A 65-year-old financial advisor changed his plea to guilty on the fourth day of his trial for money laundering arising out of the £26.5m Northern Bank robbery.

Ted Cunningham, of Woodbine Lodge, Farran in Co Cork had denied a total of nine counts of laundering sums totalling just over Stg £605,000, when he was arraigned before the Circuit Court in Cork last week.

But this morning, on the fourth day of his trial, Cunningham indicated he wanted to plead guilty to some of the charges.

He was re-arraigned on two counts and pleaded guilty to those.

Prosecution Counsel Tom O'Connell said those pleas were acceptable to the DPP. Up to now Cunningham had always denied any involvement in money laundering.

He pleaded guilty to laundering £100,040 on 15 January 2005 by transferring it to John Douglas of Tullamore, Co Offaly. 

He also pleaded guilty to laundering £175,360 on 7 February 2005, by transferring it to John Sheehan in Ballincollig, Co Cork and receiving three cheques totalling €200,000.

The charges state that Cunningham committed money laundering on both occasions by being reckless regarding the monies being the proceeds of a crime, namely the Northern Bank raid.

Around £26.5m sterling was taken in the raid at the Northern Bank Cash Centre on Donegall Square West in Belfast on 20 December 2004.

Judge Sean Ó Donnabháin granted an application from the defence to adjourn sentencing.

He remanded Cunningham on bail for sentence at Cork Circuit Criminal Court on 27 February.