Clients pay price for banks’ folly

TIME is running out for the remaining players in what was one of the most shameful of institutionalised tax evasion schemes ever perpetrated in this country.

Unfortunately, those who dread the deadline of November 17 next and beyond, are not the instigators of the notorious bogus non-resident account but the clients of financial institutions who were deliberately misled by those very same pillars of society.

The banks, which created and promoted the scheme, to defraud the Exchequer of untold millions purged their guilt by collectively settling with the Revenue Commissioners to the insignificant tune of a mere €220 million in unpaid DIRT tax, interest and penalties.