Brian Lenihan Jnr (Dublin West, Fianna Fail)

Deputy Durkan asked about the arrangements regarding the identity of those who hold bonds. As I believe I have pointed out to him previously, there is no register of their identities. Such instruments are traded because they are in a sense tradeable deposits. That is their character. They are issued on a certain basis with the coupon representing the detachable interest claimable in the specified period of years and they are traded as commercial paper in markets on that basis. There are no registers embodying who they are. There can be from time to time speculation regarding their identities and of course those to whom they are issued in the first instance may be listed. However, if they are discounted in the market they are traded and there is no register of the current holders.

As for a double tax arrangement with Switzerland, I will ask my officials to look into the matter. As the Deputy is aware, both the United Kingdom and Germany have concluded a good arrangement with the Swiss authorities.

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