Written Answers Nos. 256-279
256. Deputy Pearse Doherty asked the Minister for Finance if he is concerned that the Chief Executive Officer of Permanent TSB, in which he owns 99.5% of the shares, is now estimating a return to profitability at PTSB in five years compared to previous recent estimates which have ranged from 2014 to 2016. [16367/13]
View answerIn its restructuring plan submitted in June 2012, PTSB forecast that the retail bank Strategic Business Unit ("SBU") would be profitable on an after tax basis in 2016. Profitability for the overall group, including all three SBUs, is forecast by PTSB to take longer. As you would expect PTSB will update its forecasts on an annual basis and as a result the timelines set out above are subject to change.
257. Deputy Pearse Doherty asked the Minister for Finance the reason deposits at Permanent TSB, in which he owns 99.5% of the shares, falling from €17.267bn at 30 June 2012 to €16.639bn at 31 December 2012. [16368/13]
View answerAs the Deputy will be aware Permanent TSB had deposits of €14.37 billion at 31 December 2011, €17.27 billion at 30 June 2012 and €16.64 billion at 31 December 2012. Therefore during 2012 Permanent TSB grew its deposits by €2.27 billion. However the Deputy is correct to observe that PTSB experienced a reduction in deposits during H2 2012. PTSB has indicated that the reduction in deposits arose due to outflows driven primarily by the strategic repricing of deposit rates downwards. While outflows occurred, they were significantly less than forecast by PTSB. As the Deputy will appreciate reducing deposit rates is key for the return of sustainable profitability in the Irish banking system.
258. Deputy Pearse Doherty asked the Minister for Finance further to recent reports on the amount of exposure by German and British interests to the Irish banking system in 2008, his views on whether this exposure will be analogous to the amount of exposure by Russian interests to the Cypriot banking system, the bailout plan for which he has recently overseen, in 2013. [16369/13]
View answerThe Irish banking system and that of Cyprus are not comparable. In the case of Cyprus, we understand that substantial off shore interests and resources were deposited in domestic Cypriot banks by foreign parties. The size of the domestic banking system, at 7 times GDP, was large in relation to the real economy, while at the same time concentrating risks in particular areas and in specific banks. In contrast the Irish banking system attracted wholesale funding, from a diversified pool of investors (European, British, American and Rest of World) to support lending to the domestic economy to finance investment which was predominantly focused in Ireland (albeit some Irish banks had significant investments overseas).
In addition, overseas banks made substantial investments in Irish banking subsidiaries to gain exposure to the domestic economy and to extend credit to Irish businesses and households.
For these reasons, it is clear that the Irish banking system and Cypriot banking system are not comparable.
259. Deputy Stephen S. Donnelly asked the Minister for Finance if he will reveal the number of annual cases prosecuted by the Revenue Commissioners in the courts for failure to lodge correct returns since 2008; and if he will make a statement on the matter. [16381/13]
View answerI am advised by the Revenue Commissioners that there is no offence for the failure to lodge a correct return. There is however an offence for the non-filing of a return. As such I am advised by the Revenue Commissioners that the number of annual cases prosecuted for the non-filing of returns is that set out in Table 1.
Table 1 Successful Prosecutions for the failure to file a return
|
- |
Income Tax |
Corporation Tax |
Relevant Contracts Tax |
VAT |
VAT/P35 |
|
2008 |
1,086 |
45 |
- |
48 |
- |
|
2009 |
1,030 |
52 |
1 |
- |
81 |
|
2010 |
1,152 |
65 |
0 |
- |
103 |
|
2011 |
1,003 |
77 |
3 |
- |
141 |
|
2012 |
865 |
64 |
0 |
- |
116 |
The details of the results of the cases are as set out below.
2008
Prosecutions for the non-filing of Income Tax and Corporation Tax returns during the year totalled 1,131 resulting in the imposition of fines totalling €2.23m. A total of 48 cases were successfully prosecuted for failure to file a VAT return during the year and fines totalling €374,719 were imposed.
2009
1,083 convictions were secured, resulting in the imposition of fines totalling €2,182,091 for the non-filing of Income Tax, Corporation Tax and RCT Returns. A total of 81 cases were successfully prosecuted for failure to file a VAT/P35 return during the year and fines amounting to €724,535 were imposed.
2010
1,217 convictions were secured, resulting in the imposition of fines totalling €2.8 million for the non-filing of Income Tax and Corporation Tax Returns. A total of 103 cases were successfully prosecuted for failure to file a VAT/P35 return during the year and fines amounting to €701,600 were imposed.
