PAC calls for Revenue to explain HSBC ‘scandal’

The Revenue Commissioners need to clarify matters surrounding its investigation into the HSBC “scandal”, the Public Accounts Committee has heard.

Sinn Féin deputy leader Mary Lou McDonald called on Revenue to provide a detailed briefing on their investigation into the accounts of over 350 Irish citizens with accounts in the bank’s Swiss operations, held between 2006 and 2007.

Ms McDonald also requested that Revenue officials appear before the committee to explain their investigation which, to date, has recovered €4.55m.

Concerns were expressed over what was deemed as the relatively small amount recouped so far in the context of some €3.1bn held in Irish-linked deposits.

Committee chairman John McGuinness and Labour TD, Joe Costello also called on officials to clarify the progress made in their investigations to date.

“I certainly support what Deputy McDonald has said, it certainly is a major scandal... there are major questions to be answered and I’d certainly agree that we should get a full and frank report on the matter and indeed have the Revenue before us on this issue,” said Mr Costello.

The Dublin Central Labour TD said that as investigations have been carried out in private, committee members and the public don’t know their full extent.

Committee vice-chair, John Deasy was at pains, however, to point out that it is not illegal to hold an account with HSBC in Switzerland.

Before the Revenue Commissioners are asked to appear before the committee, their report should be provided and a decision made thereafter, he suggested.