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 Header Item Written Answers Nos. 292 - 308
 Header Item Fuel Laundering
 Header Item Budget 2015
 Header Item Housing Loans
 Header Item Stamp Duty
 Header Item Tax Rebates
 Header Item Tax Reliefs Application
 Header Item Tax Code
 Header Item Irish Water Funding
 Header Item Strategic Banking Corporation of Ireland Staff
 Header Item Strategic Banking Corporation of Ireland Funding
 Header Item Strategic Banking Corporation of Ireland Funding
 Header Item Small and Medium Enterprises Debt
 Header Item Central Credit Register
 Header Item NAMA Property Sales
 Header Item Universal Social Charge Yield
 Header Item Public Sector Staff Recruitment
 Header Item IBRC Mortgage Loan Book

Tuesday, 4 November 2014

Dáil Éireann Debate
Vol. 856 No. 1

First Page Previous Page Page of 112 Next Page Last Page

Written Answers Nos. 292 - 308

Fuel Laundering

 292. Deputy James Bannon Information on James Bannon Zoom on James Bannon asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan the steps he is taking to eliminate fuel laundering which is having a serious impact on economy here; and if he will make a statement on the matter. [41338/14]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I would like to assure the Deputy that I am very aware of the negative economic impact of fuel laundering. The Revenue Commissioners, who are responsible for tackling mineral oil tax fraud, advise me that, while there is no reliable estimate of the scale of illegal activity in the fuel sector, the laundering of markers from rebated fuels represents a significant threat to Exchequer revenues, to the legitimate trade and to unsuspecting motorists. Revenue has made action against this illegal activity one of its priorities and is implementing a comprehensive strategy to tackle the problem through enhanced supply chain controls, the acquisition of a more effective fuel marker and continued robust enforcement action.

Revenue's strategy includes the following elements:

- The licensing regime for auto fuel traders was strengthened with effect from September 2011 to limit the ability of the fuel criminals to get laundered fuel onto the market;

- A new licensing regime was introduced for marked fuel traders in October 2012, which is designed to limit the ability of criminals to source marked fuel for laundering;

- New requirements in relation to fuel traders' records of stock movements and fuel deliveries were introduced to ensure data are available to assist in supply chain analysis;

- Following a significant investment in the required IT systems, new supply chain controls were introduced from January 2013. These controls require all licensed fuel traders, whether dealing in road fuel or marked fuel, to make monthly electronic returns to Revenue of their fuel transactions.  Revenue is using this data to identify suspicious or anomalous transactions and patterns of distribution that will support follow-up enforcement action where necessary, and

- An intensified targeting, in co-operation with other law enforcement agencies on both sides of the border, of enforcement action against suspected fuel laundering operations.

In addition, Revenue and Her Majesty's Revenue and Customs in the UK completed an Invitation to Make Submissions process to identify a more effective fuel marker and it is expected that a new marker will be introduced in both jurisdictions early in 2015, following consultation with the oil industry and other stakeholders. To support further the integrity of the distribution system and minimise the risk of fraud, I introduced a provision in the Finance (No. 2) Act 2013 that will make a supplier who is reckless in supplying rebated fuel for a use connected with excise fraud liable for the duty at the standard rate of tax. This new provision will strengthen Revenue's hand in dealing with those traders supplying rebated fuel recklessly to dubious customers and will provide a further disincentive to such activity. Revenue has published guidelines for mineral oil traders which will assist them in identifying and avoiding such transactions. Revenue works closely with fuel sector representative bodies in tackling the problem and these bodies have been very supportive of the measures introduced to combat fuel laundering.  Revenue chairs the Hidden Economy Monitoring Group to facilitate traders reporting suspicious matters through their representative associations on a confidential basis.  This information can assist Revenue in closing down the illicit trade by identifying traders supplying fuel to launderers and by identifying outlets that are selling laundered diesel. 

In addition, Revenue works in close cooperation with other enforcement authorities, in this jurisdiction and in Northern Ireland, in combating this all-island problem. The Cross Border Fuel Fraud Enforcement Group, which includes representatives of the Revenue Commissioners, An Garda Síochána, Her Majesty's Revenue and Customs and the Police Service of Northern Ireland and other relevant organisations, was established to facilitate this cooperation, and has proven effective in supporting the identification and targeting of the organised crime gangs, many of whom have links to paramilitaries and former paramilitaries, that are responsible for the bulk of fuel fraud.  Revenue's enforcement strategy in the fuel sector has already yielded significant results. Since the beginning of 2011, over 3 million litres of fuel have been seized and 29 oil laundries detected and closed down, including 9 oil laundries in 2013. In addition, over 130 filling stations have been closed in that period. In the past 18 months Revenue has secured 6 convictions for mineral oil offences and a further 16 prosecution cases are underway. 

The evidence available to Revenue, in terms of feedback from the legitimate trade and increased consumption of road diesel, indicates that the strategy has been effective. The legitimate trade indicates that the incidence of laundered diesel on the market has dropped significantly and that they have experienced an increase in road diesel sales.  This is supported by tax data which shows increasing consumption of road diesel.

I am also advised by Revenue that they are investigating recent reports of petrol stretching, involving the illegal addition of kerosene to petrol. I understand that Revenue have taken samples from a number of filling stations reported to them by motorists and that they are pursuing enquiries to establish if petrol stretching has occurred and whether there is evidence to support  prosecution.  In light of the very successful cooperation between Revenue and the oil industry to tackle diesel laundering, I am confident that with similar cooperation and the supply chain information available to Revenue, the problem of petrol stretching can also be tackled successfully. It is essential that petrol distributors report any change in the pattern of legitimate supplies of fuel to the retail trade, which may indicate that specific retailers are shifting some of their sourcing to laundered or "stretched" fuel.

