Wednesday, 20 Mar 2013

Written Answers Nos. 181-198

Overseas Development Aid

Questions (181)

Peadar Tóibín

Question:

181. Deputy Peadar Tóibín asked the Tánaiste and Minister for Foreign Affairs and Trade the amount spent by Irish Aid in Malawi for the 2012 and the projects that were supported. [13971/13]

Written answers

Minister of State at the Department of Foreign Affairs and Trade

Ireland’s aid programme prioritises the fight against global poverty and hunger. Ireland has long term, strategic development partnership programmes with eight Programme Countries. These are Ethiopia, Lesotho, Malawi, Mozambique, Uganda, Tanzania and Zambia in sub-Saharan Africa, and Vietnam in Asia. In these countries we aim to build government and institutional capacities to deliver the essential services that their populations need, mainly in the areas of health, education and food security.

In 2012, Ireland provided €12.5 million for the bilateral aid programme in Malawi. The overarching goal of the Malawi programme is to ensure that households are better nourished and less vulnerable to poverty. It focuses on activities in agriculture, climate change, nutrition, social protection and good governance.

The Irish Aid programme is delivered through targeted programmes implemented by a variety of partners including Government institutions, NGOs and international organisations. This ensures a high degree of accountability and clear results for the poorest and most vulnerable people.

Comprehensive details of how Ireland’s total Overseas Development Assistance (ODA), including funding allocated directly to Programme Countries, was spent in 2012 are currently being compiled and will be published in the Irish Aid Annual Report which will be available on the Irish Aid website www.irishaid.ie. Details of all countries that benefited from Ireland’s aid programme in 2011 are set out in the 2011 Irish Aid Annual Report, which is available on the Irish Aid website.

United Nations Resolutions

Questions (182)

Finian McGrath

Question:

182. Deputy Finian McGrath asked the Tánaiste and Minister for Foreign Affairs and Trade if he will provide an update on his position in relation to the Malvinas/Falkland’s issue. [14357/13]

Written answers

Tánaiste and Minister for Foreign Affairs and Trade

The question of the Falkland Islands (Malvinas) has been the subject of resolutions adopted by the General Assembly of the United Nations, as well as its special committee on decolonisation. In its most recent resolution, adopted on 14 June 2012, the committee expressed its regret that, in spite of the widespread international support for negotiation between the two Governments, implementation of General Assembly resolutions on the question had not yet started. The Governments were requested to consolidate the current process of dialogue and cooperation through the resumption of negotiations in order to find as soon as possible a peaceful solution to the dispute relating to the question of the Falkland Islands (Malvinas), in accordance with resolutions 2065 (XX) and 3160 (XXVIII), among others. I would encourage the UK and Argentina, two countries with which Ireland has excellent bilateral relations, to pursue a peaceful resolution of their differences on this matter, based on the relevant UN resolutions.

NewEra Remit

Questions (183)

Timmy Dooley

Question:

183. Deputy Timmy Dooley asked the Minister for Finance if he will provide an update on the activities of New Era; and if he will make a statement on the matter. [13665/13]

Written answers

Minister for Finance

The Government announced the establishment of the New Economy and Recovery Authority (NewERA) within the National Treasury Management Agency (NTMA) in September 2011. NewERA has a centralised shareholder advisory role from a financial and commercial perspective in respect of corporate governance matters for five commercial semi-state companies: ESB, Bord Gáis Eireann, EirGrid, Bord na Móna and Coillte. This role, based on the Shareholder Executive model already established in a number of developed economies, involves advising on activities such as capital expenditure plans, corporate strategy, acquisitions and disposals. NewERA is already working closely with the relevant Government Departments and companies in this regard. The Shareholder Executive approach is designed to provide the Government with a portfolio view of investment returns from the sector and with a means of assessing the likely impact of commercial developments in the sector on long-term Government investment plans.

NewERA is also charged with assisting the development and implementation of Government plans for investment in energy, water and next-generation telecommunications with the long-term objective of employment creation and is continuing to work with the relevant Government Departments in these areas.

NewERA is an important element in the Government’s strategy to promote economic growth and create jobs.

Officials of my Department and the Department of Public Expenditure and Reform are liaising with the National Treasury Management Agency in preparing proposals for legislation to put NewERA on a statutory footing and I expect to bring forward those proposals as soon as possible once that work is completed.

