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:

The appendix of the report gives a good picture of the investigations and shows that our special investigations secured €132 million in 2007 and €114 million in 2009, which was the last year in which the special investigations brought in more than €100 million. Last Tuesday we published our tax defaulters list, and two settlements on the list were linked to offshore assets. There is ongoing work, although it is not on the same scale as previously. In the mid to late 2000s, a significant proportion of our compliance resource across the country was tied up in special investigations. The investigations were not all handled by the investigations and prosecutions team. In recent years, the investigations and prosecutions division, IPD, has handled the special investigations. We must examine whether further opportunities are coming from this type of operation such that we can find another seam to mine.