Noonan, Michael

Wednesday, 18 April 2012

Dáil Éireann Debate
Vol. 761 No. 3

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Priority Questions - National Asset Management Agency

Was asked: if he is satisfied with the performance of the National Asset Management Agency to date; if he is confident that the agency will at least break even over its lifetime; when he expects the agency to...More Button

NAMA was established by the Oireachtas to remove systemic risk to the Irish banking system through the acquisition of land and development and associated loans from participating institutions and to o...More Button

NAMA advises me that it recently carried out an analysis which indicated that the agency would repay all its senior bonds by the end of 2020, with a small surplus given one scenario and a relatively s...More Button

It is unreasonable of the Deputy to expect me, in the first quarter of 2012, to take a different view from NAMA about what the situation may be in 2020. All I can do is to give him the assurances NAM...More Button

Priority Questions - Banks Recapitalisation

Was asked: if he will provide an update on the work of the troika technical group dealing with the Anglo Irish Bank promissory note; if he will provide an update on his discussions with the ECB and EU partner...More Button

As the Deputy is aware, the Government has been committed to reviewing the arrangements that were put in place to capitalise the Irish Bank Resolution Corporation, IBRC, formerly Anglo Irish Bank and ...More Button

I appreciate the difficulty in understanding every detail of the transaction because it was quite complex. There were probably simpler ways of doing it but we were not free agents in making the arran...More Button

First, there was absolutely no fanfare. I announced twice in the House what was happening and I did it in the most modest way. I made no attempt to turn it into a PR occasion and I described it as a...More Button

The wish of its members every day is that nothing succeeds and everything collapses and then out of disaster the party will grow. What is the Sinn Féin Party policy? We know the party’s position, bu...More Button

There is not an opportunity cost because Bank of Ireland is getting additional funding from the ECB to repo the bond through the liquidity window. If one looks at banks all across Europe they are get...More Button

Was asked: the way in which the €90 million cost of the recent arrangement on the March promissory note payment is arrived at; the final beneficiaries of this €90 million; if there was agreement from the Euro...More Button

The €90 million is the estimated difference, for the remainder of 2012, between borrowing under the programme at an estimated 3.5% and the impact on the deficit of the new Government bond. The State ...More Button

I will deal with the €90 million calculation first and then with the second part of the Deputy’s question. The €90 million is estimated to have an incremental impact on the Exchequer which is calcula...More Button

Yes, but for a longer term and cheaper.More Button

That is the objective.More Button

I stated it might make a little more because I hope the bank will commit for 364 days, not for nine months. It will be nearly a full year.More Button

Of course, there are handling costs and there are administrative costs as well. It is entitled to its profit. I hope that it will not have any difficulty with their shareholders but I must stand bac...More Button

Priority Questions - Legislative Programme

Was asked: in the context of recent comments by the IMF on the publication of its latest World Economic Outlook, if he is satisfied with the proposed personal insolvency arrangements in respect of secured deb...More Button

The recent IMF World Economic Outlook report, and its chapter on household debt, is a useful contribution to the range of measures being considered to address the global economic situation. However, ...More Button

The Bill is being drafted. It is never the practice in this House to discuss detailed measures in a Bill which has not yet been published. We will get to that at Committee Stage.More Button

We want provision in law, as was explained by the Minister, Deputy Shatter, and myself when we launched the heads of the Bill, that is not a full bankruptcy hearing to drive mortgage holders into a ba...More Button

Priority Questions - EU-IMF Agreement

Was asked: if he will provide an update on the troika review of the memorandum of understanding taking place this week and if he will indicate the aspects of the memorandum of understanding that he is hoping ...More Button

As the Deputy will be aware, the latest review mission by the external partners is currently taking place. It began yesterday, Tuesday, 17 April and will continue until Thursday, 26 April. The revie...More Button

The decision by the troika not to meet Opposition party members on this occasion was a decision made and announced by the troika. It makes its own arrangements when it comes here on how it will relat...More Button

They informed the Department of Finance, which informed me and my officials, and, of course, I informed the Government that they were not meeting the Opposition on this occasion. I suggested that a f...More Button

Other Questions - Economic Growth

Was asked: his views on whether GDP will grow by 1.3% this year; his response to the Fiscal Advisory Council which doubts that this figure will be reached; and the contingency plans that he has in place in th...More Button

At budget time, over four months ago at this stage, my Department projected that the economy would expand by 1.3% this year, which was in line with the prevailing consensus at the time. The Irish Fis...More Button

I am quite confident that we will meet our target of 8.6% on the deficit this year. Budgets are built not on real growth but on nominal growth, because it is nominal growth that generates tax. The n...More Button

We had three years of continuing decline where the economy in nominal terms went down by about 20%.More Button

In our first year in Government, 2011, the economy grew by about 1% and it is growing again this year. As long as the economy is growing, we are getting out of the problems we are in and we are drivi...More Button

One could pick any figure but one should examine the matter in its overall context. We expect to collect approximately €36 billion in taxes in 2012. Already, we are almost €400 million ahead in the ...More Button

Other Questions - Fiscal Policy

Was asked: with regard to the taxation of diesel, if he will consider or has considered the introduction of specific measures to support the haulage industry, as per section 19 of EU Council Directive 2003/96...More Button

The Deputy may be aware that a working group was set up between officials of my Department, the Irish Road Haulage Association, IRHA, and some Members. The working group is discussing several issues ...More Button

It would be a mistake to time-limit discussions of a working group so I will not put a time limit on it. However, there appears to have been a good exchange of views to date as well as serious discus...More Button

It is difficult to say what it is costing the Exchequer annually but certainly there is widespread abuse. The Deputy will recall that I took measures in the Finance Bill to ensure there will now be f...More Button

This came up in Europe in the crisis in 2004 and again in 2007 and 2008. There is agreement throughout the community that when there are spikes in the price of transport fuels Governments will not al...More Button

Other Questions - Banks Recapitalisation

Was asked: the position regarding the ongoing negotiations with the ECB on the repayment schedule of the promissory notes; and if he will make a statement on the matter. More Button

Was asked: the extent to which it has been possible to engage with the EU, IMF and ECB in the matter of any restructuring or other easement of conditions arising from liabilities associated with promissory no...More Button

Was asked: the current status of negotiations to restructure the Anglo Irish Bank promissory notes in view of the deferral of the 31 March 2012 promissory note payment; and if he will make a statement on the ...More Button

Was asked: if he will provide an update on efforts to renegotiate the Anglo Irish Bank-Irish Bank Resolution Corporation Limited promissory note; and if he will make a statement on the matter. More Button

I propose to take Questions Nos. 8, 10, 26 and 29 together. The Government has been committed to reviewing the arrangements that were put in place to capitalise Irish Bank Resolution Corporation, IBRC...More Button

It is difficult to reply to that contribution, but I will try to do so. There are two policy streams involved here. First, we must get to a point where what we collect in tax matches what we spend. ...More Button

As I have said on several occasions, we are pursuing the possibility of achieving a full deal on a replacement of the promissory note with a mechanism which would, in general terms, lengthen the perio...More Button

One of the most valuable things a country has is the ability to honour its sovereign signature. The sovereign signature of Ireland was given by the Government’s predecessors in office at the end of S...More Button

A country that wishes to pay its way in respectable company does not walk away from its signature.More Button

I have not looked for it. When the Deputy uses the word “achieved”, it makes it sound as though I was seeking it.More Button

The position always has been absolutely clear, which is that the Government will only act with the full permission of the European authorities and, in particular, with that of the European Central Ban...More Button

The Government has made its position absolutely clear, both in opposition and in government, that it would not act unilaterally and would only act in this respect with the permission of the European C...More Button

What is the point in asking me what one would do were the European Central Bank to say “No”, when the Government already has stated it will not act were it to do so?More Button

First, I agree with the Deputy’s summary of the various groups that took losses as a result of the collapse of the Irish banking system and it is good to have them put in summary form like that. I re...More Button

As the records left behind are less than informative, I am not quite sure what happened on the night.More Button

It is known that a bad deal was done. On the question of the ECB taking a hard line, I agree it takes an extremely hard line. The Deputy should recall what happened in Greece during the biggest writ...More Button

Yes, but with whose army?More Button

Other Questions - Economic Growth

Was asked: if he will confirm his latest GDP and GNP forecast for the economy here in 2012; and if he will make a statement on the matter. More Button

The budget day forecasts were for GDP growth of 1.3% this year and GNP growth of 0.7%. These figures were in line with the prevailing consensus at the time. Moreover, it is worth stressing that the...More Button

I take the advice of the fiscal advisory council very seriously. The council provides very good analysis, which is carefully worked out, and offers prudent advice. I will certainly take cognisance o...More Button

The Deputies are constantly mixing up two different policy positions and trains of thought. I am stating that for 2012, the marking downwards of the growth rate will not affect our ability to achieve...More Button

——and this is sustaining our growth figures at present.More Button

If one mixes up all of the economic data into some kind of Boyd Barrett Irish stew, it will make no sense.More Button

Written Answers - EU Treaties

Was asked: when the ESM Bill will be published and the reason he agreed to last minute amendments to the Treaty establishing the ESM linking ratification of the Treaty on Stability Coordination and Governance ...More Button

In relation to publication, the Taoiseach has given a commitment that legislative measures associated with the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (Stab...More Button

Written Answers - Tax Collection

Was asked: if he will provide a breakdown in tabular form of the number of persons who pay income tax on the following incomes: €30,000 —€49,999; €50,000 —€70,000; €70,001 —€100,000; €100,001 —€150,000; €150,0...More Button

I should point out that the Deputy has already received a reply to this question which was previously submitted for answer on 28 February 2012, Question Number 156 (PQ Reference 10896/12). On that bas...More Button

Written Answers - Banks Recapitalisation

Was asked: if the Irish Bank Resolution Corporation remains eligible to enter short-term funding arrangements with the ECB and the reason an external financial institution, Bank of Ireland, was brought into th...More Button

