Tuesday, 28 May 2013

Written Answers Nos. 194 - 214

Currency Circulation

Questions (195)

Pearse Doherty

Question:

195. Deputy Pearse Doherty asked the Minister for Finance the number of coins of each denomination that have been minted in each year here since the introduction of the euro. [25659/13]

Written answers

Minister for Finance

The information requested by the Deputy is set out in the following spreadsheet. Figures for 2002 and 2003 are not available.

	1c	2c	5c	10c	20c	50c	€1	€2	Total
2002*	Breakdown not available								531 million*
2003*	Breakdown not available								583 million*
2004	200,977,926	158,521,744	69,150,616	62,284,339	54,744,099	9,165,931	10,274,402	5,109,795	570,228,852
2005	85,611,984	66,024,318	71,005,914	24,538,169	33,477,344	20,056,701	6,060,154	3,488,454	310,263,038
2006	74,735,247	41,496,614	70,194,320	26,349,719	26,971,656	10,740,683	5,122,015	15,199,516	270,809,770
2007	90,298,031	25,551,248	90,645,394	57,084,373	15,603,909	5,001,002	4,957,645	4,654,333	293,795,935
2008	63,695,948	58,723,719	50,658,391	55,148,032	36,242,534	5,770,534	2,559,757	19,838,333	292,637,248
2009	20,033,208	27,204,971	51,212,102	37,648,213	35,488,824	7,444,440	7,069,511	11,971	186,113,240
2010	66,473,053	25,564,859	1,048,581	1,179,239	1,079,119	1,200,450	1,118,816	2,473,390	100,137,507
2011	36,123,593	38,630,103	1,043,942	973,392	1,191,869	1,111,953	1,114,970	2,443,900	82,633,722
2012	75,737,283	1,134,163	1,083,330	890,691	1,027,527	1,043,448	1,071,945	1,110,006	83,098,393

* From the Central Bank Annual Reports, available at: http://www.centralbank.ie/publications/Pages/corporate-publications.aspx.

Bank Guarantee Scheme Termination

Questions (196)

Pearse Doherty

Question:

196. Deputy Pearse Doherty asked the Minister for Finance the effect the ending of the bank guarantee has on the caps on bonuses applying to bankers. [25660/13]

Written answers

Minister for Finance

As the Deputy will be aware the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009 (ELG Scheme) issuance period for eligible liabilities ended at midnight on 28 March, 2013. Eligible liabilities covered under the Scheme which were incurred up to that time continue to be covered up to their maturity date which could be up to 5 years’ maximum from the date the liability was incurred. This means that covered liabilities will wind down over the period 29 March, 2013, to 27 March, 2018, at the latest and for participating institutions that they continue to have obligations to the Minister for Finance, as Guarantor, under the ELG Scheme until the wind down had been completed. There is no linkage between the action taken by the Government on the winding down of the ELG Scheme and incentive payments at the State supported banks. Present Government policy on this issue is, and continues to be, that the awarding or payment of bonuses is prohibited based on the terms of the State’s investment in those institutions.

Tax Code

Questions (197, 198, 199, 200)

Arthur Spring

Question:

197. Deputy Arthur Spring asked the Minister for Finance the options available to a sports professional, who has availed of the Tax Relief on Retirement for Certain Income of Certain Sportspersons S480A TCA 1997 and would like to recommence a career in the same professional sport; and if he will make a statement on the matter. [25662/13]

Arthur Spring

Question:

198. Deputy Arthur Spring asked the Minister for Finance if there is a maximum limit that a sports professional is allowed to earn per annum in direct earnings from the professional sport, post retirement without facing a claw back on the Tax Relief on Retirement for Certain Income of Certain Sports persons S480A TCA 1997, in view of the fact that the sports person's financial situation would permit qualification for a jobseeker's payment or other social welfare payments and that sports persons earning potential in the sport would be significantly reduced in relation to previous earnings. [25663/13]

Arthur Spring

Question:

199. Deputy Arthur Spring asked the Minister for Finance if the claw back on Tax Relief on Retirement for Certain Income of Certain Sports persons, S480A TCA 1997, would be immediate or staggered over an agreed period for a sports professional who availed of the scheme and now who wishes to recommence a career in the same sport. [25664/13]

Arthur Spring

Question:

200. Deputy Arthur Spring asked the Minister for Finance if a sports professional who previously availed of the Tax Relief on Retirement for Certain Income of Certain Sports persons scheme, S480A TCA 1997 and retired from the sport due to ill health would be entitled to recommence a career in the same sport without clawback on the tax relief in view of the fact that the sports person had recovered sufficiently from the illness. [25665/13]

Written answers

Minister for Finance

I propose to take Questions Nos. 197 to 200, inclusive, together.

