The aim was to create confusion as to who was owed a refund on dividend withholding tax, allowing it to be claimed multiple times, costing European tax authorities billions of euro over two decades.
The Central Bank said it was “not resourced for the detection or investigation” of such schemes generally, which were outside its remit.it had no plans to carry out any review into cum-ex, in a letter dated 18th July, 2019, seen by The Irish Times. The Central Bank said it had “discussed the cases with the two entities involved and is keeping a watching brief on these cases”. It added that “no supervisory actions were taken” against either financial institution.The Central Bank also had engagement with two Irish investment funds involved in the scheme between 2010 and 2012, according to documents in the Cum-ex Files leak.
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