Judgment was reserved yesterday on an application by the inspectors appointed to investigate the affairs of National Irish Bank for court clarification of the conditions under which they may interview employees and former employees of the bank.
Inspectors Mr Tom Grace and former Supreme Court judge Mr Justice Blayney had planned to begin interviews on May 28th but, after receiving correspondence from solicitors acting for more than 100 existing and former NIB staff members, they sought clarification from the High Court of issues raised therein.
Mr Justice Kelly directed a hearing to clarify (1) whether interviewees, in the context of an investigation under Part II of the Companies Act 1990, had a right to refuse to answer the inspectors questions on the grounds of possible self-incrimination and (2) what procedural safeguards there were to protect the reputation and character of the interviewees.
The hearing opened before Mr Justice Shanley last week and concluded yesterday after five days. Judgment was reserved.
During the hearing, Mr John O'Reilly, manager of the NIB branch at Patrick Street, Limerick, representing more than 100 staff and former staff, said in an affidavit that the staff were extremely concerned that any answers they gave to the inspectors could be used in future criminal proceedings against them.
He said, in the context of "the deliberate creation of an expectation of prosecutions", that "though firmly asserting our innocence of any dishonesty", the staff asserted their right to a privilege against self-incrimination.
Mr Michael McDowell SC, with Mr Adrian Hardiman SC, for Mr O'Reilly has argued the State must choose between obtaining information compulsorily and using such information to prosecute the informant.
The inspectors and the State have argued that Section 10 of the Companies Act 1990, creating a duty to answer questions, effects an abrogation of the privilege against self-incrimination and that abrogation is proportionate to the legitimate public interest involved.
Counsel for National Irish Bank, Mr Richard Law Nesbitt SC, said the bank's concern was to see fair procedures which also ensured that the investigations into the bank were carried out as quickly and as inexpensively as possible.