Retirement relief for certain sportspersons was introduced in Finance Act 2002. It provides for relief to be given for any tax year by way of a deduction equal to 40% of the sportsperson’s gross earnings, before expenses, from direct participation in their sport. The relief is given in the tax year in which the sportsperson permanently retires provided he or she is tax resident in the State for that year. The relief can be claimed for up to any 10 years in which the sportsperson was resident in the State between the tax year 1990/91 and the tax year in which he or she retires. They do not have to be consecutive years. A claim results in a sportsperson’s tax liability for the years in question being recalculated, based on the 40% deduction and relief is given by way of a refund of tax paid.

The relief was introduced for sportspersons when they permanently retire to acknowledge what they sacrificed in terms of career development and family commitments in order to train and compete at national and international level. It recognised that the majority of professional sportspersons in the State were not wealthy, and tended to have a very short earnings career that could often be cut shorter by injury. It provides recognition of the particular challenges and difficulties they have in earning their income, the contribution that they make to the image of Ireland at home and abroad, and the enjoyment and interest for the general public that they generate by their participation and success.

The relief is given when a sportsperson ceases to be permanently engaged in their sport and is withdrawn where a person recommences the sport on a professional level (although it can be maintained if the sportsperson continues to participate at amateur level). Withdrawal is by means of an assessment for the total amount of the relief under Case IV of Schedule D in the year of assessment in which the relief was given. There is no minimum amount that a sportsperson can earn per annum post retirement before facing a claw back of the relief and the reason for the first retirement is not a consideration in granting the relief in the first instance, nor in clawing it back if the individual returns to the sport. The relief is given on the basis that the individual has permanently retired.

Where an assessment is raised, any person who has difficulty in paying the amount due can contact the Office of the Collector-General in relation to payment options. When the sportsperson subsequently permanently retires he or she can again avail of the relief in that year and in respect of any ten of the years from 1990/91 in which he or she had earnings arising from participation in the sport.

IFSC Clearing House Group

Questions (201)

Pearse Doherty

Question:

201. Deputy Pearse Doherty asked the Minister for Finance the number of officials who have been present at each IFSC Clearing House Group meeting since March 2011, including each working group. [25671/13]

Written answers

Minister for Finance

The IFSC Clearing House Group and its four working groups operate under the aegis of the Department of an Taoiseach rather than my Department. I am advised by that Department that it is providing a reply to the Deputy’s question.

National Pensions Reserve Fund Administration

Questions (202)

Éamon Ó Cuív

Question:

202. Deputy Éamon Ó Cuív asked the Minister for Finance if he intends to make funds available to the Western Development Commission, from the National Pension Reserve Fund, for investment in productive enterprise, in the western region, in view of their good record in this regard; and if he will make a statement on the matter. [25883/13]

Written answers

Minister for Finance

The National Pensions Reserve Fund (NPRF) was established in 2001 under the National Pensions Reserve Fund Act 2000. As the Deputy will be aware, the Government has decided to establish the Ireland Strategic Investment Fund (ISIF) which will absorb the NPRF. Officials of my Department are currently preparing the legislation to create the ISIF with an Ireland-focused commercial investment mandate, designed to support economic activity and employment through the redeployment of NPRF resources. As at 31 March 2013, the value of the NPRF was €15.2 billion of which Directed Investments (investments in Irish financial institutions made for public policy reasons at the direction of the Minister for Finance) were valued at €8.8 billion and the Discretionary Portfolio, which remains the responsibility of the NPRF Commission and which will form the basis of the ISIF, was valued at €6.4 billion.

