31DB081 27.0OCR 1,000.01CR
_ 0&LAHS2 CR B t M R a t a 7.00 1.009.61CR
7.00
__ 2 & I A N 8 2 CR B a a a R a t a 0.80
0.80 HIOQO
S A B L E STAR G . B CHEQUE 23.060.00CR 24,060.6101
_ 22HAVB2 OBHERAL I N P U T 26,122.271X1
DIRT 208.140H
» INT 770.00CR 0.00CR
_ 1 0 J U N B 2 CR M M R a t a 0.12S t.OOCR
0.126
I ^ I U U I I K DR B a s e R a t a 14.78 O . O O C H.
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/ 'IRISH PERMANENT *
MRS KATHLEEN COLLERY

COOLANEY
COSLIGO.
Our Ref AM/MC/SUGO
10th November 1995
Rt: Account number - 2365805310
DearMnCoOoy,
I refbr toyourrecentvisktotbu office inrelationtothe ibovemai^^ I now enclose
herewith cinque in the sum of £29,68S.40 brespectof a total «itbdnEwalttnqaMted,alao
pleasefiwl enclosed passbookfor your records.
Trusting this is b order.
Thankmg you.
Yours riucerdy.
AidanP Murray
BRANCH MANAGER
a '
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*
«
SB. Mod jtr.rtt*^:
a 30/04/92 CIS INTEREST
I ' l l INTCRC1CREDIT * 4R2.fl »«2M».40
a 31/12/92 933 INTEREST CREDIT'"X 961.29
4 HI 879.34 •M2660S.7?
30/04/93 301 INTEREST CREDIT A HU74R3.31
• 933 INTEREST CRSRIT .T •531.96
31/12/93 SOI 935 MI20017.27
INTEREST CREC1T 503.63
30/06/94 501 1*129322.90
i• 31/12/94 301 ;M INTEREST CREDIT 431.36 1**20974.26
30/06/93 301 Mr INTtREST CREDIT 488.29 •>(29459.33
r • 10/11/93 501 :M INTEREST CREDIT 220.05
•M •M29680.40
! w 10/11/M 501 rOTAt CH« DDL 29608.40 HNMtO.OO
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utiSH PROGRESSIVE
'J*S. CC-M?ANY LIMITED
AN WCCPENOENT COMHMf WHTHH IRISH PCTMAMNT alKX*
STRICTLY FSIVIIB £ CGVZDBITXIL

Hrs Kathleen Collery
Codaney
Co Sligo
BE: POLICY MO. 01182381/9

LZFB ASSURED Kathleen Collery
GRAHEB(S) Kathleen Collery
FUI1 surrender absque for £50892.44 la anoloaad
R E V I S E D V I I I S T A T E ME I T
PRICING DATE 30 November 1906
IRISH PROGRESSIVE TOM- AMOtiHT WIT CH8Q OPEMIMG CLOSING

/"N FUND CODB PRICE OP OUT OBIT
IRC ZR£ IRC UKITS BALANCE BALANCE
aroftoftd Vmr S/1
S/1 1JM
•rebontf Vtr S/1 o.oo
r* &: - sr: s w r c a ^ s s.s?: e e sr

AUTHORISED OFFICIAL: JUNEQAlflRATTH DATE 4 December. 1998
lift* Prograotwe Ute Anurmce Company ltd-

Irish Life I M U M > l|l>MI C l M ^
UlWVADPiyXilIC
Dubftnl Irvhnd
T«MwmOI 7042000
Fax 017D41900
Private and confidential Policy:

Investment Bond
Ms. Kathleen Collery
Coolaney Policy no:
CoSligo 2707099 07
V .. »
Li£e(s) coveted:
Kathleen Collery
04 December 1995
Claim no:
a DearMsCollejy
384105
Policy proceeds
I am pleased to send you your chequefor £28,799J 7 . This is the

cash value of yotir policy.
Thank you for choosing Irish Life and I hope that yoa will do business
with us again should the opportunityarise. If you hare any
questions, just call me on die number above.
Yours sincerely
John Moloney
rs
. \
DAPOLCY NOMINEES LIMITED 3A DARSLCY NOM LTD •C'

