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Noonan, Michael

Tuesday, 4 November 2014

Dáil Éireann Debate
Vol. Nbr.


Finance Bill 2014: Order for Second Stage

I move: "That Second Stage be taken now."More Button

Finance Bill 2014: Second Stage

I move: "That the Bill be now read a Second Time."More Button

The economy is growing at the fastest rate in the European Union; the public finances are under control and our debt is on a downward trajectory. Budget 2015 was designed to sustain this recovery,...More Button

The Finance Bill outlines the details of the budget measures. The budget has been designed to reduce our deficit to 2.7% in 2015 as a next step on the road to a balanced budget. The 2.7% defici...More Button

A debt stabilising primary balance is forecast for 2014, an important metric in assessing long-term debt sustainability. Our debt is now on a downward trajectory and our debt ratio will drop bel...More Button

The policies the Government has pursued and the sacrifices of the people have got us to this point. The fiscal policy must aim at maintaining sustainable growth. As I said on budget day, there ...More Button

Finance Bill 2014: Second Stage (Continued)

For example, a working family with three children where both parents earn €50,000 each per year will have approximately €100 extra per month in their pockets.

  A fair, efficient...More Button

  Section 20 provides for refunds of deposit interest retention tax deducted from interest earned by a first-time purchaser of a house or an apartment on deposits of up to 20% of the purc...More Button

VAT Exemptions

Was asked: in view of the fact that water charges will not be subject to VAT, in line with EU approval, if the Irish Water call out charges will be subject to VAT; and if he will make a statement on the matter.More Button

I am advised by the Revenue Commissioners that paragraph 14(2) of Schedule 1 of the Value-Added Tax Act 2010 exempts from VAT the supply of water by local authorities and Irish Water.  I assume the...More Button

Was asked: in view of the most recent cuts to school budgets which have resulted in principals in County Wicklow indicating they may not be able to heat their school for every day of term over the winter mont...More Button

I would point out that schools are and always have been exempt from VAT.  Paragraph 4(3) of Schedule 1 to the VAT Consolidation Act 2010 provides an exemption from VAT for the provision of childre...More Button

VAT exemption is where a person is not required to charge VAT on any services or goods they supply, while not being entitled to claim back any VAT paid on the costs associated with their business...More Button

National Pensions Reserve Fund Administration

Was asked: the total amount of lending undertaken by the NPRF SME Credit Fund to date; the number of projects involved; the total number of jobs supported; the percentage of applications approved; the way in ...More Button

Was asked: the total amount of investment undertaken by the NPRF SME Equity Fund to date; the number of projects involved; the total number of jobs supported; the percentage of applications approved; the way ...More Button

Was asked: the total amount of investment undertaken by the NPRF Turnaround Fund to date; the number of projects involved; the total number of jobs supported; the percentage of applications approved; the way ...More Button

I propose to take Questions Nos. 257 to 259, inclusive, together.

 SME Equity Fund - Carlyle Cardinal Ireland

  (€275 million fund focused lower mid-marke...More Button

Small and Medium Enterprises Supports

Was asked: the number of businesses that have made use of the small and medium enterprise online tool designed to assist the SME sector; and if he will make a statement on the matter.More Button

The Government recognises that small businesses play a central role in the sustainable recovery of the Irish economy. With over €2bn of government supports available to small business in Ireland f...More Button

Tax Credits

Was asked: his plans to change the single person child carer tax credit; and if he will make a statement on the matter.More Button

As the Deputy is aware, the One-Parent Family Tax Credit was replaced with the Single Person Child Carer Credit from 1 January 2014.   The new credit is more targeted in that it is, ...More Button

Was asked: if the Revenue Commissioners treat income tax credits for male waiters and female waiters equally; and if he will make a statement on the matter.More Button

I am informed by the Revenue Commissioners that the flat rate expense allowances (FREs) for waiters and waitresses were initially agreed in the late 1950's with staff representatives from the hotel...More Button

Property Taxation Administration

Was asked: the reason an additional transaction fee of 1.49% is allowed to be charged on credit card payments of local property tax; and if he will make a statement on the matter.More Button

I am advised by Revenue that the charge to which the Deputy refers has been reduced to 1.1% with effect from 1 October 2014.More Button

The charge, which is applicable to all credit card tax payments to Revenue including Local Property Tax (LPT) and arrears of Household Charge (HHC), is passed to the taxpayer as provided for by S...More Button

The rate of charge is calculated under the terms of a Local Government Management Agency (LGMA) tender process for Public Sector payments and is open to being varied according to the value/volume...More Button

Revenue has advised me that the rate reduction from 1.49% to 1.1% is possible due to the increased value/volume of credit card transactions from people who are opting to meet their tax liabilitie...More Button

Finally, Revenue has also advised me that there is no charge passed to taxpayers who opt to meet their tax liabilities by debit card.More Button

Property Taxation Collection

Was asked: his views on the timing of property tax bill (details supplied) in Dublin 5; and if he will make a statement on the matter.More Button

In regard to the administration of Local Property Tax (LPT), the Finance (Local Property Tax) Act 2012 (as amended) sets out the statutory due dates for payment.More Button

I am advised that, mindful of the difficulties referred to by the Deputy, Revenue has introduced eight different payment options to assist property owners in meeting their liabilities in a manner...More Button

In regard to the 2015 liabilities, Revenue is currently writing to all property owners who paid their 2014 LPT liability as a single sum or by way of regular cash payments through the PSP's to ad...More Button

It is very important that any property owners who paid in full with a single payment in 2014 and wish to switch to a phased arrangement for 2015 inform Revenue no later than 25 November 2014 to a...More Button

Property owners who opt to pay in full should do so by 7 January 2015. 7 January is also the latest date for notifying Revenue in regard to the SDA option even though the deduction will not be ta...More Button

