Dominic Hannigan (Meath East, Labour)
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Question 26: To ask the Minister for Finance further to Question No. 59 of 14 September 2011, his views that out of 291 cases investigated by the Revenue an overall settlement of €1.3 million is satisfactory; the amount that is to be that further collected from the said cases; and if he will make a statement on the matter. [25291/11]

Michael Noonan (Limerick City, Fine Gael)
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I am informed by the Revenue Commissioners that the purpose of the inquiries into approximately 300 directors and executive or management level employees in the six main financial institutions was to establish if directors and executive or management employees were tax compliant. Inquiries have been closed in approximately 291 of these cases. To date, €1.3 million in tax has been collected from these inquiries. I am advised by Revenue that its inquiries in the 291 cases were closed satisfactorily and the €1.3 million collected from these inquires reflects the additional tax that was due by certain individuals to ensure they were tax compliant. Inquiries are ongoing in the remaining cases. The Revenue Commissioners are not in a position at present to indicate how much more will be collected from the cases investigated.

Dominic Hannigan (Meath East, Labour)
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Question 27: To ask the Minister for Finance further to Question No. 74 of 14 September 2011, if the Revenue have retrieved any of the evaded tax from the funds that were transferred to the offshore jurisdictions over the eight years that the High Court order allowed the Revenue to investigate; and if he will make a statement on the matter. [25294/11]

Michael Noonan (Limerick City, Fine Gael)
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I am informed by the Revenue Commissioners that in 2003 they commenced an investigation into the use of offshore bank accounts and other financial products to evade tax. During the initial phase of the investigation, taxpayers were invited to voluntarily disclose previously undeclared liabilities. Under the second phase of the investigation, the Revenue Commissioners obtained High Court orders. The High Court orders require clearing banks in the State to provide information to Revenue on details of transfers to and from the State involving a number of offshore jurisdictions. The orders include electronic transfers as well as cheques and drafts either drawn in the State and sent offshore or drawn offshore and sent to the State. This information was used to identify tax defaulters who had not come forward under the voluntary disclosure phase of the investigation. To date the offshore investigation has collected a total of €969 million in tax liabilities, statutory interest and penalties. This total relates to settlements agreed under both the disclosure phase of the investigation and the High Court orders phase.