Motorists themselves should report to Revenue any suspicions concerning the source of adulterated petrol that may have damaged their engines. Revenue will investigate such reports and pursue prosecutions where possible. In that regard, Revenue has recently launched a dedicated section of its website specifically on the black economy and this includes an electronic reporting facility for anyone who has information about shadow economy practices such as petrol stretching.

Budget 2015

 293. Deputy Michael McGrath Information on Michael McGrath Zoom on Michael McGrath asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan the projected structural deficit for 2015 and 2016; the medium target for closing the structural deficit; and if he will make a statement on the matter. [41359/14]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan The latest projections, which are published in Budget 2015, are that the structural balance will reach -3.4 per cent of GDP in 2015, before improving further to -2.5 per cent of GDP in 2016. Currently, Ireland's Medium Term Objective (MTO) is to reach a balanced budget in structural terms. Once Ireland exits from the Excessive Deficit Procedure and becomes subject to the preventive arm of the Stability and Growth Pact, we will be required to deliver an improvement in the structural budget balance of at least 0.5 percentage points of GDP per annum until the MTO is achieved.  Projections to 2018, which are included in Budget 2015, indicate that this quantum of improvement will be delivered.

Housing Loans

 294. Deputy Michael McGrath Information on Michael McGrath Zoom on Michael McGrath asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan if the Central Bank of Ireland's loan to value restrictions on buy to let property purchases as currently proposed will apply to funds or real estate investment trusts acquiring residential property units; and if he will make a statement on the matter. [41363/14]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I am informed by the Central Bank of Ireland that under the Regulations as they are currently drafted, the restrictions apply to "housing loans". Basically these are loans issued by a lender to a borrower and which are secured on residential property (where a borrower means a person to whom a housing loan is granted). A "person" in this sense incorporates both legal (i.e. corporates) and natural persons. Where the loan is secured on a residential property, the regulations will apply irrespective of the legal personality of the borrower.

  The Central Bank has published a consultation paper on it proposals. The paper outlines its proposals regarding macro-prudential measures for mortgage lending. The consultation process is ongoing and the Central Bank has indicated that the final Regulations may, therefore, differ from what is in the consultation draft.

  The consultation period runs until 8 December and the Central Bank invites all stakeholders to provide comments on the draft regulations and questions raised in the Consultation Paper.

Stamp Duty

 295. Deputy Michael McGrath Information on Michael McGrath Zoom on Michael McGrath asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan if he will clarify if stamp duty may be applied to the sale or transfer of loans by Irish regulated financial institutions; and if he will make a statement on the matter.  [41364/14]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan It is not possible by reference to the information provided by the Deputy to reply definitively to this query.  Stamp Duty is charged on instruments of transfer or conveyance. Whether or not stamp duty arises on the transfer of loans depends on the precise nature of the loans and the means by which they are sold or transferred.  Depending on the circumstances, a charge to Irish stamp duty of up to 2% can apply where loans are transferred by means or way of an instrument.

Tax Rebates

 296. Deputy John O'Mahony Information on John O'Mahony Zoom on John O'Mahony asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan the reason a person (details supplied) in County Mayo has not received their tax rebate; and if he will make a statement on the matter. [41389/14]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I am advised by the Revenue Commissioners that a person can claim tax relief at the standard rate of income tax (20%) on qualifying tuition fees. The tax relief can be claimed either on the individual's tax return or at the end of the tax year when the fees have been paid. In this instance, the income earned by the person (details supplied) was below the tax threshold and no tax was deducted during the year in which the tuition fees were paid. Under these circumstances, there is no tax repayment due.

Tax Reliefs Application

 297. Deputy Eamon Gilmore Information on Eamon Gilmore Zoom on Eamon Gilmore asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan his views on introducing tax relief on repayments of approved loan products for students on graduate entry medicine programmes here; and if he will make a statement on the matter. [41401/14]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I have considered the proposal for the introduction of a tax relief for Graduate Entry Medicine (GEM) loans and I do not consider that the tax system is the appropriate way to address the affordability of the GEM programme.

The affordability and funding of undergraduate medical education is in the first instance a matter for the Department of Education and Skills, having due regard to the needs and requirements of the health system for medical practitioners.    

The Department of Health's current focus in relation to the recruitment and retention of medical practitioners is on implementation of the recommendations of the Strategic Review of Medical Training and Career Structure, completed earlier this year. The Strategic Review reports address a range of barriers and issues relating to the recruitment and retention of doctors in the Irish public health system, and offer solutions and recommendations that will enable the State to build a sustainable medical workforce for the future.

Tax Code

 298. Deputy Michael Moynihan Information on Michael Moynihan Zoom on Michael Moynihan asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan in view of the capital gains tax relief measures announced in the budget to encourage farm consolidation, if he will facilitate the many farmers who are currently bound by the previous six year rule regarding consolidation; and if he will make a statement on the matter.  [41405/14]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I assume the Deputy is referring to capital gains tax relief for farm restructuring contained in Section 604B, Taxes Consolidation Act 1997. This relief was due to expire on 31 December 2015 but is being extended to 31 December 2016 and broadened to allow for restructuring through whole farm replacement.

I take it the 6 year rule referred to by the Deputy is that which provides for a claw-back of retirement relief given in respect of farmland which is transferred by a parent to his or her "child" as defined in section 599(1) of the Taxes Consolidation Act 1997 in certain situations.  I am informed by the Revenue Commissioners that where a farm, in respect of which relief under Section 599 has been claimed, is sold or exchanged within the 6 year period as part of a  farm restructuring  to which Section 604B applies, this will not trigger a claw-back of the relief under Section 599(4).