The Central Bank indicated in October 2011 that IBRC should not increase its usage of financing arrangements provided under open market operations with the ECB. At the end of 2011, IBRC had €2.1 billi...More Button

Written Answers - Credit Union Regulation

Was asked: further to Parliamentary Question No. 157 of 28 February 2012, if he has received the final report of the Commission on Credit Unions; if he has considered this report; the action he intends to take...More Button

The Commission on Credit Unions submitted its Report to me on schedule on the 31 March 2012. The Report was presented to Government yesterday and it was published this morning. I welcome the Repo...More Button

Written Answers - Banks Recapitalisation

Was asked: when he intends to provide Dáil Éireann with an update on the review, which commenced in April 2011, of the severance and remuneration package arrangements at the covered institutions; and if he wil...More Button

As recently as last month — 29 March 2012 — I indicated to the Deputy, in response to his question on the matter, that I am not in a position to specify when the review will be completed. In the ligh...More Button

Written Answers - Tax Yield

Was asked: if, as at the end of March Exchequer figures show income taxes running approximately 3.5% ahead of profile, the Revenue Commissioners or his Department can analyse these figures to determine if the ...More Button

Tax revenue returned to growth in 2011 for the first time since 2007 and excluding some technical adjustments that have positively impacted on tax revenues, taxes are up an estimated €758 million (10....More Button

Written Answers - Banks Recapitalisation

Was asked: his views on the impact of the issuing of an Irish Government bond of €3.46 billion in lieu of the 31 March promissory note payment on the ability of Ireland to return to the debt markets in 2012; a...More Button

There are significant advantages to the settlement of the March 2012 promissory note installment with the new Government bond including: This payment was included in our debt r...More Button

Written Answers - Household Debt

Was asked: if he will provide details of any proposals he may have to assist struggling mortgage owners; if such proposals will incorporate any significant targeted debt restructuring plans specifically to red...More Button

Was asked: the World Economic Outlook report entitled dealing with household debt, and the Icelandic model cited in this report, the measures he will put in place to deal with the mortgage crisis in this count...More Button

Was asked: if he will respond to the arguments made by the IMF in their World Report published last week on the issue of the positive impact of programmes of debt restructuring and relief. More Button

Was asked: his views on the relevance to Ireland of comments by the IMF that household debt restructuring programmes can help prevent recessions becoming deeper and more protracted; and if he will make a state...More Button

Was asked: the publication of the International Monetary Fund world economic outlook report on dealing with household debt, if he agrees that debt-restructuring programmes can help prevent recessions becoming ...More Button

I propose to take Questions Nos. 18, 21, 28, 35 and 92 together. The Government is conscious of the significant difficulty some home owners are experiencing in meeting their mortgage obligations. T...More Button

Written Answers - Banks Recapitalisation

Was asked: the impact on this year’s Exchequer returns of the arrangement entered into in respect of the 31 March promissory note payment; and if he will make a statement on the matter. More Button

Settlement of the 2012 Promissory Note instalment to IBRC with a Government bond was not completed by end-March for the purposes of the Exchequer Statement. The end-March Exchequer Statement recorded ...More Button

Written Answers - Banking Sector Regulation

Was asked: if he will explain the rationale for the purchase of Irish Life and Permanent last month and the reason the decision to spend €1.3 billion of taxpayer’s money on this company was not brought before ...More Button

As a result of the March 2011 PCAR Irish Life and Permanent plc. t/a Permanent TSB (“PTSB”) was required to raise total additional capital of €4 billion. In July 2011 €2.3 billion of this requirement ...More Button

Written Answers - Tax Code

Was asked: if he will undertake to conduct a review of the pension fund levy to measure its effectiveness following the first year of its operation; and if he will make a statement on the matter. More Button

The pension fund levy was introduced for a temporary 4 year period in order to fund the measures introduced as part of the Jobs Initiative in May 2011. These measures include the new temporary reduced...More Button

Written Answers - Banks Recapitalisation

Was asked: the impact on his budgetary plans for 2012 of the €90 million cost of the promissory note deal announced last month; and if it will require additional cuts or tax increases above what have already b...More Button

My Department is currently updating its macroeconomic and fiscal assessment for the forthcoming Stability Programme Update (SPU). The SPU will give an update of, amongst other things, the General Gove...More Button

Written Answers - Credit Union Regulation

Was asked: the action he has taken to ensure that the lending restrictions placed on credit unions by the Registrar of Credit Unions have been lifted. More Button

The imposition of lending restrictions is the responsibility of the Registrar of Credit Unions, who is the independent regulator for credit unions. Within his independent regulatory discretion, the R...More Button

Written Answers - Banks Recapitalisation

Was asked: if he expects any further recapitalisation requirements by the pillar banks in 2012; and if moneys from the NPRF discretionary fund are being ring-fenced for this purpose. More Button

The Irish banks have been recapitalised to meet the requirements of the Central Bank of Ireland’s 2011 Financial Measures Programme, which incorporated a 3 year stress test to 2013, and was among the ...More Button

Written Answers - International Agreements

Was asked: the potential benefits to the State arising from the agreement signed between the National Treasury Management Agency and the China Investment Corporation; and if he will make a statement on the mat...More Button

I am informed by the National Treasury Management Agency (NTMA) that the Memorandum of Understanding (MOU) signed between the National Treasury Management Agency (NTMA) and CIC International, a subsid...More Button

Written Answers - EU Treaties

Was asked: when the European Commission will conclude a timetable for the implementation of the provisions of the Fiscal Compact Treaty should Ireland and the other signatories of the treaty successfully ratif...More Button

No definitive timetable has been published by the European Commission as to when the European Commission shall bring forward their proposals. However, the Treaty on Stability, Coordination and Govern...More Button

Written Answers - Fiscal Policy

Was asked: his views on the recent report from the Irish Fiscal Advisory Council, in particular, on the outlook for the public finances in 2012; his views on the work of the council in general; and if he will ...More Button

Last year, the Government established a Fiscal Advisory Council which is to report periodically on the fiscal position. In that context, I welcome the recent publication of the Council’s second Fiscal...More Button

Written Answers - Mortgage Arrears

Was asked: if he will detail all actions taken by him following the publication of the Keane Report last October and the measures he intends to bring forward in the coming months to alleviate mortgage distress...More Button

Was asked: if he has advanced plans to introduce measures to bring real relief to distressed mortgage holders; what those measures are; when he intends putting them into action; and if he will make a statement...More Button

Was asked: the latest figures for distressed mortgage holders in County Cavan and in County Monaghan; the total number across the 26 counties; and if he will make a statement on the matter. More Button

Was asked: the extent to which the levels of mortgage or other household debt has been identified with particular reference to the levels of arrears; if a particular strategy is being prepared with the objecti...More Button

Was asked: the extent to which it has been possible to engage with the lending agencies with a view to dealing with the high levels of mortgage arrears; if any particular efforts have been made to isolate arre...More Button

Was asked: the extent to which mortgage arrears, credit card or other forms of household debt has been identified; if it has been accepted that the application of compound interest and or penalties creates an ...More Button

I propose to take Questions Nos. 32, 229, 230 and 258 to 260, inclusive, together. The latest data from the Central Bank indicates that at the end of December 2011 there were around 769,000 residentia...More Button

Written Answers - Fiscal Policy

Was asked: his views on the growing fiscal and funding crisis in the Greek, Portuguese and Spanish economies; the impact these crises will have on the eurozone as a whole and the economy here in particular and...More Button

Regarding the situation in Greece and Portugal, their public funding needs are being met through loans from their EU partners and the IMF. As part of this external funding, both countries have agreed...More Button

Written Answers - National Asset Management Agency

Was asked: if Eurostat has indicated that bonds issued by the National Asset Management Agency should be included in the calculation of the general Government debt; and if he will make a statement on the matte...More Button

The NAMA SPV, National Asset Management Agency Investment Limited (NAMAIL) was established to facilitate the participation of private investors in NAMA. 51 per cent of the shares of NAMAIL are held by...More Button

Written Answers - Credit Union Regulation

Was asked: when the report of the Commission on Credit Unions will be published; and if he will provide an update on the work of the commission. More Button

The Commission on Credit Unions submitted its Report to me on schedule on the 31 March 2012. The Report was presented to Government yesterday and it was published this morning. I welcome the Repo...More Button

Written Answers - Haulage Industry

Was asked: if he will consider introducing a fuel rebate for registered haulage companies; his plans in this regard; and if he will make a statement on the matter. More Button

The Deputy may be aware that a working group was set up between officials of my Department, the IRHA and some members of the Oireachtas. This working group is discussing a number of issues of concern...More Button

Written Answers - Legislative Programme

Was asked: when the forthcoming legislation on the regulation of credit unions will be published; and if he will detail in general terms the contents of the Bill at this stage. More Button

The Credit Union Bill is due to be published by the end of June 2012. The Commission on Credit Unions submitted its Final Report to me on 31 March 2012. The Report, which was published this morning...More Button

Written Answers - Financial Services Regulation

Was asked: if he will encourage lenders to allow borrowers who are moving home to keep their tracker mortgage rate; and if he will make a statement on the matter. More Button

The lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. It is not appropriate for me, as Minister for Finance, to c...More Button

Written Answers - Banking Sector Regulation

Was asked: if he has raised the possibility of imposing losses on the unsecured unguaranteed Irish Nationwide Building Society Bonds of €631 million due on 26 June 2012; and if he will make a statement on the m...More Button

As the Deputy is aware the Government is committed to delivering a return to a successful vibrant economy. In this context I have indicated on a number of occasions that there is no private sector inv...More Button

Written Answers - Mortgage Arrears

Was asked: the degree to which the full extent of arrears of mortgage or other personal debt has been determined by reference to the various lending agencies or institutions; the existence of compound interest ...More Button

