Raid IRA 'pension fund'

The massive bank robbery in Northern Ireland may have been carried out by paramilitary group the Irish Republican Army (IRA) to provide a "pension fund" for activists ahead of its dissolution.

The Times newspaper said detectives suspected the IRA may have been behind the audacious December 20 heist on the National Australia Bank-owned Northern Bank.

A large proportion of the £22 million ($59.6 million) taken might be used to provide a cash cushion to IRA members amid renewed peace efforts, the newspaper said.

The IRA has formally denied involvement but Northern Irish police have raided a series of homes of suspected activists connected to the group, and say paramilitary involvement is a possibility.