The bogus non-resident accounts fiasco came tumbling into the open on foot of an investigation into irregularities at National Irish Bank. The bogus accounts were easy to set up and operate. Whatever enthusiasm the middle class had left for low-risk investment after the bogus non-resident account clear-out was subsequently beaten out of them by the collapse in Eircom shares and the banking debacle. Interestingly, the method the Central Bank recommends for coaxing us back into the fray once again has a throwback to the bogus non-resident accounts. Whatever else they were, bogus non-resident accounts were certainly simple and advantageous from a taxation point of view.

Source: The Irish Times February 18, 2026 07:31 UTC