2011
1,083 convictions were secured, resulting in the imposition of fines totalling €2.6 million for the non-filing of Income Tax, Corporation Tax and Relevant Contracts Tax returns. A total of 141 cases were successfully prosecuted for failure to file a VAT/P35 return during the year and fines amounting to €943,850 were imposed.
2012
929 convictions were secured and fines totalling €2.26 million imposed for the non-filing of Income Tax and Corporation Tax returns. A total of 116 cases were successfully prosecuted for failure to file a VAT/P35 return during the year and fines amounting €861,450 were imposed.
260. Deputy Maureen O'Sullivan asked the Minister for Finance in view of the fact that he will soon be given details on the National Assets Management Agency accounts, if he will check if there is a record or reference in them of NAMA funding of the proposed development of the Carlton site by Chartered Land, Dublin 1 or a reference to their application for Ministerial consent for work to the 1916 National Monument at Moore Street Dublin 1; and if he will make a statement on the matter. [16405/13]
View answerNAMA is prohibited under Sections 99 and 202 of the NAMA Act from disclosing confidential information, which is specifically defined to include information relating to its debtors and their properties. Accordingly, the provision of the type of information referenced by the Deputy would be in contravention of the NAMA Act.
261. Deputy Eoghan Murphy asked the Minister for Finance if he is considering putting in place a Revenue e-mail address to cater for e-mail queries regarding local property tax. [16413/13]
View answerI am advised by the Revenue Commissioners that customers may email their queries to the LPT Branch at the following email address: lpt@revenue.ie. This email address was recently published on the Revenue website.
262. Deputy Eoghan Murphy asked the Minister for Finance if he is considering extending the local property tax deadline beyond the 7 May 2013 for written submissions and the 28 May 2013 for electronic submissions for persons who receive their local property tax return form late from the revenue. [16414/13]
View answerThe Finance (Local Property Tax) Act 2012 (as amended) sets out how the tax is to be administered and provides that a liability for Local Property Tax (LPT) will arise where a person owns a residential property on the liability date which will be 1 May 2013 for the year 2013.
A key aspect of the work undertaken by Revenue was the development of a comprehensive Register of residential properties in the State. This Register is being used to issue correspondence to property owners and work is still in progress to ensure, as far as possible, that all property owners will be contacted. On 11 March this year, Revenue commenced the issue of LPT Returns to owners of 1.66 million properties. I am informed by the Revenue Commissioners that by 10 April, LPT Returns had issued for about 96% of residential properties on the Register.
I am further advised by the Commissioners that LPT is a self-assessed tax and therefore liable persons are obliged to calculate the tax due based on their assessment of the market value of their property, file their Return by the relevant deadline and pay the tax due. This obligation applies to all owners whether or not they receive a Return from Revenue. Where an owner is not on Revenue’s Register a Return will not issue. However, they are still obliged to complete and file a Return by the relevant deadline (7 May for paper filers and 28 May for electronic filers).
As part of its media campaign Revenue will advise property owners this week that, if they have not yet received a Return from Revenue, they should contact Revenue’s LPT Helpline on 1890 200 255 or access the online system on Revenue’s website to file their LPT Return. I have been advised by the Commissioners that even where a property owner has not received a Property ID and PIN code from Revenue, they will still be able to file their Return online.
As the Deputy is aware, LPT is payable on 1 July, and Revenue has put in place a wide range of payment options to enable liable persons to select the one that best suits their circumstances, including payment by instalments in various ways. The logistics of ensuring that paper LPT returns are processed in time to enable the payment arrangements selected by the liable person to be put in place in time for the payment date are significant, and accordingly it is necessary to maintain the filing dates of 7 May for paper filers. The filing date of 28 May for online filers is the defacto extension.
The LPT paper return is very short – just two pages. The on-line system is easier than paper, with built in prompts and calculators. In either case it will be possible for liable persons to quickly complete and submit a return.
I can confirm that I have no plans to extend the deadline for submitting Local Property Tax returns beyond the dates mentioned.
263. Deputy Paschal Donohoe asked the Minister for Finance if he will outline the changes that have been made to the tax treatment of rental income; if a distinction can be made between rental income and rental profit for calculation of tax liabilities; and if he will make a statement on the matter. [16429/13]
View answerI am advised by the Revenue Commissioners that there have been several changes over the years to the tax treatment of rental income. However, for the purpose of this reply, I am assuming that the Deputy’s interest relates to the most recent changes that were introduced in Finance Acts 2009 and 2013.