In conclusion the LPT system gives property owners the maximum facility to either pay in full or to  phase the payments over the course of the year.More Button

Fuel Laundering

Was asked: the actions he has taken to combat the practice of petrol stretching; his plans to increase the penalties for same, including criminal convictions for operators of service stations engaging in this...More Button

I am advised by the Revenue Commissioners, who are responsible for tackling fuel fraud, that they are very aware of the risks posed to consumers' vehicles, legitimate businesses and the Exchequer b...More Button

Revenue has, over the recent past, received reports from a variety of locations around the country of problems relating to petrol quality, and suggestions that these problems are attributable to ...More Button

Revenue investigates all complaints of this kind and fuel samples are taken from filling stations and referred to the State Laboratory for analysis where the investigating officers have reason to...More Button

Conclusive results have been received in one case which confirms contamination through the presence of kerosene and Revenue are considering the possibility of prosecution in this case. Final res...More Button

The Deputy can be assured that, if Revenue's investigations and the analysis of fuel samples indicate the presence of illegal stretching agents in petrol, Revenue will take action and pursue pros...More Button

Petrol stretching is an offence under section 102 (1A) of the Finance Act 1999. It carries a penalty on summary conviction of a fine of €5,000 or a term of imprisonment not exceeding 12 months, ...More Button

I understand also that Revenue has been in contact with the motor and fuel trades about the reported problems. Cooperation with the fuel trade has been an important element in the successful wor...More Button

Motorists themselves should take care about where they source their petrol, and should report any suspicions to Revenue. Revenue has recently launched a dedicated section of its website specific...More Button

An extensive range of new measure has been introduced over recent years to tackle fuel fraud, including enhanced supply chain controls and the acquisition of a more effective fuel marker. Key me...More Button

-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;More Button

-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;More Button

-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;More Button

-New supply chain controls were introduced from January 2013 following significant investment in new IT systems. These controls require all licensed fuel traders, whether dealing in road fuel or...More Button

-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.More Button

In addition to the measures implemented to date, Revenue has, in partnership with Her Majesty's Revenue and Customs in the UK identified a more effective fuel marker and it is expected that a new...More Button

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 s...More Button

I am committed to providing new measures to further assist Revenue in its work against fuel fraud should they be required.More Button

Was asked: 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.More Button

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...More Button

Revenue's strategy includes the following elements:More Button

-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;More Button

-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;More Button

-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;More Button

-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 r...More Button

-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.More Button

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 mar...More Button

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...More Button

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 i...More Button

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 f...More Button

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 pro...More Button

Excise Duties

Was asked: his views on a matter (details supplied) regarding duty paid within the EU; and if he will make a statement on the matter.More Button

I am advised by the Revenue Commissioners that in accordance with Council Directive 2008/118/EC and section 104(2) of the Finance Act 2001, tobacco products tax is not chargeable on tobacco product...More Button

Fuel Prices

Was asked: if he will provide in tabular form an analysis of the price of oil and the price of petrol, excluding excise duties in both cases, compared to the price of oil and petrol on the international marke...More Button

I am advised by the Revenue Commissioners that the information the Deputy has requested is not readily available.

  However, the European Commission through the Oil Bulletin pres...More Button

Credit Unions

Was asked: if he will instruct the liquidators at a credit union (details supplied) in County Kildare to engage with the local community and members of the credit union to put in place a plan for the future u...More Button

On 16 December 2013, Mr Jim Luby of McStay Luby Chartered Accountants was appointed by the High Court, under the Central Bank and Credit Institutions (Resolution) Act 2011, as liquidator of Newbrid...More Button

Universal Social Charge Payments

Was asked: if he will address a matter raised in correspondence (details supplied) regarding the universal social charge.More Button

As the Deputy will be aware, the Universal Social Charge (USC) was introduced in Budget 2011 to replace the Income Levy and the Health Levy. It was a necessary measure to widen the tax base, remov...More Button

The USC is an individualised charge based on the income of each individual. There is no transferability of credits or bands for married couples as applies in the income tax system. However, for ...More Button

Notwithstanding this, the income tax system allows married couples to be jointly assessed so that they can choose to the transfer the personal tax credit and up to €9,000 of the standard rate ban...More Button

Revenue Commissioners Resources

Was asked: his plans to maintain the walk-in Revenue Commissioners office in Tallaght, Dublin 24.More Button

I am assured by the Revenue Commissioners that the provision of a quality customer service to taxpayers is a key corporate priority for Revenue.   Revenue is committed to ensuring th...More Button

Bank Restructuring

Was asked: if his attention has been drawn to the fact that a State supported bank is planning to outsource a number of functions (details supplied); the number of employees who will be affected; the plans th...More Button

As the Deputy will be aware under the Relationship Frameworks the State does not intervene in the day to day operations of the banks or their management decisions regarding commercial matters. More Button

In the case of AIB, the bank has previously indicated that as part of its restructuring plan to reduce costs and increase efficiencies, outsourcing of certain functions would be considered in con...More Button

Financial Services Ombudsman

Was asked: his plans to change the rule whereby a person can only submit a complaint to the Financial Services Ombudsman in respect of a product sold to them within the past six years; if he accepts that this...More Button

Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions and it would not be appropriate for me to comment on how he performs tho...More Button

Under the Central Bank Act 1942, as amended, a consumer is not entitled to make a complaint to the Financial Services Ombudsman if the conduct complained of occurred more than six years before th...More Button

As the Deputy may be aware, my Department is currently progressing the amalgamation of the Offices of both the Financial Services Ombudsman and the Pensions Ombudsman.  A Steering Group chaired ...More Button

The question of the timeframe under which complaints can be reviewed is a policy matter which will be considered as the legislation to effect the amalgamation is being developed. I am of course m...More Button

Was asked: the further recourse a person has if the Financial Services Ombudsman decides against them in respect of a complaint which has been submitted; his plans to introduce changes in the area; and if he ...More Button

Firstly, I must point out that the Financial Services Ombudsman is independent in the carrying out of his duties.   

