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Seanad
‹ Order of Business

HSBC tax avoidance revelations

Summary

Senators Barrett and O’Keeffe call for a debate on offshore tax avoidance and the implications of investigative reporting on HSBC and financial secrecy.

I welcome the work of journalists in dealing with the HSBC bank's facilitation of large scale tax dodging. Margaret Hodge, MP, the chair of the Westminster Public Accounts Committee, said that Her Majesty's Revenue and Customs has been far too lenient in taking up battles against corporate tax avoidance. The famed French economist, Thomas Piketty, said the offshore industry is a major threat to our democratic institutions and our basic social contract. I ask for the Minister for Finance to report to the House on the tax avoidance industry here, to state how much of it is connected with the IFSC and to set out the dangers the development of this industry poses to the Exchequer given our experience on previous occasions with the DIRT inquiry and financial institutions. They owe us better than to be part of the international tax avoidance industry. It is something we should debate in the House.

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I agree with Senator Sean Barrett and commend the work done by the various journalists in a truly international collaboration which showed the strength of joining together the forces of investigative journalism to allow monumental work to be undertaken. As someone who worked for "Panorama", I know exactly the kind of commitment that takes, particularly in taking on large organisations, including corporations like HSBC. It is not an easy task. What the journalists have revealed is disturbing and Senator Sean Barrett is right to call for a debate to consider how we can ensure we are not caught up in it. Unfortunately, one cannot legislate for individuals who may choose to avoid and evade paying their taxes, but we certainly can be seen to have more than a passing interest in it.

I also take the opportunity to commend the work of a Sligo man, Mr. Pat Spellman, who Members may have seen on the recent television programme on obsessive compulsive disorder, or OCD. As an ordinary individual, he took it on himself to set up a self-help group, which is the only one of its kind in Ireland. It is a very difficult condition to have, but he has provided enormous support for people and shown great generosity of spirit. If we are to have a debate on mental health issues, I ask the Deputy Leader to include OCD as it does not get enough attention. While it is not as common as other aspects of mental health, it has a devastating effect not only on the individuals who have the condition, but also on their family members. It also affects people's capacity to find and hold work. I commend Mr. Spellman on his work and ask for a discussion of OCD and the way it is coped with in the community as part of a wider debate on mental health.

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