Brian O'Shea (Waterford, Labour)
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Question 90: To ask the Minister for Finance the progress in regard to any action taken by his Department and the Revenue Commissioners arising from the report of the High Court inspectors on National Irish Bank which was published on 30 July 2004; if his attention has been drawn to concerns expressed at the meeting of the Joint Committee on Finance and the Public Service, regarding the fact that a number of those named in the report are still working in the financial services sector; and if he will make a statement on the matter. [2480/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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While I have no statutory function in the matter, I am advised by the Revenue Commissioners that early in 1998, when information became available that indicated possible tax evasion on the part of NIB customers who had availed of an offshore investment product, an investigation was initiated. This investigation is nearing completion and has resulted in recoveries of €53.46 million in tax interest and penalties. In addition, three taxpayers were convicted in connection with the submission of incorrect returns.

The report of the High Court inspectors was made available to the Revenue Commissioners after it was issued last year. It raises issues about the conduct of named former officials of the bank in relation to their role in marketing certain offshore, insurance based, investment products. Revenue has been considering the matter in the context of the available legislation relating to the offence of aiding abetting and assisting taxpayers to make and deliver incorrect tax returns but the matter is not yet finalised.

As the Deputy will be aware, the Irish Financial Services Regulatory Authority, IFSRA, assesses the fitness and probity of persons in key leadership positions as part of its supervisory functions. I understand that IFSRA has confirmed to the joint committee that it is actively examining the High Court inspectors report and taking appropriate action where such fitness and probity issues are raised. This is an operational matter for IFSRA and I do not propose to comment further on the position of any individual.