  I have no role in the day to day workings of...More Button

Was asked: the position regarding a case with the Financial Ombudsman (details supplied); and if he will make a statement on the matter.More Button

At the outset, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions. 

  The Financial Services Ombudsman's Bureau ...More Button

Tax Code

Was asked: if he will change the tax status where middle and low income earners pay more tax then large corporations; if this status has changed following budget 2015; and if he will make a statement on the m...More Button

The Deputy will be aware that individuals and corporations are taxed on a very different basis and that it is highly unlikely that any low or middle income earners pay more tax than large corporati...More Button

In addition to the Corporation Tax that companies pay on their profits, they also are liable for employer PRSI contributions in respect of their employees, which are charged at a much higher rate...More Button

All employees are entitled to a series of tax credits which help reduce their tax liability. In addition, the changes I have introduced in Budget 2015 will ensure that all those who currently pay...More Button

Ireland already has one of the most progressive income tax systems in the developed world. To preserve that progressivity, the Budget also contains USC measures which have the effect of limiting...More Button

Was asked: the purpose and reasoning, and the evidence supporting this reasoning, for the decision to remove the 80% windfall tax applying to chargeable gains on the disposal or development of land which are ...More Button

The windfall tax provisions are contained in Sections 644AB and 649B Taxes Consolidation Act (TCA) 1997, introduced by Section 240 National Asset Management Agency Act 2009 and amended by Section 2...More Button

Was asked: 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 rul...More Button

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 i...More Button

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"...More Button

Was asked: the measures in budget 2015 that will help the so-called squeezed middle; his plans for future budgets in helping the squeezed middle; and if he will make a statement on the matter. More Button

A fair, efficient and competitive income tax system is essential for economic growth and job creation. I have long said that the burden of the income tax system in Ireland is too high and that I w...More Button

In Budget 2015 I have reduced the top rate of income tax from 41% to 40%.  I have also extended the standard rate band on which income tax is chargeable at the lower 20% rate by €1,000. These me...More Button

In addition I have reduced the two lower rates at which USC is payable from 2% and 4% to 1.5% and 3.5%, respectively. Furthermore, I have also increased the threshold before which the 7% rate of...More Button

The Budget also provides for the retention of the exemption from the top rates of USC for medical card holders with incomes that do not exceed €60,000. These individuals will now only be liable t...More Button

Ireland already has one of the most progressive income tax systems in the developed world. To preserve that progressivity, the Budget also contains USC measures which have the effect of limiting...More Button

The changes announced in the Budget will ensure that all those currently paying income tax and/or USC will see a reduction in their tax bill in 2015. I propose to continue this reform in future ...More Button

Mortgage Applications Approvals

Was asked: the way persons who have already had a mortgage approval or are in the process of buying a house, but may not conclude the sale until 2015, will be affected by the proposed new Central Bank of Irel...More Button

Was asked: his views on the Central Bank of Ireland's recent recommendations regarding conditions attaching to mortgage approval; if those who have already received mortgage approval will be affected; and if ...More Button

I propose to take Questions Nos. 276 and 315 together.

  As the Deputies are aware, the Central Bank has commenced a public consultation process on the proposed new macro prudent...More Button

Mortgage Repayments

Was asked: the position regarding the charge on a property when the full moneys owed on the mortgage account have been paid to the mortgage provider but the deeds to the property have not yet been released an...More Button

Neither I nor the Special Liquidators are able to discuss the circumstances of individuals who had accounts with IBRC and it would not be appropriate to discuss such matters through Dáil business. ...More Button

I would recommend that the mortgage holder contacts the new purchasers of the mortgage as soon as it is feasible in order to resolve this matter.More Button

Household Charge Administration

Was asked: further to Parliamentary Question No. 210 of 13 May 2014 and the acknowledgement therein that the Revenue Commissioners recognise that the person in question acted in good faith based on the inform...More Button

I am advised by Revenue that it fully accepts that the person in question did not pay his original Household Charge (HHC) liability on foot of information that he received from the Local Government...More Button

On that basis, as outlined by me in Question 21424/14, Revenue agreed that the person would only pay the original €100 charge rather than the higher €200 'late' charge as provided for in Section ...More Button

Revenue also accepts that the person paid the €100 liability immediately on receipt of confirmation that the lower amount was acceptable given the circumstances of the case. On receipt of the pa...More Button

Unfortunately a subsequent technical issue mistakenly removed the 'paid marker' from the person's file, which resulted in further unnecessary engagement and an additional payment being made that ...More Button

To bring matters to a conclusion, a member of the LPT made direct contact with the person and with his agreement transferred the excess payment to his 2015 LPT liability.More Button

Revenue has assured me that the person's HHC liability is fully paid on foot of the €100 payment made and that all additional liabilities have been removed from his record. Revenue has also conf...More Button

Insurance Coverage

Was asked: further to Parliamentary Question No. 475 of 23 September 2014 his views regarding the possible increase in buildings insurance premia given the increased cost in rebuilding homes due to charges fo...More Button

In my role as Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland, as regulator, interfe...More Button

National Pensions Reserve Fund Investments

Was asked: the financial exposure of the National Pensions Reserve Fund and other agencies under the National Treasury Management Agency to the planned incinerator at Poolbeg, Ringsend, Dublin 4; and if he wi...More Button

The National Pensions Reserve Fund (NPRF) has advised that it has committed €44 million to the Covanta waste to energy project as part of a group of six senior debt funders.More Button

