Jack Wall
Question:56. Deputy Jack Wall asked the Minister for Finance the reason a person (details supplied) in County Kildare is paying tax on the family income; and if he will make a statement on the matter. [9992/14]
View answerTax Code
Questions (56)
Written answers
I have been advised by the Revenue Commissioners that Revenue records indicate that the person concerned is single. A tax credit notification for 2014, based on the information available to Revenue, issued to the employer of the person concerned on 9th December 2013. Copies of the tax credit certificate issued to the person concerned on 7th and 13th February 2014. If the individual concerned is married or in a civil partnership, additional tax credits may be available. There is also a tax credit available to a single person child carer.
An individual, (the 'primary claimant'), is entitled to this credit where he or she:
- Is not married, cohabiting or in a civil partnership,
- Is not jointly assessed or in receipt of the basic personal tax credit for a widowed person or a surviving civil partner, and
- Proves that for a tax year he or she has a qualifying child residing with him or her for the whole or the greater part of that year.
Where the credit cannot be availed of by the primary claimant, it can be relinquished by him or her and claimed by a Secondary Claimant who is subject to the same rules of not being married, in a civil partnership or cohabiting. In addition the qualifying child must reside with the Secondary Claimant for not less than 100 days in aggregate in the year. Further details on these credits are available on the Revenue website www.revenue.ie .
If the tax credit certificate issued does not include all tax credits due to the person concerned, he may contact the Revenue Commissioners on Lo Call number 1890 44 44 25 for assistance.
Fuel Rebate Scheme
Questions (57)
Eoghan Murphy
Question:57. Deputy Eoghan Murphy asked the Minister for Finance his plans to cease the practice of colour coding diesel and replace the current scheme for farmers with a rebate system, or some other system, in order to eliminate the illegal diesel smuggling industry which operates at a huge cost to the State in terms of revenue forgone and the waste of Government resources. [10030/14]
View answerWritten answers
I am advised by the Revenue Commissioners who have responsibility for the collection of mineral oil products tax and for tackling the illicit trade in mineral oil products that the system of marking gas oil (diesel) has been an efficient means of delivering a tax rebate on a product used by a very large number of users across a wide range of uses. These uses extend well beyond agriculture to include the propulsion of trains, the operation of construction and industrial machinery, commercial sea navigation (including fishing) and for commercial and home heating purposes. Any change in the existing system would therefore impact across a wide range and huge number of users.
A change to a rebate system would involve the establishment of an expensive repayments system. This would give rise to significant costs and place an administrative burden on oil traders, users and the Revenue Commissioners. It would also pose significant cash-flow costs for those currently using marked gas oil. In addition, repayment schemes by their nature are very vulnerable to abuse. The introduction of a wide-ranging scheme such as that proposed would not necessarily offer greater security against fraud than the current arrangements. If fuel for off-road use was not marked under the proposed new system, it could be diverted easily for road use; if it was marked, it could be laundered as at present. It would also be the case that marked fuel from Northern Ireland would continue to be available and could be laundered by fuel criminals. For these reasons, I am not proposing the cessation of current marking system or the introduction of a wide-ranging rebate system such as that proposed.
While it is inherently difficult to estimate the extent of any illegal activity and there is no reliable estimate of the scale of illegal activity in the fuel sector, Revenue recognises that the laundering of the marker from marked gas oil represents a significant threat to the exchequer and to the legitimate trade. For this reason, Revenue has made action against this illegal activity one of its priorities and is implementing a comprehensive strategy to tackle the problem. Revenue's strategy includes the following elements:
- The licensing regime for auto fuel traders was strengthened with effect from September 2011 to limit the ability of the fuel criminals to get laundered fuel onto the market;
- A new licensing regime was introduced for marked fuel traders in October 2012, which is designed to limit the ability of criminals to source marked fuel for laundering;
- New requirements in relation to fuel traders' records of stock movements and fuel deliveries were introduced to ensure data are available to assist in supply chain analysis;
- Following a significant investment in the required IT systems, new supply chain controls were introduced from January 2013. These controls require all licensed fuel traders, whether dealing in road fuel or marked fuel, to make monthly electronic returns to Revenue of their fuel transactions. Revenue is using this data to identify suspicious or anomalous transactions and patterns of distribution that will support follow-up enforcement action where necessary;
- An intensified targeting, in co-operation with other law enforcement agencies on both sides of the border, of enforcement action against suspected fuel laundering operations; and
- following a joint process, Revenue and HM Revenue & Customs in the UK have identified a new product to mark rebated fuels in a move that will boost the fight against illegal fuel laundering in both jurisdictions.