CURRCNT ACCOUNT ACCOUNT NUMBER 57038501
STATEMENTS DUE 43EP1995
CODE M SPAN 1 DAY 4
STAT 7 PRINT 4AUG1995
DATE PARTICULARS DEBIT CREDIT BALANCE
LAST LEDGER
.1900
BALANCE rOPWARD 0.00
1995
•3202 .0D8WENT „ 2970.0C .2370.00
3702 NED STAMP DUTY 0.7C 2969.30
1302 :»COUC. 7G31 660.OC 2309.30
2702 2HEQUE. 7632 330. DC 1979.30
£103 "EES-DETAILS ATTACHED 4.79 1974.51
1304 2HEQUE. 7632 33G.QC 1644.51
1105 CHEQUE. 7634 1650.OC 5.49 OD
1900 rEES-DETAILS ATTACHEE 4.16
INTEREST 4.DO 13.65 OC
2106 XPRESSW*OST LODG 3800.0G'- n 47Q6.3S
£206 &HEQUE. 7039 800.OG 3986.35
2007 EXPRES^POCT LODG 11500.0C 15486.35
>707 CHEQUE * 7637 7750. OC 7736.35 .
2807 CHEQUE. 7630 7750.00
REfERRAL ITEMS) TEE 3.C5 17.30 OD
SUBTOTAL
DARSLEY NOMINEES LIMITED 3A DARSLEY NOM LTD

CURRENT ACCOUNT ACCOUNT NUMBER 57038501
8TATEMENT< DUE 48EP1995
CODE M SPAN 1 DAY 4 C
" STAT 7 PRINT 4AUG1995
DATE PARTICULARS DEBIT BALANCE
JLA8T LEDGER TODAY
1995
2807 (BALANCE FORWARD 17.30 OE
E408MSHEQUE BKGOU.DUTY DC 3.5C 20.80 OC
• ' «. • t
\
OARSUCY NOMINEES LIMITED 3A 0AR3LCV NOW LTD
C U R R E N T ACCOUNT ACCOUNT NUMBER 5703852*
STATEMENTS OUC 4 j A M 996
CODE " SPAK t DAY 4 C
STAT 11 PR!**? 4QCC 99S
L
i I
DATE PARTICULARS DEBIT CRECr BALANCE
> AST LEDGER 24AU6t99Sj
1995
>408 1BALANCE TORWARD 20.80
»508C :XPRC88/P03T LODG 50000.OQ 49973.20
38D9C JHEOUE. >639
I CFERRAL ITE«(S)-rtE 24.45
ri09F»HPANY SEARCH -.42.57
|i809F "EES-DETAIL A T T A C H E !
I[NTEREST 1 5 0 . 0 9 0TF
&9Q9C : K P R E S S / P O S T L O D 6 2000.oq 1849.9!
'RO*OE X E Q U E 763S 1419.91
'.3»0£ 31RO CREDIT r 7000.1 8419.9*
KtOl 3IR0 CREDIT 8919.9!
H
500.1
C21U5HEGUE 57C oq 8349.91
13911C CHEQUE. S2C 03« 7829.91
B4MJ3IRO CREDX* 35^6. 17346.70
!
2&11E3IR0 CREDIT 4 2 9 6 8 8i.4Cj
. 47035.10
D112JCHEQUE. 3 23CC0, 27035.10
D512C XEQUE. 2 480,,00 26555.1U
I SUBTOTAL
i ...
4
L
DAR8LEY NOMINEES LIMITED 3A DARSLEY NOM LTD