Irish Water Funding

 299. Deputy Michael McGrath Information on Michael McGrath Zoom on Michael McGrath asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan the total amount of equity capital that has been provided by the State to Irish Water to date; the planned equity investments in 2015 and 2016; and if he will make a statement on the matter. [41407/14]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan As part of Budget 2014, Government agreed that a €240 million equity investment would be made in Irish Water from the Exchequer.  In accordance with this agreement, in July 2014 a €185 million capital contribution was made and it is expected that a €54 million convertible debt instrument will be issued shortly.

In May 2014 Government agreed to the provision of a total of €406 million in equity investment for the two year period 2015/2016.

Strategic Banking Corporation of Ireland Staff

 300. Deputy Dara Calleary Information on Dara Calleary Zoom on Dara Calleary asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan the number of staff employed by the Strategic Banking Corporation of Ireland; and if he will make a statement on the matter. [41430/14]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan In order to have the SBCI operational as quickly as possible, it will operate in a manner similar to how KfW operates in Germany, as a wholesale lender, that lends to on-lenders, who will then lend direct to SMEs. SMEs will use the on-lending institutions' resources to apply for an SBCI funded product.  The on-lending model is designed to ensure that as much of the benefit of the SBCI's low funding cost is pass onto SMEs. This also means avoiding as much operational overhead as possible.

Recruitment for the Strategic Banking Corporation of Ireland (SBCI) is currently being conducted by the National Treasury Management Agency (NTMA).  The NTMA is the State body which is mandated to provide resources to the SBCI. The SBCI will in turn reimburse the NTMA for these resources.  Staff will be employed by the NTMA to resource the SBCI in much the same way the National Asset Management Agency is resourced.  Recruitment at the SBCI has commenced and it is anticipated the SBCI will reach its full complement of staff by year end. The SBCI will be a tight operation and it is expected that between 10 and 15 staff will be sufficient to carry on the business of the SBCI.

At the end of October, four direct full time staff were working in the SBCI and a number of NTMA staff were providing the SBCI with support services. These support services were legal, IT, HR, Communication and Administrations. The Chief Executive Officer of the SBCI will also be employed by the NTMA but specifically for the role of CEO of the SBCI.

Strategic Banking Corporation of Ireland Funding

 301. Deputy Dara Calleary Information on Dara Calleary Zoom on Dara Calleary asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan the progress made by the Strategic Banking Corporation of Ireland in securing funding; the amount of funding that has come from KfW; and if he will make a statement on the matter. [41431/14]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan The Strategic Banking Corporation of Ireland (SBCI) has been established by the Government as a means of ensuring that SMEs in Ireland are provided with sufficient finance for growth. Loan agreements with the international funders, KfW and the European Investment Bank, to the value of €550m have been signed to fund the SBCI during its initial period of operations. 

The SBCI is funded to the value of €800m of which €150m is from KfW, €400m from the European Investment Bank and €250 from the National Pension Reserve Fund. After the initial period of operations, the SBCI in conjunction with its funders, will review its funding requirements for its further development.

Currently, the SBCI is working with its first lending partners to provide initial funding to the SME sector by the end of 2014.  A full roll-out will occur during January 2015 with traditional bank lenders and new credit providers from beyond the traditional bank sector allowing for the distribution of SBCI funding to the SME sector in Ireland on a prudent basis.

Strategic Banking Corporation of Ireland Funding

 302. Deputy Dara Calleary Information on Dara Calleary Zoom on Dara Calleary asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan when the Strategic Banking Corporation of Ireland will commence providing funding for lending; and if he will make a statement on the matter. [41432/14]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan The Strategic Banking Corporation of Ireland (SBCI) has been established by the Government as a means of ensuring that SMEs in Ireland are provided with sufficient finance for growth.  Loan agreements with the international funders, KfW and the European Investment Bank, have been signed.

The SBCI is working with its first lending partners to provide initial funding to the SME sector by the end of 2014.  A full roll-out will occur during January 2015 with traditional bank lenders and importantly new credit providers from beyond the traditional bank sector being involved. All of this will allow for the distribution of SBCI funding to the SME sector in Ireland on a prudent basis.

Small and Medium Enterprises Debt

 303. Deputy Dara Calleary Information on Dara Calleary Zoom on Dara Calleary asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan the number of institutions with outstanding loans to small and medium enterprises here; the number of institutions that are subject to targets for dealing with SME loan arrears; if the details of actions taken by banks subject to targets to deal with arrears will be published; and if he will make a statement on the matter. [41434/14]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan As the Deputy is aware, targets to move distressed small and medium enterprise borrowers onto longer-term solutions were implemented in 2013 for a number of institutions involved in SME lending. The institutions are required to report performance against the targets on a quarterly basis to the Central Bank along with specific management information.  To date, the institutions report good progress in agreeing solutions with many distressed SME borrowers which will, in time, resolve the loans. The targets are not in the public domain, our dealings with each institution are on a bilateral basis.   

  While I do not have precise numbers on the financial institutions with outstanding SME loans, the full list of Credit institutions regulated by the Central Bank of Ireland follows.

  The Deputy may also wish to note that in June 2014 the Central Bank of Ireland's Financial Stability Division published the SME Market Report (H1 2014) providing an up-to-date picture of developments in the Irish SME credit market. The report which provides information on credit demand, credit access, loan terms and conditions, loan default, interest rates and credit market concentration also follows.