Revenue also works with fuel sector representative bodies, which have been very supportive of the range of measures introduced to combat fuel laundering, to improve the integrity of the distribution system and minimise the risk of fraud. In support of this, I introduced a provision in the Finance (No. 2) Act 2013 that will make a supplier who is reckless in supplying rebated fuel for a use connected with excise fraud liable for the duty evaded. This new provision will strengthen Revenue's hand in dealing with those traders supplying fuel recklessly to dubious customers. Revenue has recently published guidelines for mineral oil traders which will assist them in identifying and avoiding such transactions.
Revenue chairs the Hidden Economy Monitoring Group and has established regional sub-groups to facilitate traders reporting suspicious matters through their representative associations on a confidential basis. This information can assist Revenue in closing down the illicit trade by identifying traders supplying fuel to launderers and by identifying outlets that are selling laundered diesel.
Revenue's enforcement strategy in the fuel sector has already yielded significant results. In the period from mid-2011 to end January 2014, 123 filling stations were closed for breaches of licensing conditions. Since the beginning of 2011, over 2.7 million litres of fuel have been seized and 29 oil laundries detected and closed down, including 9 oil laundries in 2013.
Tobacco Smuggling
Questions (58, 81)
Brendan Griffin
Question:58. Deputy Brendan Griffin asked the Minister for Finance if he will invest in more scanners to detect the illegal importation of tobacco products at our ports; and if he will make a statement on the matter. [10055/14]
View answer
Terence Flanagan
Question:81. Deputy Terence Flanagan asked the Minister for Finance the plans that Customs and Excise authorities might have to purchase new X-ray machines for ports and airports; and if he will make a statement on the matter. [10277/14]
View answerWritten answers
I propose to take Questions Nos. 58 and 81 together.
I am informed by the Revenue Commissioners that Revenue currently has three mobile scanner systems. Two of these are mobile x-ray container scanning systems that are based at Dublin Port and Rosslare Ferry Port respectively. Both of these scanners are available for deployment at other ports, and at other locations such as warehouses, as required, and Revenue uses them, on a risk assessment basis, at various locations throughout the country. The other mobile scanning system is a scanner van, a specialist vehicle incorporating an X-ray facility and radiation detection facilities. It is used for monitoring baggage and cargo at airports and ports for narcotics, cigarettes, radioactive materials and other contraband. It also allows Revenue officers to carry out control actions at other locations such as warehouses and courier depots.
The mobile scanner systems are complemented by static baggage/parcel scanners at all major ports, airports and postal depots. I am advised that three modern replacement x-ray scanners for baggage were purchased in the recent past for use at Dublin Airport, Shannon Airport and Rosslare Ferry Port.
The Revenue Commissioners continuously review their detection technology requirements, taking account of developments in those technologies, and have availed of part-funding under the European Union's Hercule II programme to acquire equipment of this kind. I understand that they are generally satisfied with their current scanning capabilities and consider that the container ports are adequately serviced by the two mobile X-ray container scanning systems. I am advised also that the performance of the scanner van since its acquisition is being evaluated on an ongoing basis and that the possibility of augmenting this resource with additional units is being considered.
Liquor Licensing Laws
Questions (59)
Brendan Griffin
Question:59. Deputy Brendan Griffin asked the Minister for Finance if he will consider linking the licence fee paid by large off-licences to their annual turnover; his views that supermarket giants could afford to pay more than they are currently paying in view of the huge sales that they are making; and if he will make a statement on the matter. [10057/14]
View answerWritten answers
Under the existing arrangements, separate retailers' off-licences require a licence for each type of alcohol they sell for each premises. Excise duty on off-licences is currently set at €500 each per licence for a beer, wine or spirits off-licence. This means that a typical off-licence premises offering the full range of alcoholic beverages for sale pays €1,500 per annum.