VAT Rate Application

Was asked: further to Parliamentary Question No. 232 of 17 September 2014, if he is in favour of a change to the EU VAT directive and relevant orders to allow for a zero rate of VAT for the purchase of defibr...More Button

As outlined in the response to Parliamentary Question No. 232 of 17 September 2014, defibrillators, other than implantable defibrillators, are liable to VAT at the standard rate of 23% in complianc...More Button

EU VAT law, with which Irish VAT law must comply, is strict on the application of a zero rate of VAT to goods or services. Article 110 of the EU VAT Directive law provides that it is only possib...More Button

With regard to making changes at EU level to provide that other goods or services can apply at the zero rate, I would point out that zero-rating is an historical derogation from the normal VAT ru...More Button

Tax Data

Was asked: the total number of interest paying accounts on which DIRT tax was paid in each year from 2011 to 2013; and if he will make a statement on the matter.More Button

Was asked: the average payment of DIRT tax per eligible account in which a DIRT tax liability arose in each year from 2011 to 2013; and if he will make a statement on the matter.More Button

Was asked: the tax forgone as a result of the DIRT tax exemption scheme in 2011, 2012 and 2013; and if he will make a statement on the matter.More Button

Was asked: the number of deposit-savings accounts yielding less than €10,000 in DIRT tax; €10,001 to €25,000, €25,001 to €50,000, €50,001 to €100,000, €100,001 to €200,000, €200,001 to €300,000, €300,001 to €...More Button

I propose to take Questions Nos. 283, 284, 286 and 287 together.

  I am informed by the Revenue Commissioners that the amount of Deposit Interest Retention Tax (DIRT) collected i...More Button

Was asked: if he has examined the feasibility of charging DIRT at the account holders' marginal tax rate rather than a flat rate of 41%; and if he will make a statement on the matter.More Button

DIRT is deducted at source by financial institutions. In order to charge DIRT at an account holder's marginal tax rate a financial institution would need to be aware of a depositor's marginal rate...More Button

Was asked: further to Parliamentary Question No. 55 of 16 July 2014, if figures are available on the number of people who applied to register under the relevant contracts tax system in the years 2012, 2013 an...More Button

I am informed by the Revenue Commissioners that the number of active registrations for Relevant Contracts Tax (RCT) and the number of contract notifications entered on the eRCT system for the years...More Button

Was asked: the changes in budget 2015 to the rate of stamp duty; the criteria for exemption from stamp duty; and the rates that apply if the consanguinity relief, which halves the stamp duty on sales of non-r...More Button

There was no change in Budget 2015 in relation to the rate of stamp duty. The rate of stamp duty on non-residential property is currently 2%. Where consanguinity relief applies the rate of duty i...More Button

(a)spends  not less than 50% of his or her normal working time farming the land on a commercial basis and with a view to the realisation of profits from the land andMore Button

(b)farms the land for a period of not less than 5 years.More Button

The criteria for a variety of stamp duty exemptions differ depending on the particular exemption in question. The continuation of consanguinity relief, but on a more restricted basis, was one of...More Button

Tax Yield

Was asked: the amount raised to date from the bank levy introduced in budget 2014; the number of institutions on which the levy was applied; and if he will make a statement on the matter.More Button

I am informed by the Revenue Commissioners that the yield to date from the bank levy announced in Budget 2014 is €154.4 million (the forecast was €150 million). There are 13 financial institutions...More Button

  Questions Nos. 286 and 287 answered with Question No. 283.More Button

Was asked: the yield in each year from 2011 to 2013 from income tax, PRSI and USC on income from the rent received by landlords from residential properties; and if he will make a statement on the matter.More Button

I am informed by the Revenue Commissioners that the amount of gross domestic rental income declared on income tax returns was €4.1bn for 2011 and €4.0bn for 2012 (returns for  tax year 2013 are not...More Button

As rental income is aggregated with all other incomes for the purposes of the income tax assessment calculation, it is not therefore possible to specify the yield from rental income alone or prov...More Button

Was asked: his views on a matter (details supplied) regarding tax on the self-employed; and if he will make a statement on the matter.More Button

A fair, efficient and competitive income tax system is essential for economic growth and job creation. I have long said that the burden of the income tax system in Ireland is too high and that I w...More Button

In Budget 2015 I have reduced the top rate of income tax from 41% to 40%.  I have also extended the standard rate band on which income tax is chargeable at the lower 20% rate by €1,000. These me...More Button

In addition I have reduced the two lower rates at which USC is payable from 2% and 4% to 1.5% and 3.5%, respectively. I have also increased the bands on which these two lower rates are chargeabl...More Button

Ireland already has one of the most progressive income tax systems in the developed world. To preserve that progressivity, the Budget also contains USC measures which have the effect of limiting...More Button

All of these changes announced in the Budget will ensure that all those currently paying income tax and/or USC, including the self-employed, regardless of their income level, will see a reduction...More Button

Pension Provisions

Was asked: the position regarding mis-selling of a pension policy and the role of the Financial Services Ombudsperson (details supplied)More Button

Firstly, I must point out that the Financial Services Ombudsman is independent in the performance of his statutory functions and it would not be appropriate for me to comment on how he performs tho...More Button

Was asked: his plans to reduce the amount of tax on a particular pension scheme (details supplied); and if he will make a statement on the matter.More Button

Was asked: his views regarding the unintended consequences to a particular pension scheme and its members (details supplied); and his plans to address this issue; and if he will make a statement on the matter.More Button

I propose to take Questions Nos. 309 and 310 together.More Button

While it is not particularly clear from the details supplied with the question, I am assuming that the Deputy is referring to the changes to the maximum allowable pension fund at retirement for t...More Button

The primary purpose of the changes made to the SFT regime last year is to further restrict the capacity of higher earners to fund or accrue large pensions through tax-subsidised sources. I have ...More Button