Credit Institutions Register

Section 1 hereunder lists all credit institutions authorised under Irish Legislation to carry on banking business in the State. Section 2 lists those credit institutions authorised in other Member States of the European

Economic Area (EEA) to carry on business in the State without receiving further authorisation from the Central Bank of Ireland, pursuant to the terms of the EU Directive, 2013/36/EU relating to the taking up and pursuit of the business of credit institutions.

Section 1 Authorisations issued to Credit Institutions to carry on banking business in the State under Irish Legislation

(a) Banks licensed pursuant to Section 9 of the Central Bank Act, 1971

Allied Irish Banks plc

Bank of America National Association

Bank of Montreal Ireland plc

Barclays Bank Ireland plc

Citibank Europe plc

Dell Bank International Limited

DePfa Bank plc

DZ-Bank Ireland plc

EBS Limited

Elavon Financial Services Limited

Hewlett-Packard International Bank plc

Hypo Public Finance Bank

Intesa Sanpaolo Bank Ireland plc

JP Morgan Bank (Ireland) plc

KBC Bank Ireland plc

LGT Bank (Ireland) Limited

Merrill Lynch International Bank Limited

permanent tsb plc.

Rabobank Ireland plc

Scotiabank (Ireland) Limited

The Governor and Company of the Bank of Ireland

Ulster Bank Ireland Limited

UniCredit Bank Ireland plc

Wells Fargo Bank International

WGZ-Bank Ireland plc

Building Societies authorised to raise funds under the Building Societies Act, 1989

(b) Banks licensed pursuant to Section 9 of the Central Bank Act, 1971, and registered as designated credit institutions under Section 14 of the Asset Covered Securities Act, 2001

AIB Mortgage Bank

Bank of Ireland Mortgage Bank

DePfa ACS Bank

EAA Covered Bond Bank plc

EBS Mortgage Finance

Section 2 European Credit Institutions authorised in another Member State of the European Economic Area (EEA) and operating in the State either on a branch or a cross-border basis.

(a) Branches Member State of Origin

Aareal Bank AG Germany

Bankia S.A. Spain

Barclays Bank plc United Kingdom

Belfius Bank, Dublin Branch Belgium

BNP Paribas SA France

BNP Paribas Securities Services Dublin Branch France

CACEIS Bank Luxembourg Luxembourg

Citco Bank Nederland NV Netherlands

Citibank International plc United Kingdom

Clearstream Banking SA (Dublin branch) Luxembourg

Credit Suisse International United Kingdom

Danske Bank A/S Denmark

Deutsche Bank AG Germany

Dexia Crédit Local France

FCE Bank plc United Kingdom

HSBC Bank plc United Kingdom

ING Bank NV Netherlands

Investec Bank Plc United Kingdom

KBC Bank NV Dublin Branch Belgium

Leeds Building Society United Kingdom

Marks & Spencer Financial Services Plc United Kingdom

Mitsubishi UFJ Global Custody S.A. Luxembourg

Nationwide Building Society United Kingdom

Rabobank Nederland Netherlands

RBC Investor Services Bank S.A. Luxembourg

RCI Banque France

Smith & Williamson Investment Management Ltd United Kingdom

Société Générale SA France

Sumitomo Mitsui Banking Corporation Europe

Limited

United Kingdom

The Bank of New York Mellon SA/NV Belgium

The Royal Bank of Scotland plc United Kingdom

UBS (Luxembourg) S.A. Luxembourg

Volkswagen Bank GmbH Germany

(b) Credit Institutions from other Member States of the European Economic Area (EEA) which have notified the Central Bank of Ireland of their intention to provide services in the state on a cross-border basis.