Licensed premises have a graduated licence duty fee structure based on turnover, with a total of six bands ranging from €250 to €3,805. The Deputy seems to be suggesting that a similar turnover basis for calculating the duty for on-licences should be applied to large off-licences. While I am not unfavourably disposed to such a suggestion, I believe a number of issues need to be taken into consideration. Any change to the arrangements in place for large supermarkets would also have to be applied to smaller outlets such as the off-licence on the corner. The licence regime for pubs is based on the entire turnover of the business including snacks, meals, tobacco and entertainment. On the face of it, it would seem unreasonable to apply the same turnover definition to a supermarket whose core business is groceries and household goods but sells alcohol as an added service. It should also be noted that, under the current arrangements, 75% of pubs fall within the two lowest bands and pay €505 or less, as against the €1,500 currently payable by the off-trade.
Notwithstanding the above, and in the context of the Report of the Steering Group on a National Substance Misuse Strategy, I have asked my officials to examine the proposal in the context of this year's Finance Bill.
Living City Initiative
Questions (60)
Dara Murphy
Question:60. Deputy Dara Murphy asked the Minister for Finance with regard to the living city initiative, when the scheme will be extended to other cities; and if the size restriction of approximately 2,500 sq. ft. be increased; and if he will make a statement on the matter. [10070/14]
View answerWritten answers
The Deputy will be aware that I announced in my Budget Statement that the Living City Initiative, which was enacted in the Finance Act 2013, would be extended to now include the cities of Dublin, Cork, Galway and Kilkenny as well the original target cities of Limerick and Waterford. The inclusion of these four cities within the Initiative followed the results of a thorough independent ex ante cost benefit analysis. I do not intend to extend the Initiative further than these 6 cities.
The Initiative will target certain areas of these six cities, particularly those areas which are most in need of regeneration. Those designated areas will be decided upon following consultations with the relevant local authorities and other Government agencies. It is important to note that I do not see this as a wide-spread Initiative, as it is targeted at those areas which are most in need of attention. I have no plans at this stage to further amend the Initiative to increase the size limits as set down in legislation.
Tax Residency
Questions (61)
Gerald Nash
Question:61. Deputy Gerald Nash asked the Minister for Finance the number of high net worth persons who meet the domicile levy criteria with whom it has been in contact in 2013 in order to ascertain the reason they have failed to pay the levy for that year; the number of persons who are considered to be non-resident for tax purposes; the total tax take available to the State if all persons liable to pay the domicile levy paid in full; the number and type of actions the Revenue Commissioners has taken against those who have failed to pay the levy since its inception; and if he will make a statement on the matter. [10119/14]
View answerWritten answers
I am informed by the Revenue Commissioners that the Domicile levy returns and payments in respect of the domicile levy for the year 2013 are not due until 31 October 2014.
As the Domicile Levy is a self-assessment tax, with the onus on the taxpayer to declare their liability, it is not possible for Revenue to provide an estimate of the total Domicile Levy liability that is not paid. However, I am further informed by the Revenue Commissioners that Revenue has an on-going compliance programme in relation to some 59 individuals who appear to meet a number of the criteria in relation to the domicile levy for the years 2010 to 2012. The purpose of the compliance program is to determine whether these individuals meet all the criteria in relation to the levy and to quantify and collect any outstanding domicile levy liability that might be due for back years.
The tax yield to date per the Domicile Levy returns filed is below
2010 26 returns with a tax yield of €3,051,714
2011 21 returns with a tax yield of €2,487,365
2012 14 returns with a tax yield of €1,884,949
I am also informed by the Revenue Commissioners that for 2012, the most recent year for which figures are available, 14,552 individuals filed Income Tax returns indicating that they were non-resident for Income Tax purposes. It is important to note that the circumstances of individuals who are non-resident for tax purposes but who file tax returns can vary widely. They include, for example:
- Irish nationals who have moved abroad for work reasons but who retain their home here,
- foreign nationals who never resided here but who have investments here,
- foreign nationals who worked here for a period and who may have acquired Irish tax residence for that period.
Individuals who leave the State are not required to declare the reasons for leaving, either on a tax return or any other document. However, a large proportion of non-residents who file Irish tax returns are or have become non-resident for reasons unrelated to taxation.
