Back in April of this year, the BoI wrote to around 400 customers with accounts at its Jersey branch warning that the Revenue Commissioners would be looking into their accounts in June to ascertain whether they had evaded Irish taxes. In return for their cooperation with the tax man, the customers were informed that they could reduce penalties payable on those assets from 100% to between 3% and 10% by making a voluntary disclosure to the tax authority before the end of May.

Recent reports in the Irish press have indicated that 254 customers came forward in the final weeks of the amnesty and according to the Jersey Evening Post, a small group of these have apparently placed some 8 million euros on account with the Revenue Commission. Additionally, a further 27 have owned up to holding accounts and investments in locations such as Switzerland and the Isle of Man.

Investigations by the Irish tax authorities into Jersey trusts are ongoing, and the commission is also investigating Allied Irish Bank customers with accounts in the Isle of Man according to a recent Irish Times report.

The Revenue Commissioners are currently in negotiations with officials from the Channel Isles, the Isle of Man and the Cayman Islands with regard to exchange of information arrangements.