Michael Lowry, "bad book-keeper"
A senior official with AIB bank has contradicted evidence given by Michael Lowry at the Moriarty Tribunal, over the circumstances in which Mr Lowry was able to open an off-shore account in the Channel Islands through a AIB branch in Dublin's O'Connell Street. In 1991 Michael Lowry was able to lodge £55,000 sterling into an account with AIB in Jersey. There is no documented evidence of the proper exchange controls being followed. AIB officials have been asked by tribunal Lawyers to re-check their records on this matter.
Michael Lowry finished his evidence to the Tribunal today with yet another acknowledgement that he was a bad book-keeper in the past. Questioned about a series of lodgements into his accounts over a 10-year period, he was unable to explain the source of several of them. However he said he was happy to have tribunal lawyers investigate any accounts he held in the State or around the world.
From 1989, Mr Lowry did most of his banking through AIB in Dame Street in Dublin. He said he did not bank in Thurles, as he did not want locals knowing his business. In 1991 when he wished to lodge money in the Channel Islands he claims he was directed to AIB O'Connell Street. $55,000 was later lodged into a Jersey deposit account at an interest rate of over 13 per cent. Mr. Lowry said this was the only time he dealt with the O'Connell Street branch.
The assistant manager in O'Connell Street at the time, Liam O'Connell, said Michael Lowry was introduced to them by a firm of financial consultants, JC Financial Management Ltd. Mr Lowry says he never heard of them. He says he was sent to O'Connell Street by officials in Dame Street. Mr O'Connell says he has never heard of anyone being directed from one branch of AIB to another. The bank manager said that if this money came from within the State and was transferred off shore, without exchange controls, the law would be broken. He could not confirm or deny whether proper procedures were followed. The bank has not produced any exchange control forms for this deal. Lawyer for the tribunal, Jerry Healy requested Mr O'Connell to go back and check their records again.
The Tribunal has now gone into private session for the next few days and will resume public hearings next Tuesday.