Finance Act 2009 introduced a cap of 75% on the amount of interest on loans used to purchase, improve or repair rented residential property, that can be deducted in computing rental profit for tax purposes. The restriction applies to interest accruing on or after 7 April 2009. It does not apply to loans in respect of rented commercial property.
The recent amendment in Finance Act 2013 provides that, while income chargeable to tax under Case III of Schedule D (which includes income arising outside the State such as trading profits, pensions, rents and dividends) is deemed to issue from a single source, the single source provision cannot be taken to mean that foreign rental losses are to be included in the computation of such income. This change was designed to ensure that the recipient of rent from property lettings outside the State cannot rely on the single source provision to offset foreign rental losses against foreign non-rental income. The offset of losses in these circumstances would disadvantage a recipient of rent from Irish property, as Irish rental losses may be offset against Irish rental profits only. In that regard, I am also advised by the Commissioners that the Revenue’s published practice in relation to the treatment of foreign rental losses, which allows such losses to be set against foreign rental profits, remains unchanged.
I am further advised that rental profit for tax purposes is the gross rental income less allowable expenses incurred in earning that rent. In computing the amount of rental profit, only those deductions that are specified in section 97(2) of the Taxes Consolidation Act 1997 are allowable as deductions against the gross rental income. The main deductible expenses are:
- any rent payable by the landlord in the case of a sub-lease;
- the cost to the landlord of any goods provided or services rendered to a tenant;
- the cost of maintenance, repairs, insurance and management of the property;
- the interest paid on borrowed money used to purchase, improve or repair the property (which, in the case of residential property, is restricted to 75% of the interest and is subject to compliance with PRTB registration
requirements for all tenancies that existed in relation to the property in the relevant year); and
- payment of local authority rates.
In addition, wear and tear capital allowances are available in respect of the capital expenditure incurred on fixtures and fittings provided by a landlord for the purposes of furnishing rented residential accommodation. These allowances are granted at the rate of 12.5% per annum of the actual cost of the fixtures and fittings over a period of 8 years.
264. Deputy Finian McGrath asked the Minister for Finance his views on correspondence (details supplied) regarding pay for bank staff. [16431/13]
View answerI acknowledge the significant efforts and commitment made by the staff in IBRC over the past few difficult years whilst the bank was in wind down and the difficulties that arise for staff as a result of the liquidation but it was necessary to take the decision to liquidate IBRC in the larger public interest. I am sure the staff will continue to work to ensure a satisfactory outcome for Irish taxpayers while they remain in employment under the liquidation process. Furthermore, some staff may, in time, be re-hired by NAMA or other purchasers of the assets.
There are standard rules which apply to the distribution of the assets of companies in liquidation and it would not be appropriate for me to interfere with these rules. Such interference could have the impact of diverting the assets of IBRC from one category of creditor to another outside the normal Companies Acts priorities. Any such interference would be open to challenges in the Irish Courts by unsecured creditors. However the State does intervene to ensure that statutory redundancy is available through the Social Insurance Fund and that arrears of pay, sick pay, holiday pay or pay in lieu of statutory notice (limited to EUR600 per week up to a maximum of eight weeks) are payable from the Insolvency Payments Scheme.
The Special Liquidators have advised that there is ongoing interaction between the IBOA and the Special Liquidators. The Special Liquidators are highly cognisant of the issues that the IBOA have been highlighting and that significant steps have already been taken to address those concerns including the announcement on Tuesday 19 March by the Special Liquidators that contracts of staff would be extended out to 7 August with one month’s notice thereafter. This should provide some reassurance to IBRC staff relative to the common position in liquidations where staff contracts are terminated on liquidation.
Question No. 265 answered with Question No. 224.
266. Deputy Shane Ross asked the Minister for Finance the reason the criteria for determining eligible cars under the disabled driver car purchase scheme is not based on CO2 emissions; his views on whether this is unfair to those persons who utilise the scheme and who wish to retain their particular model of car which is suitable to their particular disability; and if he will make a statement on the matter. [16476/13]
View answerThe criteria relating to the engine size of a vehicle and the relief available for vehicles which qualify under the Disabled Drivers Passenger Scheme have been in place since 1989. The purpose of the scheme was to provide for ways in which people with a physical disability could become more mobile; it is felt that the present limit of 2000cc is sufficient to allow for an extensive choice of vehicle in that regard.
