The Minister for Finance has raised the possibility of introducing new powers, which would give the Revenue Commissioners greater access to bank accounts where they suspect tax evasion.

New powers for the Revenue to examine accounts might he introduced where there are reasonable grounds to believe that these accounts are being used in a tax evasion scheme, he said.

At the moment, the Revenue Commissioners can only seek details on bank accounts where they have details on a specific named depositor, who is suspected of tax evasion. This means they cannot, for example, undertake a general trawl of the depositors in the controversial National Irish Bank or Ansbacher accounts.

The Revenue is believed to have only two names from the National Irish Bank deposits in the Clerical and Medical International Scheme in the Isle of Man, provided to them by an informant. This has allowed them to question NIB and ask them for details of how the scheme was run, but under current legislation they do not have the right to ask NIB for a list of depositors in the scheme. Nor can they ask the Irish banks who controlled the Ansbacher deposits for a lost of depositors.

Mr McCreevy has now suggested that he might consider change in this area, allowing the Revenue to have access to accounts where tax evasion is suspected.

Answering a question in the Dail yesterday, Mr McCreevy also said he would not rule out introducing new provisions to require financial institutions to report any products which could facilitate tax evasion, or to to notify Revenue where funds have been transferred in certain circumstances to or from particular offshore locations.

Mr McCreevy said that the Revenue Commissioners and his Department were reviewing the adequacy of Revenue powers following the report of the McCracken tribunal. The Moriarty tribunal was also charged with making recommendations in the areas of banking supervision, the protection of the revenues of the state and offshore accounts, he pointed out. However, Mr McCreevy added that he would not rule out the possible new measures which would require more stringent reporting requirements from the financial institutions or bestow greater powers on the Revenue.

The Government has been criticised by the Opposition for its approach to the Ansbacher accounts and the NIB deposits. But Mr McCreevy stressed that there should be 'no doubt' about the Government's determination to combat tax evasion and avoidance.

Any new proposals would need to be carefully examined to make sure they would be efficient and fair, he said. ' Caution and care should not be confused with indifference or indolence in these matters,' he said, adding that the would not hesitate to introduce new measures where they are necessary.

'The Opposition seems to want to rush in with unspecified and unlimited powers. I have to take a more responsible approach - one which in the end of the day will better secure the welfare of the ordinary citizen of this state and its revenues.'

Mr McCreevy was replying to a question from Fine Gael TD, Mr Jimmy Denihan, on the controversial National Irish Bank scheme, which allowed investors to invest in an Isle of Man investment company.