Traynor estate makes €4m revenue settlement

The estate of the late Des Traynor has made a tax settlement of €4.053 million.

Mr Traynor was a central figure in the Ansbacher scheme and the man who played a key role in running Mr Haughey's finances.

The former CRH chairman's name is included in the quarterly list of tax defaulters published today and includes payment of €1.2 million in tax and interest and penalties of €2.8 million.

The offshore Ansbacher deposits scheme was used by some of Ireland's wealthiest residents to evade tax, and Mr Traynor used CRH's offices to run the unlicensed banking operation in the 1980s.

Mr Traynor's estate made its settlement because he was an Ansbacher account holder and had under-declared income taxes and residential property taxes.

A former Traynor associate, Jack Stakelum, has also made settlement to the Revenue. The retired accountant made a payment of €425,000 for being an Ansbacher account holder and under-declaring income tax.

Mr Stakelum, who lives in Kilpedder, Co Wicklow, was criticised in the Ansbacher inspectors' report on illegal offshore accounts and last summer was disqualified, on grounds of unfitness, from involvement in the management of any company for five years by the High Court.

In the three months to September 30th, there were 148 settlements accepted resulting in settlements totalling €53.6 million.

Some 23 accounts exceeded €500,000, and eight exceeded €1 million. Bogus non-resident holders accounted for 18 of the settlements.