Universal Social Charge Exemptions

Questions (184)

Jack Wall

Question:

184. Deputy Jack Wall asked the Minister for Finance if a person (details supplied) in County Kildare is exempt from the universal social charge on their pension; and if he will make a statement on the matter. [14116/13]

Written answers

Minister for Finance

I have been advised by the Revenue Commissioners that contact has been made with the pension provider, who has advised that the person concerned is exempt from the Universal Social Charge (USC) on their pension. An amended tax credit and USC certificate will issue shortly to the pensioner provider. On receipt of the revised certificate the pension provider will refund any USC deducted for 2013.

Property Taxation Application

Questions (185)

Olivia Mitchell

Question:

185. Deputy Olivia Mitchell asked the Minister for Finance the reason persons who adapted a home for use by a disabled person prior to 2001 are excluded from the relief offered to those by section 6 of the Finance (Local Property Tax) Bill 2013; and if he will make a statement on the matter. [14153/13]

Written answers

Minister for Finance

The Finance (Local Property Tax) (Amendment) Act 2013 on 13 March introduced a number of amendments to the original Act, including the relief referred to by the Deputy. Section 15A of the Finance (Local Property Tax) Act 2012 (as amended) provides for a reduction in the market value of a residential property that has been adapted for occupation by a disabled person where the adaptation has been grant-aided by a local authority. The person with the disability must occupy the property as his or her sole or main residence after the adaptation is completed. The reduction in value is limited to the lesser of the chargeable value attributable to the adaptation work carried out on the property and the maximum grant payable under the relevant local authority scheme. The relief ends on the sale or transfer of a property that has been adapted, unless the person with the disability continues to reside in the property.

A person who adapted a home before 2001 is not excluded from this relief. The relief is dependent on local authority grant aid being paid under S.I. No. 607 of 2001 or S.I. No. 670 of 2007. The 2001 regulations cover adaptation work carried out on or after 1 March 1993 and on foot of applications received by a local authority up to 1 November 2007, at which stage S.I. 670 of 2007 came into effect.

Tax Forms

Questions (186)

Emmet Stagg

Question:

186. Deputy Emmet Stagg asked the Minister for Finance the reason for the delay in issuing a P21 for 2012 in respect of a person (details supplied) in County Kildare. [14214/13]

Written answers

Minister for Finance

I have been advised by the Revenue Commissioners that Form P60 was submitted by the taxpayer on 1 March 2013. The review for 2012 has been processed and a P21 issued to the spouse of the person concerned on 13 March 2013.

Mortgage Arrears Proposals

Questions (187, 188, 191)

Bernard Durkan

Question:

187. Deputy Bernard J. Durkan asked the Minister for Finance if in the context of any restructuring of family home mortgages, cognisance will be taken of the current income of the borrowers as opposed to their income at the time of mortgage approval; if it is expected that any sustainability test will encourage restructuring on a sound basis that is within the capacity of the borrower; and if he will make a statement on the matter. [14246/13]

Bernard Durkan

Question:

188. Deputy Bernard J. Durkan asked the Minister for Finance if arising from his discussions with the Central Bank, he is satisfied that family homes currently in arrears are restructured in such a way that repayments are sustainable and within the capacity of the borrower; and if he will make a statement on the matter. [14247/13]

Bernard Durkan

Question:

191. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which he intends to monitor discussions between borrowers and lenders in the context of restructuring of family home mortgages with particular reference to the need to ensure that lending institutions respect the need to protect the family home while at the same time encouraging or incentivising workable solutions; and if he will make a statement on the matter. [14250/13]

Written answers

Minister for Finance

I propose to take Questions Nos. 187, 188 and 191 together.

The Code of Conduct on Mortgage Arrears (CCMA) states that a lender must use a standard financial statement to obtain financial information from a borrower in arrears or in pre-arrears. A lender’s Arrears Support Unit must base its assessment of the borrower’s situation on the full circumstances of the borrower including:

- the personal circumstances of the borrower;

- the overall indebtedness of the borrower;

- the information provided in the standard financial statement;

- the borrower’s current repayment capacity; and

- the borrower’s previous payment history.

The Central Bank is proposing to update the CCMA so that it continues to provide protection to customers who cooperate with their bank while facilitating and promoting the resolution of arrears cases.