Given the scale and scope of the scheme, any possible changes can only be made after careful consideration and with regard to the existing and prospective cost of the scheme and the available resources.
267. Deputy Denis Naughten asked the Minister for Finance in view of the reduction of dental entitlements under the PRSI scheme, if he will restore the marginal rate tax relief for orthodontic and other selected specialist dental treatments; and if he will make a statement on the matter. [16487/13]
View answerThe issue of PRSI is a matter in the first instance for the Minister for Social Protection. However, it is my understanding that since 2010 dental treatment which is covered as a result of being a PRSI contributor has been limited to a free oral examination per year. Prior to 2010, a range of dental treatments were covered in part or full for individuals that had made the requisite PRSI contributions. For example, the cost associated with scaling and polishing of teeth was fully covered whereas extractions, fillings and x-rays of teeth were partially covered. However, I understand that orthodontic treatment or cosmetic dentistry were never covered under the PRSI scheme.
Health expenses relief was standard rated in respect of health expenses incurred from 1 January 2009, with the exception of nursing home expenses where marginal relief continues to apply. The measure was introduced to make the tax system more equitable and fairer for all taxpayers and also to reduce the cost of the scheme to the Exchequer.
Given the current budgetary constraints, I have no plans to re-introduce marginal tax relief in respect of orthodontic treatment and other selected specialist dental treatments.
Questions Nos. 268 and 269 answered with Question No. 201.
Question No. 270 answered with Question No. 224.
271. Deputy Pearse Doherty asked the Minister for Finance if he will confirm the sum owed by the Thomas Crosbie group to Allied Irish Banks, in which he owns 99.8% of the shares, immediately prior to the receivership and examinership of companies within the group in March 2013; and if any write-down of debt has been provided to the group as part of the group’s receivership and examinership. [16531/13]
View answerThe Bank has informed me that due to data protection rules and confidentiality AIB is not in a position to discuss details of individual customer circumstances.
272. Deputy Pearse Doherty asked the Minister for Finance his assessment of the performance of Allied Irish Banks, in which he owns 99.8% of the shares, which reported its results for 2012 on 27 March 2013. [16532/13]
View answer273. Deputy Pearse Doherty asked the Minister for Finance his assessment as to the reason Allied Irish Banks, in which he owns 99.8% of the shares, predicts that it will return to profitability in 2014 but that Permanent TSB, in which he owns 99.5% of the shares, predicts that it will take five years to return to profitability. [16533/13]
View answerI propose to take Questions Nos. 272 and 273 together.
The results show that, while 2012 was clearly another challenging year for AIB, the management team is making progress in restructuring the bank and is targeting a return to profitability at the pre provision level during 2013 and at the pre-tax level in 2014. The results also show that the bank posted operating losses, before exceptional items, of €2.8 billion in 2012 – an improvement of 65% over 2011 where operating losses of €8.1 billion were recorded. The full year 2012 loss (including exceptional losses such as deleveraging) before tax was €3.8bn (compared to €5.1bn in 2011).
The size of the losses highlight the scale of the challenges facing the bank, however, it is essential that the management continue to reduce costs and return the bank to profitability on behalf of the shareholders – the Irish taxpayer. This is why the Government has sought a reduction of 6-10% in payroll costs following the Review of Remuneration Practice and Frameworks at the Covered Institutions.
Dealing effectively with customers in difficulties must be prioritised in 2013 and the new Central Bank targets on mortgage arrears will ensure that the banks take real steps to help their customers.
The bank must also begin to look forward and to continue to lend to households and businesses. In this regard I would expect to see SME lending continue on an upward trend. AIB approved €4.8 billion in SME lending in 2012 – 37% ahead of the €3.5 billion target. A lending target of €4 billion has been set this year and I would expect that AIB continue to view this target as a minimum not a maximum. The bank has also set mortgage lending targets of €2bn for 2013 – an increase of €500m over new mortgage lending in 2012.
The Deputy should be aware that AIB and PTSB's businesses are not directly comparable as AIB provides a range of services to retail, SME and corporate customers while PTSB is a more focused provider of services to retail customers. In simple terms PTSB is forecast to take longer to reach profitability as the drag of low yielding trackers on its business performance is much more material than in the case of AIB. In its restructuring plan submitted in June 2012, PTSB forecast that the retail bank Strategic Business Unit would be profitable in 2016, though recent indications are that this could be accelerated.
274. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 230 of 13 November 2012, if he will provide a breakdown of the legal fees paid by the National Asset Management Agency for 2012, and to date in 2013, including the amount each recipient received from NAMA. [16534/13]
View answerA breakdown of legal fees paid by NAMA in 2012 is set out below. I am advised by NAMA that information on the breakdown of legal fees in 2013 will be published on its website, www.nama.ie, alongside publication of its Section 55 Quarterly Reports and Accounts for each quarter during 2013. Legal fees paid by NAMA in 2012 amount to €3.28 million in relation to the management of its acquired portfolio of loans.
NAMA has paid further legal fees of €18.4 million which are recoverable as outlined below:
- €0.68 million in legal due diligence expenses in connection with the acquisition of residual loans being acquired from the Participating Institutions.
- €17.7 million in borrower recoverable costs (principally legal fees) which NAMA has incurred on behalf of NAMA borrowers. Such costs have been taken as an impairment charge as necessary in NAMA's financial statements.
The breakdown of the 2012 fees by recipient is provided below. The amounts paid include VAT.
1. 2012 Legal Costs
|
Legal |
2012 €'000 |
|
Arthur Cox |
473 |
|
Matheson Ormsby Prentice |
403 |
|
Simmons & Simmons |
320 |
|
A&L Goodbody Solicitors |
301 |
|
McCann Fitzgerald |
273 |
|
Eugene F Collins |
272 |
|
Paul Sreenan |
169 |
|
Cian Ferriter |
129 |
|
Byrne Wallace |
116 |
|
Maples And Calder |
60 |
|
Eversheds O'Donnell Sweeney |
48 |
|
Allen & Overy |
46 |
|
Parker, Hudson, Rainer & Dobbs |
46 |
|
Olswang |
44 |
|
Linklaters |
44 |
|
Arthur Cox Northern Ireland |
38 |
|
Private Security (Ireland) Limited |
34 |
|
Beauchamps Solicitors |
34 |
|
Vieira De Almeida & Associados |
32 |
|
Mary Fay BL |
28 |
|
Hayes Solicitors |
25 |
|
LK Shields Solicitors |
24 |
|
Ciaran Lewis |
21 |
|
Hibernian Legal International Ltd |
19 |
|
James Doherty BL |
19 |
|
Taylor Wessing LLP |
19 |
|
Quarles & Brady LLP |
18 |
|
Nathy Dunleavy |
18 |
|
Garrigues |
17 |
|
Owen Hickey Senior Counsel |
17 |
|
Elvinger, Hoss & Prussen |
14 |
|
Knight Frank (Dublin) |
12 |
|
Ogier |
12 |
|
Tods Murray |
10 |
|
William Abrahamson, BL |
10 |
|
Malone O Regan Environmental Services Ltd |
10 |
|
Tughans Solicitors |
8 |
|
Mc Dowell Purcell Solicitors |
8 |
|
Simmons & Simmons Llp (Amsterdam) |
7 |
|
William Fry Solicitors |
7 |
|
Vision Net |
6 |
|
A & L Goodbody Northern Ireland |
6 |
|
J.W. ODonovan Solicitors |
6 |
|
Shook Lin & Bok Llp |
6 |
|
McGill Planning Ltd |
6 |
|
Sanderson Weatherall Llp |
5 |
|
Wragge & Co |
5 |
|
Barry C. Galvin & Son Solicitors |
5 |
|
Carey Olsen |
3 |
|
Miley & Miley Solicitors |
3 |
|
ICSA Software International |
3 |
|
Appleby (St Helier- Jersey) |
3 |
|
Snr Denton Uk Llp |
2 |
|
John Redmond |
2 |
|
DLA Piper UK |
2 |
|
Burges Salmon Llp |
2 |
|
Taylor Wessing (Paris) |
2 |
|
Hogan Lovells International Llp |
1 |
|
Walsh Associates |
1 |
|
Garcia-Torrent & Garcia Cueto |
1 |
|
Appleby (Isle Of Man) |
1 |
|
DLA Piper UK LLP (Germany) |
1 |
|
Cassels Brock & Blackwell Llp |
1 |
|
Marston Book Services Ltd |
1 |
|
3,279 |
2. 2012 Legal Due Diligence Costs – Recoverable from Participation Institutions
Legal due diligence costs are costs that NAMA has incurred in connection with acquiring the portfolio of loans from the Participating Institutions. Legal due diligence costs are recovered from the Participating Institutions through a reduction in the acquisition value.
