Foreign Account Tax Compliance Act

No. All new personal customers are required, as part of account opening procedures, to answer questions to confirm whether they are US citizens and resident for tax purposes in the United States. Some of the Bank’s existing customers may also be contacted to answer questions or provide evidence to confirm whether they are US citizens and resident for tax purposes in the United States. Using this information, Bank of Ireland UK can determine whether the customer is reportable or not for FATCA purposes.

If you are a citizen of the US or tax resident in the US, you may be asked to supply Bank of Ireland UK with additional information or documentation. You may also wish to visit the IRS website to determine if you need to complete and submit any additional IRS forms.

Bank of Ireland UK will be required to report information about you and your account to HMRC on an annual basis.

For most customers, FATCA has minimal impact, and there will be no action required.

However, Bank of Ireland UK may contact you to confirm your status as a non-US citizen or non-US tax resident, if we have reason to believe you may be.

FATCA is an ongoing information gathering and reporting process.

If you have previously provided Bank of Ireland UK with your FATCA information, you are required to notify the Bank if there is any subsequent change to that information.

If you are an existing customer, and have never previously been asked to provide FATCA information, we may contact you to obtain additional information or documentation in order to confirm your FATCA status as we are required to review our existing customer base to identify customers who could potentially be FATCA reportable. This could also occur where your account information is subjected to any changes which would give the Bank reason to believe that you may be a US Person (for example, a customer changing their address to a US address).

A joint account which has one owner who is a Specified US Person is treated as a reportable account and the details of the joint account holder who is a Specified US Person (For more info, see the Glossary of Terms for Business Customers) are included in FATCA reporting.

The joint account holder who is not a Specified US Person does not have their personal details (such as name and address) included in FATCA reporting. However, the total account balance held by both parties to the joint account must be included (i.e. the balance is not split among the joint account holders) for FATCA reporting purposes.

In most situations, a child that is born in the United States will automatically receive American citizenship.

Individuals who have a US place of birth must therefore indicate on the self-certification form that they are a United States citizen and provide a US TIN -unless they can provide Bank of Ireland UK with:

• A copy of their Certificate of Loss of Nationality of the United States;

• A reasonable explanation as to why they do not have such a certificate; or

• The reason why they did not obtain US citizenship at birth.

Where a personal account holder is found to be FATCA reportable, financial institutions must generally report the following information to HM Revenue & Customs (‘HMRC’):

• the account holder’s name, address and United States Tax Identification Number (TIN);

• the account holder’s date of birth (in certain circumstances);

• the account number or functional equivalent;

• the account balance or value at the end of the reporting period or at the date of closure (if the account was closed during the reporting period);

• the following amounts paid or credited to the account (depending on the account type) during the reporting period:

• with respect to depository accounts, the total gross amount of interest;

• with respect to custodial accounts, the total gross amount of interest, dividends, other income and proceeds from the sale or redemption of property; and

• with respect to other accounts, the total gross amount paid or credited to the account including the aggregate amount of any redemption payments.

The reporting to HMRC will take the form of an annual FATCA return.

No. All new non-personal/entity customers are required, as part of account opening procedures, to confirm their classification/status for FATCA reporting purposes.

Existing non-personal/entity customers may also be asked to provide FATCA related information. If a non-personal/entity customer’s account information contains any of the following criteria, Bank of Ireland UK may need to request further information or documentation to determine if the entity is reportable under FATCA.

• US place of incorporation or organisation;

• Classification of an account holder as a US resident in the customer files;

• US mailing or residence address (including US PO boxes);

• US telephone number;

• Standing instructions to transfer funds to a US address or an account maintained in the US;

• Current effective power of attorney or signatory authority granted to a person with a US address; or

• ‘In-care-of’ or ‘hold mail’ address which is the sole address for the entity.

Having one of these criteria does not mean that the entity is a Specified U.S. Person (For more info, see the Glossary of Terms for Business Customers), only that the customer needs closer scrutiny so Bank of Ireland UK may request additional information.

In order to establish your status for FATCA purposes, we may need you to provide information or documentation, such as Bank of Ireland UK’s self-certification form. If you are a new customer, you will be asked to provide the FATCA information as part of the onboarding (account opening) process. We will also be communicating with affected existing customers that need to provide such documentation, detailing when it will need to be provided by.

FATCA does not replace the existing US tax regimes. It may however add additional requirements and complexity to the existing US tax rules which your entity may already follow. Should you need further advice on your entity’s compliance with US tax rules, we recommend you consult the IRS website or contact a professional tax advisor.

FATCA is an ongoing information gathering and reporting process.

If you have previously provided Bank of Ireland UK with the FATCA information for your entity, you are required to notify the Bank if there is any subsequent change to that information.

If you are an existing non-personal/entity customer, and have never previously been asked to provide FATCA information, we may contact you to obtain additional information or documentation in order to confirm your entity’s FATCA status as we are required to review our existing customer base to identify customers who could potentially be FATCA reportable. This could also occur where your entity’s account information is subjected to any changes which would give the Bank reason to believe that your entity may be a US Person (for example, an entity changing its address to a US address).

The purpose of FATCA is to prevent Specified US Persons from using banks and other financial institutions to avoid US taxation on their global income and assets. Bank of Ireland UK is therefore required to report information to HMRC in respect of all accounts held by:

• Specified US Persons; or

• Certain entities (Passive NFFEs) with controlling persons that are Specified US Persons.

For more information see the Glossary of Terms for Business Customers.

In addition, Bank of Ireland UK may also need to report information about customers who do not provide the required documentation to us. For example, where Bank of Ireland UK identifies any of the criteria outlined at FAQ ‘Am I only affected if I am a US company?’ above, but the customer does not provide the requested self-certification form to confirm their information, Bank of Ireland UK may be required to include them in FATCA reporting on the basis of the identified criteria.

When making requests from affected customers, Bank of Ireland UK will provide full details of the information and documentation needed for FATCA purposes.

Yes. If Bank of Ireland UK requires FATCA information from you we will either provide you with the relevant forms or direct you to a website where you can download them or submit online versions.

In general, new customers should supply the requested documentation and information at onboarding (account opening) stage and existing customers should supply it by the date specified in the communication received from Bank of Ireland UK.

The way in which banks and other financial institutions collect FATCA information from their customers may vary. This may mean that in some instances you are asked for different documentation from Bank of Ireland UK than from another bank.

In general, customers should send the requested documentation and information according to the instructions outlined in the communication received from Bank of Ireland UK.

All customer data is safely stored by Bank of Ireland UK in accordance with relevant data protection requirements. Our online self-certification forms are secure for the transmission of data.

Depending on the answers provided to the FATCA questions on the self-certification form, a customer may be considered FATCA reportable or not. If not, the self-certification form is simply stored as evidence of their non-reportable status. If deemed reportable, the self-certification form is again stored to record their status, but such customers’ financial account information may also need to be reported to HMRC (who may share it with the IRS).

We will only disclose your information to HMRC if we are legally required to do so. HMRC who receive the information must also ensure that your data remains confidential.