The SFT regime addresses the problem of pension overfunding and excessive pension accrual by dealing with it at the point of pension drawdown in retirement rather than by applying restrictions to...More Button

The main changes made by Budget 2014 and Finance (No 2) Act 2013 can be summarised as follows:More Button

-Firstly, the absolute capital value of the SFT was reduced, with effect from 1 January 2014, from €2.3m to €2m. More Button

-Secondly, the valuation factor to be used for establishing the capital value of defined benefit (DB) pension rights at the point of retirement, where this takes place after 1 January 2014, has b...More Button

-Lastly, in calculating the capital value of a DB pension at the point of retirement, transitional arrangements provide for a split calculation where part of the pension had already been accrue...More Button

As occurred on the occasion of the introduction of the SFT regime in 2005, and again when the value of the SFT limit was reduced to €2.3m in 2010, the legislation contained in Finance (No. 2) Act...More Button

The changes and grandfathering arrangements outlined above apply, as appropriate, to DB and defined contribution (DC) pension arrangements in both the private and public sectors.More Button

Tax Agreements

Was asked: if he will engage with the relevant authorities in the United States with a view to concluding an updated double taxation agreement along the lines of the current double taxation agreement in exist...More Button

I am informed that no contact has been made with  officials in my Department  or in the Revenue Commissioners  as regards there being  any adverse issues in relation to the application of the terms...More Button

Departmental Meetings

Was asked: the number of meetings he or officials from his Department had with a person (details supplied); the purpose of each of those meetings; and if he will make a statement on the matter.More Button

In response to the question, I can confirm that there have been no meetings between myself, or the Department of Finance, and Irish Water or the individual named in the period.

 &nbs...More Button

Budget 2015

Was asked: 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.More Button

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. Curre...More Button

Housing Loans

Was asked: 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 propert...More Button

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 le...More Button

Stamp Duty

Was asked: 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. More Button

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...More Button

Tax Rebates

Was asked: 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.More Button

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 individ...More Button

Was asked: his views on a matter (details supplied) regarding the diesel rebate scheme; his plans to change existing guidelines; and if he will make a statement on the matter.More Button

I introduced this scheme in the Finance Act 2013 in order to provide for a repayment to qualifying road haulage and bus operators of a part of the mineral oil tax paid on their purchases of auto-di...More Button

Bulk purchases from licensed mineral oil traders can be verified by reference to the monthly electronic returns that the oil traders are required to make to Revenue. These returns form part of t...More Button

Purchases by means of a fuel card, approved by Revenue for the purpose of the scheme, also qualify for repayment.  There is no minimum requirement on purchases made in this way, so it is not clea...More Button

The current purchasing arrangements under the scheme are necessary to enable Revenue to manage repayments to qualifying transport operators while controlling the risk of fraud. I am satisfied th...More Button

Tax Reliefs Application

Was asked: 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.More Button

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 affordabi...More Button

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 t...More Button

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 Train...More Button

Irish Water Funding

Was asked: 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.More Button

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 capi...More Button

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

Strategic Banking Corporation of Ireland Staff

Was asked: the number of staff employed by the Strategic Banking Corporation of Ireland; and if he will make a statement on the matter.More Button

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...More Button

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 t...More Button

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, Co...More Button

Strategic Banking Corporation of Ireland Funding

Was asked: 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.More Button

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 agreeme...More Button

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 operatio...More Button

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 ba...More Button

Was asked: when the Strategic Banking Corporation of Ireland will commence providing funding for lending; and if he will make a statement on the matter.More Button

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 agreeme...More Button

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 ...More Button

Small and Medium Enterprises Debt

Was asked: 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 a...More Button

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. T...More Button

Was asked: his views that the employment prospects for the small and medium enterprise sector would be enhanced by more comprehensive action to tackle SME debt; and if he will make a statement on the matter.More Button

In June 2013, the Central Bank set quarterly institution-specific performance targets for covered banks to move distressed SME borrowers onto longer-term forbearance solutions.  The targets set ref...More Button

Resolutions offered to SME customers in difficulty are assessed on the basis of the borrower's maximum affordability. The restructures are often complex due to multiple debt connections.  Irish ...More Button

I am informed by AIB that disclosures in relation to its SME portfolio are contained in the Credit Risk disclosures on pages 71 to 153 of the 2013 Annual Financial Report.  In particular, the AIB...More Button

The Central Bank's process of assessing financial institutions in their efforts to move distressed SME borrowers onto longer term sustainable solutions is an important element in assisting SMEs t...More Button

Central Credit Register

Was asked: when the central credit register will be established; and if he will make a statement on the matter.More Button

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 ...More Button

NAMA Property Sales

Was asked: 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 fir...More Button

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 loa...More Button

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 ...More Button

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 disad...More Button

Universal Social Charge Yield

Was asked: 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.More Button

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 ...More Button

Public Sector Staff Recruitment

Was asked: 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 ...More Button

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 competi...More Button

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 o...More Button

IBRC Mortgage Loan Book

Was asked: 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 t...More Button

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%) r...More Button

Was asked: if he is satisfied that all potential bidders for a certain commercial loan book being sold by the IBRC special liquidator (details supplied) had equal access to the books and records of the underl...More Button

The Special Liquidators of IBRC have confirmed to me that the sales processes that they have employed have been designed to maximise value from the sale of Irish Bank Resolution Corporation Limited...More Button

Housing Finance Agency Funding

Was asked: if loans from the Housing Finance Agency to voluntary sector housing associations are included in the calculation of the State's debt to GDP ratio.More Button

As the Housing Finance Agency (HFA) is classified within general government all of its debts are included in the compilation of general government debt. Their debt would include any borrowing unde...More Button

