Written Answers Nos. 78-100
78. Deputy Sean Fleming asked the Minister for Finance if he will provide a breakdown of the €204 million in receipts from the sale of State property as listed in the March month end Exchequer returns; and if he will make a statement on the matter. [16674/14]
View answerThe End March 2014 Exchequer Statement included capital receipts of €202.5 million under the heading "National Lottery License payment". This is the first instalment of the upfront Licence Fee payable by Premier Lotteries Ireland Limited for the next licence to operate the National Lottery. The second instalment of a further €202.5 million is due to be paid by Premier Lotteries Ireland Limited to the Exchequer in the last quarter of this year.
Further capital receipts of €1.86 million were received under the heading "Sale of State Property". These receipts are broken down as follows:
|
State property |
Breakdown |
|
Proceeds of Sale of Land Navan Rd, Cabra |
€1,702,800.73 |
|
Sale of Coastguard Cottage no 12 Crosshaven Cork |
€130,000.00 |
|
Sale of plot of land adjacent to Skibereeen Garda Station |
€10,000.00 |
|
Return of Deposit for Decentralisation Carlow Co Council |
€25,000.00 |
|
Total |
€1,867,800.73 |
The alternative Exchequer Statement, which is published alongside the Exchequer statement, has both of these receipts combined under heading of "Sale of State Property".
79. Deputy Denis Naughten asked the Minister for Finance the total value of funds collected under the health levy in 2010; and if he will make a statement on the matter. [16731/14]
View answerI am informed by the Revenue Commissioners that the amount of Health Levy collected from self-employed taxpayers in 2010 was €188m. The amount of the Health Levy collected from PAYE taxpayers was included in the overall PRSI receipts for 2010 transferred to Department of Social Protection and is not separately identifiable by the Revenue Commissioners.
80. Deputy Brendan Griffin asked the Minister for Finance if he will rule out any plans to apply VAT to activities in the greyhound industry; and if he will make a statement on the matter. [15964/14]
View answerUnder EU VAT law, with which Irish VAT law must comply, economic activity in general is subject to VAT. In this context, the greyhound industry involves a variety of supplies of goods and services that come within the scope of VAT. In the first instance, betting on greyhound racing is generally exempt from VAT.
With regard to greyhound food, the supply of dog food is liable to VAT at the standard VAT rate of 23%. However, a concession was introduced in Finance Act 1995, to provide for a reduced VAT rate to apply to the supply of greyhound feeding stuff "which is packaged, advertised or held out for sale solely as greyhound feeding and which is supplied in units of not less than 10 kilograms". The VAT rate applying in this case is 13.5%. This reduction was introduced to specifically aid the Irish greyhound breeding industry as food for dogs and other domestic pets applies at the 23% standard rated.
The supply of the service of training of greyhounds is subject to VAT at the 23% standard rate.
The supply of live greyhounds is currently subject to VAT at the super reduced VAT rate of 4.8%. However, the European Court of Justice in Case C-108/11 judged that Ireland has been incorrect in applying the 4.8% rate to the supply of greyhounds and certain horses, and to the hire of horses. As a consequence of this judgement provision was made in Finance (No. 2) Act 2013 to apply the 9% reduced VAT rate to supplies of greyhounds. However, the change in VAT rate has not yet been introduced. The Revenue Commissioners are currently in the process of finalising the administrative procedures around the legislative change and it is anticipated that the new rate will take effect in the next few months.
With regard to the supply of greyhound insemination services, under current arrangements, the majority of greyhound insemination services are subject to the 13.5% reduced VAT rate, while the 4.8% super reduced rate applies specifically to 'no litter, no fee' insemination services. The judgement of the European Court of Justice also ruled that the 4.8% rate should not be applied to these services. In this regard, the Finance (No. 2) Act changes also include provision for the application of the 13.5% VAT rate to the supply of all insemination services - whether by artificial or natural means, or under a 'no litter, no fee' arrangement.
The increase in the VAT rate to 9% for supplies of greyhounds and to 13.5% for 'no litter, no fee' insemination services represents the lowest possible VAT rates allowable under EU VAT law and Ireland's VAT rate structure for these particular goods and services.
81. Deputy Michael McGrath asked the Minister for Finance if he will provide full details, for each bank, of maximum level of charges relating to certain products and services which have been approved by the Central Bank of Ireland under section 149 of the Consumer Credit Act 1995, and for each such charge; if he will confirm the current charge being levied by the bank concerned; and if he will make a statement on the matter. [15968/14]
View answerI, as Minister for Finance have no role in the regulation of bank charges in Ireland. The Central Bank approves maximum charges under Section 149 of the Consumer Credit Act, 1995. The Central Bank has informed me that credit institutions have discretion in relation to the charges actually imposed, within the maximum levels approved. Also, a credit institution can choose not to apply charges for which it has received approval for commercial or competitive reasons. These concessions are not subject to a Section 149 notification i.e. an institution may choose to apply such internal account structures at its own discretion and so the Central Bank has no power in this area to approve or reject such revisions.