As the Deputy is aware, last week the Central Bank also announced new measures to address mortgage arrears, which included the publication of performance targets for the main mortgage banks. This new approach is aimed at ensuring that banks offer and conclude sustainable solutions for their customers in arrears by setting performance targets and proposing revisions to provision standards. While the Central Bank is not mandating any particular model of restructuring and while sustainable solutions can only be arrived on a case by case basis, the Central Bank had indicated that the affordability assessment of the borrower needs to be based on, as indicated above, the borrower’s current repayment capacity and prospective repayment capacity.

Banks will be required to make regular returns to the Central Bank on their performance against the published targets. The Central Bank will consider each bank’s performance against the targets, including assessing whether sustainable solutions have been offered to customers. Assessments will be carried out towards the end of 2013 and 2014 and the outcome of these assessments will determine whether targets have been met. If banks are deemed not to have met the targets they may be subject to regulatory and supervisory actions by the Central Bank.

EU-IMF Programme of Support Negotiations

Questions (189, 190)

Bernard Durkan

Question:

189. Deputy Bernard J. Durkan asked the Minister for Finance if he will outline the full extent of benefits achieved for the Irish taxpayer and the Exchequer arising from various renegotiations at EU-ECB-IMF level in respect of the bailout, banking guarantee and or other legacy debts inherited from his predecessors; and if he will make a statement on the matter. [14248/13]

Bernard Durkan

Question:

190. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which he expects to be in a position to negotiate further discounts or restructuring of Ireland’s debt at EU level; and if he will make a statement on the matter. [14249/13]

Written answers

Minister for Finance

I propose to take Questions Nos. 189 and 190 together.

Ireland’s EU-IMF programme provides for total funding of €85 billion, made up of €17.5 billion from our own resources, and €67.5 billion from EU facilities, the IMF and bilateral loans. There are quarterly reviews of programme implementation, and we have met all our target for these review to date. Our programme is therefore well performing and we are now well on our way to exit it.

We have used these quarterly reviews to renegotiate various aspects of the programme. By way of example, we reversed the reduction in the minimum wage, and also agreed a more progressive use of the proceeds from the sale of state assets.

A series of measures have already been put in place since early 2011 which serve to significantly reduce the cost and negative impact of Ireland’s EU/IMF programme. As I noted in my reply to your Parliamentary Question No. 94 of 15 November 2012, the interest rates on EU funding mechanisms (the EFSF and EFSM) were reduced significantly in 2011 and are now provided at rates close to the cost of funding. These rates apply equally to all countries availing of these mechanisms. The maturities of these loans were extended at the same time.

Lengthening of maturities provides benefits in terms of phasing of loans and ensuring that the profile of redemptions is more orderly – avoiding as far as possible exceptionally large amounts in particular years. By contrast, money borrowed at longer maturities is generally more expensive. However, on balance, savings arising from maturity extension are significant though complex to calculate.

The interest rate reductions for the EFSF and the EFSM have also been reflected in the rates charged on Ireland’s bilateral loans from the UK, Sweden and Denmark. It is estimated that the interest rate reductions on the EU funding mechanisms and the bilateral loans are worth of the order of €9 billion over the initially envisaged 7 ½ year term of these loans.

The positive impact of these changes has been significant as demonstrated by the fact that the average interest rate charged on our programme borrowing at the outset of the programme in 2010 was 5.82 per cent, whereas by end-December 2012, the NTMA has estimated that the all-in fixed euro equivalent cost of loans received under the EU/IMF programme was 3.36 per cent.

As noted above, our EU programme funding is being provided at, or close to, the cost of funds for the lenders. The scope for further changes to our programme interest payments is therefore very limited.

On 29th June 2012 the Euro Area Heads of State or Government (HoSG) agreed that “… it is imperative to break the vicious circle between banks and sovereigns”. The same statement also made explicit reference Ireland, noting the need to further improve “the sustainability of the well-performing adjustment programme”. This commitment was reaffirmed by the European Council in December, which also mandated the completion of the operational framework for the ESM direct banking recapitalisation facility in the first semester of 2013. Work is continuing at technical, senior official and Ministerial levels to complete work on the European Stability Mechanism’s direct banking recapitalisation facility by June of this year in accordance with the mandate of the European Council.