(i) Deposit-Taking and Other Services Member State of Origin

AB SEB Vilniaus Bankas Lithuania

Abbey National Treasury Services plc United Kingdom

ABN AMRO Bank N.V. Netherlands

Aegon Bank NV Netherlands

Allfunds Bank S.A. Spain

Arbuthnot Latham & Co Limited United Kingdom

Atkia Real Estate Mortgage Bank Plc Finland

Banca IMI S.p.A. Italy

Banco Bilbao Vizcaya Argentaria SA Spain

Banco Bradesco Europa S.A. Luxembourg

Banco Comercial Portugues SA Portugal

Banco Espirito Santo de Investimento, S.A. Portugal

Banco Itaú Europa S.A. Portugal

Banco Millennium bcp Investimento, S.A. Portugal

Banco Sabadell S.A. Spain

Bank J. Safra Sarasin (Deutschland) AG Germany

Bank Julius Bar Europe AG Germany

Bank Labouchere NV Netherlands

Bank Leumi (UK) plc United Kingdom

Bank Mendes Gans N.V. Netherlands

Bank of China (Hungária) Zártkoruen Mukodo

Reszvenytarsasag

Hungary

Bank of China (Luxembourg) S.A. Luxembourg

Bank of China International (UK) Limited United Kingdom

Bank of Cyprus Public Company Limited Cyprus

Bank of London & The Middle East Plc United Kingdom

Bank of Scotland plc United Kingdom

Bank of the Philippine Islands (Europe) plc United Kingdom

Bank Winter & Co. Aktiengesellschaft Austria

Bankgesellschaft Berlin AG Germany

Bankia S.A. Spain

Banque Artesia Nederland NV Netherlands

BANQUE CIC EST France

Banque de Bretagne France

Banque et Caisse d'Epargne de L'Etat, Luxembourg Luxembourg

Banque Havilland S.A. Luxembourg

Banque Internationale à Luxembourg SA Luxembourg

Banque J. Safra Sarasin (Luxembourg) S.A. Luxembourg

Banque LB Lux SA Luxembourg

Banque Nationale de Paris Intercontinentale France

BANQUE TRANSATLANTIQUE SA France

Barclays Bank plc United Kingdom

Barclays Bank, S.A. Spain

BGL BNP Paribas Luxembourg

BHF-Bank Aktiengesellschaft Germany

BIGBANK AS Estonia

BNP Paribas France

BNP Paribas SA France

BNP Paribas Securities Services Dublin Branch France

BNP Paribas Wealth Management France

Bremer Landesbank Kreditanstalt Oldenburg-

Girozentrale

Germany

Brokerjet Bank AG Austria

Budapest Credit and Development Bank Hungary

Caisse Regionale De Credit Agricole Mutuel De

Normandie

France

Carnegie Bank A/S Denmark

Carnegie Investment Bank AB Sweden

Centrum Bank AG Liechtenstein

Chase Investment Bank Limited United Kingdom

Chelsea Building Society United Kingdom

China Construction Bank (London) Limited United Kingdom

Christiania Bank OG Kreditkasse ASA Norway

CIBC World Markets plc United Kingdom

CIT Bank Limited United Kingdom

Citibank España SA Spain

Citibank International plc United Kingdom

Clydesdale Bank Plc United Kingdom

comdirect bank AG Germany

CommBank Europe Limited Malta

Commerzbank Aktiengesellschaft Germany

Commerzbank International SA - Luxembourg Luxembourg

Commerzbank Zrt. Hungary

Compagnie de Banque Privee Quilvest Luxembourg

Compagnie de financement foncier France

Coöperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands

Coöperatieve Rabobank Westland U.A. Netherlands

Coutts & Company United Kingdom

Crédit Agricole Luxembourg Luxembourg

Credit Foncier de France France

Crédit Lyonnais France

Credit Suisse (Gibraltar) Limited Gibraltar

Crédit Suisse (Luxembourg) SA Luxembourg

Crédit Suisse (UK) Limited United Kingdom

Credit Suisse International United Kingdom

Creditanstalt-Bankverein Aktiengesellschaft Austria

Cyprus Popular Bank Public Co Ltd Cyprus

Danske Bank A/S Denmark

Danske Bank International SA Luxembourg

Danske Bank plc Finland

Deka Bank Deutsche Girozentrale Germany

Deutsche Bank (Malta) Ltd Malta

Deutsche Bank AG Germany

Deutsche Bank Luxembourg SA Luxembourg

Deutsche Bank Nederland N.V. Netherlands

Deutsche Bank Osterreich AG Austria

Deutsche Bank Privat- und Geschaftskunden AG Germany

Deutsche Hypothekenbank AG Germany

Deutsche Pfandbriefbank AG Germany

Deutsche Postbank AG Germany

Dexia Bank Denmark A/S Denmark

direktanlage.at AG Austria

DnB Bank ASA Norway

DNB Luxembourg S.A. Luxembourg

Dornbirner Sparkasse Austria

DVB Bank AG Germany

DVB Bank N.V. Netherlands

DZ BANK Deutsche Zentral-Genossenschaftsbank AG Germany

Edmon de Rothschild (Europe) Luxembourg

EFG Bank (Luxembourg) S.A. Luxembourg

Erik Penser Bankaktiebolag Sweden

Erste Bank der Oesterreichischen Sparkassen AG

Group

Austria

Erste Bank Hungary Rt. Hungary

Erste Group Bank AG Austria

Europe Arab Bank plc United Kingdom

European American Investmentbank AG (Euram

Bank)

Austria

European Finance House Ltd United Kingdom

European Islamic Investment Bank Plc United Kingdom

Evli Bank plc Finland

F. van Lanschot Bankiers NV Netherlands

Finansbanken A/S Denmark

Fortis Bank (Nederland) NV Netherlands

Fortis Bank Global Clearing N.V. (FBGC) Netherlands

Fortis Bank NV Belgium

Friesland Bank Netherlands

GE Corporate Finance Bank SAS France

GE FACTOFRANCE France

Goldman Sachs International Bank United Kingdom

Goldman Sachs Paris Inc. et Cie France

Goldman, Sachs & Co. oHG Germany

Gruppo Banca Leonardo S.p.A. Italy

Gulf International Bank (uk) Limited United Kingdom

Havin Bank Ltd United Kingdom

Hellenic Bank Public Company Ltd Cyprus

Heller Bank Aktiengesellschaft Germany

HSBC Bank Malta plc Malta

HSBC Bank plc United Kingdom

HSBC France France

HSBC Private Bank (Luxembourg) S.A. Luxembourg

HSBC Private Bank (UK) Limited United Kingdom

HSBC Trinkaus & Burkhardt (International) S.A. Luxembourg

HSBC Trinkaus und Burkhardt, Dusseldorf Germany

HSH Nordbank AG Germany

Hungarian Foreign Trade Bank Limited Hungary

HYPO NOE Gruppe Bank AG Austria

ICICI Bank UK Plc United Kingdom

IKB Deutsche Industriebank AG Germany

Industrial and Commercial Bank of China (Europe)

S.A.