The Central Bank does not publish data on the maximum charges approved for individual credit institutions under Section 149.
A Financial Product Comparison tool is available on the National Consumer Agency's website, www.nca.ie , which consumers may consult to compare current fees imposed by credit institutions for various financial services products. Individuals may also consult information leaflets available in bank branches.
All banks providing current accounts in Ireland are subject to the Central Bank's Current Account Switching Code, which is designed to make the process of switching current accounts easier and quicker and to offer protection and support for consumers when switching bank account. The Switching Code places obligations and time limits on both the old and the new bank when completing the switching process. Where accounts include credit facilities, such credit facilities will be subject to the credit assessment process applicable at the receiving bank.
82. Deputy Eric Byrne asked the Minister for Finance the reason the 2014 rate of 41% DIRT is not just applicable from January 2014 but rather can be applied to savings schemes set up in 2013 or earlier years and which become payable in 2014 thereby penalising persons who may have signed up for savings schemes when the DIRT was at a lower rate; and if he will make a statement on the matter. [15990/14]
View answerThe increase in the rate of Deposit Interest Retention Tax (DIRT) arising from the Budget changes announced in October 2013 took effect in respect of interest paid or credited on or after 1 January 2014.
I am informed by the Revenue Commissioners that the legislation governing the operation of Deposit Interest Retention Tax (DIRT) is set out in Chapters 4 and 5 of Part 8 of the Taxes Consolidation Act 1997. Under the provisions of Section 256(2)(a) and Section 257(1)(a) of the Taxes Consolidation Act 1997 the rate of DIRT that is applicable to a payment or crediting of deposit interest is the rate in operation on the date the relevant deposit interest is paid or credited to the account. This means that when a change of rate occurs there is no apportionment of the interest chargeable to tax between the amounts accrued before and after the date of the rate change. The new rate is applied to all of the interest paid or credited on or after the date of the rate change.
In many instances the depositor may not become entitled to the interest concerned until the date of payment or crediting. Applying different rates of DIRT to interest paid or credited, based on an apportionment of the interest to different periods, would add significant complexity to the operation of DIRT, being a retention tax deducted at source. It would also be contrary to the general principle whereby a taxpayer only becomes liable to tax on interest when he or she receives that interest by payment of crediting.
83. Deputy Gerry Adams asked the Minister for Finance his views on the lack of progress at the Brussels EU summit meeting on direct bank recapitalisation of Irish banks; and if he will make a statement on the matter. [14772/14]
View answer112. Deputy Brian Stanley asked the Minister for Finance his strategy for recouping money paid into our pillar banks through the direct recapitalisation instrument of the ESM; the extent to which the instrument could retroactively recapitalise the pillar banks based on the June 2013 main features of the operational framework and way forward. [16286/14]
View answerI propose to take Questions Nos. 83 and 112 together.
The European Stability Mechanism's (ESM) Direct Recapitalisation Instrument (DRI) was not on the Agenda for the March meeting of the Euro-area Heads of State or Government (HoSG).
As the Deputies are aware, the Euro-area Heads of State or Government (HoSG) agreed in June 2012 that "it is imperative to break the vicious circle between banks and sovereigns", and that when a Single Supervisory Mechanism (SSM), involving the ECB, is in place and operational, the European Stability Mechanism could recapitalize banks directly.
The Eurogroup meeting on 20th June 2013 agreed on the main features of the European Stability Mechanism's (ESM) Direct Recapitalisation Instrument (DRI). The objective of the ESM's DRI will be to preserve the financial stability of the euro area as a whole and of its Member States in line with Article 3 of the ESM Treaty, and to help remove the risk of contagion from the financial sector to the sovereign by allowing the recapitalisation of institutions directly.
There is a specific provision included in the main features of the DRI, which states that "The potential retroactive application of the instrument should be decided on a case-by-case basis and by mutual agreement." Therefore, the agreement, that we were active in negotiating, keeps open the possibility to apply to the European Stability Mechanism for a retrospective direct recapitalisation of the Irish banks, should we wish to avail of it.
The operational framework of the DRI has been discussed at ministerial level and the aim is to complete this discussion as soon as possible in order to allow the ESM Member States sufficient time to complete any necessary national procedures before the SSM is in place and operational later this year. It will not be possible to make a formal application to the ESM for, nor to establish the extent of, retrospective recapitalisation in advance of the Instrument being in place.
However, both I and my Government colleagues will ensure that Ireland's case for retrospective direct recapitalisation is made at all levels as appropriate. I remain confident that the commitment made by the Euro-area Heads of State or Government in June 2012 to break the vicious circle between banks and sovereigns will be respected.
84. Deputy Gerry Adams asked the Minister for Finance his response to the agreement on the single resolution mechanism reached in the recent Brussels EU summit meeting; and if he will make a statement on the matter. [14771/14]
View answerI am of the view that the agreement on the Single Resolution Mechanism is a significant achievement that helps increase the stability of banks and the overall banking system in the participating Member States and should also significantly reduce the spill-over effects of crises into non-participating Member States and will thus facilitate the functioning of the internal market.