|
Due Diligence |
2012 €'000 |
|
Hogan Lovells International Llp |
144 |
|
Arthur Cox |
96 |
|
Arthur Cox Northern Ireland |
91 |
|
Beauchamps Solicitors |
77 |
|
Andrew Crean-Lynch Solicitors |
64 |
|
Matheson Ormsby Prentice |
63 |
|
Mason Hayes + Curran |
34 |
|
A&L Goodbody Solicitors |
28 |
|
McCann Fitzgerald |
26 |
|
Eversheds O'Donnell Sweeney |
20 |
|
Snr Denton Uk Llp |
15 |
|
Allen & Overy Llp |
12 |
|
Gore & Grimes Solicitors |
7 |
|
Dillon Eustace |
5 |
|
Byrne Wallace |
2 |
|
684 |
3. 2012 Borrower Recoverable Costs
Borrower recoverable costs are principally legal fees which NAMA has incurred on behalf of NAMA borrowers. Where the borrower is in a position to repay such costs NAMA will seek the repayment in cash. To the extent the borrower is not in a position to repay those costs, NAMA will add these costs to the borrower's debt obligations to NAMA. Such costs have been taken as an impairment charge as necessary in NAMA's financial statements.
|
Borrower Recoverable |
2012 €'000 |
|
McCann Fitzgerald |
1,708 |
|
William Fry Solicitors |
1,239 |
|
A&L Goodbody Solicitors |
1,166 |
|
Hogan Lovells International |
1,142 |
|
Eversheds O'Donnell Sweeney |
1,117 |
|
DLA Piper UK |
1,019 |
|
Arthur Cox |
832 |
|
Byrne Wallace |
596 |
|
Maples And Calder |
563 |
|
Simmons & Simmons |
520 |
|
Taylor Wessing |
446 |
|
Wragge & Co |
437 |
|
Ronan Daly Jermyn Solicitors |
414 |
|
Beauchamps Solicitors |
401 |
|
Servulo & Associados |
393 |
|
Gartlan Furey Solicitors |
382 |
|
Hayes Solicitors |
279 |
|
Stroock & Stroock & Lavan |
275 |
|
Whitney Moore Solicitors |
260 |
|
Cian Ferriter |
246 |
|
Paul Sreenan |
227 |
|
Quarles & Brady |
222 |
|
McCarter & English |
221 |
|
Matheson Ormsby Prentice |
196 |
|
Gordons Commercial Solicitors |
190 |
|
Lavelle Coleman Solicitors |
178 |
|
K & L Gates |
167 |
|
Addleshaw Goddard |
131 |
|
DLA Piper (Paris) |
125 |
|
Alfred Thornton & Company |
112 |
|
Eversheds |
109 |
|
Snr Denton Uk |
108 |
|
Altana |
98 |
|
Taylor Wessing (Paris) |
98 |
|
Appleby (Isle Of Man) |
91 |
|
Mc Dowell Purcell Solicitors |
83 |
|
Allen & Overy |
80 |
|
Mason Hayes + Curran |
80 |
|
A & L Goodbody Northern Ireland |
76 |
|
Cassels Brock & Blackwell |
72 |
|
John McKee & Son Solicitors |
72 |
|
Arthur Cox Northern Ireland |
72 |
|
Bedell Cristin |
64 |
|
Tughans Solicitors |
63 |
|
Cms Cameron Mckenna |
60 |
|
Windels Marx Lane & Mittendorf |
58 |
|
Graf Von Westphalen |
57 |
|
Ogier |
39 |
|
G O Nuallain & Co |
38 |
|
Wildgen |
38 |
|
Taylor Wessing (Munchen) |
37 |
|
DLA Piper UK (Manchester) |
36 |
|
Barry C. Galvin & Son Solicitors |
35 |
|
EC Harris Built Asset Consultancy |
32 |
|
Elvinger, Hoss & Prussen |
28 |
|
Mark Sanfey |
26 |
|
Appleby (British Virgin Islands) |
25 |
|
Michael McDowell S.C |
22 |
|
Allen & Gledhill |
22 |
|
Taylor Wessing (Hamburg) |
21 |
|
James Doherty BL |
20 |
|
Andrew Fitzpatrick BL |
19 |
|
John Breslin BL |
19 |
|
Eoin Mccullough |
19 |
|
Deacy Gilligan Ltd. |
19 |
|
Eugene F Collins |
18 |
|
Landwell Pricewaterhousecoopers Tax&Legal Services |
18 |
|
Herbert Smith Paris |
18 |
|
Herrick Feinstein |
17 |
|
Rossa Fanning BL |
16 |
|
Carey Olsen |
15 |
|
Herbert Smith |
15 |
|
P.J. O Driscoll & Sons |
15 |
|
Jarlath Ryan |
15 |
|
J.W. ODonovan Solicitors |
15 |
|
Robert Fitzpatrick BL |
14 |
|
DLA Piper UK Llp (Germany) |
14 |
|
Allen & Overy (Aisa) Pte Ltd |
14 |
|
Control Solutions |
14 |
|
Boyanov & Co |
13 |
|
IFM Trust Limited |
13 |
|
Garcia-Torrent & Garcia Cueto |
13 |
|
A.C. Forde & Co Solicitors |
13 |
|
JLT Ireland |
13 |
|
Peden & Reid Solicitors |
