The Director of Corporate Enforcement has said 'several months' work' still lies ahead in the investigation into Anglo Irish Bank.
Speaking at the launch of the ODCE's annual report for last year, Paul Appleby said 16-18 staff from his office were working full-time on the Anglo case. The investigation into the bank has cost the ODCE €1m so far.
He said he was aware of the public's 'legitimate desire' that the investigation be completed quickly, but he warned that it must be 'thorough and professional' and that the acquisition of evidence was a painstaking process.
The probe is currently focusing on loans to directors at the bank, the so-called Golden Circle investors and the back-to-back loans of €7.45 billion from Irish Life and Permanent.
Mr Appleby also said his office had to deal with a dramatic increase in company failures, which was putting a strain on resources. The ODCE received 1,519 new reports and complaints last year, an increase of 47%, mainly due to a rise in the number of reports from liquidators.
But Mr Appleby said the downturn in the economic climate had not resulted in any notable deterioration in the standard of company directors' behaviour. He said that in 80% of reports, liquidators had found directors acting 'honourably and responsibility'.
Mr Appleby said the ODCE's office had secured an extra five staff to help cope with additional demands.
