Bank of Ireland seeks best of both worlds

While the Flood tribunal may have a long way to go before it concludes its hearings, the Committee of Public Account inquiry into DIRT evasion is proceeding at a much faster click.

One of the most enlightening pieces of evidence came this week from Mr Mark Hely-Hutchinson, one time chief executive of the bank. He made it clear that there was no honour among thieves when he intimated it was a waste of time trying to strike a voluntary code of practice on payment of DIRT and treatment of non-resident accounts with rival banks as they would simply say yes and proceed to defy it or fail to control their branches from defying any accord.

Mind you, it is difficult to know who to believe, with Bank of Ireland saying it went cap in hand to the Revenue looking for a clampdown and Investment Bank of Ireland - part of the same group - testifying that it had set up a committee at the time of the introduction of DIRT with the express purpose of avoiding deducting the tax from savers and paying it to the Revenue.

At least Bank of Ireland fared better than National Irish Bank, whose chief operations officer, Mr Philip Halpin, still faces censure from the committee over conflicting evidence. Maybe George Redmond is right . . . if in doubt, stonewall, but don't change your story.