Luxembourg

ING Bank NV Netherlands

ING Bank Slaski S.A. Poland

ING Luxembourg S.A. Luxembourg

Intesa Sanpaolo S.p.A. Italy

Investec Bank Plc United Kingdom

Investkredit International Bank plc Malta

Itau BBA International Limited United Kingdom

J.P. Morgan Bank Luxembourg S.A. Luxembourg

J.P. Morgan International Bank Limited United Kingdom

J.P. Morgan Securities plc United Kingdom

Joh. Berenberg, Gossler & Co. KG Germany

JP Morgan Europe Limited United Kingdom

JSC SEB Latvijas Unibanka Latvia

Jyske Bank A/S Denmark

Kaiser Partner Privatbank AG Liechtenstein

Kas Bank N.V. Netherlands

Kaupthing Singer & Friedlander Limited United Kingdom

KBL European Private Bankers S.A. Luxembourg

KDB Bank (Hungary) Ltd Hungary

Kempen & Co N.V. Netherlands

Keytrade Bank SA Belgium

KfW IPEX-Bank GmbH Germany

Kleinwort Benson Bank Ltd United Kingdom

Kommunalkredit Austria AG Austria

Landesbank Baden-Württemberg Germany

Landesbank Saar Germany

Landesbank Sachsen Girozentrale Germany

LeasePlan Corporation N.V. Netherlands

Leeds Building Society United Kingdom

Lehman Brothers Bankhaus Aktiengesellschaft Germany

LGT Bank AG Liechtenstein

Lienzer Sparkasse AG Austria

Lloyds Bank (Gibraltar) Limited Gibraltar

Lloyds TSB Bank plc United Kingdom

Lloyds TSB Private Banking Ltd United Kingdom

Lloyds TSB Scotland plc United Kingdom

Lombard Odier & Cie (Gibraltar) Limited Gibraltar

Lombard Odier (Europe) S.A. Luxembourg

Macquarie Bank International Limited United Kingdom

Maple Bank GmbH Germany

Marks & Spencer Financial Services Plc United Kingdom

Matteus Bank AB Sweden

Mediterranean Bank Plc Malta

Mizuho Corporate Bank Nederland N.V. Netherlands

Mizuho International plc United Kingdom

Morgan Stanley Bank AG Germany

Morgan Stanley Bank International Limited United Kingdom

NABAB SA France

Natixis France

Natixis Funding France

Nemea Bank plc Malta

Neue Bank AG Liechtenstein

NIBC Bank NV Netherlands

NM Rothschild & Sons Limited United Kingdom

Nomura Bank International plc United Kingdom

Nord/LB Covered Finance Bank S.A. Luxembourg

Norddeutsche Landesbank Girozentrale Germany

Norddeutsche Landesbank Luxembourg S.A. Luxembourg

Nordea Bank AB (publ) Sweden

Nordea Bank Danmark A/S Denmark

Nordea Bank Finland Plc Finland

Nordea Bank S.A. Luxembourg

Northern Bank Limited trading as Danske Bank United Kingdom

Northern Trust Global Services Limited United Kingdom

Novum Bank Limited Malta

NRW.BANK Germany

NV Bank Nederlandse Gemeenten Netherlands

OKO Bank plc Finland

OP MORTGAGE BANK HELSINKI Finland

Osterreichische Volksbanken AG Austria

PayPal (Europe) S.a.r.I. et Cie S.C.A. Luxembourg

Piraeus Bank S.A. Greece

PNB (Europe) PLC United Kingdom

Powszechna Kasa Oszczednosci Bank Polski S.A. Poland

Punjab National Bank (International) Limited United Kingdom

Quilvest Banque Privee France

R Raphael & Sons plc United Kingdom

Raiffeisen Bank International AG Austria

Raiffeisen Centrobank AG Austria

Raiffeisen Zentralbank Österreich AG Austria

Raiffeisenbank Leoben-Bruck eGen Austria

Raiffeisenlandesbank Oberosterreich AG Austria

Rathbone Investment Management Limited United Kingdom

Rheinhyp Rheinische Hypothekenbank AG Germany

ROTHSCHILD ET COMPAGNIE BANQUE France

Royal Bank of Canada Europe Limited United Kingdom

Sal. Oppenheim jr. & Cie Luxembourg S.A. Luxembourg

Sal. Oppenheim jr. & Cie. AG & Co. KGaA Germany

Saxo Bank A/S Denmark

Scotiabank Europe Plc United Kingdom

SG Hambros Bank Limited United Kingdom

Societe Generale Asset Management Banque (SGAM

Banque)

France

Société Européenne de Banque SA Luxembourg Luxembourg

Societe Generale Bank & Trust SA Luxembourg

Société Générale Capital Market Finance S.A.

