I thank the Ceann Comhairle for allowing me to raise this issue and welcome the Minister of State, Deputy Rabbitte, to the House. Notwithstanding all the slagging he has got from this side of the House, I congratulate him on his appointment.
I raise this matter to ascertain the action being taken by the Government arising from the collapse of the offshore bank, International Investments Limited, Gibraltar, in view of the heavy financial losses incurred as a result by so many Irish investors, both from the North and the Republic. I have no doubt that the Minister and this House are aware of the background to this scandal. When International Investments Limited, which was registered in Gibraltar and run by Mr. Finbar Ross, collapsed more than ten years ago it owed £7 million. Mr. Ross fled the country, leaving more than 1,000 investors, mostly from Northern Ireland, with heavy losses. The Collapse of the bank is still being investigated by the Northern Ireland authorities. I ask the Minister to give me the up-to-date position on the investigation. I understand a lengthy file was compiled for the Director of Public Prosecutions in Northern Ireland and that it has been with the Crown Counsel since November, with a decision expected soon. What co-operation has there been between the Garda and the RUC in this matter?
The collapse of the bank and its effect on many vulnerable people, some of whom were elderly, has correctly been described as the greatest unresolved scandal in recent times. This scandal was raised in the House of Commons and, as the Minister is aware, it was recently highlighted by a reporter with the Sunday World who tracked down Mr. Ross in the United States where he is living with a small religious sect in the Ozark Mountains.
When he was a member of the previous Government, the Minister for Finance, Deputy Ruairí Quinn, rejected pressure to appoint a High Court inspector to investigate the scandal — he gave reasons for that decision. When in Opposition, the Taoiseach, Deputy John Bruton, was very sympathetic to such an approach, as was the Minister of State, Deputy Pat Rabbitte. On the basis that the Northern Ireland Director of Public Prosecutions is soon to make a decision on this matter and that the Taoiseach and Minister of State, Deputy Rabbitte, were concerned about this case in Opposition, I ask the Minister to say if he will now agree to initiate a high level investigation into the collapse of this offshore bank.
This unresolved case led to the bankruptcy of hundreds of small investors, some of whom are widows and many of whom had invested their life savings and pensions in the bank. As the Minister is aware, this case has united Northern politicians in their demand for action by the Government. This is a very appropriate time for politicians, North and South, to tackle the issue once and for all. I ask the Minister to give me an assurance that after so many years he will come to the assistance of the many Irish people who have suffered so much for so long as a result of this débâcle.