Living City Initiative

Was asked: if a person (details supplied) in Dublin 5 is eligible for the living city initiative; and if he will make a statement on the matter.More Button

Officials from my Department have held preliminary discussions with the relevant local authorities to identify the areas of the six cities, Cork, Dublin, Galway, Kilkenny, Limerick and Waterford, w...More Button

My officials have also been in contact with the EU Commission on the application for State Aid approval for the Initiative and this process is expected to be concluded shortly. I will not be ann...More Button

I would expect that I will be in a position to make an announcement in the near future. It is important to note that I do not see this as a wide-spread Initiative, as it is targeted at those are...More Button

It will not be possible to claim retrospectively for work that was carried out before the commencement of the scheme.More Button

Other incentives which are available include the Home Renovation Incentive which came into operation on 25 October 2013 and will run until 31 December 2015. It provides for tax relief for homeow...More Button

  Question No. 315 answered with Question No. 276.More Button

Tax Reliefs Cost

Was asked: if he will provide in tabular form the number of persons who availed of the tax credit in respect of service charges in each year in which it applied; the annual cost during the years in which it a...More Button

Effective from 1 January 2012 tax relief is no longer available for service charges paid. The abolition of this relief was announced in Budget 2010.

  This relief was introduced...More Button

Insurance Compensation Fund Drawdown

Was asked: the costs incurred to date by the administrators of a company (details supplied) for the rescuing of the company; the likely final cost; when the administration process will be completed; and if he...More Button

In 2010 Joint Administrators were appointed by the High Court at the request of the Central Bank of Ireland because of concerns about the solvency position of Quinn Insurance Limited (QIL).  The IC...More Button

The Joint Administrators, when presenting their 10th report to the High Court in July 2012, indicated that the potential call on the ICF could be up to €1.65bn. The Joint Administrators pointed ...More Button

The Joint Administrators inform me that they continue to target the end of 2016 for the completion of the administration although this relies on the receipt of a satisfactory bid from the current...More Button

The total fees, inclusive of VAT charged by Grant Thornton to QIL up to the end of June 2014 is €19,319,000.More Button

Home Renovation Incentive Scheme

Was asked: his views on increasing the amount of home renovation incentive available to a house owner where a house is being renovated and made available to a local authority as rental accommodation; and if h...More Button

As the Deputy is aware, the Home Renovation Incentive (HRI) came into operation on 25 October 2013 and will run until 31 December 2015.  The incentive provides tax relief for homeowners by way of a...More Button

The take-up of the HRI has been very successful to date, with just under 9,300 homes registered on the online system, representing almost €190 million worth of works involving some 3,000 contract...More Button

In the context of Budget 2015, I did consider increasing the amount of relief provided, but I decided that it would be better to extend the HRI to the owners of rental properties who are liable t...More Button

Tax Reliefs Eligibility

Was asked: if he will confirm the details of the tax relief announced in the budget to those providing their own water and wastewater treatment through a private well and waste water treatment unit respective...More Button

A  number of measures were announced on Budget day to improve the overall affordability of water charges. The objective of these supports is to assist households in the country who pay their Water ...More Button

EU Budget Contribution

Was asked: the way the reported recalculation of EU member states' contributions will affect Ireland's contribution; and if he will make a statement on the matter. More Button

Ireland's contribution to the EU Budget is an obligation of EU membership and is a charge on the Central Fund under national legislation. The contribution formula for the EU Budget is comprised of...More Button

Was asked: the total cost including breakdown of Ireland's financial contributions to the European Union, including the Commission, Parliament, Central Bank, Court of Justice, Council and any other body funct...More Button

Ireland's contribution to the EU Budget is an obligation of EU membership and is a charge on the Central Fund under national legislation. The contribution formula for the EU Budget is comprised of ...More Button

Banking Sector Staff

Was asked: the number of staff directly employed by AIB and the number employed through outsourcing as of October 2014; and these same figures at the time of the State takeover of the bank.More Button

Was asked: the steps he will take to ensure that the outsourcing of staff at any bank in which the State has shares will be done in a way that respects the pay, conditions and trade union recognition standard...More Button

Was asked: the number of staff directly employed by all State owned or State part owned banks and the number employed through outsourcing as of October 2014, and these same figures at the time of the State ta...More Button

I propose to take Questions Nos. 322 to 324, inclusive, together.

  As the Deputy will be aware under the Relationship Frameworks the State does not intervene in the day to day o...More Button

Mortgage Arrears Rate

Was asked: his plans to tackle the mortgage crisis; and if he will make a statement on the matter.More Button

I have informed this House previously that the Government has developed a comprehensive cross-Departmental strategy in response to the mortgage arrears issue in line with the main recommendations o...More Button

 A number of key measures have been advanced in this regard, including;More Button

1.An intensification by the Central Bank of its engagement with mortgage lenders to require them, under the Mortgage Arrears Resolution Targets (MART) process, to propose and conclude sustainable a...More Button

2.Significant reforms to personal insolvency and the establishment of the Insolvency Service of Ireland (ISI), to provide more accessible and flexible statutory frameworks for people with unsustain...More Button

3.The launch last month of the 'Back on Track' Information Campaign for People in debt by ISI, which, among other things, provides for the elimination of application fees to encourage a greater t...More Button

4.Updating the Code of Conduct on Mortgage Arrears to provide additional safeguards to cooperating borrowers, while also promoting and encouraging efforts by both lenders and borrowers to meaning...More Button

5.Mortgage to rent which is now available as a social housing response to allow people to remain in their house, where possible; andMore Button

6.The provision of an independent mortgage information and advice service.More Button

The Central Bank's latest 'Residential Mortgage Arrears and Repossessions Statistics' publication for the end of Q2 2014 shows that the number of mortgage accounts for principal dwelling houses (...More Button