Ireland’s position is that it is essential that the measures introduced for direct banking recapitalisation achieve the object of breaking the link between the sovereign and the banks – as agreed by the HoSG on 29th June last year and confirmed last December.

In February this year the Government announced a solution to the Promissory Notes in IBRC (formerly Anglo Irish Bank & Irish Nationwide). The Promissory Notes were replaced with a series of long term, low interest Government bonds (average length of 34 years) and the liquidation of IBRC. This generated real and tangible economic and financial benefits to the State, and will improve the long term viability of the Irish financial system and assist our return to the international financial markets.

As a result of this solution, €3.1 billion will not be paid this month and the arrangement also covers the repayment of €3.1 billion that was due to Bank of Ireland following last year’s arrangement. It will deliver a cash-flow benefit of €20 billion over the next 10 years, as well as reducing the deficit by €1 billion per annum over the coming years. It also generates significant efficiency benefits from moving assets to NAMA.

In addition, the Government announced the ending of the Eligible Liabilities Guarantee Scheme for new liabilities after the 28th of March 2013. This marks an additional significant step in the normalization of our banking system and reduces substantially the associated contingent liability of the State.

EU Finance Ministers at Eurogroup and ECOFIN on 4/5 March 2012 discussed an adjustment of the maturities on the EFSF and EFSM loans to Ireland and Portugal in order to smooth the debt redemption profiles of both countries. They agreed to ask the troika to come forward with a proposal for their best possible option for both Ireland and Portugal for EFSF and EFSM loans. In addition, on Saturday last, 13 March, Eurogroup Finance Ministers agreed to an adjustment of the maturities of Ireland’s (and Portugal’s) EFSF loans.

Work is continuing at official level on the adjustment of the maturities for Ireland and Portugal. In the case of the EFSM loans, this will require discussion and agreement of the EU 27 Finance Ministers, and I expect this matter will be discussed at the April meeting of EU Finance Ministers in Dublin.

The success of our overall approach to date is illustrated by the NTMA’s highly successful sale of €5 billion in ten year bonds last week. We are now in the final year of our programme of support, and the Government will continue to seek improvements in our programme conditions appropriate to ensure we exit durably and successfully.

Question No. 191 answered with Question No. 187.

Credit Availability

Questions (192, 193, 194)

Bernard Durkan

Question:

192. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which he has received communication from the banking sector with a view to ensuring that small and medium sized enterprises have ready access to working capital as required; and if he will make a statement on the matter. [14251/13]

Bernard Durkan

Question:

193. Deputy Bernard J. Durkan asked the Minister for Finance if he will ensure the availability of adequate credit facilities following his discussions with the hotel and tourism sectors; and if he will make a statement on the matter. [14252/13]

Bernard Durkan

Question:

194. Deputy Bernard J. Durkan asked the Minister for Finance if any particular attention has been paid to the vacuum left in the lending sector in the wake of the withdrawal of a number of banks from this economy with particular reference to any such lending institutions still operating in this jurisdiction but controlled from outside the island of Ireland; and if he will make a statement on the matter. [14253/13]

Written answers

Minister for Finance

I propose to take Questions Nos. 192 to 194, inclusive, together.

The Government recognises that SMEs are the lifeblood of the economy and will play a vital role in the recovery of employment growth in our country. One of the key priorities of the Programme for Government is to ensure that an adequate pool of credit is available to fund SMEs in the real economy during the restructuring and downsizing programme.

The Government has imposed SME lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Each bank was required to sanction lending of at least €3 billion in 2011, €3.5 billion in 2012 and €4 billion in 2013 for new or increased credit facilities to SMEs. As the Deputy will be aware from my reply to his questions on 28 February, the Credit Reviewer said in his most recent quarterly report that “Both banks have achieved their €3.5bn SME loan sanction targets. Over €8bn was sanctioned in 2012; of which approx. €2.5bn (27%) is new lending drawn down.” According to the Credit Review Office, the balance of the sanctioned lending represented restructured or refinanced credit to SMEs. The Credit Review Office in the past has noted that this is important in terms of sustaining the businesses and the associated jobs.