General Government Debt

Questions (203)

John Deasy

Question:

203. Deputy John Deasy asked the Minister for Finance the overall current level of debt here; and if he will categorise the different debt amounts. [25896/13]

Written answers

Minister for Finance

The most recent period for which data is available on the general government debt is the last quarter of 2012. A detailed breakdown of the composition of general government debt and resultant pie chart is available on page 24 of the Irish Stability Programme April 2013 Update. The corresponding data requested by the Deputy is listed in the table.

-	2012 €bn
Government Bonds	87.9
State Savings	16.2
Promissory Note	25.3
Programme Assistance	56.7
Other	6.4
General Government Debt	192.5

Source: Department of Finance, NTMA and CSO

Note: In February 2013 the promissory note commitment was replaced by a portfolio of government bonds. The effect of this exchange (excluding costs related to the whole transaction) is to replace the promissory note debt with government bond debt, with no immediate effect on the general government debt.

General Government Debt

Questions (204)

John Deasy

Question:

204. Deputy John Deasy asked the Minister for Finance the projections for the overall national debt levels here for each of the next ten years; and the estimated amounts of interest to be paid in each of those years. [25897/13]

Written answers

Minister for Finance

National debt is essentially the debt of the Exchequer and is a subset of general government debt. General government debt is the measure of the total debt of the State used for comparative purposes across the European Union. The latest forecasts available going out to 2019, have been published recently in the Stability Programme Update (SPU). The table restates the forecast for general government debt as contained in the SPU and also contains the forecast nominal amounts for debt and interest.

-	2013	2014	2015	2016	2017	2018	2019
General Government Debt % of GDP	123.3%	119.4%	115.5%	110.8%	107.9%	103.6%	97.9%
General Government Debt € Billion	207.0	208.2	209.7	209.5	211.8	212.5	210.8
General Government Interest € Billion	8.2	8.5	8.9	9.2	9.5	9.9	10.1

Source: Department of Finance

Notes: Rounding may affect totals

Departmental Staff Data

Questions (205)

John Deasy

Question:

205. Deputy John Deasy asked the Minister for Finance the current staffing levels at the Central Bank of Ireland, his Department and the Revenue Commissioners compared to five years ago. [25898/13]

Written answers

Minister for Finance

At 30 April 2008, my Department employed 623.57 Full-Time Equivalents (FTE). At 30 April 2013, the figure was 324.76. I have been advised by the Central Bank that at 23 April 2013 the Central Bank employed 1,393 staff- staff numbers at end-December 2008 were 1022.5. The Revenue Commissioners have provided me with the following table in response to the Deputy’s question.

Table: Revenue serving staff (Full-Time Equivalent (FTE)) 30 April 2008 and 30 April 2013

-	30 April 2008	30 April 2013	Variance	Variance
Grade	FTE	FTE	FTE	%
Principal	154	115	-39	-25%
Assistant Principal	505	409	-96	-19%
Higher Executive Officer/ Administrative Officer	1109	988	-121	-11%
Executive Officer/Staff Officer	2110	1906	-204	-10%
Clerical Officer	2524	2221	-303	-12%
Other*	178	133	-45	-25%
Total	6580	5772	-808	-12.3%

General Government Debt

Questions (206)

John Deasy

Question:

206. Deputy John Deasy asked the Minister for Finance if he will list Ireland's creditors and itemise the amounts owed to each creditor. [25899/13]

Written answers

Minister for Finance

Those persons/entities holding Irish Government debt would be considered Ireland’s main creditors. The most recent estimate of Gross General Government Debt is for end 2012, when it stood at €192.5 billion. The largest components of Gross General Government Debt at end 2012, as shown in the table, were Governments bonds and EU/IMF Programme loans. With regard to the ownership of Government bonds, while the Central Bank of Ireland is the registrar for Irish Government bonds, the manner in which they are settled and registered does not allow for the identification of individual holders. However, the Central Bank’s Quarterly Bulletins contain some limited information on holders of Irish Government bonds, disaggregated between resident and non-resident holders. Furthermore, the ECB announced in February 2013 that it held €14.2 billion of Irish Government bonds at end 2012.