Firstly, I wish to inform the Deputy that the lending institutions in Ireland, including those in which the State has a significant shareholding, are independent commercial entities. In addition, the ...More Button

Written Answers - Fuel Smuggling

Was asked: if he will provide an update on the working group established within his Department on the problem of fuel smuggling; and if he will make a statement on the matter. More Button

As the Deputy is aware, a working group was set up between officials of my Department, the IRHA and some members of the Oireachtas to discuss a number of issues of concern to the haulage industry incl...More Button

Written Answers - Pension Provisions

Was asked: when he expects sovereign annuity bonds to be available to the pension industry; and if he will make a statement on the matter. More Button

The legislation necessary to facilitate the introduction of sovereign bonds/annuities was enacted in the Social Welfare (Miscellaneous Provisions) Act 2010. Sovereign annuities can only be purchased b...More Button

Written Answers - Tax Code

Was asked: if he conducted a cost-benefit analysis on the VAT rate change from 21% to 23% for the first quarter of 2012 and the way it compares with the first quarter of 2011; and if he will make a statement on...More Button

At Budget time, the Government carefully considered the various options open to it in terms of taxation. One of the key objectives of the Government is to get people back to work. The VAT rate change ...More Button

Written Answers - Fiscal Policy

Was asked: the methodology used by him in calculating the structural deficit; and whether that methodology is the same as that currently used by the European Commission. More Button

As part of the ongoing surveillance of fiscal policies within the EU, a harmonised approach to determining the structural balance has been developed between the Member States and the EU Commission. U...More Button

Written Answers - Financial Services Regulation

Was asked: the actions he has taken to secure a reduction in the variable rate interest rates on Permanent TSB mortgages; and his views on whether a significant problem is being caused by the very high variable...More Button

Was asked: his plans to discuss with Permanent TSB the standard variable interest of 5.19% it charges on residential mortgages in view of the fact that it is out of line with the rate charged by other State own...More Button

I propose to take Questions Nos. 46 and 48 together. Notwithstanding the State’s significant shareholding in the bank, Permanent TSB (“PTSB”) operates at arm’s length from the State in relation to com...More Button

Written Answers - Legislative Programme

Was asked: when the Fiscal Responsibility Bill will be published; and if he will detail in general terms the contents of the Bill at this stage. More Button

In relation to publication of the Fiscal Responsibility Bill, the Taoiseach has given a commitment that legislative measures associated with the Treaty on Stability, Coordination and Governance in the...More Button

Written Answers - Banks Recapitalisation

Was asked: the total raised so far in bank guarantee fees; if he will provide a breakdown of this sum on an annual basis from 2008 to 2011 under the various schemes CIFS, CIELG and so on; if he will provide an ...More Button

The bank guarantee schemes to which the Deputy refers are the Credit Institutions Financial Support Scheme 2008 (CIFS Scheme) which was in operation between 30 September, 2008 and 29 September, 2010, ...More Button

Written Answers - Insurance Compensation Fund

Was asked: his views on the current operation of the insurance compensation fund; his views on whether it is adequately capitalised to meet its needs; and if he will make a statement on the matter. More Button

The Insurance Compensation Fund (ICF) operates under the Insurance Act 1964. Its purpose is to protect policy holders in the event of their insurer becoming insolvent. It is an industry financed fund....More Button

Written Answers - Fiscal Policy

Was asked: if he will outline the impact of reduced growth figures for the last two quarters on the budget deficit, on employment and on his fiscal targets for 2012 and 2013; and if he will make a statement on ...More Button

The Budget Day forecasts had anticipated reduced year-on-year growth rates in the second half of 2011 relative to the first half of the year. These forecasts turned out to be broadly in line with the ...More Button

Written Answers - Social and Affordable Housing

Was asked: the number of National Assets Management Agency properties in County Meath that are available for social housing. More Button

I am informed that in December 2011, NAMA identified over 2,000 properties under the control of its debtors or receivers as being potentially suitable for social housing, including 99 housing units in...More Button

Written Answers - Departmental Schemes

Was asked: if he intends to review the current VAT margin scheme which was introduced on all travel agents; and if he will make a statement on the matter. More Button

The Travel Agents Margin Scheme, which is provided for in Articles 306 to 310 of the EU VAT Directive, was introduced with effect from 1 January 2010. Detailed discussions with the travel industry wer...More Button

Written Answers - Tax Code

Was asked: if he will extend the lowered VAT reduction from 13.5% to 9% for the tourism and hospitality sectors until September 2013. More Button

Was asked: if he will extend the nine per cent tourism VAT rate to the end of 2013 in order that international tour operators can plan their trips to Ireland with greater certainty on pricing. More Button

I propose to take Questions Nos. 84 and 122 together. The Finance (No. 2) Act 2011 provided for a second reduced VAT rate, of 9%, on a temporary basis in respect of certain tourism-related services an...More Button

Was asked: if his attention has been drawn to the fact that carbon tax added to gas bills are included in the bill total which makes up the VAT charged on each bill which means customers pay tax on a tax. More Button

The amount on which VAT is chargeable, in accordance with section 37(1) of the Value-Added Tax Consolidation Act 2010, is the total consideration receivable by the supplier, “including all taxes, comm...More Button

Written Answers - Tax Yield

Was asked: the approximate loss to Revenue from fuel laundering; the expenditure on policing and prosecuting fuel launderers; and if he will make a statement on the matter. More Button

The Deputy will appreciate that it is not possible to estimate accurately the loss to the Exchequer from particular activities in the shadow economy such as fuel laundering. It is clear, however, that...More Button

Written Answers - Departmental Staff

Was asked: if he will provide in tabular form, details of the appointments made by the Revenue Commissioners in the period 1 January 2010 to April 2012 at assistant principal and principal officer grades and in...More Button

I am advised by the Revenue Commissioners that in the period 1 January 2010 to 13 April 2012, 26 Principal Officers and 61 Assistant Principal Officers were appointed by the Revenue Commissioners. Th...More Button

Written Answers - Tax Code

Was asked: if he will consider removing VAT from eBooks in the interest of making education more affordable for parents who are struggling at present trying to balance their household budgets; and if he will ma...More Button

I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. In Ireland the zero rate applies ...More Button

Was asked: the basis for having three differing rates of VAT on the internment of ashes 23%, cremation plots 13.5% and burial plots 0%; if he will consider revising the rates charged on the internment of ashes ...More Button

I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. The VAT rate depends on the natur...More Button

Written Answers - Budget Timetable

Was asked: if he is considering any changes to the budget process, either in terms of announcing all major budgetary changes for the following year well in advance of December, or in rescheduling the budget its...More Button

Was asked: if he has reviewed the submission from the National Retail Industry Alliance in relation to the rescheduling of the Budget in view of what the retailers argue is the severely negative impact of the c...More Button

Was asked: if he has considered reviewing the budget schedule in response to representations on behalf of the retail sector; and if he will make a statement on the matter. More Button

Was asked: his views on correspondence regarding the retail sector (details supplied); and if he will make a statement on the matter. More Button

I propose to take Questions Nos. 90, 167, 191 and 238 together. I have reviewed a submission from the National Retail Industry Alliance in relation to the rescheduling of the Budget that raise concern...More Button

Written Answers - Banks Recapitalisation

Was asked: when he expects to have an overall deal concluded on the renegotiation of the IBRC promissory notes; and if he will update Dáil Éireann on this matter. More Button

As the Deputy is aware the Government has been committed to reviewing the arrangements that were put in place to capitalise IBRC — formerly Anglo Irish Bank and Irish Nationwide. The purpose of this r...More Button

Written Answers - Financial Services Regulation

Was asked: his views on the Permanent TSB mortgage interest rate; if he is satisfied with the Permanent TSB interest rate; his plans to address the fact that TSB interest rates remain higher than those of other...More Button

Was asked: the steps being taken to address the situation regarding a financial institution (details supplied) and its approach to standard variable interest rates; if he will consider that other institutions h...More Button

Was asked: his plans to ensure that Permanent TSB reduce their rates on mortgages in line with the rates set by the European Central Bank; the control his Department has over the day to day running of Permanent...More Button

I propose to take Questions Nos. 93, 183 and 185 together. Notwithstanding the State’s significant shareholding in the bank, Permanent TSB (“PTSB”) operates at arm’s length from the State in relation...More Button

Written Answers - Banks Recapitalisation

Was asked: the reason State owned IBRC agreed to write down the value of its loans to a company (details supplied) by more than €100m whilst at the same time ordinary shareholders were paid €4.96m as part of th...More Button

Notwithstanding the State’s ownership of the bank, IBRC operates at an arm’s length capacity from the State in relation to commercial issues. It is a matter for the board and management to determine ...More Button

Written Answers - National Asset Management Agency

Was asked: if he will provide a breakdown of the National Assets Management Agency’s professional fees incurred since 2010. More Button

I refer the Deputy to my response to Parliamentary Question 8013/12 regarding NAMA contracts, which my Department forwarded by letter to the Deputy on 20 March 2012. That response provides a very deta...More Button

Was asked: if he will provide a breakdown of fees paid by, or on behalf of the National Assets Management Agency in respect of public relations, media relations and associated activities. More Button

I am advised by NAMA that it, operating under the aegis of the National Treasury Management Agency (NTMA), draws on the NTMA’s shared services in a number of areas including its outsourced press offic...More Button

Written Answers - EU Treaties

Was asked: if Dáil Éireann will receive all available information in relation to the debt brake concept in order to assist constituents and the whole community in relation to the forthcoming fiscal compact trea...More Button

Was asked: if Dáil Éireann will receive all available information in relation to 0.5% structural deficit concept in order to assist constituents and the whole community in relation to the forthcoming fiscal com...More Button

Was asked: if he is satisfied that a shared definition of structural deficit exists across the Eurozone; and if he will make a statement on the matter. More Button

Was asked: his views on the implications for the Irish economy of the 0.5% structural deficit limit under the fiscal compact treaty; and if he will make a statement on the matter. More Button