In addition to the lending targets imposed on the banks, the pillar banks are required to submit their lending plans to the Department and the Credit Review Office (CRO) at the beginning of each year, outlining how they intend to achieve their lending targets. The banks have submitted their lending plans for 2013 to my Department. My Department, in conjunction with the CRO, has analysed the plans and has met with the banks to discuss them. The banks also meet with the Department of Finance and the CRO on a quarterly basis to discuss progress. The monthly management meetings with the pillar banks also provide a forum for the issue of SME lending to be raised by the Department. My officials and I will engage robustly with the banks to ensure that they meet their 2013 targets. The pillar banks report to my Department and to the Credit Review Office on credit on a sectoral basis but this is commercially sensitive information and I am not in a position to release it.

My Department’s review of 2012 is available at http://www.finance.gov.ie/viewdoc.asp?DocID=7609&CatID=45&StartDate=01+January+2013. It contains details of some of the actions taken in 2012 including demand surveys, ongoing consultation with the SME sector, initiatives with the banks, the Credit Review Office review and increase of its resources and NPRF funds for the SME sector.

Access to Finance for SMEs is a key aspect of the Action Plan for Jobs 2013. It is the Government’s vision that all viable businesses operating in Ireland should have the opportunity to access sufficient finance to meet their enterprise needs, in a manner that supports growth and employment in the economy.

The SME State Bodies Group was established in 2012 to both develop key policy initiatives to support SME access to credit and other forms of finance, and to ensure their implementation. It will continue in 2013 to engage intensively in proactively addressing issues associated with SME funding and financing in conjunction with the relevant stakeholders through the SME Funding Consultation Committee. My officials also meet frequently with additional stakeholders who wish to contribute to policy development in relation to access to finance.

I have previously acknowledged that having only three main banks lending to the SME sector is not an ideal situation. The Government has taken a number of actions, particularly where SMEs have been refused credit, to improve the situation in relation to credit availability to SMEs. Ultimately, it is the many actions which this Government is taking to normalise the Irish banking sector such as the cessation of the Eligible Liabilities Guarantee Scheme together with the recovery of the economy which will attract new participants to lend in the SME sector.

Economic Growth

Questions (195)

Bernard Durkan

Question:

195. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which the economic fundamentals have changed in the course of the past six years with particular reference to the need to achieving established and or accepted targets for borrowing, lending, growth and debt ratios; and if he will make a statement on the matter. [14254/13]

Written answers

Minister for Finance

Following three successive years in which output fell, positive growth returned to the Irish economy in 2011. With GDP up 0.8% (y-o-y) in the first three quarters of 2012, a second successive year of growth is expected to be confirmed tomorrow when the CSO releases its first full-year estimate for GDP in 2012. The recovery is forecast to gain ground in 2013. Over the medium term, a return to robust and more sustainable growth is foreseen. While exports are expected to continue supporting economic activity, a gradual pick-up in domestic demand is also projected as the recovery broadens further and spills over to the labour market. We have also seen that 2012 marked the largest increase in net job creation by IDA client companies in a decade. All of this points to the fact that many of the underlying strengths of our economy remain, including a well-educated workforce, favourable demographics, an open and flexible economy and a pro-enterprise environment. Of course there are many challenges which we still face and it will take time to work through the legacies of the crisis. Not least of these is the high level of Government debt which we have accumulated. However the debt-to-GDP ratio is expected to peak this year and begin to fall from next year onwards.

In order to reduce the deficit, consolidation measures amounting to around €28 billion or over 17 per cent of estimated 2013 GDP have been implemented since the crisis began. This represents about 85 per cent of the total consolidation required. This is an ambitious programme of fiscal consolidation, accompanied by structural reforms, to improve the fiscal position of the State. We will continue to pursue this policy of fiscal consolidation, while making the adjustments as growth-friendly and equitable as possible, to ensure that the deficit is reduced below the 3 per cent of GDP target by 2015.

The Government recognises that SMEs are the lifeblood of the economy and will play a vital role in the recovery of employment growth in our country. One of the key priorities of the Programme for Government is to ensure that an adequate pool of credit is available to fund SMEs in the real economy during the restructuring and downsizing programme. The Economic Management Council meets the banks on a regular basis and discusses the key issues pertaining to this priority. My officials also meet regularly with key stakeholders at the forum of the SME Funding Consultation Committee.

The Government has imposed SME lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Each bank was required to sanction lending of at least €3 billion in 2011, €3.5 billion in 2012 and €4 billion in 2013 for new or increased credit facilities to SMEs. Both banks have reported that they achieved their 2011 and 2012 targets.

