'In many instances, more than one name is associated with an account - in all there are approximately 30,000 names linked to these accounts,' the tax authority revealed, adding that: 'Most of these individuals will, within the next few days, receive enquiry letters requiring payment of any underpaid tax, interest and penalties by 17 December.'

Speaking at Dublin Castle on Thursday, Revenue chairman, Frank Daly warned anyone who receives such a letter to act quickly: 'The interest clock is ticking and if bogus account holders foolishly choose to keep their heads down instead of responding within the sixty-day period they face the very real prospect of investigation with a view to prosecution,' he explained.

A group calling itself 'The Reaction Group for Non-Resident Account Holders' responded to the Revenue's announcement, arguing that many Irish citizens had opened the accounts on the advice of bank managers and finance professionals, and now face losing their savings and their reputations.

However, if it can be proven that any bank or financial institution was complicit in opening non-resident accounts, it may be liable for part of the settlement requested by the Revenue Commissioners.