Roche's evidenceThe following are extracts from evidence of Ms Patricia Roche, a former executive from NIB's financial advice and services division, which was given to the High Court inspectors:
Ms Roche: Generally speaking, at the sales meetings - I use the phrase "Revenue sensitive" when I am talking to you - but most of the time we would just have discussed hot money and that was a term that was freely used at sales meetings. This would not have been unique to me."
Inspector: If the expression "hot money" had been used at the sales meetings , why would you have related that to the Revenue?
Ms Roche: It might have been a hot prospect as well, but I would have understood, and I don't think I am being presumptuous when I say that we would all have understood, that hot money was in respect of moneys that people had not declared or that they were concerned about the Revenue becoming aware of.
And later in another exchange:
Ms Roche: The way we have talked about this product is that the beauty of it is that an individual can still have his deposit and it is now confidential, they don't have to worry about the Revenue discovering it, they are avoiding the DIRT on it and in the event of death there is no probate. We are all talking about people living here, it is not a case that these were all non-residents.
Inspector: ... the advantage, effectively, that would have been explained to you before you went out on the road to sell the product would be, effectively, that once the investment was made, the Revenue would never get to hear about it?
Ms Roche: Yes. It may not have been articulated in exactly those terms but that it was the perfect home for hot money, that type of term would be used.
And later...
Ms Roche: My own peace of conscience of the whole thing, because I recognised from the beginning that it wasn't kosher, was that it wasn't really a matter for me to concern myself with the tax affairs of individuals, that it was a legitimate investment product in itself and it was up to the individuals to act as their own moral conscience and return it or not return it.