With regard to developments in 2013, the Deputy will be aware that the promissory notes in respect of IBRC were replaced by €25 billion of floating rate bonds in February and are currently held by the Central Bank of Ireland.

General Government Debt at 31 December 2012	€ million	€ million
Government Bonds	87,853
EU/IMF Programme Funding*, of which: International Monetary Fund European Financial Stability Facility (EFSF) European Financial Stabilisation Mechanism (EFSM) United Kingdom Kingdom of Sweden Kingdom of Denmark	55,898 19,030 12,214 21,700 2,454 300 200
Other Medium and Long-Term Debt	772
State Savings Schemes (excludes POSB Deposits)**	13,478
Short-Term Debt	3,480
Cash and other Financial Assets***	-23,850
National Debt at 31 December 2012		137,631
Reverse deduction of Cash and other Financial Assets***		23,850
Promissory Notes to Financial Institutions****		25,261
Other General Government Debt Adjustments		5,719
General Government Debt at 31 December 2012		192,461

Rounding can affect totals.

The figures in the table are unaudited figures and take account of the effect of currency hedging transactions.

*These are the liabilities outstanding under the EU/IMF Programme as at end 2012 and take account of the effect of currency hedging transactions. A prepaid margin of €0.53 billion was deducted from the EFSF loan of €4.19 billion drawn down on 1 February 2011. The EFSF figure in the table takes account of this reduction.

** State Savings is the brand name used by the NTMA to describe the range of savings products offered by the State to personal savers. These products include Savings Bonds, Savings Certificates, Instalments Savings, National Solidarity Bonds, and Prize Bonds.

State Savings Schemes also include moneys placed by depositors in the Post Office Savings Bank (POSB). These funds are mainly lent to the Exchequer as short-term advances. Taking into account the POSB, total State Savings outstanding was €16.3 billion at end 2012

***Of which, Exchequer cash balances and other short-term cash management balances accounted for €19.3 billion at end 2012

****In February 2013, €25 billion of floating rate Government bonds were issued to the Central Bank of Ireland in exchange for the Promissory Notes previously held by IBRC.

Source: NTMA and Central Statistics Office (CSO)

General Government Debt

Questions (207)

John Deasy

Question:

207. Deputy John Deasy asked the Minister for Finance the expected debt to GDP ratio for each year of the next five years. [25900/13]

Written answers

Minister for Finance

The projected general government debt to GDP ratio for the periods 2012 to 2016 and 2016 to 2019 are available on pages 54 and 49, respectively, of the Irish Stability Programme April 2013 Update. The corresponding data requested by the Deputy relating to the expected debt to GDP ratio for each year for the next five years is listed in the table.

Year	Projected Debt To GDP %
2013	123.3
2014	119.4
2015	115.5
2016	110.8
2017	107.9

Source: Department of Finance, NTMA and CSO

Economic Growth Rate

Questions (208)

John Deasy

Question:

208. Deputy John Deasy asked the Minister for Finance the official estimated growth levels here for the next three years. [25901/13]

Written answers

Minister for Finance

The Department’s latest growth forecasts, in both GDP and GNP terms, are outlined below. The Department’s latest macro-economic forecasts were published on April 30 in the Irish Stability Programme - April 2013 Update . The publication can be accessed on the Department’s website at www.finance.gov.ie.

Year-on-year percentage change

-	2013	2014	2015	2016
Real GDP	1.3	2.4	2.8	2.7
Real GNP	0.8	1.8	2.0	2.0

Banking Sector

Questions (209)

John Deasy

Question:

209. Deputy John Deasy asked the Minister for Finance the percentage of non -performing loans in Irish State owned banks. [25902/13]

Written answers

Minister for Finance

The percentage of non-performing loans in AIB and ptsb are set out in the table.

Bank	Non-Performing Loan % Dec 2012
AIB	33%
PTSB	20%

The Deputy should note that the banks provide further details regarding the non-performing loan portfolios in their annual report and accounts.

