Guinness & Mahon Bank has disclosed there are approximately 400 accounts in the so-called Ansbacher deposits. These were deposits held in the name of Guinness Mahon Cayman Trust - formerly Ansbacher Cayman - in Guinness & Mahon in Dublin.
Guinness & Mahon, a subsidiary of Irish Life & Permanent, sought to make a settlement with the Revenue in relation to DIRT owed on the controversial deposits, offering to pay £52,863 in DIRT, interest and penalties. The offer was rejected. According to the report, the Revenue has proposed to hold the cheque, without cashing it and has invited Irish Permanent to offer it as a payment on account of DIRT, pending final settlement of this matter.
The Revenue has invited Irish Permanent to reconsider the issue of DIRT owed on the Ansbacher Deposits and to report back. Some £38 million was lodged in the Ansbacher Deposits.
The bank was asked to explain the steps it took to satisfy itself that the funds were non-resident and the extent of any similar arrangements whereby non-resident banks made deposits in cases where people who were beneficially entitled to the interest were known to be Irish residents.
In response, Guinness Mahon Cayman Trust, said all but 30 of these accounts were foreign currency accounts and were not relevant deposits under the provisions of the 1986 Finance Act.