CURRENT ACCOUNT ACCOUNT XJMBCR 5703850! sO i
STATEMENT: DUE 4JAN1996 •
CODE H SPAN 1 DAY 4 Z '
SÂT 11 PRINT 4QEC199S
DATE PARTICULARS DEBIT CREDIT BALANCE
J.
-AST LEDGER TODAY
1995
3512 BALANCE FORWARD
26555.1C
» ' v. <
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DAR3LCV NOMINCCQ LIMITCD 3A DARSLEY NOM LTD
CURRENT ACCOUNT ACCOUNT NUMBER. 57038501
STATEMENT t DUE 4MAR1S36
CODE M TjrAN 1 DAV 4 C
STAT 13 PRINT 2rED19SC
DATti PARTICULARS DEDIT CREDIT BALANCE

,AQT L E D G E R 05DEC1995|
Il995
K 1 2 I D A L A N C E R O R WARD 26$55.1C
111 c r T C O D E T A I L S A T T A C H E ! • 2.1S
ÎNTEREST + 2 . 47
ICOUE. > 505.1S 25045.25
14121 3IRO CREDIT 79C92.01 104737.20
!91£j;ifc5UE 98G2.07 54075.19
2012C-ODQNENT C10G71
C3CGUE. 895.OC 113238.74
2112CPIEQUE. tooo.oc 112230.74
199C
0501 Cp CQUE. C 7620.25 104010.49
0801C;»CQUE. s 2077.52 T02540.AC
2201C3CQUE. 11 371.2: 1021C9.C7
2301C:t<EQUE. 1C 020.71 101540.. 9 5
p4oi J:IICG»UC. 12 20700.03
• . WCOUE. 1 6 0 0 . OC 72240.SG
[1202. Si CQUE. 14 26600.OC 45440.9C
SUBTOTAL
DARSLEY NOMINEES LIMITED 3A DARSLEY NOM LTD

CURRENT ACCOUNT ACCOUNT NUMBER 57030501 1
STATEMENTl DUE 4MAR1996
CODE M SPAN 1 DAY 4, C
STAT 13 PRINT 2rCDi950
DATE PARTICULARS DCDIT CREDIT DALANCE
-ACT LEDGER TODAY
1990
1202 3ALANCE TORWARD
J 5HEQUE.
SCOSJbllEQUE. 15 20G00.0C
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CAYMAN NATIONAL B A N * LTD. 60-00-04T
dwi 453R21
OftA NO I
»17tt80t>4>*
P A Y AGAINST THH CHECK TO THE O M of**HBi L MlflT*
lor OA'
6
kX
**l,SH!l *60-000m: OMailBB*
245 Beech Park
Lucan
Co Dublin
Ncmxn Mackcy B.L.

3 d Floor
Trident House
Blackrock
Co Dublin
16* October™
Your Re£ C/COS/NM St C/C13/NM
Dear Ms Mackcy,
Further to you letter dated 28* September I outline below, to the best of my recollection,
replies to tic questions you raised.
1. Mrs Kathleen Coflery
(a) During the p<riod I was working m Guiim^

investment advice for his savings and as can be seen,from the documentation of the 4*
September, these his funds were invested in Unit Trust Funds. Thefirst of these
Investments matured in Mayl992. In May 19921 arranged with Mr Traynor to open
an Ansbacher Bureau Account in the name of AA 30 K for the benefit of my late
filriiw Mn H j v n i T T v n t n f i n n tmueri inftfiffifafw tiltsripening tif the account nor were
there any agreements between Ansbacher or Hamilton Ross and my parents.
(b) Funds were added to the account on two occasions. The initial investment as outlined
above and secondly after my father's death. These dates are outlined in the schedule
with the documentation of the 4* September 2000.
(c) In thefirst instance, I gave Mr Traynor the Irish Punt amount outstanding in the
Deposit Account in Guinness & Mahon and he in turn gave me instructions to transfer
the Sterling Equivalent into AA 30 K. In the second set of transactions my mother
gave me funds to be invested for her, I lodged the Irish Punt cheques as indicated in the
documentation of the 4 l h September 2000 and over a period of time switched the
Sterling Equivalent to AA 30 K.
(d) If and when my mother required funds from her investment she would have contacted
me and I would have arranged the withdrawal of the fhnds from the AA 30 K account
(e) The account is closed The account was closed in July 1999 and the funds repatriated
to Ireland for investment in Ireland.
(f) I do not have the information as to the name of the account, which received the first
transfer, but I would expect that it was one of those listed in your letter. The second set
of transfers were transacted as per the documentation of the 4 t h September 2000.
Yours faithfully