Société Générale SA France

Spar Nord Bank A/S Denmark

Standard Bank Plc United Kingdom

Standard Chartered Bank United Kingdom

State Street Bank Europe Limited United Kingdom

State Street Bank GmbH Germany

State Street Banque SA France

Sumitomo Mitsui Banking Corporation Europe

Limited

United Kingdom

TD Bank Europe Limited United Kingdom

TD Bank N.V. Netherlands

The Bank of New York Mellon (International) Limited United Kingdom

The Royal Bank of Scotland plc United Kingdom

Theodoor Gilissen Bankiers N.V. Netherlands

Toronto Dominion Bank Europe Limited United Kingdom

Triodos Bank NV Netherlands

UBI Banca International S.A. Luxembourg

UBS (France) SA France

UBS (Luxembourg) S.A. Luxembourg

UBS Bank (Netherlands) B.V. Netherlands

UBS Bank S.A. Spain

UBS Deutschland AG Germany

UBS Investment Bank Nederland B.V. Netherlands

UBS Limited United Kingdom

Ulster Bank Limited United Kingdom

UniCredit Bank AG Germany

UniCredit Bank Austria AG Austria

Valartis Bank (Austria) AG Austria

Volksbank Linz-Wels-Mühlviertel AG Austria

VTB Bank (Austria) AG Austria

VTB Capital Plc United Kingdom

Westdeutsche Immobilienbank Germany

Western Union International Bank GmbH Austria

Westland/Utrecht Hypotheekbank NV Netherlands

WestLB AG Germany

WestLB Hungaria Bank Rt. Hungary

Westpac Europe Limited United Kingdom

Wirecard Bank AG Germany

Yorkshire Building Society United Kingdom

(ii) Services other than Deposit-Taking Member State of Origin

Aareal Bank AG Germany

ABN AMRO Bank (Luxembourg) SA Luxembourg

ABN AMRO Mellon Global Securities Services Netherlands

Allied Bank Philippines (UK) plc United Kingdom

ALPHA BANK SA Greece

Amundi Finance France

ANZ Bank (Europe) Limited United Kingdom

Banc of America Securities Limited United Kingdom

Banca Caboto S.p.A. Italy

Banca Infrastrutture Innovazione e Sviluppo S.P.A. Italy

Banca Popolare Di Milano S.c.a.r.l. Italy

Banca Popolare di Sondrio Italy

Banco Popular Español SA Spain

Bank Degroof SA Belgium

Bank Frick & Co. AG Liechtenstein

Bank of Tokyo-Mitsubishi UFJ (Holland) N.V. Netherlands

BANQUE PALATINE France

BMCE Bank Internationl plc United Kingdom

BNP Paribas Factor France

BNP Paribas Fortis Factor SA/NV Belgium

BNP Paribas Lease Group France

BNP Paribas Personal Finance France

Brown Brothers Harriman (Luxembourg) SCA Luxembourg

Brull Kallmus Bank AG Austria

Caixabank, S.A. Spain

Caja Laboral Popular Coop De Credito Spain

Capital Bank - GRAWE Gruppe AG Austria

Catella Bank S.A. Luxembourg

CIT (France) SAS France

Close Brothers Limited United Kingdom

Close Brothers Seydler Bank AG Germany

CM-CIC Factor France

CNH Financial Services France

Compagnie Generale D'Affacturage - C.G.A. France

Compagnie Generale de Location D'Equipements

C.G.L.

France

Cooperative Rabobank Regio Schiphol U.A Netherlands

County NatWest Limited United Kingdom

Coventry Building Society United Kingdom

CREDIT AGRICOLE CORPORATE AND

INVESTMENT BANK

France

Crédit Communal de Belgique SA Belgium

Delta Lloyd Bank S.A. Belgium

Deutsche Genossenschafts - Hypothekenbank AG Germany

Deutsche Hyp Deutsche Hypothekenbank Frankfurt-

Hamburg AG

Germany

Deutsche VerkehrsBank AG Germany

Dexia Kommunalbank Deutschland AG Germany

EFG Private Bank Limited United Kingdom

Electro Banque France

equinet Bank AG Germany

Erste Europaische Pfandbrief- und

Kommunalkreditbank Aktiengesellschaft

Luxembourg

Ester Finance Titrisation France

EULER HERMES SFAC CREDIT France

Euroclear Bank SA Belgium

EUROFACTOR France

European Financial Planning Group Limited Gibraltar

Exane Derivatives France

Exane Finance France

F. Van Lanschot Bankiers Belgie NV Belgium

First National Bank plc United Kingdom

GE Capital Bank Limited United Kingdom

GE Money Bank France

Gudme Raaschou Bankaktieselskab Denmark

Hypo Real Estate Bank Aktiengesellschaft Germany

Hypothekenbank in Essen AG Germany

IDT Financial Services Limited Gibraltar

Institut pour le Financement du Cinéma et des

Industries Culturelles

France

JSC Baltic International Bank Latvia

KA Finanz AG Austria

Kathrein & Co Privatgeschaftsbank AG Austria

KBC Commercial Finance NV Belgium

Landesbank Rheinland-Pfalz Girozentrale Germany

Latvijas pasta banka JSC Latvia

Lazard Freres Banque France

Lombard Odier & Cie (Nederland) N.V. Netherlands

Mediobanca Banca di Credito Finanziario S.p.A. Italy

Mediocredito Centrale S.p.A. Italy

Mediofactoring SpA Italy

Merrill Lynch Capital Markets (France) SA France

MHB-Bank AG Germany

MICOS BANCA SPA Italy

Münchener Hypothekenbank eG Germany

National Westminster Bank plc United Kingdom

Nationwide Building Society United Kingdom

net-m privatbank 1891 AG Germany

Newcastle Building Society United Kingdom

Newedge Group France

OTP Bank NYRT Hungary

PARILEASE France

Rietumu Banka Latvia

Ringkjøbing Landbobank Denmark

Santander Cards UK Limited United Kingdom

Santander Central Hispano SA Spain

Schroder & Co. Limited United Kingdom

Schroder Munchmeyer Hengst AG Germany

SGB Finance France

Skandinaviska Enskilda Banken Ab Sweden

Smith & Williamson Investment Management Ltd United Kingdom

Societe Generale SCF France

Swedbank AB Sweden

Tesco Personal Finance Plc United Kingdom

Ticket Surf International France

Valitor hf. Iceland

Volksbank International AG Austria

Volksbank Offenburg eG Germany

Wave Crest Holdings Limited Gibraltar

Total : 427


SME Market Report

Central Credit Register

 304. Deputy Dara Calleary Information on Dara Calleary Zoom on Dara Calleary asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan when the central credit register will be established; and if he will make a statement on the matter. [41435/14]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan The Credit Reporting Act 2013 provides that the Central Bank is responsible for the establishment and operation of the central credit register. The Central Bank informs me that it intends to take a phased approach to the establishment and development of the register. The initial phase of the central credit register will focus on the consumer credit market and is expected to become operational by mid-2016.

