Aengus Ó Snodaigh (Dublin South Central, Sinn Fein)
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Question 196: To ask the Minister for Finance if there are sections or references in the Finance Bill 2006 that would allow a person's personal details and account information to be passed from a bank or other financial institution on to the Revenue Commissioners; and if he will make a statement on the matter. [15736/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I assume the Deputy is referring to section 125 of the Finance Act 2006, which contains an enabling provision which will allow the Revenue Commissioners to make regulations, with my consent, requiring financial institutions and State bodies to make an annual return of names and addresses of customers and others resident in the State to whom interest or other profit payments are made and the details of those payments. The enabling provision will facilitate the phasing in of reporting requirements for financial institutions. There will be detailed consultation with the financial institutions and other parties on the logistics of implementing a reporting system in the different sectors before the provision is enacted. Automatic reporting is primarily about closing off safe havens for large untaxed lump sums. Taxpayers whose deposits were made with fully taxed funds have absolutely nothing to fear, as the deduction of deposit interest retention tax by the financial institution from any interest paid will fully discharge any tax liability they may have. This measure is designed to combat tax evaders who have hidden large untaxed sums in bank accounts without disclosing the existence of the accounts on their tax returns.

Aengus Ó Snodaigh (Dublin South Central, Sinn Fein)
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Question 197: To ask the Minister for Finance if a person's personal details and account information could or would be passed to any other agency, institution or other party; the agency, institution or other party that would have access to this information; the reason or the circumstances under which such information would be given; and if the person would be notified if this were to occur. [15737/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I assume the Deputy is referring to information held by the Revenue Commissioners. I have been informed by the Revenue Commissioners that individuals' personal information and personal account information is held and processed by the commissioners for the administration of all taxes and duties under their care and management. All processing of personal information by the Revenue Commissioners is carried out in accordance with the Data Protection Act 1988, as amended by the Data Protection (Amendment) Act 2003. The Office of the Revenue Commissioners is a registered data controller — registration No. 0720/A — in accordance with the Acts. Personal information is disclosed to agencies, institutions or other parties. Section 5 of Revenue Commissioners' annual data protection registration sets out the current list of disclosees. The registration is reviewed and submitted annually to the Office of the Data Protection Commissioner, in accordance with the data protection legislation and full details are published on the Data Protection Commissioner's website, www.dataprotection.ie. As the processing of information occurs within the rules set down by data protection legislation, there is no requirement to inform the parties involved.