Written Answers Nos. 67-74
67. Deputy Shane Ross asked the Minister for Finance the number of meetings he has held with the Governor of the Central Bank, Professor Patrick Honohan, since the last general election; the dates, the purpose of the meetings, the length of each meeting, the outcome and the names of those also in attendance. [3590/13]
View answer69. Deputy Shane Ross asked the Minister for Finance the number of meetings he has held with the financial regulator, Mr. Matthew Elderfield, since the last election; the dates, the purpose of each meeting and the length of these meetings; the outcome and the names of those also in attendance. [3592/13]
View answerI propose to take Questions Nos. 67 and 69 together.
Since 2010 with the amalgamation of the Financial Regulator and the Central Bank into a single unitary body, the Governor, Professor Patrick Honohan, has overall responsibility for Central Bank policies and in this context I meet with him on a regular basis.
I meet with the Deputy Governor of the Central Bank, Mr. Elderfield, routinely on a near monthly basis as we are both members of the Cabinet sub-committee on Mortgage Arrears. Mr. Elderfield has also joined me, on occasion in attending the special ECOFIN meetings such as the one held on 21st and 22nd October 2011.
In addition, my officials regularly meet with senior officials of the Central Bank, including Professor Honohan and Mr. Elderfield, as part of the normal day to day interaction between my Department and the Central Bank.
68. Deputy Shane Ross asked the Minister for Finance the number of meetings he has held with the Chief Executive of the National Treasury Management Agency since the last General Election; the dates, the purpose of each meeting, the length of the meeting, the outcome and the names of those in attendance [3591/13]
View answerThe Chief Executive of the National Treasury Management Agency (NMTA), Mr. John Corrigan, reports directly to me and I am in regular contact with him to discuss matters relating to its functions both by phone as well as meeting him. According to my office diary, I had meetings scheduled with Mr. Corrigan on 16 occasions since taking office. Discussions at these meetings related to the operations of the NTMA, including the Agency’s Annual Report and briefing in preparation for meetings of the Economic and Financial Affairs Council (EcoFin). The length of the meetings, the outcomes and the names of those in attendance are not recorded. The following table shows the dates of those meetings -
|
18 March 2011 |
10 November 2011 |
09 March 2012 |
19 July 2012 |
|
21 July 2011 |
27 October 2011 |
06 June 2012 |
23 July 2012 |
|
01 September 2011 |
01 December 2011 |
27 June 2012 |
20 September 2012 |
|
13 September 2011 |
06 March 2012 |
11 July 2012 |
15 November 2012 |
In addition, my officials regularly meet with senior officials of the NTMA, including Mr. Corrigan, as part of the normal day-to-day interaction between my Department and the NTMA.
70. Deputy Shane Ross asked the Minister for Finance the number of company vehicles driven by employees in the National Treasury Management Agency; the cost of the purchase of such vehicles; the running costs of these vehicles; and if he will make a statement on the matter. [3593/13]
View answerI have been advised by the National Treasury Management Agency, NTMA, that twenty-four of its five hundred employees, including staff employed on work relating to the State Claims Agency, NAMA and the National Development Finance Agency, are provided with company cars as part of their overall remuneration package. Company cars are a taxable benefit and no pension entitlement accrues in respect of such a benefit. The NTMA has two further cars which may be used by employees for work-related travel. The average cost of these vehicles was €38,155. The average age of the vehicles is four years and their average written down value at 31 December 2012 was €7,986. The average running cost in 2012 was €5,394.
71. Deputy Shane Ross asked the Minister for Finance the number of times he has met the General Secretary of the Irish Congress of Trades Unions, Mr David Begg, since the last General Election; the purpose of the meetings; the date of the meetings; the outcomes and the names of those also in attendance; and if he will make a statement on the matter. [3594/13]
View answer72. Deputy Shane Ross asked the Minister for Finance the number times he has met with the Chief Executive of IBEC, Mr Danny McCoy, since the last General Election; the purpose of each meeting; the date of the meetings; the outcome and the names of those others in attendance; and if he will make a statement on the matter. [3595/13]
View answerI propose to take Questions Nos. 71 and 72 together.
I met with Mr David Begg, ICTU, on two separate occasions, 03 November 2011 and 31 October 2012 to discuss Pre-Budget issues.