Revenue Commissioners Investigations
Questions (62)
Gerald Nash
Question:62. Deputy Gerald Nash asked the Minister for Finance the amount of money that has been obtained in terms of the Revenue Commissioners audit and investigation programmes in the years 2010, 2011, 2012 and 2013; and if he will make a statement on the matter. [10120/14]
View answerWritten answers
The Revenue Commissioners have supplied the following tables showing details of their compliance programmes for the years 2010 to 2013. I am advised that the Revenue Commissioners normally report their compliance performance in terms of compliance yield. Yield includes tax, interest and penalties paid, together with amounts which are the subject of enforcement action. Amounts sent to enforcement are actively pursued, including by way of the Sheriff, Judgements and Judgement Mortgages.
|
Type of Intervention |
Nos. Completed 2011 |
Yield €m |
Nos. Completed 2010 |
Yield €m |
|
Comprehensive (All taxheads) |
4,717 |
183.6 |
4,209 |
197.1 |
|
Multi Tax/Duty Audits |
1,236 |
61.6 |
1,374 |
53.6 |
|
Single Tax/Duty Audits |
3,345 |
126.9 |
3,841 |
111.6 |
|
Single Issue/Transaction Audits |
1,768 |
68.4 |
1,584 |
72.4 |
|
Total Audit Interventions |
11,066 |
440.5 |
11,088 |
434.7 |
|
Assurance Checks |
546,502 |
81.3 |
454,796 |
58.0 |
|
Total Interventions (Audit & Assurance) |
557,568 |
521.8 |
465,804 |
492.7 |
|
Type of Intervention |
Nos. Completed 2013 |
Yield 2013 €m |
Nos. Completed 2012 |
Yield 2012€m |
|
Comprehensive (All taxheads) |
4,787 |
205.5 |
4,687 |
181.8 |
|
Multi Tax/Duty Audits |
853 |
32.2 |
985 |
34.7 |
|
Single Tax/Duty Audits |
1,874 |
51.3 |
2,624 |
99.7 |
|
Single Issue/Transaction Audits |
523 |
23.4 |
769 |
42.9 |
|
PAYE Compliance Interventions |
45,464 |
30.5 |
29,881 |
23.2 |
|
Risk Management Interventions |
217,363 |
186.4 |
125,073 |
87.7 |
|
Assurance Checks |
355,697 |
19.5 |
373,803 |
22.4 |
|
Total Compliance Interventions (Audit, Risk & Assurance) |
626,561 |
548.8 |
537,822 |
492.4 |
The Commissioners have advised me that these figures, year-on-year, are not directly comparable due to a re-labelling of compliance interventions and the continuing evolution of their compliance programmes to reflect changes in the economy and the efficient use of resources. Not all Revenue interventions take the form of formal audits or investigations and in accordance with their risk-based approach cases are selected for intervention based on the presence of various risk indicators. Each Revenue intervention is intended to be in the form which is most efficient in terms of time and resources, and which imposes the least cost on the taxpayer, whilst addressing the perceived risk and consequently Revenue carries out Risk Management Interventions, which take the form of Aspect Queries and Profile Interviews.
Revenue's objective in case working is to ensure that each case (taxpayer or business) is fully compliant with their legal obligations in relation to the keeping of proper books and records, the timely and accurate submission of required declarations and the prompt payment of tax and duty liabilities. This approach ensures that, as far as possible, the self-assessment system operates effectively and minimises instances of fraud or mistake.
The selection of cases in which to intervene is a critical step in Revenue's compliance programme and case selection derives from a variety of sources. In addition to specific projects like the shadow economy project, Revenue also uses extensive third party data, good citizens' reports and other intelligence to drive its compliance interventions. In the past two years, Revenue has also been using advanced analytics to help it identify indicators of fraud or error from taxpayer's filings and they are regarded as a leading tax administration in the deployment of these technologies.
I am advised by the Revenue Commissioners that the results from all the various projects undertaken by Revenue are reflected in the general audit and compliance results from audits, assurance checks, and other risk management interventions which are published in Revenue's Annual Report. The high level of success in securing settlements is a reflection of the targeted approach used by Revenue which is to focus its compliance resources on the areas of greatest risk. An associated strategy is to minimise the number of contacts with compliant taxpayers. I am confident that the Revenue Commissioners have a very clear focus to target and confront those who do not comply, as set out in their Statement of Strategy.
Universal Social Charge Application
Questions (63)
Jack Wall
Question:63. Deputy Jack Wall asked the Minister for Finance the position regarding the universal social charge for 2013 in respect of a person (details supplied) in County Kildare; and if he will make a statement on the matter. [10157/14]
View answerWritten answers
I have been advised by the Revenue Commissioners that they do not have the details necessary to determine the position regarding the universal charge for 2013. They have written to the person concerned to ascertain the relevant information necessary to carry out a review of the liability for 2013. A review of the liability will be carried out on receipt of the necessary information.