Mortgage Arrears Rate

Questions (210)

John Deasy

Question:

210. Deputy John Deasy asked the Minister for Finance if he will release figures or statistics on mortgage arrears on a county basis including incorporating three month arrears, six month arrears and 12 month arrears data. [25904/13]

Written answers

Minister for Finance

The Central Bank commenced the quarterly publication of mortgage and mortgage arrears data from the period ending September 2009. The most recent available data, which is for the quarter ending December 2012, indicates that 11.9% of PDH mortgages and 18.9% of BTL mortgages were in arrears of more than 90 days. The full range of published mortgage arrears data is available on the Central Bank’s website, www.centralbank.ie. However, the Central Bank has advised me that it does not publish a geographical breakdown of its quarterly mortgage arrears statistics.

Property Tax Exemptions

Questions (211)

Willie Penrose

Question:

211. Deputy Willie Penrose asked the Minister for Finance the exemptions available to a person who has purchased a house for their child who has a severe disability, including autism and schizophrenia and other medical issues, in terms of the local property tax; if such a person will be entitled to the exemption in respect of this dwelling house which was purchased specifically to facilitate and accommodate their child because of their medical issues; and if he will make a statement on the matter. [25930/13]

Written answers

Minister for Finance

Based on the information supplied by the Deputy it is not possible to provide a definitive reply. However, the following general information may be useful. Section 10B of the Finance (Local Property Tax) Act 2012 (as amended) provides that an exemption from the charge to LPT may apply to a residential property purchased, built or adapted to make it suitable for occupation by a permanently and totally incapacitated individual as their sole or main residence, where an award has been made by the Personal Injuries Assessment Board or a court, or where a trust has been established, specifically for the benefit of such individuals.

I am advised that section 189(A) of the Taxes Consolidation Act 1997 (as amended), defines 'incapacitated individual' as an individual who is permanently and totally incapacitated, by reason of mental or physical infirmity, from being able to maintain himself or herself. Entitlement to the exemption provided for in section 10B will depend on whether the extent of a person’s disability is such that they are permanently and totally incapacitated from being able to maintain himself or herself.

I am further advised that, if the exemption mentioned above is not available, Section 15A (as amended) of the Act provides for a reduction in the market value of a residential property that has been adapted for occupation by a disabled person, as defined within Section 2 of the Disability Act 2005, where the adaptation has been grant-aided or approved for grant aid by a local authority under either of the following:

(1) Housing (Adaptation Grants for older people and people with disabilities) Regulations 2007.

(2) Regulation 4 of the Housing (Disabled Persons and Essential Repairs Grants) Regulations 2001.

Property Tax Administration

Questions (212)

Seán Kenny

Question:

212. Deputy Seán Kenny asked the Minister for Finance if the National Association of Building Co-operatives is liable for half the local property tax of a person (details supplied) in Dublin 17 who purchased an apartment from NABCO on a 50% shared ownership basis. [25935/13]

Written answers

Minister for Finance

The Finance (Local Property Tax) Act 2012 (as amended) provides that a liability for Local Property Tax (LPT) will arise where a person owns a residential property on the liability date, which is 1 May 2013 for the year 2013, and, for subsequent years, 1 November in the preceding year. I am advised by the Revenue Commissioners that where a residential property is purchased under the equity share programme operated by the National Association of Building Cooperatives (NABCo) the liable person will be the purchaser. This is on the basis that under this scheme, the purchaser acquires a leasehold interest in the property for a period that exceeds 20 years. Such a purchaser is in the same position as a property owner who purchases a residential property with a mortgage from a financial institution. Accordingly, the purchaser will be liable for payment of the LPT on the property.

Question No. 213 answered with Question 140.

Tax Code

Questions (214)

Tom Fleming

Question:

214. Deputy Tom Fleming asked the Minister for Finance his views on correspondence (details supplied) regarding the retention of VAT on restaurants and other key areas in the tourism industry at 9%, in view of the fact that since its introduction in July 2011 the reduced rate has had a positive effect with 6,000 new employment contracts issued nationwide with a further 300 envisaged over the next 18 months; and based on the expansion in jobs and the general economy if he will assure the restaurant and tourism industry that he will retain VAT levels in this area at 9%; and if he will make a statement on the matter. [25958/13]

Written answers

Minister for Finance

Any proposals to maintain the 9% rate into 2014 will be considered in the context of Budget 2014.