Mr. Niall Cody:

People do not walk into their bank branch and announce that they have declined to declare a particular income source on their tax return and have a bundle of money they want to hide from the taxman. While we might think somebody is complicit, it is a huge step from there to having evidence that can sustain any type of prosecution. One of the very interesting aspects of the current HSBC development is that HSBC has said its systems were lax. Three weeks ago, HSBC placed advertisements in the British Sunday newspapers more or less apologising for its practices. This is a major development and I have never seen anything like it before.