I propose to take Questions Nos. 97, 98, 184 and 232 together. The Fiscal Compact is a key part of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union agreed at t...More Button

Written Answers - Fuel Prices

Was asked: the action he will take to address soaring fuel prices in view of the fact that the high price levels are now affecting Irish growth; his views that there must be an examination of the petrol or dies...More Button

Ireland, as with other countries, has experienced an increase in the cost of petrol and auto-diesel. The increase in fuel prices is an international phenomenon. Fuel prices are driven by a number of f...More Button

Written Answers - EU Treaties

Was asked: further to Parliamentary Question No. 166 of 13 March 2012, on the issue of Ireland’s participation in the discussions regarding access to the European Stability Mechanism, funds being contingent on ...More Button

As I have stated before, the European Stability Mechanism (ESM) Treaty, was signed by Euro Area Member States on 2 February 2012. The original version of the Treaty was signed on 11 July 2011, but it ...More Button

Written Answers - EU-IMF Programme

Was asked: when the next round of PCAR stress tests are due to take place; if they have been delayed, the reason for same; and if he will make a statement on the matter. More Button

It has been agreed with the External Partners that, as part of the Financial Measures Programme (FMP), PCAR 2012 results will ideally be published in coordination with EBA and in any event no later th...More Button

Written Answers - Tax Reliefs

Was asked: if mortgage interest relief is paid to first time buyers who purchased in December 2003; if they are entitled to any further reliefs; and if he will make a statement on the matter. More Button

As the Deputy is aware, the Government has now fulfilled its commitment contained in the Programme for Government to increase the rate of mortgage interest relief to 30 per cent for first-time buyers ...More Button

Was asked: when a tax exemption certificate will issue in respect of a person (details supplied) in County Wexford; and if he will make a statement on the matter. More Button

I am advised by the Revenue Commissioners that a tax credit exemption certificate issued to the person in question on 29th March 2012. The Pension provider has also been notified to this effect and t...More Button

Written Answers - Tax Code

Was asked: if he will consider exempting from VAT the personal domestic home paging system for the deaf (details supplied) to make it affordable for those who do not qualify for the seniors alert scheme under w...More Button

I am advised by the Revenue Commissioners that the supply of a personal home paging system for the deaf is a supply of goods that is subject to the standard rate of VAT, currently 23%. However, the V...More Button

Written Answers - Redundancy Payments

Was asked: the number of persons who have received redundancy payments from one State owned bank and who then immediately took up positions of employment in another State employed bank; if he will provide detai...More Button

Was asked: the number of staff taken on by Allied Irish Bank and Irish Bank Resolution Corporation, or the former Anglo Irish Bank and Irish Nationwide who had previously taken redundancy packages from another ...More Button

I propose to take Questions Nos. 105 and 128 together. I am advised that the information requested by the Deputy is not routinely collected and indeed raises legal issues, from an individual’s perspec...More Button

Written Answers - Banking Sector Regulation

Was asked: if he will ensure that AIB does not go ahead with the proposition of charging persons who do not have €2,500 of a credit on their account; and if he will make a statement on the matter. More Button

The Bank’s policy in relation to fees is a matter for the management and board of the institution. I have no role in the day-to-day commercial and operational decisions of the banks, which include the...More Button

Written Answers - Tax Reliefs

Was asked: if there are any rebates of taxes in place for outlets of sale of alcoholic drinks at supermarkets, off-licences and so on; the amount of such rebates in the past five years; and if he will make a st...More Button

There are no specific rebates of taxes in place in respect of outlets which sell alcohol such as supermarkets and off-licences. However, the VAT system, as governed by the EU VAT Directive, operates...More Button

Written Answers - Small and Medium Enterprises

Was asked: the discussions he has had with the pillar banks to promote small and medium enterprises lending. More Button

As the Deputy is aware, the Government has imposed lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Both banks were required to sanction lending of at least...More Button

Was asked: the discussions he has had with the pillar banks to pass on EU interest rate reductions to small and medium enterprises borrowers. More Button

As I said in a reply to the Deputy on 22 November last, the decisions financial institutions operating in Ireland make on the interest rates they charge to customers are commercial decisions for the i...More Button

Written Answers - Strategic Investment Fund

Was asked: the arrangements that have been created between him and the private pension industry to facilitate their investment of €750 million into the new strategic investment fund; the time scale of this inve...More Button

The establishment of the Strategic Investment Fund (SIF) was announced by the Government in September 2011. The SIF will channel commercial investment from the National Pensions Reserve Fund (NPRF) to...More Button

Written Answers - Unemployment Levels

Was asked: the anticipated unemployment rates per year until 2016. More Button

My Department’s projected unemployment rates covering the period 2012-2015 are set out in the table below. These were published at Budget time, and as is the norm, will be revised in the Stability Pr...More Button

Written Answers - EU Treaties

Was asked: if the impact of the fiscal compact treaty on trade across the EU has been accessed or discussed at EU level; if there is a fear that trade activity will decrease; and if he will make a statement on ...More Button

The overall objective of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union is to support economic growth by ensuring the sustainable evolution of public finances ...More Button

Written Answers - Proposed Legislation

Was asked: if he agrees with Moodys agency that say the personal insolvency Bill as proposed will lead to further downgrades if it leads to a write down on mortgage debt; and if he will make a statement on the ...More Button

The proposed personal insolvency reforms are one of the key measures to address the mortgage arrears problem. However, the approach of the Government on this issue has been clear and it is that mortg...More Button

Written Answers - European Stability Mechanism

Was asked: if there has been progress made at EU level in relation to extending the size of the European Stability Mechanism; and if he will make a statement on the matter. More Button

The European Stability Mechanism (ESM) Treaty, was signed by Euro Area Member States on 2 February 2012. The original version of the treaty was signed on 11 July 2011, but it has been modified to inco...More Button

Written Answers - Banks Recapitalisation

Was asked: if he intends to publish the joint troika paper on the way to deal with bank recapitalisation; and if he will make a statement on the matter. More Button

As the Deputy is aware the Troika paper is still being worked on. When I receive the paper I will be in a position to assess the appropriateness or otherwise of publishing the paper. While I am ge...More Button

Was asked: if approval from the EU heads of Government is necessary in the event of there being restructuring of the bank recapitalisation inclusive of the promissory note; and if he will make a statement on th...More Button

As the Deputy will be aware the Promissory Note arrangement is essentially an arrangement between the Government and IBRC. The Government has provided Promissory Notes to IBRC and undertaken to repay ...More Button

Written Answers - Credit Availability

Was asked: if he agrees with Governor Honohan who has recently said that credit conditions for Irish small and medium enterprises are worse than any other place in Europe and that it is causing a drag on the co...More Button

I assume the Deputy is referring to the opening address by Governor Honohan to the Central Bank Conference on the SME Lending Market on 2 March 2012. Although the Governor makes the point that “cred...More Button

Written Answers - EU Commission Reports

Was asked: his views regarding another report of the EU Commission being leaked in the Bundestag; his views that this is damaging to persons’ confidence in Europe; and if he will make a statement on the matter....More Button

I wish to make clear that I and my colleagues in Government are deeply concerned that draft confidential information on the Irish economy became public for a second time earlier this year and at the m...More Button

Written Answers - Job Creation

Was asked: his views on the recent European Commission report that shows that each country is showing a contraction of their economies; the way this will impact on job creation; and if he will make a statement ...More Button

This Government considers that the labour market represents its biggest challenge and accordingly is giving top priority to job protection, job creation and supporting the unemployed. In this regard,...More Button

Was asked: his views on the developments in Greece and its restructuring; his views that the delays in resolving the situation are preventing European leaders from concentrating on growth and job creation; his ...More Button

Considerable progress has been made in respect of Greece over the last number of weeks. For instance, its public debt has been restructured and a new programme of external financial assistance has be...More Button

Written Answers - State Assets

Was asked: if he will publish the instructions received from the troika in which the sale of €5 billion in State assets was expected; and if he will make a statement on the matter. More Button

As the Deputy is aware, following a series of discussions with the EU Commission/ECB/IMF (The Troika) on the matter, the Government achieved a significant breakthrough on how the proceeds of asset dis...More Button

Written Answers - European Banking Sector Regulation

Was asked: if he discussed the growing credit crunch across the EU and the phenomenon of European banks depositing funds with the ECB rather than lending into the economy; and if he will make a statement on the...More Button

The question of whether there is a credit crunch underway across Europe has been a subject of discussion in recent months, both at a European level and in wider public forums. This was largely the re...More Button

Written Answers - EU Treaties

Was asked: if he will report on the recent signing of the European fiscal compact treaty; the links he believes there are between the signing of the treaty and a deal to restructure the Anglo promissory notes; ...More Button

The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union was signed in Brussels on 1 March 2012 by the 25 Contracting Parties. As the Taoiseach and the Tánaiste have con...More Button

Written Answers - State Visits

Was asked: if the issue of the sale of distressed loans by the Irish banks or by the National Asset Management Agency was discussed with Chinese Vice President Xi Jinping during his recent visit. More Button

As the Deputy is aware the visit by the Chinese Vice President XI Jinping in February was a major opportunity to develop and expand relations with China. Discussions, which were generally at a high le...More Button

Written Answers - International Agreements

Was asked: if he will provide this Deputy with a copy of the memorandum of understanding signed in China on the recent trade mission; if he will not provide a copy of the memorandum of understanding, if he will...More Button

I am informed by the National Treasury Management Agency (NTMA) that the Memorandum of Understanding (MOU) signed between the National Treasury Management Agency (NTMA) and CIC International, a subsid...More Button

Written Answers - Tax Yield

Was asked: the position regarding twelve month returns from excise duties, month by month, on petroleum oil and diesel products; if he will advise the relationship in percentage and actual terms by litre of pro...More Button

