State Archives: Finance accused IFSC firms of abusing rules

The Department of Finance accused several companies that had set up in the new Irish Financial Services Centre in Dublin in 1987 of abusing its rules for the benefit of foreign banks.

State papers show the country’s top civil servant, Pádraig Ó hUigínn was notified in November 1988 that recently certified IFSC companies were offering foreign banks a mechanism to gain access to the tax benefits of the IFSC without having an actual presence in the centre.