The data also shows that almost 102,000 PDH mortgage accounts were classified as restructured and, of these, 81.2 per cent were deemed to be meeting the terms of their current restructure arrange...More Button

Separately from Central Bank quarterly reports, a monthly reporting regime on mortgage restructures and arrears for the six main banks covered by the Central Bank's MART process has been put in p...More Button

Taken together, the overall strategy and framework is in place to enable banks to work with distressed homeowners to reach sustainable solutions for dealing with their personal indebted situation...More Button

Budget Consultation Process

Was asked: if the revised growth figures for 2015 for the German economy have any implications for growth figures announced on budget day 2015; and if he will make a statement on the matter. More Button

In conducting our Budget forecasts my officials use the latest international growth forecasts for key trading partners - the UK, US and euro area. For Budget 2015, the OECD Interim Economic Assess...More Button

The OECD forecasts for the euro area are based on the German economy growing by 1.5 per cent in 2014 and in 2015, representing a downward revision from its previous forecasts set out in May. Th...More Button

Home Renovation Incentive Scheme Eligibility

Was asked: his plans to introduce tax relief for persons who carry out remedial works on their own septic tank; and if he will make a statement on the matter.More Button

As you are aware, the Home Renovation Incentive (HRI) came into operation on 25 October 2013 and will run until 31 December 2015.  The incentive provides tax relief for homeowners by way of a tax c...More Button

In the recent Budget I announced that rental properties, whose owners are subject to income tax are also eligible to qualify for tax relief under the HRI. Qualifying works carried out and paid fo...More Button

I can confirm that septic tank repair or replacement works will qualify for the HRI provided all of the other conditions of the incentive are met.More Button

Corporation Tax Regime

Was asked: if the corporation tax measures in the Finance Bill 2014 have been approved by the EU Commission on state aid grounds.More Button

I wish to advise the Deputy that approval of the EU Commission under State aid rules has not been sought for the corporation tax measures in Finance Bill 2014. Such approval is not required as the...More Button

Mortgage Interest Relief Eligibility

Was asked: if mortgage interest relief will be available to a person who purchased a property as a first-time buyer in 2008 and who subsequently rented out the property but is now residing in the property as ...More Button

Section 244 of the Taxes Consolidated Act 1997 provides for tax relief in respect of interest paid on qualifying loans taken out to purchase, repair or improve a property that is used as a sole or ...More Button

Debt Relief

Was asked: if he will support debt cancellation in situations of unsustainable and illegitimate debt instead of increased International Monetary Fund, IMF, lending as the only policy option; the nature of IMF...More Button

Ireland is recognised internationally for its contribution to the fight against global poverty and hunger and its leading role in making international aid more effective.  We have played a strong r...More Button

The IMF has in the past supported debt cancellation programs.  I understand that the joint IMF World Bank comprehensive approach to debt reduction is designed to ensure that no poor country faces...More Button

Furthermore, Ireland has pledged its share of the profits from recent IMF gold sales, totaling 12.94 million SDR (Special Drawing Rights), the asset reserve used by the IMF, which equates to some...More Button

As more and more countries graduate from the multilateral debt relief initiatives, the question of how they can maintain their debt at sustainable levels has become more relevant.  In this regard...More Button

Debt relief to developing countries, and loans from the International Financial Institutions, are often conditional on the implementation of certain macro-economic and development policies.  The ...More Button

I welcome the ongoing process of reform within the World Bank and the IMF to ensure they can adequately meet the development challenges of a changing world.  Ireland has supported the governance ...More Button

I understand that the IMF does not generally lend to countries whose debt is considered unsustainable and that its policies require it to conduct an in-depth assessment of a country's debt sustai...More Button

In relation to the policy conditionality aspects of IMF lending, I understand that as far as taxation is concerned, the Fund advocates taxation policies which are as broad-based and growth friend...More Button

In the wider policy context, I would draw the Deputy's attention to the recent IMF Fiscal Monitor Report which emphasizes the importance of tax reform and the potential benefits of fiscal consoli...More Button

Pensions Levy

Was asked: if the pension levy is applicable to both incomes of a person (details supplied) in County Clare who has a full-time position with the local authority and also works for the fire service; and if he...More Button

This question appears to relate to the pension-related deduction which applies to the salaries or earnings of those employed in the public service. I am not responsible for the policy or administr...More Button

Economic Growth Rate

Was asked: the new measurement of economic growth, GDP and GNP, in view of a recent EU directive; the way this compares to the previous measurement; and if he will make a statement on the matter.More Button

The first full-year estimates of GDP and GNP for 2013 were published in March of this year, along with estimates for previous years. The second estimate of 2013 GDP and GNP was released in July of...More Button

Defined Contribution Pension Funds

Was asked: the extent to which he has studied the impact on holders of combined contribution pensions who are prevented from accessing their total savings due to the requirements of the need for proof of an i...More Button

There are a number of alternative options available at retirement to individuals who have Defined Contribution pension funds (after taking their tax-free lump sum) other than the immediate purchase...More Button

These options include investing in an Approved Retirement Fund (ARF) where the funds can be drawn-down at the ARF owner's discretion subject to taxation or taking the balance of the pension funds...More Button

If the guaranteed pension income requirement is not met and the individual does not wish to purchase a pension annuity at that time, a maximum of €63,500 of the remaining pension funds (or the re...More Button

The purpose of these various arrangements is to seek to ensure that individuals have options to access a source of income from their pension funds over the full period of their retirement. In th...More Button

Section 17 of the Bill, as published, reduces the imputed distribution rate from 5% to 4% for ARFs and vested Personal Retirement Savings Accounts (PRSAs) beneficially owned by individuals aged b...More Button