I am informed by the Revenue Commissioners that the excise receipts for the year 2011, month by month in respect of Petrol and Auto Diesel are as follows: Please note these receipts are provisional a...More Button

Written Answers - Revenue Commissioners

Was asked: when a person (details supplied) in County Limerick may expect to receive information requested from the Revenue Commissioners; and if he will make a statement on the matter. More Button

I am advised by the Revenue Commissioners that a letter containing the information requested by the person was sent to him by Limerick Revenue District on 26 March 2012. An unavoidable delay arose i...More Button

Written Answers - Tax Code

Was asked: the tax credits available to those living or carrying out business in Gaeltacht areas; if income tax is payable on the income received by households for hosting students for Gaeltacht summer schools ...More Button

The position is that under section 216B of the Taxes Consolidation Act 1997, income received by a qualified applicant under Sceim na bhFoghlaimeoiri Gaeilge is disregarded, i.e. exempt, for the purpos...More Button

Written Answers - State Banking Sector

Was asked: further to Parliamentary Question No 81 of 22 March 2012, when the meeting referred to in the question took place; where it took place; if any Government or Department of Finance representative was p...More Button

As the Deputy will be aware, notwithstanding State ownership of the institute in question, and as detailed in the Relationship Framework between the Department of Finance and IBRC published on 30 Marc...More Button

Written Answers - Banks Recapitalisation

Was asked: the total cost so far to the Exchequer and to Irish persons of the bank bailout. More Button

The bank recapitalisation commitments made by the State to date are set out in the following table: *€1.7bn of BoI’s government preference shares were converted to equity in May/June 2010 (€1.8bn stil...More Button

Written Answers - Tax Code

Was asked: his plans to bring forward legislation to amend section 836 of the Tax Consolidation Act 1997 which provides for a tax deduction under section 114 of the Tax Consolidation Act 1997 in respect of the ...More Button

The position is that neither the household charge of €100 per annum nor the non-principal private residence charge of €200 per annum are deductible expenses for the purposes of the dual abode tax dedu...More Button

Written Answers - Banking Sector Regulation

Was asked: if any senior bankers are in receipt of a total remuneration including salaries, pension contributions and other allowances which are in excess of €500,000; and if he will make a statement on the mat...More Button

I am informed by the respective covered institutions that the details that the Deputy seeks are set out in the recently published annual accounts for 2011 of the respective institutions. For ease...More Button

Written Answers - Tax Reliefs

Was asked: the number of persons who availed of the first time buyers’ exemption from stamp duty this past year on a county basis; and if he will make a statement on the matter. More Button

I am informed by the Revenue Commissioners that the number of persons who availed of the Stamp Duty exemption for first time buyers was 2,220 in 2011. The necessary detailed data is not currently ava...More Button

Written Answers - State Banking Sector

Was asked: if he will provide a breakdown of the level of State ownership or involvement in each of the Irish banks. More Button

The current State investments in each of the Irish banks are set out in the following table: These holdings have been raised as a result of the bank recapitalisation commitments made by the State to d...More Button

Was asked: if he will provide a breakdown of the public interest directors on the boards of the each of the Irish banks; and if he will provide a breakdown of the fees, salaries and expenses they receive for th...More Button

Information regarding the remuneration of directors, including public interest directors, can be found in the published annual reports of each of the covered institutions, as follows: *Dr Somers is ...More Button

Written Answers - National Asset Management Agency

Was asked: his views on whether there has been a reduction in the value of the National Assets Management Agency or its debtors’ assets that can be prescribed to NAMA approving rent abatements. More Button

I am advised by NAMA that rent abatements have typically been agreed for an initial fixed period of no more than twelve months and that thereafter they are subject to ongoing assessment by reference t...More Button

Was asked: the estimated cost to the Exchequer if a National Asset Management Agency type scheme were to be brought in for mortgage holders; and if he will make a statement on the matter. More Button

The Government is fully aware of significant difficulties some homeowners are facing in meeting their mortgage obligations and it is committed to advancing appropriate measures to assist those mortgag...More Button

Written Answers - State Banking Sector

Was asked: with regard to an announcement by AIB in April 2011 regarding future job losses and to subsequent discussions with AIB regarding a redundancy package for AIB employees, when he expects these discussio...More Button

Was asked: the number of persons who are to be made redundant from AIB; if these redundancies will be voluntary or compulsory; the terms of redundancy on offer; and if he will make a statement on the matter. More Button

Was asked: the level of contact he has had with AIB in relation to future redundancies at the bank; the number of such redundancies and the redundancy package being made available to staff; his views on whether...More Button

Was asked: if early retirement schemes will form part of the redundancy packages at AIB as was the case recently with the Health Service Executive; if the AIB pension scheme is in a fit state to cover early ret...More Button

I propose to take Questions Nos. 140, 199, 202 and 204 together. The Deputies will be aware that AIB, as part of its announcement of 8th March 2012 of a voluntary severance programme, stated “as req...More Button

Written Answers - Consultancy Contracts

Was asked: if he will provide a breakdown of the fees paid to professional advisors by the Irish Bank Resolution Corporation in each of the years since the nationalisation of Anglo Irish Bank up to the present ...More Button

The IBRC have informed me that all details relating to engagements between IBRC and individual third party advisors are confidential and subject to non-disclosure agreements. As a result, the Bank can...More Button

Written Answers - National Asset Management Agency

Was asked: if any of the legal firms advising the National Asset Management Agency is also advising any individuals or companies which are engaging in litigation against NAMA. More Button

I am advised by NAMA that it has established three panels of legal firms to advise it on various aspects its business, including legal due diligence associated with the loan acquisition process, enfor...More Button

Written Answers - Banking Sector

Was asked: if he believes a conflict of interest arises in view of the fact that a legal firm is representing persons (details supplied) in relation to matters currently before the courts in England. More Button

I am advised by the bank that the company referred to in the question did not act for two of the parties to the proceedings in the High Court in London at all. In relation to the remaining party, the ...More Button

Written Answers - Consultancy Contracts

Was asked: if all contracts for professional services entered into by the National Assets Management Agency and IBRC are open to public tender; and if he will make a statement on the matter. More Button

NAMA as a contracting authority is subject to the European Communities (Award of Public Authorities’ Contracts) Regulations 2006 and therefore applies these rules when seeking to enter public contract...More Button

Written Answers - State Banking Sector

Was asked: the number of the top 50 executives in Anglo Irish Bank at the time of the bank guarantee in 2008 that remain in situ today. More Button

Since nationalisation there has been an extensive re-structuring of the governance and management of IBRC. As of today, none of the current executive or non-executive directors of the Bank were invol...More Button

Written Answers - Bank Guarantee Scheme

Was asked: given the news that our banking debt has risen to €63.7 billion, his views on whether the total debt will continue to grow month upon month to an impossible high that generations will not be able to ...More Button

It is the case that our General Government debt to GDP ratio has increased significantly in recent years. This is due to a combination of the sharp downturn in economic activity since 2007, four years...More Button

Written Answers - Tax Collection

Was asked: if the Revenue Commissioners will accept an instalment offer of arrears of tax from a person (details supplied) in County Wexford. More Button

This is a matter for the Revenue Commissioners. The Deputy will be aware from previous representations in this matter that the tax debt in question arose from invalid repayment claims submitted by the...More Button

Written Answers - Tax Yield

Was asked: the percentage of total VAT revenue derived from the sale of livestock to which the livestock rate applied since 2007 and for each year individually since 2007. More Button

Was asked: the percentage of total VAT revenue derived from the sale of goods to which the standard VAT rate applied since 2007 and for each year individually since 2007. More Button

Was asked: the percentage of total VAT revenue derived from the sale of goods to which the reduced VAT rate applied since 2007 and for each year individually since 2007. More Button

Was asked: the percentage of total VAT revenue derived from the sale of goods to which the second reduced VAT rate applied since 2007 and for each year individually since 2007. More Button

I propose to take Questions Nos. 148, 150, 151 and 152 together. I am informed by the Revenue Commissioners that the data captured from VAT returns is not maintained in such a way as to provide a bas...More Button

Was asked: the percentage of total VAT revenue derived from the sale of goods to which the farmers’ flat rate addition applied since 2007 and for each year individually since 2007. More Button

The farmers’ flat rate addition is an administrative simplification scheme provided for under the EU VAT Directive that allows farmers to collect an addition of 5.2% on their sales, through the VAT sy...More Button

Written Answers - Public Sector Remuneration

Was asked: if he will provide an update on consultations which the National Treasury Management Agency is having with staff on salaries in excess of €200,000 to reduce their pay. More Button

I have been informed by the National TreasuryManagement Agency (NTMA) that all fifteen NTMA employees whose salaries exceed €200,000 have agreed to my request that they waive 15% of salary or such am...More Button

Written Answers - National Asset Management Agency

Was asked: the National Assets Management Agency Act is NAMA undertaking to re-finance the €3.06 billion sovereign bond issued to IBRC. More Button

On 29 March 2012 a direction was issued by me under section 14 of the NAMA Act 2009. It directed that NAMA adopt all reasonable measures to facilitate the short-term financing, in the amount of circa ...More Button

Written Answers - Tax Reliefs

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

The position is as I stated in my Budget day speech, that the new measure fulfils the Government’s commitment contained in its Programme for Government to increase the rate of Mortgage Interest Relief...More Button

Was asked: the position regarding taxation in respect of a person (details supplied) in Dublin 5. More Button

I am informed by the Revenue Commissioners that, following clarification, the course concerned, a Higher Diploma in Science and Computing, is a post graduate course and qualifies for relief under sect...More Button

Written Answers - Banking Sector Regulation

Was asked: the regulations in place by the banking sector in the use of private firms to carry out the repossessions of machinery and vehicles; and if strict regulations and vetting are applied to the staff of ...More Button

The Central Bank has informed me that it does not regulate the outsourcing by regulated financial service providers of any functions in relation to the repossession of machinery and vehicles. In te...More Button

