The Fianna Fail Deputy, Denis Foley has said that he will resign from the Dáil Public Accounts Committee tomorrow following today's disclosure to the Moriarty Tribunal that he held up to £100,000 in an Ansbacher account. In a statement, the Vice-Chairman said that he made the decision because he did not wish to detract in any way from the good work of the Committee, of which he's been a member since 1981.
A Government spokesman said that a party official was informed of Mr Foley's decision to resign when, at the request of the Taoiseach, he telephoned him about the revelations. The Spokesman said that the Taoiseach had known since Christmas that Mr Foley was co-operating with the Tribunal.
Earlier this evening, opposition TDs called for the resignation of Denis following today's revelations at the Moriarty Tribunal. John Gormley of the Green Party described the revelation as a body blow to the image of politics and politicians. And, Labour's Finance spokesman, Derek McDowell called on the Taoiseach and the Tánaiste to state clearly whether they were aware that Deputy Foley had been an Ansbacher Account Holder. Meanwhile, the Fine Gael deputy leader, Nora Owen also asked if the Taoiseach had been aware that he was an Ansbacher Account holder when he appointed him.
At today's hearing the Moriarty Tribunal was told that Mr Foley held up to £100,000 in the Ansbacher scheme. In a statement to the Tribunal, Mr Foley said that he withdrew the last of his funds, £50,000, from the scheme in 1995 after the death of Des Traynor, who had controlled the accounts. He said that he held this money with a view to paying off outstanding tax liabilities.
Mr Foley met Des Traynor in the late 1960's when both men were involved with the Mount Brandon Hotel in Tralee. Denis Foley was organising bands and dances at the hotel. Mr Traynor was the hotel's accountant. In the mid 70's Mr Traynor told Mr Foley that if he had a few bob he could get a good rate for him through Guinness and Mahon. A few years later Mr Foley gave Mr Traynor £50,000 to invest. He got a good return. A few years later the sum had risen to £82,000. When Des Traynor died in 1994 Mr Foley became concerned about his investment. He contacted Padraig Collery, who then had control of the Ansbacher accounts, and said that he wanted to withdraw the balance which was £50,000. Mr Foley told the Tribunal he met Padraig Collery in Jurys Hotel in Dublin and was given the money in cash. The Tribunal heard that this money as well as previous withdrawals passed through several accounts in the Cayman islands and in Dublin before it reached Mr Foley.
Earlier, the Tribunal heard that as early as 1976 the Central Bank was aware of the existence of the Ansbacher accounts. The Tribunal heard how, after two onsite inspections of the Guinness and Mahon bank which controlled Ansbacher in the late seventies, the Bank said it was concerned by the offshore activities. During the morning session, the Chairman of the Moriarty Tribunal, Mr Justice Moriarty, announced a widening of the terms of reference of the Tribunal, in relation to investigations into the Ansbacher accounts.
The Tribunal resumed its public sittings today after a break for Christmas and the New Year. The proceedings began with an opening statement which outlined the course the inquiry will take over the coming weeks. The Tribunal is investigating payments to the former Taoiseach Charles Haughey and the former Minister Michael Lowry. It was set up two years ago, following the McCracken Tribunal's investigations into payments made to politicians by Dunnes Stores. The Tribunal is also examining whether any political favours were given in return for payments made to Charles Haughey and Michael Lowry. Before Christmas, the Tribunal had been looking again at the Ansbacher Accounts, funds where money was held offshore for the benefit of Irish depositors. These accounts and who benefited from them are at the centre of the Tribunal's investigations.