  The operational implementation of the credit register is a complex process and the final timeline will be influenced by

  1.the outcome of a public procurement process currently underway  to source services and solutions;

  2.the scale of technical and operational changes to be implemented by lenders; and

  3.the final detailed obligations to be set out in regulations.

  It is anticipated that 2015 will be spent in developing and testing the technical solutions in partnership with relevant stakeholders, with data being supplied on a phased basis during the course of late 2015 and into 2016.

NAMA Property Sales

 305. Deputy Finian McGrath Information on Finian McGrath Zoom on Finian McGrath asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan his views regarding the National Asset Management Agency selling 600 apartments to investors when there is a shortage of properties in the market for people who have saved in order to buy their first home; his views on related correspondence (details supplied); and if he will make a statement on the matter. [41441/14]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan The strong improvement in conditions in the Irish commercial and residential property markets over the past year created opportunities for NAMA to increase the flow of Irish property assets and loan sales to the market. Earlier this year, NAMA announced that, in line with its obligations under Section 10 of the NAMA Act, it considered that the best financial outcome for the State would be achieved through a managed process of accelerating disposals in an orderly way with the target of redeeming 80% of senior debt (a cumulative €24 billion) by end-2016.  Following on from the Section 227 review of NAMA which was conducted by my Department, I fully endorsed NAMA's strategy of seeking to take full advantage of strong market conditions to reduce the contingent liability on taxpayers represented by NAMA's senior, State-guaranteed, bonds.    

I am advised by NAMA that, in order to achieve its revised debt redemption targets, it must arrange for the sale not only of individual assets but also of portfolios of loans and property assets to investors. In addition to over 5,000 individual residential units that NAMA debtors and receivers have sold to date, assets will continue to be made available for sale, on an individual basis, to potential purchasers. NAMA's website includes a list of some 2,300 properties in Ireland which are either currently for sale or will shortly be offered for sale through receivers. NAMA's policy of ensuring that the sale of all loans and the sale of properties by debtors and receivers should be openly marketed ensures that the best price available in the market is achieved in all instances.

The Deputy should note that, where NAMA arranges for the sale of portfolios of apartments, these are typically rented to tenants and there is no question of such tenants being placed at any disadvantage as a result of the change of ownership. Indeed, it would not be fair or reasonable to displace tenants in order to offer the apartments for sale to purchasers as either individual units or as part of a portfolio. As the properties are already tenanted, they form part of current housing supply and displacing one category of housing tenure to accommodate another category would not add to overall housing supply.  I would also point out that the purchasers of apartment blocks are usually large investors who tend to apply fully professional standards in their capacity as landlords and this is something that I fully welcome given the need, in any properly functioning property market, for a well-managed private rental sector.

Universal Social Charge Yield

 306. Deputy Róisín Shortall Information on Róisín Shortall Zoom on Róisín Shortall asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan the amount of revenue raised and the number of persons through the imposition of a 45% USC rate on bank bonuses with a breakdown by year. [41452/14]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan Section 531AAD of the Taxes Consolidation Act 1997 provides for a charge on bonus payments that exceed €20,000, paid to employees of financial institutions that received financial support from the State under the Credit Institutions (Financial Support) Act 2008.  This charge, the "excess bank remuneration charge", is incorporated into the Universal Social Charge and applies in all respects as if it was USC except that it is charged at a higher rate of 45%. The normal USC rates are not applied.  The charge applies for 2011 and subsequent tax years.

  The revenue raised and number of individuals who have paid the charge is as follows:

YearRevenue RaisedNumber of Individuals
2011 €1.288m47
2012NilNil
2013NilNil

Public Sector Staff Recruitment

 307. Deputy Billy Timmins Information on Billy Timmins Zoom on Billy Timmins asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan the process, including length, number of interviews, advertising and short listing for the position of Secretary General of his Department; when a person (details supplied) was appointed for their recent replacement; and if he will make a statement on the matter.  [41463/14]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I wish to inform the Deputy that the appointment of the Secretary General of the Department of Finance is a Government appointment. The appointment of John Moran was made following an open competition conducted by the Top Level Appointments Committee. In respect of the last appointment which the Deputy has asked about, expressions of interest were sought from all suitable officers within the Civil Service. These expressions of interest involved the submission of a Curriculum Vitae and a statement of the official's suitability for the post. On completion of the expressions of interest process I, as Minister for Finance, met with each of the officers who expressed an interest in the position.

The process for filling the post reflected the importance and urgency of filling the position to enable the Department to manage Government finances and play an integral role in the achievement of the Government's economic and social goals having regard to the Programme for Government.

IBRC Mortgage Loan Book

 308. Deputy Michael McGrath Information on Michael McGrath Zoom on Michael McGrath asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan the number of mortgages still held by IBRC in special liquidation; the proportion which are residential mortgages and buy to let respectively; the arrears rate; and if he will make a statement on the matter. [41475/14]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I am advised by the Special Liquidators that there are 6,219 residential mortgage accounts still held by Irish Bank Resolution Corporation Limited (in Special Liquidation). Of these, 5,839 (94%) relate to owner occupier properties and 380 (6%) relate to residential investment/buy to let properties.

  I am further advised that of the 6,219 residential mortgage accounts still held by Irish Bank Resolution Corporation Limited (in Special Liquidation), that:

-9% of the owner occupier mortgages are in arrears (greater than 90 days).

-39% of the residential investment/buy to let properties are in arrears (greater than 90 days).


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