Tax Exemptions

Was asked: in the context of other tax changes in the budget, the reason he did not review the income exemption limits for people aged over 65 years of age and the marginal relief rate of 40%; and if he will ...More Button

The Deputy will be aware that all aspects of the tax code are reviewed in the normal course of preparing the annual Budget and Finance Bill. As we begin to emerge from a prolonged economic downtur...More Button

I have long said that the burden of the income tax system in Ireland is too high and that I would seek to reduce it as soon as it was prudent to do so. The measures announced in the Budget are t...More Button

In Budget 2015 I have reduced the two lower rates at which USC is payable from 2% and 4% to 1.5% and 3.5%, respectively. I have also increased the bands of income on which these new lower rates ...More Button

The Budget also provides for the retention of the exemption from the top rates of USC for medical card holders with incomes that do not exceed €60,000. These individuals will now only be liable ...More Button

It should be noted that the over 65s, who currently pay USC, will benefit from these changes regardless of whether they opt for assessment under the general income tax system, or the age exemptio...More Button

Illness Benefit Payments

Was asked: the reason a person (details supplied) is being requested to pay back tax when cheques for sick leave were not cashed by the person; if he will clarify with the Revenue Commissioners that these che...More Button

I am informed by the Revenue Commissioners that in accordance with section 126 of the Taxes Consolidation Act 1997 the person concerned is chargeable to income tax in respect of the Illness Benefit...More Button

In the details supplied it is mentioned that the person concerned has not cashed his Illness Benefit cheques. This is a matter that he should take up with the Department of Social Protection. H...More Button

Should the person in question require further clarification in relation to his tax liabilities, he may contact Ms Bernie Mulvey, South City/Dun Laoghaire Rathdown Revenue District, 85/93 Lower Mo...More Button

Property Taxation Yield

Was asked: further to Parliamentary Question No. 119 of 8 April 2014, his estimate of the cost of allowing the local property tax to be deducted as an expense by landlords; and if he will make a statement on ...More Button

I am advised by the Revenue Commissioners that the cost of allowing 100% Local Property Tax (LPT) to be deducted as an expense by landlords would be €13m in year 1 and €25m in a full year. This co...More Button

As the Deputy is aware, the Thornhill Group, the inter-departmental group, chaired by Dr Don Thornhill, set up to consider the design of a property tax recommended that the LPT paid in respect of...More Button

The group recognised the considerable pressures on the public finances and the need to bridge the gap between expenditure and revenue, and, for this reason, suggested that consideration be given ...More Button

Savings Accounts Interest Rates

Was asked: the reason banks have been allowed to apply pressure to ensure that post offices and credit unions keep their savings rates low; and if he will make a statement on the matter.More Button

State Savings is the brand name used by the National Treasury Management Agency (NTMA) to describe the range of Government savings products offered by the NTMA to personal savers. All State Saving...More Button

The position is that it is the Government's objective to raise money to fund the Exchequer at the lowest cost to the taxpayer while remaining competitive in the prevailing market conditions. The...More Button

The NTMA keeps the suite of State Savings products and the interest rates paid on them under constant review to ensure that the products remain competitive and attractive to retail investors, whi...More Button

Credit unions are not for profit entities that exist to attain the economic and social goals of the individuals that make up their membership and the wider local communities. Members' savings ar...More Button

Central Bank of Ireland

Was asked: his views on correspondence (details supplied) regarding the sale of mortgage loans in Ireland to funds operating from a separate jurisdictionMore Button

By virtue of an exemption in Part V of the Central Bank Act 1997, an unregulated entity to whom a cash loan is transferred by a regulated entity is not subject to Central Bank supervision.
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NAMA Loans Sale

Was asked: the difference in the amount bid by the highest bidder and the second highest bidder in respect of the sale of loans (details supplied); and if he will make a statement on the matter.More Button

Was asked: his views on the value offered to the taxpayer in the sale of certain loans; and if he will make a statement on the matter.More Button

Was asked: his views on the process followed by the National Asset Management Agency in respect of the sale of certain loans; and if he will make a statement on the matter.More Button

I propose to take Questions Nos. 346 to 348, inclusive, together.

  Sales processes which are run by NAMA are a matter for the NAMA Board and it is not my normal practice to comm...More Button

Tax Settlements

Was asked: the position regarding an appeal submitted to the Revenue Commissioners by a person in County Cork (details supplied); and if he will make a statement on the matter. More Button

I am advised by Revenue that interest charges are levied on taxpayers who do not meet their tax payment obligations in a timely fashion or who seek to pay their liabilities through phased arrangeme...More Button

In regard to the specific case to which the Deputy refers, the person in question has been facilitated with three 'informal' phased payment arrangements to meet his liabilities over the last four...More Button

Given the person's continued failure to pay his taxes on a timely basis and given the latitude that Revenue has already allowed him over an extended period of time it is not possible to again pro...More Button

However, notwithstanding the previous difficulties, Revenue is willing to facilitate the person with a formal 12 month phased arrangement to help him meet his 2013 Income Tax liability. A propos...More Button

The proposal is open to the person to agree to up to 8 November 2014 and I am assured by Revenue that no debt collection/enforcement action will be started before that date.More Button

Mortgage Schemes

Was asked: his views on a matter (details supplied) regarding new Central Bank rules on house deposits; and if he will make a statement on the matter.More Button

The Central Bank of Ireland has recently published proposals to introduce new macro-prudential measures for residential mortgage lending in Ireland. The proposed Central Bank measures would place r...More Button

State Bodies

Was asked: the number of quangos set up since 2011 in his Department; the number of members of same; the cost and expense incurred to date including details of the briefs that they cover; and if he will make ...More Button

Since 2011, four bodies under the aegis of my Department have been established.

  Irish Fiscal Advisory Council (IFAC)

  The IFAC was established on an interi...More Button