Charlie McCreevy (Kildare North, Fianna Fail)

The chairman of the Revenue Commissioners has met with the chief executives on an individual basis. All the relevant financial institutions advise the Revenue that they will be co-operating with the proposed investigation into offshore accounts. The formal investigation will commence on 29 March 2004. In the meantime, I understand that the banks, as previously, will write to their customers advising them that this investigation will take place and of the benefits of voluntary disclosure. Hopefully, that will lead to an expeditious investigation of these matters.

I do not have an estimate of the amount that possibly will be collected in this regard. Of course, this is totally dependent on the amount of evasion. As the Deputy will know, not all the money held in offshore accounts relates to tax evasion as there are many good reasons to have offshore accounts. However, these matters will only come to light post-investigation. I have included section 84 in the Finance Bill 2004 to copperfasten the legal position regarding the investigation into these matters. There was some doubt as to whether the Revenue Commissioners would have real power to deal with offshore operations where money was not channelled through an Irish account. I also did it to satisfy the banks that they were correct to give information in this regard.

The question of further investigations or possible prosecutions is a matter for the Revenue Commissioners following their investigations.

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