Oireachtas Joint and Select Committees

Thursday, 12 March 2015

Public Accounts Committee

Revenue Commissioners Investigation of HSBC Offshore Accounts

10:00 am

Mr. Niall Cody:

In 2004 we had our settlement opportunity. That raised approximately €520 million. It was an opportunity for taxpayers who had offshore money, including in Switzerland, to make a disclosure to us and they then benefited from the reduced penalty regime.

If people had money in Switzerland before 2004 and did not avail of the opportunity, they do not get the benefit of voluntary disclosure when we come across it.