Mortgage Arrears Proposals
Questions (64)
Joanna Tuffy
Question:64. Deputy Joanna Tuffy asked the Minister for Finance if he will provide an update on the mortgage arrears process (details supplied); and if he will make a statement on the matter. [10160/14]
View answerWritten answers
It is recognised that some borrowers in mortgage arrears may also be experiencing difficulty with the repayment of other debts from other lenders. While the Code of Conduct on Mortgage Arrears only applies to a mortgage loan which is secured on a primary residence, the Code nevertheless places an onus on the mortgage lender, when assessing a case under the MARP process, to take account of the borrower's full circumstances including his/her personal circumstances and overall indebtedness. If a lender does not offer an alternative repayment arrangement in respect of a primary home mortgage, or if the borrower is not willing to enter into an alternative repayment arrangement offered, the borrower may appeal the matter to the lender's Appeals Board. Furthermore, if a borrower is not happy with the outcome of the appeal/complaint made to the lender he/she can refer the matter to the Financial Services Ombudsman (FSO). Further information on how to make a complaint to the FSO is available at www.financialombudsman.ie .
Many distressed borrowers with debts from more than one lender may have to deal with each lender on an individual basis in order to deal with an overall indebtedness problem. It is recognised that this can cause a difficulty in dealing with an overall unsustainable debt situation. In view of this, in May 2013 the Central Bank commenced a pilot process to facilitate a voluntary agreement for the restructuring of secured and unsecured distressed debt cases which involve more than one lender. The aim of the pilot framework was to achieve, with the voluntary agreement of all lenders, a sustainable and fair debt restructuring outcome to an unsustainable debt situation. In particular, it sought to promote and enhance cooperation between lenders in order to resolve an individual's overall distressed debt position. This multi-debt pilot scheme, which was facilitated by the Central Bank, included the main mortgage lenders and credit unions. The pilot scheme has now come to an end with case referrals to the scheme operator ceasing on 31 December last. Data from the pilot is in the process of being compiled and analysed and a report on the pilot is expected to be finalised in the coming weeks.
Of course, if a borrower is unable to secure voluntary agreement from his creditors (either on an individual or co-ordinated basis) to address an overall unsustainable debt position, the Personal Insolvency Act now provides a statutory mechanism, outside of judicial bankruptcy, that will require all relevant creditors to consider, in an orderly and holistic manner, a formal proposal from a debtor to address an insolvent position. In that context, the Personal Insolvency Arrangement framework was specifically designed to deal with secured and also any unsecured debt the borrower may have, and if the debtor's proposed arrangement is accepted by the necessary majority of creditors it will then be binding on all relevant creditors.
Credit Unions
Questions (65, 82)
Heather Humphreys
Question:65. Deputy Heather Humphreys asked the Minister for Finance if his attention has been drawn to the rigorous process now in place to assess a person for the position of credit union chairman and that this process involves completing a 24 page application form and may also require an interview by Central Bank officials; the huge difficulties this is causing in attracting volunteers to the movement; the difficulty in getting board members to take up the position of chairman; and if he will make a statement on the matter. [10171/14]
View answerHeather Humphreys
Question:82. Deputy Heather Humphreys asked the Minister for Finance the qualifications and experience of the Central Bank officials who adjudicate on whether a person is suitable to carry out the duties of a credit union chairperson; and if he will make a statement on the matter. [10284/14]
View answerWritten answers
I propose to take Questions Nos. 65 and 82 together.
The Commission on Credit Unions recommended that Part 3 of the Central Bank Reform Act 2010 be commenced for credit unions providing the Central Bank with the powers to set out the Regulations and Standards of Fitness and Probity for credit unions. On 24 September 2012, I made the necessary commencement order to give effect to this recommendation.
Following consultation by the Central Bank with credit unions, a Fitness and Probity regime for credit unions has been introduced, which requires that credit unions ensure that individuals who take up key board and management positions are fit and proper. The Fitness and Probity regime for credit unions prescribes two Pre-Approval Controlled Functions (PCFs) in credit unions: the office of chair of the board of the credit union and the office of manager of the credit union. The prior approval of the Central Bank is required before an individual can be appointed to a PCF role. The individual must complete an online Individual Questionnaire which is endorsed by the proposing credit union and then submitted electronically to the Central Bank for assessment.
