Analysis: The Revenue expects it will soon get access to offshore bank accounts. Colm Keena reports

People who stashed money in the Cayman Islands must have felt in recent years as if the roof had fallen in on them.

After yesterday's speech by the chairman of the Revenue Commissioners, Mr Frank Daly, they must feel that the skies are now threatening to open.

Mr Daly told the Waterford Chamber of Commerce that a deal being discussed between the Revenue and the Cayman authorities could lead to "far greater routine exchange of information, including details of accounts in financial institutions".

Agreements with the Isle of Man, Guernsey, Jersey and the Cayman Islands "will not only facilitate the exchange of bank information, but will also provide access to information about the beneficial ownership of companies and assets."

Several Revenue officials have even been to the Cayman Islands for discussions with the Cayman revenue authorities. The late Mr Des Traynor must be turning in his grave.

The Revenue's discussions with the Cayman authorities are taking place against the backdrop of the ongoing investigation into the Ansbacher Deposits.

People who were hoping that the Revenue's knowledge as to their Cayman affairs would be limited to the information they could get their hands on in this jurisdiction, will now have to approach their discussions with the Revenue from a different perspective. Those who have already made disclosures could be in a particularly difficult position.

Both the McCracken tribunal and the Ansbacher inspectors asked the Cayman courts to tell the Cayman bank, Ansbacher Cayman, to co-operate with their inquiries. The former was unsuccessful, the latter only partially so.

More recently clients of Ansbacher told the inspectors that the bank was refusing to give them documentation concerning their own affairs.

Now it seems the Revenue may soon be able to get at information held in Cayman. Discussions on an information exchange agreement are expected to be completed within months.

The amount of retrospection which will apply to any agreement will be a key issue, although some significant Ansbacher clients are still customers of the Cayman bank.

Also, it is not only Ansbacher clients who will be worried by Mr Daly's speech. AIB, the Bank of Ireland, and other significant Irish banks have branches in the Isle of Man and the Channel Islands which many feel are used to hide money from the Revenue.

The accountant Mr Jack Stakelum told the inspectors that in 1987 he switched clients' money he used to bank with Ansbacher Cayman, to AIB Jersey.

Tax havens around the world are feeling the pressure. The US, the EU, and the OECD have all been piling it on.

Most of the so-called havens have decided that, on balance, their interests lie in increased co-operation.

Mr Daly said those who placed money offshore in the belief that it would be forever hidden "face disillusionment". Whatever about that, they are certainly facing increased uncertainty as of yesterday.