12 |
|
O'Flynn Exhams Solicitors |
12 |
|
Arendt & Medernach |
12 |
|
DWF |
12 |
|
LK Shields Solicitors |
12 |
|
Carson Mcdowell |
11 |
|
Orpen Franks Solicitors |
10 |
|
Camilleri Preziosi |
10 |
|
Mckenna Durkan Solicitors |
10 |
|
Olswang Llp |
10 |
|
Cains |
10 |
|
JPA Brenson Lawlor Limited |
9 |
|
Clifford Chance |
9 |
|
Wierzbowski Eversheds |
9 |
|
Lopez Balina - Miras S.C.P. |
9 |
|
Karole Cuddihy BL |
9 |
|
Cort & Cort |
9 |
|
Uria Menedez |
8 |
|
Aon Risk Solutions |
8 |
|
Forgo, Damjanovic & Partners Law Firm |
8 |
|
Loyens & Loeff |
8 |
|
Gavin Ralston Senior Counsel |
7 |
|
DLA Piper (Poland) |
7 |
|
CB Richard Ellis (Gbp) Ltd |
7 |
|
Kelly Walsh Property Advisors & Agents |
7 |
|
C&H Jefferson Solicitors |
6 |
|
Tods Murray |
6 |
|
First Ireland Risk Management |
6 |
|
Kane Tuohy Solicitors |
6 |
|
Cyril Oneill |
6 |
|
Abacus II |
5 |
|
Bernadette Kirby |
5 |
|
Peter Fitzpatrick & Company |
5 |
|
DLA Piper UK LLP (Belgium) |
4 |
|
Knight Frank (Dublin) |
4 |
|
Triay & Triay |
4 |
|
Walkers |
4 |
|
Salans & Associes |
4 |
|
DMH Stallard Llp |
4 |
|
Stevens & Bolton Llp |
4 |
|
Carrroll Kelly & Oconnor Solicitors |
4 |
|
Woods Hogan Solicitors |
4 |
|
Aspect Consulting |
4 |
|
K Tech Security Ltd |
3 |
|
Loncar & Andric |
3 |
|
Dillon Eustace |
3 |
|
John Spain Associates |
3 |
|
Millar McCall Wylie Llp |
3 |
|
McGuire Desmond Solicitors |
3 |
|
Kromann Reumert |
3 |
|
Ronan Kennedy BL |
3 |
|
Cheeswrights Notories Public |
3 |
|
Eoin Clifford |
3 |
|
Corporate Access (Legal Services) Ltd |
2 |
|
Polish Properties Sp.Z.O.O |
2 |
|
Gaftarnik, Le Douarin & Associes |
2 |
|
Nabarro |
2 |
|
Davis Langdon |
2 |
|
John Redmond |
2 |
|
Lambert Smith Hampton |
2 |
|
Turley Associates Ltd |
2 |
|
MMP Project Management |
2 |
|
Kingsbury |
2 |
|
DLA Piper Prague Llp |
2 |
|
Gwen Malone |
1 |
|
Richard Kearney Engineering Ltd. |
1 |
|
BJ Associes Sarl |
1 |
|
Rochford Brady Legal Services Ltd |
1 |
|
BTW Shiells Commercial Property Consultants |
1 |
|
RB Legal Services Limited |
1 |
|
BTO Brechin Tidal Oatts Solicitors |
1 |
|
DLA Piper Uk LLP (Liverpool) |
1 |
|
TLT LLP |
1 |
|
MKB Russells Solicitors |
1 |
|
17,705 |
275. Deputy Stephen S. Donnelly asked the Minister for Finance the total value of Irish pension funds on deposit, or in any other financial product, on the books of the Irish Bank Resolution Corporation at the time of liquidation under the Irish Bank Resolution Corporation Bill 2013; and if he will make a statement on the matter. [16579/13]
View answer276. Deputy Stephen S. Donnelly asked the Minister for Finance the total write-down in the value of Irish pension funds due to the liquidation of the Irish Bank Resolution Corporation under the Irish Bank Resolution Corporation Bill 2013; and if he will make a statement on the matter. [16580/13]
View answer277. Deputy Stephen S. Donnelly asked the Minister for Finance the number of individual pension funds, that is persons, affected by the liquidation of the Irish Bank Resolution Corporation under the Irish Bank Resolution Corporation Bill 2013; and if he will make a statement on the matter. [16581/13]
View answer278. Deputy Stephen S. Donnelly asked the Minister for Finance if he will publish the analysis done prior to the liquidation of the Irish Bank Resolution Corporation under the Irish Bank Resolution Corporation Bill 2013 on the effect of the liquidation on Irish pension funds held by IBRC; and if he will make a statement on the matter. [16582/13]
View answerI propose to take Questions Nos. 275 to 278, inclusive, together.
