The Revenue Commissioners will continue to systematically apply for High Court orders to obtain records of customer transactions from Irish financial institutions as part of its investigation into monies transferred to offshore locations to evade tax.
It has been granted an order to examine documents showing cheques lodged and money transferred to Irish Permanent's Isle of Man bank through Bank of Ireland branches.
Bank of Ireland acted as an agent clearing cheques for Irish Permanent customers.
It has also begun discussions with Anglo Irish Bank about monies lodged by Irish residents in the Isle of Man.
The Revenue has signalled that its trawl will be widened to all subsidiaries of Irish financial institutions based in the Channel Islands.
These include AIB, Irish Nationwide and First Active.
According to a review of the banking sector in the Isle of Man, conducted by accountants KPMG, Irish Nationwide is one of the fastest-growing and most profitable banks in that jurisdiction. Since 1996 its assets have risen from £51.6 million (€74 million) to £385 million in 2001.
KPMG's study places Irish Nationwide as the 12th biggest bank in the Isle of Man in terms of assets.
A spokesman for the building society would not comment on whether the Revenue had initiated discussions on its account holders.
"We have no comment to make except to say we always co-operate with the tax authorities in accordance with our obligations under law."
AIB was the 10th biggest bank in the Isle of Man in 2001, according to the survey, with assets of £701 million. The bank said the Revenue had not been in contact with regard to that business.
First Active has a deposit-taking subsidiary in Guernsey and said it was not in discussions with the Revenue. Most of its business is understood to come from customers in the UK.
Anglo Irish Bank has said that about €30 million of the €100 million in deposits in the Isle of Man was owned by Irish residents.
Anglo Irish Bank has not written to its customers so far and has said that it doesn't plan to.
The Revenue is understood to be still continuing its preliminary investigations into accounts held by Irish residents at Anglo Irish Bank's Isle of Man subsidiary but refused to state whether a High Court order had been sought at this stage.
The Revenue Commissioners does not have the power to inspect the books and records of Irish banks outside the Republic but has been using its extensive powers here to access records that would show transactions to offshore locations.
Once it had obtained access to these type of details concerning customers of Irish Permanent Isle of Man, it notified the bank that it would set up a formal investigation into the bank and its customers on November 17th.
Irish Permanent Isle of Man yesterday posted letters to about 3,000 customers to inform them that their details may have been handed over to the Revenue and advising them to voluntarily disclose any tax liabilities ahead of a formal investigation.
Earlier this year, the Revenue warned Bank of Ireland Trust company in Jersey of an impending investigation.
It, in turn, warned its customers. To date some 254 have paid €100 million in unpaid taxes, interest and penalties.
