Joe Costello (Dublin Central, Labour)
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I support what Deputy McDonald has proposed. It is a major scandal that over €3 billion in the accounts of over 350 Irish citizens would be in a bank of this nature, which is very questionable in the manner in which it operates. A similar situation has transpired in Britain, where over 1,000 British citizens were in the same situation. HM Revenue and Customs have collected approximately £135 million in that country. The small amount that appears to have been collected is causing major issues.

The Revenue Commissioners would have had access to the information almost five years ago and have operated in private in all the investigations that have taken place. We do not know the extent of the investigations. We know the extent of the findings, which is that 22 account holders produced €4.5 million. That is from 350 clients and over €3 billion in cash. One is the subject of a criminal investigation. I understand there is also only one criminal investigation in the United Kingdom. In addition, this bank, HSBC, has over 500 subsidiaries which are largely in tax havens. Has that been chased up?

There are major questions to be answered. I agree that we should get a full and frank report on the matter and that we invite the Revenue Commissioners to appear before the committee on this issue.