No one is likely to face charges in connection with wrong doing at Anglo Irish Bank before next year at the earliest.

Lawyers for the Director of Public Prosecutions and for the Director of Corporate Enforcement updated the Commercial Court this afternoon on the progress of the investigation into the bank.

The court has been told there are five parts to the investigation.

One of these parts - an investigation into a loan to a particular director - is substantially complete.

But the court was told by lawyers for the DPP that a formal decision on whether to bring charges would not be made until all aspects of the investigation are complete. This is because many of the issues in the five strands overlap.

The court heard other aspects of the investigation will not be completed until the end of this year.

The court was also told that the investigation into the transactions involving loans to directors and the refinancing of these loans at the end of Anglo's financial years was more extensive and more complex than originally thought.

Senior Counsel Paul O'Higgins for the Director of Corporate Enforcement said documentation had disclosed additional refinancing of loans, as well as more complex arrangements for refinancing, than had previously been understood.

He said a substantially completed file on this issue was due to be submitted to the DPP within 14 days.

Senior Counsel Úna Ní Raifeartaigh for the DPP said that unusually in this case, the DPP was receiving partially completed files so that he and his staff were aware of the issues and were able to read themselves into the files.

Normally the DPP receives completed files and then makes a decision on whether to prosecute.

Mr Justice Peter Kelly said that due to the additional information he had received and the fleshing out of the picture in relation to the DPP, he would grant a further extension of six months to the Director of Corporate Enforcement to continue his investigation.

He said that he hoped that by the time the case came before the court again, decisions would have been made by the DPP in relation to bringing charges or not.

Mr O'Higgins also said investigators would also make use of new legislation in the Criminal Justice Bill 2011, which would require reluctant witnesses to be make themselves available to be interviewed by investigators.

That bill passed all stages in the Seanad today and is expected to become law shortly.