The High Court has given the Office of the Director of Corporate Enforcement (ODCE) a further year to continue its investigation into the collapse of Anglo Irish Bank.

The bank's former chairman Sean Fitzpatrick, and 2 former directors are before the courts on criminal charges arising from the investigation.

The court was told today by Paul O'Higgins, SC, for the ODCE that prosecutions may take 3 years to finalise and that the director and the Director of Public Prosecutions (DPP) were currently engaged in the mammoth task of making disclosure to the defence.

Three active investigations

The ODCE investigation was set up 4 years ago and 3 out of 5 of its investigative strands remain live.

These include probes into a loan to a former Anglo director in circumstances involving a possible breach of common law or Section 197 of the Companies Act; a back to back deposit arrangement between the bank and Irish Life and Permanent in September 2008; and the provision of possible misleading or false information in public statements by Anglo in breach of the EU Transparency Directive.

Una Ni Raifeartaigh, SC, for the DPP told the court a recent, significant piece of evidence in the form of a statement has progressed the investigation into the ILP deposit arrangement.

Overall the ODCE investigation has resulted in criminal charges against ex-Anglo Chairman Sean Fitzpatrick and 2 former directors at the bank.

Mr. Justice Peter Kelly refused the ODCE request to extend the inquiry for 3 years in case that would lead to any lessening in intensity of the investigation but he has agreed to prolong it for another year.