I also met with Mr Danny McCoy, IBEC on 19 October 2011 and 31 October 2012 to discuss Pre-Budget issues. I have also attended a number of conferences hosted by IBEC including Property Industry Ireland Conference and others where I would have met with representatives of IBEC including Mr Danny McCoy.
In addition, officials from my Department have met with representatives of the Irish Congress of Trade Unions and IBEC on a number of matters.
My Department analyses the publications and reports of both the Irish Congress of Trade Unions and IBEC to consider their analysis and recommendations in the context of the preparation of Government policies.
73. Deputy Kevin Humphreys asked the Minister for Finance if he or his officials met any representatives of the tobacco industry in the last six months; and if he will make a statement on the matter. [3620/13]
View answerSince taking Office, I have not met with representatives of the tobacco industry. Such meetings have been attended by my officials. Officials from my Department held meetings with representatives of John Player, Philip Morris International and the Irish Tobacco Manufacturers Advisory Committee, ITMAC, prior to Budget 2013. In addition, one meeting took place between tobacco industry representatives and officials of the Revenue Commissioners in the period from 1 July 2012 to date, on matters concerning tobacco enforcement and control.
74. Deputy Eric Byrne asked the Minister for Finance the reason a person has been advised that their pension is being reduced for their lifetime by more than €6 per week, which they can ill afford; the person's spouse is in a nursing home to which they contribute more than half their pension; if there are any exceptions to the pension levy; to whom those exceptions apply; the way a person may apply for such an exemption; and if he will make a statement on the matter. [3694/13]
View answerThe pension fund levy imposes an annual stamp duty of 0.6% on the market value of assets under management in pension schemes approved by the Revenue Commissioners under Irish tax legislation for each of the years 2011 to 2014. The valuation date for determining the market value of the assets is, in general, 30 June of each year and the due date for payment is 25 September. I confirmed in my Budget 2013 Speech that the levy will not be renewed after 2014. The moneys raised from the pension fund levy are being used to pay for the Government’s Jobs Initiative introduced in May 2011. The measures introduced as part of the Jobs Initiative include a new 9% VAT rate on certain activities, the halving of the lower rate of PRSI and small amounts of additional current and capital expenditure.
The implementation of a jobs and growth strategy is a key priority of the Government. The measures announced in the Jobs Initiative are aimed at assisting in employment generation – providing opportunities for those who are out of work, to restore public morale and confidence in the economy and encourage spending by consumers.
The chargeable persons for the levy are the trustees or other persons (including insurance companies) with responsibility for the management of the assets of the pension schemes or plans. The payment of the levy is treated as a necessary expense of a pension scheme and the trustees or insurer, as appropriate, are entitled, where they decide to do so, to adjust current or prospective benefits payable under a scheme to take account of the levy. It is up to the trustees to decide whether and how the levy should be passed on and who should be impacted and to what extent, given the particular circumstances of the pension schemes for which they are responsible. I cannot intervene in this process in respect of the pension fund referred to in the details supplied with the question or other pension funds.
However, the legislation also includes safeguards aimed at ensuring that benefits payable, either currently or prospectively to any member, are adjusted in such a way that the reduction in value of those benefits shall not exceed 0.6% of the market value of the assets accounting for the scheme’s liabilities to that member.
I am advised by the Revenue Commissioners that there are two exceptions to the requirement to pay the levy provided for in the governing legislation (section 125B of the Stamp Duties Consolidation Act 1999).
The first exception provides that the levy will not apply to the assets of occupational pension schemes in respect of employees whose employment is or was wholly exercised outside the State. In other words the levy does not apply to the extent that a pension scheme is intended to provide retirement benefits outside the State.
The second exception provides that the levy will not apply where the trustees of a scheme have passed a resolution to wind-up the scheme and where the business in respect of which the scheme was established is insolvent.
I am conscious of the concerns of pension scheme members about the impact of a levy in circumstances where the pensions sector, in common with other sectors in our economy and society, is finding the current economic and financial environment very challenging. However, much of the value of pension funds is attributable to the rolled up value of generous tax reliefs that pension savings have historically been granted and continue to receive. The purpose of the levy is to improve the economic environment by providing the means to encourage job creation in areas of our economy most likely to deliver that employment quickly.