Individual Questionnaires are assessed within the Central Bank with input from the relevant credit union supervisors from the Registry of Credit Unions. Requests for further information may be issued and/or an interview may be requested. If the Central Bank refuses to approve a PCF application, this decision may be appealed to the Irish Financial Services Appeals Tribunal.
The Fitness and Probity regime for credit unions is being implemented in two phases. The first phase commenced on 1 August 2013 and introduced fitness and probity requirements for credit unions with total assets of greater than €10m. The second phase will commence on 1 August 2015 when all remaining credit unions will be brought within the scope of the regime. Transitional arrangements will apply for the implementation of each phase of the regime.
The Commission on Credit unions also highlighted the importance of volunteers to the success of the credit union movement. The Commission Report states that the difficulty in recruiting volunteers could be addressed through a planned effort by credit unions to seek-out potential candidates with the necessary levels of skill and commitment. Greater use of succession plans and volunteer development strategies are recommended. The Commission on Credit Unions Implementation Group in conjunction with the credit union representative bodies have looked at this issue and updated volunteer strategies in line with the Commission recommendations are in place. These strategies are to be reviewed later this year to access their effectiveness.
I have been informed by the Central Bank that staff employed in the Registry of Credit Unions have a range of backgrounds including accounting, economics, legal and compliance. The Registry of Credit Unions ensures on appointment that all staff are suitably qualified for their role.
Tax Rebates
Questions (66)
Bernard Durkan
Question:66. Deputy Bernard J. Durkan asked the Minister for Finance if a refund of income tax paid is due in the case of a person (details supplied) in County Kildare; and if he will make a statement on the matter. [10181/14]
View answerWritten answers
I have been advised by the Revenue Commissioners that according to Revenue records the person concerned did not pay income tax during 2013. However, Universal Social Charge (USC) was paid and, based on the information available a refund of USC is due. A PAYE Balancing Statement (P21) for 2013, including a USC review and refund will issue shortly to the person concerned.
In addition, as the person concerned is now unemployed, he may be entitled to a refund of income tax and/or USC deducted during 2014. A claim form, Form P50, has been issued to the person concerned in this regard.
VAT Exemptions
Questions (67)
Gerry Adams
Question:67. Deputy Gerry Adams asked the Minister for Finance if he will consider allowing groups involved in the community first responder schemes in association with the Health Service Executive National Ambulance Service, to be exempt from VAT on the equipment purchased by them; and if he will make a statement on the matter. [10193/14]
View answerWritten answers
I am advised by the Revenue Commissioners that the VAT rating of goods and services is constrained by the requirements of EU VAT law with which Irish VAT law must comply. It would appear that first responders are trained in first aid, cardio pulmonary resuscitation (CPR), automated external defibrillator (AED) and the administration of oxygen. The primary equipment needed for these services appears to be a defibrillator. Defibrillators, other than implantable defibrillators, are liable to VAT at the standard rate, currently 23%. Parts or accessories are also liable to VAT at the standard rate. EU VAT law does not allow for the introduction of an exemption from VAT on the supply of defibrillators.
The Irish VAT code provides for the refund of VAT incurred on the purchase of new medical appliances or instruments valued in excess of €25,390, by a person who donates the medical appliances/equipment to a hospital. However, the purchase of defibrillators in this case by first responders would not qualify for this VAT refund.
NAMA Operations
Questions (68)
Michael McGrath
Question:68. Deputy Michael McGrath asked the Minister for Finance when the National Asset Management Agency review will be completed; if he has issued any policy instructions to NAMA prior to the conclusion of the review; and if he will make a statement on the matter. [10230/14]
View answerWritten answers
As I outlined in Question 197 of 21st January 2014, my Department's review of NAMA is on-going, it cannot be completed until the final C&AG report has been received. I expect my Department's review of NAMA to be completed in the coming months.
In the context of this review, I have asked NAMA to evaluate their disposal timing and strategy in the context of current market demand and explore the advantages and disadvantages of accelerating its disposal strategy. No decision will be taken on this matter until I receive feedback from NAMA on these points and my Department's review has been completed.