John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

Is that not what we are talking about? Somewhere on the globe there is a bank and funding ended up in these Swiss accounts. The bank which claims to be above reproach in this regard - perhaps it is - now apologises for a culture as if it has only discovered it. I find this amazing. This is not to do with the work of the Revenue Commissioners.

This emphasises the need to have a representative of HSBC here. It shows total disrespect to customers in this country and the 450 employees that HSBC representatives have not turned up here and, at least, issued a statement. I refer to what happened in the earlier part of the meeting when it was mentioned that we had decided to write to HSBC and that it had responded by suggesting it had no information to offer because it was part of the London branch. A representative of HSBC London is not available, but I do not know, as Deputy Joe Costello mentioned, whether this means a representative is not available permanently or not available right now. HSBC is headquartered in London. To go back to an earlier decision of the committee, we should act on it and write directly to HSBC headquarters to request the attendance at the committee of the individuals who attended the committee hearing in the United Kingdom. If for nothing else, the bank should do this out of respect for its customers in this country. This must be done and the request must be made to them. The invitation must be issued immediately to complete the circle.

I say that by way of comment following our earlier conversation, but I think it is clear from the very constructive exchange we had this morning. It gives us a deeper understanding of Revenue and it adds to our information. HSBC could have shared in all of this this morning and could have availed of the opportunity to do something positive in terms of its connection here in Ireland which is not by any means a small entity, given that it employs 450 people. I read in another part of its website that it is servicing $105 billion worth of assets under its management. Those are not small figures so far as this country is concerned. It is important that we act upon the invitation and insist that it comes before the committee. So far as what Mr. Cody has done to enlighten us in terms of the report, we appreciate it. We may look at the hearings in the UK and take some notes from what happened there, but I think HSBC has a case to answer in terms of its work in Ireland and what it did in Switzerland. It is up to this Committee of Public Accounts, now that this matter is before us, to ensure we conclude in a way that satisfies the taxpayer and the tax collector in this case.

With that I thank Mr. Niall Cody and Mr. Liam Gallagher for coming-----