Charlie McCreevy (Kildare North, Fianna Fail)

I propose to take Questions Nos. 101 and 106 together.

I am advised that the chairman of the Revenue Commissioners has concluded his meetings with the chief executives representing ten financial institutions. All financial institutions have advised that they would be co-operating with Revenue's proposed investigation into offshore accounts. The formal investigation is commencing on 29 March 2004.

I am advised by the Revenue Commissioners that this investigation will initially involve ten financial institutions with subsidiaries or branches in offshore locations, including Northern Ireland. The investigation will be intensive and Revenue will seek to use all its available powers to identify Irish residents who hold or have held offshore accounts or investments. This House will be aware that I gave extensive powers to the commissioners in 1999 which enables them to obtain information on a class of persons where the individual identities were previously unknown. I am also proposing in section 84 of the Finance Bill 2004 to extend Revenue's powers regarding information held by a controlled foreign entity of a financial institution.

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