Was asked: since 2008,if there have been any pay cuts implemented for staff at IBRC formerly Anglo Irish Bank, the extent of any such cuts; if there have not been any reductions, his views on whether adjustment...More Button

I am advised by the institution that a 20% reduction was applied to the salaries of senior management in the former Anglo Irish Bank immediately post nationalisation. These adjusted lower salaries hav...More Button

Was asked: if he will direct Permanent TSB to come to a resolution with a person (details supplied) to allow them to continue to operate on a site until a new site can be found. More Button

Notwithstanding the fact that the State is a significant shareholder in the institution, the bank should be run on a commercial, cost effective and independent basis to ensure the value of the bank as...More Button

Written Answers - Proposed Legislation

Was asked: the fact that he is aware of the numbers of companies that are going into liquidation which are otherwise unregulated in the bill payment or debt management services, his plans or proposals to bring ...More Button

The Government is committed to having in place an effective regulatory/supervisory system for those firms which provide a household budgeting, a debt management and/or a debt advice service. I have as...More Button

Written Answers - Tax Reliefs

Was asked: if a person (details supplied) in County Kildare has received all of their entitlements in regard to the mortgage payment on his home; and if he will make a statement on the matter.More Button

As I have stated previously, all matters in relation to the administration of mortgage interest relief through the tax relief at source (TRS) system are matters for the Revenue Commissioners. On th...More Button

Written Answers - Tax Collection

Was asked: if a person (details supplied) with a small farm, needs to keep accounts; and if he will make a statement on the matter. More Button

I am informed by the Revenue Commissioners that a person carrying on a business is required, under section 886 of the Taxes Consolidation Act 1997, to keep all records that are required to ensure that...More Button

Written Answers - Disabled Drivers

Was asked: the position regarding the disabled drivers and passengers tax relief scheme (details supplied). More Button

I am advised by the Revenue Commissioners that as the limits prescribed under Section 9 (€9,525), Section 11 (€15,875) and Section 13 (€15,875) of the Disabled Drivers and Disabled Passengers (Tax C...More Button

Written Answers - Illicit Trade in Tobacco

Was asked: the amount he estimates is lost in revenue to the Irish Exchequer through the illegal tobacco trade here; the estimated loss in each of the years from 2005 to 2011; the most recent studies or data av...More Button

I am informed by the Revenue Commissioners, who are responsible for the collection of tobacco products tax, and for tackling the illicit trade in cigarettes and tobacco, that there is no international...More Button

Was asked: if he will establish an inter-departmental committee to develop a national strategy to tackle the illicit tobacco trade and monitor its implementation; if such an inter-departmental committee has eve...More Button

The Deputy will be aware that the Revenue Commissioners are responsible for the collection of tobacco products tax, and for tackling the illicit trade in cigarettes and tobacco. The Commissioners info...More Button

Written Answers - Tax Reliefs

Was asked: if a person (details supplied) in County Kildare is entitled to claim for health expenses in respect of 2010 and 2011; and if he will make a statement on the matter. More Button

I have been advised by the Revenue Commissioners that as the individual concerned did not pay income tax for 2010 or 2011 he is not entitled to claim for health expenses for those years. The Inspector...More Button

Written Answers - Parliamentary Questions

Was asked: the number of written Parliamentary Questions replied to from 1 January 2012 to 31 March 2012; the number of these that were answered in full; the number that related to issues where details supplied...More Button

In response to the Deputy’s question some 1,102 written Parliamentary Questions were replied to in the period 1 January 2012 to 31 March 2012. In the vast majority of cases the answers were provided i...More Button

Written Answers - Vehicle Taxation

Was asked: if Ireland is paying any levy to the European Commission as a result of the State charging VRT on imported vehicles. More Button

Ireland is not paying any levy to the European Commission as a result of the State charging VRT on imported goods. More Button

Written Answers - Ministerial Staff

Was asked: if he will provide, in tabular form, the names and salaries of all his special advisors including special advisors of Ministers of State and any salary increases they have received since they took of...More Button

Was asked: if he will provide, in tabular form, details of all salary increases for special advisors requested by him or any Ministers of State in his Department; the names of the advisors and the amount reques...More Button

I propose to take Questions Nos. 170 and 171 together. I have appointed Mary Kenny and Eoin Dorgan as special advisors. The salary for both special advisors has been €83,337 per annum since their ap...More Button

Written Answers - State Banking Sector

Was asked: when his attention was drawn to the decision of IBRC to write off €100 million owed to it by a company (details supplied); if he sought an explanation from IBRC in relation to this move; if he suppor...More Button

IBRC have informed me that KPMG Corporate Finance and Davy Corporate Finance ran a joint sales process to sell the company referred to in the question which was in severe financial difficulties and wa...More Button

Written Answers - Tax Yield

Was asked: the amount of VAT receipts collected in each of the years 2007, 2008, 2009, 2010, 2011 and to date in 2012 in respect of the sale of petrol and diesel; and if he will make a statement on the matter. More Button

I am informed by the Revenue Commissioners that the estimated VAT receipts for the years 2007, 2008, 2009, 2010, 2011 and the first three months of 2012 in respect of the sale of petrol and diesel is ...More Button

Written Answers - Tax Code

Was asked: the rationale for the lone parent tax credit; the reason this credit is no longer paid when the parents enter into a cohabiting relationship; and if he will make a statement on the matter. More Button

The one-parent family allowance was introduced in the late 1970’s and replaced the housekeeper allowance which was available to certain one-parent families. The original underlying objective of the r...More Button

Was asked: the range of tax credits available for married couples with children; if these tax credits differ from those available to cohabiting couples with children; and if he will make a statement on the matt...More Button

The tax credits and allowances available to married couples with children (including civil partners with children) are as follows (it is to be noted that these credits and allowances, apart from the h...More Button

Written Answers - Credit Availability

Was asked: his views on the latest figures released by the Central Bank which show that lending to both householders and businesses has continued to decline; and if he will make a statement on the matter. More Button

As the Deputy is aware, the banking system restructuring plan creates capacity for the two Pillar Banks, Bank of Ireland and AIB, to provide lending in excess of €30 billion in the next three years. ...More Button

Written Answers - Banks Recapitalisation

Was asked: the status of the additional €24 billion needed for Irish banks as a result of the stress tests in early 2011; if the funding has been paid to any Irish bank and if so, the percentage that is being u...More Button

The bank recapitalisation commitments made by the State to date are set out in the following table: *€1.7bn of BoI’s government preference shares were converted to equity in May/June 2010 (€1.8bn st...More Button

Written Answers - Tax Reliefs

Was asked: the reason mortgage holders who purchased their homes between 2004 and 2008 but subsequently moved their mortgage to a different bank have been excluded from the 30% mortgage interest relief rate; if...More Button

The position is that moving a mortgage from one lender to another does not exclude an individual from availing of the 30 per cent rate of mortgage interest relief in so far as the individual was a fir...More Button

Written Answers - Banking Sector Regulation

Was asked: if he will issue an update on a financial institution’s (details supplied) recent commitment to review its long-term strategy as per an agreement in the latest Memorandum of Understanding, specifical...More Button

As part of the recent Memorandum of Understanding (‘MOU’) dated 10 February 2012, with our External Partners it was agreed that the authorities will make a decision on the proposed way ahead for the c...More Button

Written Answers - National Asset Management Agency

Was asked: if the National Asset Management Agency can operate in circumstances in which it is balance-sheet insolvent, that is, if the booked value of assets in the agency’s balance sheet is less than the book...More Button

NAMA is not a corporate body established under the Companies Acts. It is a statutory body established under the NAMA Act, 2009 and has no minimal capital requirements. I should clarify that I am advis...More Button

Written Answers - Tax Code

Was asked: his plans regarding home owners (details supplied); and if he will make a statement on the matter. More Button

I assume that the Deputy is referring to the increase in the rate of mortgage interest relief to 30 per cent which I announced in Budget 2012. The position is that the new measure fulfils the Governm...More Button

Written Answers - National Pensions Reserve Fund

Was asked: the amount of money currently left in the National Pensions Reserve Fund; and if he will make a statement on the matter. More Button

I am informed by the National Treasury Management Agency, as Manager of the National Pensions Reserve Fund (NPRF), that the provisional total value of the Fund was €14.5 billion at 31 December 2011, c...More Button

Written Answers - Fiscal Policy

Was asked: the amount of Government borrowing for the years 2002 to 2008 inclusive; from which institutions this borrowing came; and the cost of paying back that borrowing and the timeline for doing same. More Button

The National Treasury Management Agency issues Irish Government Bonds sold on the international capital markets to fund the Exchequer Borrowing requirement and to refinance maturing debt. Because of ...More Button

Written Answers - Tax Code

Was asked: if an adult dependant who is living with his or her parents and getting money from them, and not from the State may transfer their tax free allowance to their parents tax free allowance; and if he wi...More Button

The position is that there is no provision for an adult dependant to transfer their personal tax credit entitlements to a parent or parents.More Button

Written Answers - Departmental Expenditure

Was asked: if he will provide a breakdown of the amount paid by his Department to mobile telephone companies for the past five years; the name of the companies used; the criteria used in deciding which mobile t...More Button

Since the establishment of the Department of Public Expenditure and Reform, in July 2011, both my Department and the Department of Public Expenditure and Reform operate a shared service for the provis...More Button

Written Answers - Vehicle Registration Tax

Was asked: his plans to change the vehicle registration tax system in any way; if he will be introducing any changes to regulations or law that will impact on VRT; and if he will make a statement on the matter....More Button

As the Deputy will be aware Budget 2012 announced a public consultation on the system of VRT and Motor Tax to adjust CO2 bands and rates in line with technological advances in motor vehicles while mai...More Button

Written Answers - Tax Yield

Was asked: if he will provide a breakdown of the tax take on fuel both as an overall percentage of total State revenues and in actual monetary terms; and if he will make a statement on the matter. More Button

