Lowry unconcerned about Irish Nationwide no-show

Michael Lowry has said that he is not the slightest bit concerned by the fact that the Irish Nationwide bank in the Isle of Man has refused to send witnesses to give evidence to the Moriarty Tribunal. This is the bank where Mr Lowry held a secret offshore account.

Mr Lowry rejected a suggestion that the bank's refusal to come forward was further evidence that his account was a covert one. In previous evidence the Tribunal was told that the bank would provide documents and written responses to queries but it was not prepared to allow bank officials to be interviewed.

£147,000 was lodged to this account in October 1996. Michael Lowry says that the money was a loan but the Tribunal is investigating whether it was in fact a payment from Denis O'Brien.

Earlier, Mr Lowry refuted suggestions that he set up an offshore account in such a way as to keep it highly secret. Mr Lowry was explaining to the Moriarty Tribunal why he described himself as a company director on documents related to the account, even though he was not. At the time, he was a Government Minister.

Mr Lowry was being asked about an offshore account in the Irish Nationwide in the Isle of Man, containing £147,000. He says the account was set up for him by the late David Austin, a Fine Gael fundraiser. Mr Lowry says that the money was a loan from David Austin to pay for the refurbishment of a house in Blackrock County Dublin.

The former Minister said Mr Austin told him to use his accountants' address and not his own on the documentation to set up the account. There was also a note on the documents asking that no correspondence be sent from the bank, except on request.

Lawyers for the Tribunal put it to Mr Lowry that this was an indication of a desire to keep the account highly secret. Mr Lowry said he totally rejected and refuted that suggestion.

He said he had no ulterior motive in asking the bank not to send any correspondence except on request and he said the Tribunal was making a mountain out of nothing.