The Commercial Court has refused to admit an action being taken by U2 guitarist Adam Clayton against his bank and his accountants to its list.

Mr Clayton is suing Bank of Ireland Private Banking Ltd and chartered accounting firm, Gaby Smyth, over claims that his former personal assistant Carol Hawkins misappropriated more than €4m from his bank accounts over five years to November 2009.

He claims the bank and the accountants failed to detect the alleged extent of the fraud.

His application to have the action admitted to the Commercial Court, which fast tracks commercial cases, was opposed by the bank.

Senior Counsel, Michael McDowell, said Mr Clayton had not noticed €4.8m disappearing from his accounts for four years but seemed to think the bank should have noticed.

Mr Clayton is also taking separate legal proceedings against Ms Hawkins. The court heard an investigation is also being carried out by the garda fraud squad.

Mr Justice Peter Kelly said it would not be justified to make the Commercial Court's fast-track system available as the bank and the accountants would be under pressure to prepare the case speedily when the action against Ms Hawkins would not be moving so quickly.

He said it would be difficult for the defendants to get the necessary evidence while a garda investigation was under way.