I am informed by the Revenue Commissioners that the breakdown of taxes of fuels for 2011 was approximately €3178.2 million, which equates to 9.3% of the overall exchequer return receipts at the end of...More Button

Written Answers - Personal Indebtedness

Was asked: the payment that is available in respect of a person (details supplied) who is experiencing severe mortgage difficulties and would like him to adopt the New Beginnings initiative; and if he will make...More Button

The Government is fully aware of significant difficulties some homeowners are facing in meeting their mortgage obligations and it is committed to advancing appropriate measures to assist those mortgag...More Button

Written Answers - Banking Sector Regulation

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

The Bank’s policy in relation to fees is a matter for the management and board of the institution. I have no role in the day-to-day commercial and operational decisions of the banks, which include the...More Button

Written Answers - Tax Yield

Was asked: the amount of revenue collected in all taxes on petrol and diesel in 2009, 2010 and 2011 and in the first quarter of 2012; and if he will make a statement on the matter. More Button

I am informed by the Revenue Commissioners that the estimated Excise,Carbon and VAT receipts for the years 2007, 2008, 2009, 2010, 2011 and the first three months of 2012 in respect of petrol and die...More Button

Written Answers - State Banking Sector

Was asked: the percentage State ownership of AIB; and if he will make a statement on the matter. More Button

The State, through the National Pension Reserve Fund Commission (NPRFC), now owns 99.8% of the ordinary shares of Allied Irish Banks. As the Deputy will be aware, Relationship Frameworks were publi...More Button

Written Answers - Banks Recapitalisation

Was asked: the total investment to date by the State in Bank of Ireland; the number, type and the cost of the shares bought in Bank of Ireland; and if he will make a statement on the matter. More Button

The total investments by the State in Bank of Ireland (the “Bank”) on my direction, taking into account (i) the partial conversion of preference shares to ordinary shares in April 2010 and (ii) the sa...More Button

Was asked: if he will provide details of the sale of State shares in the Bank of Ireland including the number, type and sale price of these shares; and if he will make a statement on the matter. More Button

As a result of the 2011 Prudential Capital Assessment Review (“PCAR 2011”), Bank of Ireland (the “Bank”) was required to raise €4.2 billion regulatory core tier 1 capital. The Bank took various steps ...More Button

Written Answers - State Banking Sector

Was asked: the number of persons employed in Allied Irish Banks in receipt of salaries of over €250,000; the reason that this is acceptable in a bank that is controlled by the State; the reason that the ceiling...More Button

I am advised by the institution that there are currently twenty four (24) employees earning a base salary greater than €250,000 (this includes EBS Ltd.). I am further advised that the comparable figu...More Button

Written Answers - Pension Provisions

Was asked: his views on whether legislation should be introduced to permit a spouse’s guaranteed pension income to be used in calculating one’s guaranteed income for qualification for the ARF cut off limit cons...More Button

Under the regime of flexible options on retirement first introduced in 1999, the options to invest in an ARF or to receive the balance of a pension fund in cash (after payment of the “tax-free” lump s...More Button

Written Answers - Tax Code

Was asked: the measures he plans to introduce, if any, to assist the licensed Irish road hauliers who are struggling as a result of the price increases in fuel; if he will consider introducing a fuel rebate for...More Button

The Deputy may be aware that a working group was set up between officials of my Department, the IRHA and some members of the Oireachtas. This working group is discussing a number of issues of concern...More Button

Written Answers - Job Losses

Was asked: if it is the case that in the region of 2,500 staff will leave AIB; if it is the case that in recent months a number of temporary staff have been employed and that a number of recently retired senior...More Button

AIB employed approximately 14,500 people (full-time equivalents) at the end of 2011, and is currently seeking to implement a voluntary redundancy scheme to reduce the number of employees by approximat...More Button

Written Answers - Tax Yield

Was asked: the reasons for the reclassification of approximately €207 million from PRSI to income tax in the end of March Exchequer returns; if this was an issue in last year’s Exchequer figures; and if he will...More Button

Based on information my Department has received from the Revenue Commissioners, some €207 million of receipts previously returned as PRSI income have been reclassified as income tax in the first quart...More Button

Written Answers - Disabled Drivers

Was asked: further to Parliamentary Question No. 76 of 22 March 2012, if he will clarify the situation regarding VAT relief for second hand cars under the Revenue people with disabilities scheme, if entry to th...More Button

I am advised by the Revenue Commissioners that an application for relief under the Disabled Drivers/Passengers scheme was received from the person (details supplied) on 2nd February 2012 in respect of...More Button

Written Answers - Banks Recapitalisation

Was asked: if it is correct to state that the some or all of the Irish banks were deemed insolvent at or prior to the recapitalisation of those banks; and if so, is it the case that some or all of the recapital...More Button

Was asked: the actions that are being or have been taken with respect to the recapitalised banks and the personnel involved that were trading while insolvent and were in breach of the statutory obligations unde...More Button

Was asked: the recapitalised banks were clearly trading and in the process of advancing loans and mortgages while in fact insolvent, the way such advances and loans can be legal, lawful and binding on those to ...More Button

I propose to take Questions Nos. 207 to 209, inclusive, together. I am advised by the Central Bank of Ireland (CBI) that they require all credit institutions authorised and operating in Ireland to ma...More Button

Written Answers - Departmental Bodies

Was asked: who owns the Central Bank of Ireland; if it is State owned, privately owned or a combination of both; the names and details of the directors and principal shareholders of the Central Bank of Ireland,...More Button

The Central Bank of Ireland is a statutory body; it was established in 1942 in accordance with the Central Bank Act 1942 and is now a constituent part of the European System of Central Banks (ESCB) es...More Button

Written Answers - Financial Institutions Support Scheme

Was asked: with regard to the private commercial banks operating in Ireland which have benefitted from a subvention from the Government, the names and details of the directors of each; if he will name the publi...More Button

The information the Deputy seeks — names and details of Directors (including public interest directors) at the covered institutions, remit, performance and terms and conditions — is available in the r...More Button

Written Answers - Financial Services Regulation

Was asked: with regard to the general question of bank regulation, the person responsible for ensuring compliance with statutory and code-of-practice regulation of banks and other financial institutions general...More Button

The Central Bank of Ireland is responsible for financial regulation in Ireland. The Irish Financial Services Regulatory Authority (the Financial Regulator) ceased to exist on 1 October 2010 with the c...More Button

Written Answers - Monetary Policy

Was asked: with regard to the Irish euro, if this money is created electronically, without relationship to underlying assets; if not, the assets that underpin the creation of Irish bank notes; if there is any l...More Button

I should point out to the Deputy that there is no “Irish euro”; the euro is the common currency of the Member States in the eurozone. The amount of euro banknotes on the balance sheet of the Centra...More Button

Written Answers - Banking Sector Regulation

Was asked: with regard to the general question of bank licences necessary to operate in Ireland, the location at which copies of the licences and licence conditions under which each of our banks function are re...More Button

The Central Bank is responsible for imposing and subsequently regulating the compliance of credit institutions with conditions imposed on their respective licences. As such it is not the role of Gove...More Button

Was asked: with regard to the concept of fractional reserve banking, or fractional reserve lending, the criteria in relation to fractional reserve banking, if any, that apply to the banks in the context of thei...More Button

The requirements for standards of deposits and lending are set out and supervised by the Central Bank of Ireland, under the appropriate EU, International, and Irish legislative requirements. There a...More Button

Was asked: with regard to mortgages and other loans advanced by banks, the mechanism by which banks extend loans and facilities to clients; the process by which banks raise the moneys they loan out and where tha...More Button

This is a very wide ranging question. Banks would typically have raised unsecured and secured funding. Deposits would be an example of the former and securitisation or covered bonds an example of th...More Button

Was asked: in the context of disagreements between a borrower and a lending bank, and with regard to reasonable requests by borrowers to see the original documentation governing the alleged agreement between th...More Button

Typically, a regulated financial entity would have two records of loan agreements — one for their own records and one for the borrower. I have been advised by the Central Bank that Chapter 11 of the...More Button

Was asked: in relation to the taking out of default insurance by banks, if it is normal practice for a bank to take out default insurance on loans; if there is a legal regulation or any other rule of enforcemen...More Button

Some banks would seek to minimise risk by ‘buying’ credit insurance on some assets such as mortgages or bonds. There are no requirements on the banks in relation to ‘default insurance’ and it is left...More Button

Was asked: in the context of borrower bank transactions, his view in relation to assertions by the borrower that, they should be entitled to a percentage of any profits arising from the bank making profitable d...More Button

On 30 March 2012, the Department of Finance published the Relationship Frameworks for each of the banks in which the State acquired an interest in the context of the financial crisis. The Frameworks ...More Button

Written Answers - Bank Guarantee Scheme

Was asked: the safeguards in place to prevent a possible conflict of interest in relation to the European Central Bank’s insistence that the State pays off the Anglo Irish Bank bondholders, in the context in wh...More Button

I am advised that the process of issuing new bonds is normally through underwriting, where one or more securities firms or banks form a syndicate buying the entire bond issue from the issuer and then ...More Button

Written Answers - State Banking Sector

Was asked: if it is a requirement of the relationship framework of Anglo Irish Bank, now IBRC that the appointment of advisors (details supplied) requires ministerial consent or at least his view on whether or ...More Button

The 2009 Relationship Framework recognises the separation of Anglo Irish Bank from the Minister and limits intervention by the Minister in the conduct of Anglo Irish Bank’s business to that necessary ...More Button

Was asked: if he will provide a breakdown by number, company and salaries, of persons employed by companies which have loans from IBRC, whose salary and benefits exceed €200,000 per annum. More Button

The Board of the bank is responsible for the day to day operation of the bank including the management of the loan book of the bank and related commercial matters. As Minister for Finance I have no f...More Button