In addition to the lending targets imposed on the banks, the pillar banks are required to submit their lending plans to the Department and the Credit Review Office (CRO) at the beginning of each year, outlining how they intend to achieve their lending targets. The banks also meet with the Department of Finance and the CRO on a quarterly basis to discuss progress. The monthly management meetings with the pillar banks also provide a forum for the issue of SME lending to be raised by the Department.

It is vital that the banks continue to make credit available to support economic recovery. However, it is not in the interest of the banks, businesses or the economy for finance to be provided unless the business is viable and has the capacity to meet the interest payments and repay the sum borrowed.

Economic Growth

Questions (196)

Bernard Durkan

Question:

196. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which he continues to review the country’s economic prospects with particular reference to growth expectations in the future; and if he will make a statement on the matter. [14255/13]

Written answers

Minister for Finance

Growth resumed in Ireland in 2011 and the economy is estimated to have recorded a second successive year of positive growth in 2012. Real GDP increased 0.8 per cent over the first three quarters of 2012 when compared with the same period in 2011. Provisional figures for the year as a whole will be published tomorrow. As is typical in small open economies, the traded sector is leading the recovery in Ireland with the services sector playing an increasingly significant role in export growth, owing much to the significant price and cost adjustments that have taken place in recent years.

There has been a significant improvement in economy-wide cost competitiveness. The European Commission is forecasting that Ireland’s nominal unit labour costs will have improved by 23 per cent relative to those in the euro area over the period 2008 – 2014.

We are still, however, facing many challenges. Domestic demand remains weak and is expected to contract again in 2013, albeit at a much slower pace than in the recent past. Households, firms and the government sector are still working through the imbalances built up during the boom. However, there have been some positive developments in recent months as core retail sales have stabilised and have now been in positive territory in year-on-year terms in each of the last six months.

The unemployment rate at 14.1 per cent in February is showing signs of stabilisation, albeit at an unacceptably high level, with long-term unemployment now a prominent feature of the labour market. This high unemployment rate is the unfortunate legacy of the crisis in Ireland, and underlines the importance of the Action Plan for Jobs 2013 launched last month by the Taoiseach, the Tánaiste and the Minister for Jobs, Enterprise and Innovation.

My Department’s latest economic forecasts were set out in December 2012 as part of the Budget. For this year, real GDP growth of 1.5 per cent is projected. While exports are expected to remain the key driver of the recovery, a gradual pick-up in domestic demand is projected over the medium term, as the recovery broadens out and spills over to the labour market in a more sustained way from the second half of 2013 onwards. Growth is expected to accelerate to 2½ per cent in 2014 and close to 3 per cent in 2015. My Department will issue revised forecasts in the Stability Programme Update, which will be published next month.

Insurance Industry

Questions (197)

Bernard Durkan

Question:

197. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which his Department continues to be kept up to date in respect of the level of default by insurance companies with particular reference to mortgage or other debt protection; and if he will make a statement on the matter. [14256/13]

Written answers

Minister for Finance

My Department does not keep up to date information on the level of default by insurance companies with particular reference to mortgage or other debt protection. I have made enquiries with the Central Bank about this matter which I understand relates to cases such as where a couple has mortgage protection insurance policy and then fall on hard times and as a result can no longer afford to pay for the protection and/or who make a claim which is rejected. The Central Bank has informed me that it does not collect this information.

Finally, it should be noted that if a policyholder has a complaint about an insurance company not honouring a claim on a policy, they can refer the matter to the Financial Services Ombudsman for adjudication http://www.financialombudsman.ie/.

Economic Competitiveness

Questions (198)

Bernard Durkan

Question:

198. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which the economic performance of all sectors has been monitored over the past four years to date; the extent to which specific areas have been identified for the need for improvement; and if he will make a statement on the matter. [14257/13]

Written answers

Minister for Finance

My Department monitors the overall performance of the economy and of individual sectors on an ongoing basis. Key sectors are subject to scrutiny as part of this process and also in reviews undertaken by line Departments to which my Department contributes or supports. For example, under the Action Plan for Jobs 2013, my Department is co-ordinating actions dealing with the property market. My Department is also represented on The Commission for the Economic Development of Rural Areas established by the Minister for Environment, Community and Local Government. In addition to this, my Department also monitors the performance of those sectors for which it has policy responsibility (e.g. financial services).