Ansbacher Cayman Report Appendix Volume 3

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Record Number: 1999 /163 Cos

THE HIGH COURT

Published by Order of the Court made on 24 June 2002

© Government of Ireland 2002

a) Transcript of evidence of Mr Michael O' Shea dated 19 June 2001.

b) Statement of Michael O' Shea.

c) Letter of 16 March 2001 - Michael O'Shea to the Inspectors.

d) Internal Guinness and Mahon memo - JDT to P O'D of 5 September

e) Letter of 2 May 1985 - DJ Barry to the Greffer' s Office, Guernsey.

f) Letter of 18 May 1992 - Joan Williams to Ronan Redmond, IIB.

g) Statements of Account A/A54.

h) Foreign Dealing tickets - Hamilton Ross.

2. Correspondence received from or on behalf of Mr Roger Ballagh.

a) Letter of 14 December 2001 - Mason Hayes & Curran to the Inspectors.

b) Letter of 15 January 2002 - Mason Hayes & Curran to the Inspectors.

ON TUESDAY, 19TH JUNE 2001

I hereby certify the

following to be a true and

shorthand notes in the

above named interview.

The Inspectors: HIS HONOUR JUDGE 0'LEARY

Solicitor to the Inspectors: MS. M. CUMMINS

Interviewee: MR. MICHAEL O'SHEA

Represented by: MR. KEVIN BARRY

McGONAGLE KENNEDY BALLAGH

MR. M. 0'SHEA JUDGE 0'LEARY

2 19TH JUNE 2001:

5 JUDGE 0'LEARY: I note your statement

6 with regard to the

7 voluntariness of your attendance and that is

9 MR. 0'SHEA: That is accepted.

10 JUDGE 0'LEARY: By the Inspectors.

11 MR. O'SHEA: Thank you. Thanks.

12 JUDGE O'LEARY: Yes. That is a fairly

16 JUDGE O'LEARY: It is indeed.

17 MR. O'SHEA: It is, yes.

18 JUDGE O'LEARY: Thank you very much indeed

19 for attending, Mr. O'Shea.

20 My name is Sean O'Leary. I am one of the

21 Inspectors. I do not think we have had the

22 pleasure of meeting before. Ms. Noreen Mackey

23 is the other Inspector.

24 MR. O'SHEA: I have met Ms. Mackey

26 JUDGE O'LEARY: You have met Ms. Mackey

28 MR. O'SHEA: Yes.

29 JUDGE O'LEARY: Yes, I think she told me

2 MR. 0'SHEA: Yes.

3 JUDGE O'LEARY: The position is that there

4 are, as you know, four

5 Inspectors but only two of the Inspectors will

6 be dealing with any matter touching on anything

7 we talk about here today to you.

8 MR. 0'SHEA: Yes.

9 JUDGE O'LEARY: Obviously, we have had to

10 divide up the work and

11 that is the way it is divided so far.

12 MR. 0'SHEA: I understand, yes.

13 JUDGE O'LEARY: The position is that we

14 have a number of questions

15 to ask you both in your own personal capacity as a

16 member of a firm of solicitors and also in your

17 capacity as one of the persons named with legal

18 authority in the Will of the late Mr. McGonagle.