Paul Murphy (Dublin South West, Solidarity) | Oireachtas source

Mr. Byrne mentioned in his opening statement that the rationale for establishing the offshore presence was to support the bank's growing business franchise. There is a reason for this presence in the Isle of Man and Jersey and it is not because there were lots of people there or that they were attractive destinations in terms of climate and so on. Rather it is because they are jurisdictions wherein there are significant banking secrecy laws.