As the Deputy is aware, I am not in a position to advise on the specifics of any accounts with IBRC (in liquidation). I have been informed that there are a number of customer accounts that may not be entitled to full compensation under the deposit guarantee scheme, DGS, or the eligible liabilities guarantee scheme, ELG, due to the nature of the products or deposit options in which those account holders invested. At the time that such products were offered there was no additional guarantee provided by the State in respect of those products. It was always the case that the ELG scheme covered only those liabilities which were entered into during the issuance window.
I have been advised that the total value of Irish pension funds placed on deposit with Irish Bank Resolution Corporation at the time of liquidation was in the region of €1m. This could exclude any funds placed on deposit with the Bank in client accounts opened on behalf of beneficiaries, where these beneficiaries are Irish pension funds. The total value of Irish pension fund deposits is currently under review with the respective Guarantee Scheme Operators, regarding consideration for payment under the respective schemes. The total number of individual pension funds with funds placed on deposit with Irish Bank Resolution Corporation at the time of liquidation was 23. Again, this could exclude any pension funds who are the beneficiaries of client accounts opened on their behalf.
Through the liquidation process, the proceeds from the disposal of IBRC's assets will be used to repay creditors in accordance with normal Companies Acts priorities and consequently, preferred creditors will be paid first and then debt purchased by NAMA from the Central Bank will be paid. If there are proceeds available after repayment in full of the NAMA debt, these proceeds will be applied to remaining unsecured creditors. This would include depositors to the extent that their deposits are unguaranteed.
The following information was provided under Standing Order 40A
As indicated in my response, the total value of Irish pension funds places on deposit with IBRC at the time of liquidation was in the region of €1 million. I am advised that this could exclude any funds placed on deposit with the bank in client accounts opened on behalf of beneficiaries, where these beneficiaries are Irish pension funds. I am further advised that the total number of individual pension funds with funds placed on deposit with IBRC at the time of liquidation was 23.
Officials in my Department did not and do not have access to this level of information in relation to individual account holders and as such I am advised that it was not possible to conduct specific analysis on the impact of the liquidation on these types of deposits in advance of the liquidation.
As already indicated, the respective guarantee scheme operators are currently reviewing these deposits in regard to their eligibility for payment under these schemes.
279. Deputy Andrew Doyle asked the Minister for Finance in view of a statement made by the European Commission on 27 March 2013 regarding the EU Budget 2013 and the need for further funding needed to cover unpaid claims from 2012 totalling €11.2 billion, if he will outline the contribution being made by Ireland to this; the amount of money Ireland will be paying to EU institutions in view of this; the timeframe for such payment; the date on which his Department was notified of this shortfall; the discussions he has had with European Commissioner for Financial Programming and the Budget; and if he will make a statement on the matter. [16589/13]
View answerOn 27 March 2013 the Commission made a proposal to amend EU budget 2013. This is the Commission's estimate of the total additional amount required to meet outstanding payment needs from 2012 along with expected payment claims arising in 2013. The amending budget proposal is currently under discussion within the Council of Ministers under the Irish Presidency and must be agreed by both the Council and the European Parliament. As this negotiation is ongoing, it is not possible to prejudge the outcome. Ireland will contribute approximately 1% of the final amount agreed. However Ireland remains a net beneficiary under the EU Budget.