Written Answers - Tax Reliefs

Was asked: the reason a person (details supplied) who purchased a house in 2008 does not qualify for increased tax relief at source; and if he will make a statement on the matter. More Button

The position is as I stated in my Budget day speech, that the new measure fulfils the Government’s commitment contained in its Programme for Government to increase the rate of Mortgage Interest Relief...More Button

Written Answers - Promissory Notes

Was asked: if a company (details supplied) has advised his Department and or IBRC in relation to the promissory note; if this advice was used by him in his interactions with the ECB or other European partners; ...More Button

The Company referred to in the Question did not advise my Department. As was previously advised, the company was retained by IBRC in December 2011 to advise on a range of strategic matters including,...More Button

Written Answers - State Banking Sector

Was asked: if IBRC’s group procurement policy was followed in relation to decision to retain the services of a company (details supplied); and if the requirement for this service went through a formal procureme...More Button

As the Deputy is aware the Board of the bank is responsible for the day to day operation of the bank, including as a general rule matters related to procurement. I have been informed by IBRC that the...More Button

Was asked: the number of occasions on which the CEO of IBRC waived the requirement for a formal procurement process in the award of contracts for a goods or services since the bank was nationalised; the date on...More Button

As the Deputy is aware the Board of the bank is responsible for the day to day operation of the bank including, as a general rule, issues relation to procurement. I have been informed by IBRC that th...More Button

Written Answers - Consultancy Contracts

Was asked: the number of contracts that were issued to consultancy firms by his Department in 2011; the number that were issued in the first quarter in 2012; the cost of each contract and to whom they were issu...More Button

The table details the information requested by the Deputy in relation to my Department: My Department also has an ongoing contract with Arthur Cox for the provision of banking related consultancy serv...More Button

Written Answers - National Asset Management Agency

Was asked: the number of expressions of interest that were received for the March 2012 National Assets Management Agency board appointment; the closing date for expressions of interest; and the day on which Joh...More Button

My Department received 6 applications by post and 18 applications via e-mail. The closing date for expressions of interest was 6 March 2012. John Mulcahy was appointed to the NAMA Board on 7 March 2...More Button

Written Answers - Tax Reliefs

Was asked: if a person (details attached) in Dublin 15 is eligible for the increase in mortgage interest in Budget 2012; and if he will make a statement on the matter. More Button

This is a matter for the Revenue Commissioners who are responsible for the administration of mortgage interest relief through the tax relief at source (TRS) system. I am informed by Revenue that they...More Button

Written Answers - Fiscal Policy

Was asked: the number of jobs that have been created over the past 12 months as a result of pension levy deductions; and if he will make a statement on the matter. More Button

Employment data are presented in net terms and information on gross flows into and out of employment is not available, making it difficult to assess the number of jobs created by any policy initiative...More Button

Written Answers - Promissory Notes

Was asked: when he expects progress will be made on restructuring the Anglo Irish Bank promissory notes; and if he will make a statement on the matter. More Button

As the Deputy is aware the Government has been committed to reviewing the arrangements that were put in place to capitalise IBRC — formerly Anglo Irish Bank and Irish Nationwide. The purpose of this ...More Button

Was asked: if he will report on the recent ECB meeting of central bank governors; if the restructuring of the Anglo promissory notes was on the agenda of the meeting and the outcome of any such discussions; and...More Button

As Minister for Finance, I do not attend these meetings. The Governor of the Central Bank of Ireland, Mr Patrick Honohan attended the recent ECB meeting of Central Bank Governors. The Governor of th...More Button

Written Answers - Illicit Trade in Tobacco

Was asked: further to Parliamentary Question Nos. 32 to 35, 38, 41 and 42 of 14 March 2012, when he expects the further survey from the Revenue regarding the illicit cigarette trade to be published; if he will ...More Button

I am informed by the Revenue Commissioners, who are responsible for the collection of tobacco products tax, and for tackling the illicit trade in cigarettes and tobacco products, that the further surv...More Button

Written Answers - Tax Code

Was asked: if he will report on any discussions he has had with a representative group (details supplied) in relation to a possible fuel rebate for their members; and if he will make a statement on the matter. More Button

The Deputy may be aware that a working group was set up between officials of my Department, the IRHA and some members of the Oireachtas. This working group is discussing a number of issues of concern...More Button

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

I am informed by the Revenue Commissioners that profits from the selective laying of bets on betting exchanges by persons other than licensed bookmakers would not be subject to income tax, nor would s...More Button

Was asked: if he is considering in the context for Budget 2013, any changes to the tax bands or tax rates on income earned. More Button

As the Deputy is aware, the Programme for Government states that as part of the Government’s fiscal strategy we will maintain the current rates of income tax together with bands and credits. This com...More Button

Written Answers - Tax Yield

Was asked: if he will provide estimates of the expected decrease in direct revenue to the State from a 1 percentage point reduction in the lower and higher rates of income taxation respectively; and if he will ...More Button

I am informed by the Revenue Commissioners that the full year costs to the Exchequer, estimated by reference to 2012 incomes, of reducing the standard and higher rates of income tax by 1 percentage po...More Button

Written Answers - Tax Code

Was asked: the number of persons paying tax at each of the tax rates. More Button

Was asked: the number of persons earning income but not paying income tax. More Button

I propose to take Questions Nos. 242 and 246 together. I am advised by the Revenue Commissioners that the information requested by the Deputy is as follows, in respect of the income tax year 2012. Num...More Button

Written Answers - Tax Yield

Was asked: the amount of revenue collected from those paying tax at the lower rate and those paying tax at the higher rate. More Button

I am informed by the Revenue Commissioners that on the basis of income tax returns for the income tax year 2009, the latest year for which the necessary detailed historical information is available, t...More Button

Was asked: the total amount of revenue raised from income tax on those earning €100,000 or greater; the amount this is as a percentage of the total tax take for the State; and if he will provide same from those...More Button

Was asked: the total amount of revenue raised from income tax on those earning €40,000 or less in income tax and the amount this is as a percentage of the total tax take for the State. More Button

I propose to take Questions Nos. 244 and 245 together. I am advised by the Revenue Commissioners that the information requested, estimated by reference to the income tax year 2012, is set out in the ...More Button

Written Answers - Tax Code

Was asked: if he will provide a breakdown of all tax breaks provided, by area, value and what these tax breaks are estimated to be worth to the Exchequer in terms of revenue forgone. More Button

Was asked: if he will provide a breakdown of all tax exemptions provided by area, value and what these tax exemptions are estimated to be worth to the Exchequer in terms of revenue foregone. More Button

Was asked: if he will provide a breakdown of all tax allowances provided by area, value and what these tax allowances are estimated to be worth to the Exchequer in terms of revenue foregone. More Button

I propose to take Questions Nos. 247, to 249, inclusive, together. I am advised by the Revenue Commissioners that the total identifiable costs to the Exchequer which are currently available relate to ...More Button

Was asked: if he will provide a response to a haulage issue (details supplied). More Button

The Deputy may be aware that a working group was set up between officials of my Department, the IRHA and some members of the Oireachtas. This working group is discussing a number of issues of concern...More Button

Written Answers - EU-IMF Agreement

Was asked: the extent to which ongoing discussions continue to take place at EU, ECB and IMF level to improve the arrangements previously entered into in the context of the memorandum of understanding; and if h...More Button

Review missions to Ireland by the three external partners, the EU, the ECB and the IMF (the Troika) take place on a quarterly basis. As the Deputy may be aware, a mission is currently in progress whi...More Button

Written Answers - Banking Sector Regulation

Was asked: the degree to which sustainable borrowing and lending here and throughout the EU within the Eurozone and without was monitored by the various central banks throughout the EU; if any particular action...More Button

The debate around the adequacy of monitoring of private borrowing and lending during the years 2002 and 2008 has been addressed in various reports and studies into the Irish banking crisis. These rep...More Button

Written Answers - Fiscal Policy

Was asked: the extent to which he continues to exhort his EU colleagues to maintain a unified and supportive approach to fiscal and economic issues in the future thereby preventing any recurrences of the past n...More Button

My Eurogroup colleagues and I are acutely aware of the need for Member Sates to remain on the agreed fiscal path. We are also conscious of the institutional deficiencies that played a significant par...More Button

Written Answers - EU-IMF Agreement

Was asked: the extent to which this country’s response to liabilities arising from the EU-IMF bailout is recognised throughout the EU and beyond; whether as a programme country we in this jurisdiction are keepi...More Button

As the Deputy will be aware, Ireland’s progress in implementing its programme targets is assessed through a quarterly review process. The mission element of the sixth review started this week. Our r...More Button

Written Answers - Price Inflation

Was asked: the extent to which the cause or causes of any recent inflationary tendencies have been identified; the corrective action required or taken if any by way of response; and if he will make a statement ...More Button

The annual rate of CPI inflation was 2.2 per cent in March. One of the key factors underlying this figure was higher fuel prices, partly reflecting external developments over which we have no control...More Button

Written Answers - Economic Competitiveness

Was asked: the extent to which this country remains competitive in the context of the EU and globally; and if he will make a statement on the matter. More Button

Substantial progress has been made in terms of improving our competitiveness. Relatively lower price inflation over the last number of years means that Irish price levels have fallen relative to our ...More Button

Written Answers - Fiscal Policy

Was asked: the extent to which this country remains on course in respect of fiscal and economic targets identified over the past year; the way this compares with other EU member states, eurozone or otherwise; a...More Button

The first quarter Exchequer figures show that we are on course to reach the 8.6 per cent of GDP deficit target — in general government terms — for this year. While there are no economic targets per s...More Button

Written Answers - Departmental Expenditure

Was asked: the number of State companies that have used overseas companies for printing work in the following years 2008, 2009, 2010 and 2011; if he is satisfied that this is an appropriate use of State resourc...More Button

In the period in question no State companies under the aegis of my Department have used overseas printing companies.More Button


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