As the Deputy is aware the Single Resolution Mechanism (SRM) is a centralised resolution mechanism for Member States who belong to the Single Supervisory Mechanism (SSM). Its purpose is to ensure that resolution can take place at the same level as supervision, rather than being conducted at national level. It is considered as an important contributing factor to breaking the link between the sovereign and the banking sector.
The SRM will allow decisions to be made in a more objective and independent fashion than if they were been made by national supervisors. The proposal which has been agreed sees the SRM taking its decisions in line with the principles of resolution set out in the Bank Recovery and Resolution Directive in particular that shareholders and creditors should bear the costs of resolution before any external funding is granted, and private sector solutions should be found instead of using taxpayers' money. It is felt that in most scenarios, contributions by shareholders and creditors should be sufficient to finance resolution. If exceptionally, additional resources were needed a Single Resolution Fund with a target level of 1% of covered deposits within the Banking Union (approx. €55bn) will come into place as a last resort to finance the bank resolution process.
In the General Council approach reached on SRM at the extraordinary ECOFIN on 18 December 2013, it was agreed that as part of the overall compromise that aspects of the SRM relating to financing be carved out of the Regulation, in particular the transfer of contributions from national resolution funds to national compartments in the SRM, and gradual mutualisation of national compartments in the SRM. This approach was adopted because certain member states were not satisfied that Article 114 provided an appropriate legal basis for the operation of the Single Resolution Fund.
Under the recently reached agreement between the Greek Presidency and the European Parliament, the transition period to a fully mutualized SRF has been reduced to 8 years. In addition the pace of mutualisation has been significantly increased in such a way that within two years 60% mutualisation will occur with the balance being achieved in a linear fashion up until the end of year 8.
What this means in practical terms is that if a bank is failing or likely to fail the first step is that the bail-in rules will be applied to losses. If there are still losses to be absorbed, the next point of contribution will be the funds within the Member State's national compartment in the SRF, followed by the mutualised part of the national compartments of other Member States. After 8 years the SRF will be fully mutualised.
85. Deputy Billy Timmins asked the Minister for Finance his views on correspondence (details supplied) regarding fund-raising; and if he will make a statement on the matter. [16003/14]
View answerI am advised by the Revenue Commissioners that the relevant legislation governing the Drivers & Passengers with Disabilities Scheme is contained in Section 134(3) of the Finance Act 1992 (as amended) and Statutory Instrument No: 353 of 1994 (Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994 (as amended).
The Scheme provides for relief from VAT and VRT (subject to limits) on the purchase and adaptation of a vehicle by an organisation for use in the transport of people with severe and permanent disabilities. The vehicle must be adapted and registered in the name of the organisation, must be purchased from an 'authorised person' (for example a motor dealership) and cannot be acquired under any form of lease arrangement.
In order to qualify for relief under the Scheme, an organisation must be a philanthropic organisation which is not funded primarily by the State, by any board established by statute or by any public or local authority. Furthermore, the organisation must be chiefly engaged in a voluntary capacity, on a non-commercial basis, in the care and transport of severely and permanently disabled persons. A "disabled person" is defined in the legislation as a person who is severely and permanently disabled, fulfilling one or more of the "medical criteria" set out in Regulation 3 of the Regulations, which include:
- Persons who are wholly or almost wholly without the use of one or both legs;
- Persons who are without both hands or both arms;
- Persons who are wholly or almost wholly without the use of both hands and arms while also being wholly/almost wholly without the use of one leg.
Full details of the scheme, including the legislative criteria which must be met, are set out in Information Leaflet VRT 7 which is available on the Revenue website www.revenue.ie The organisation (details supplied) has not made an application under the scheme to the Revenue Commissioners. The organisation may contact the Central Repayments Office, MTEK11 Building, Armagh Road, Monaghan, for further information or assistance (telephone 047-62100).
86. Deputy Terence Flanagan asked the Minister for Finance if the Revenue Commissioners have outsourced any work regarding the collection of the local property tax and household charge; and if so to what companies; the payment due to them; and if he will make a statement on the matter. [16012/14]
View answerFor the Deputy's information, I previously outlined in detail the overall cost of the Local Property Tax (LPT) project in Question Number 7 (49077/13) on 20 November 2013.
In regard to the specific Questions asked by the Deputy, I am advised by Revenue that the operational components of the Local Property Tax (LPT)/Household Charge (HHC) project that have been outsourced to external providers are telephone call handling and data capture of paper Returns.
In regard to the call handling operation, following an open competitive tendering process the contract was awarded to Abtran. The company commenced service on 7 March 2013 and has to date handled in excess of 1 million calls.
The Help-Line service, which is provided in both the English and Irish languages, normally operates on a 9am/5pm Monday to Friday cycle, but during peak filing periods is extended to an 8am/8pm cycle and can include Saturday when required.
A key aspect of the service is the Provider's capacity to quickly scale operations up or down in response to call volumes. For example, the number of operators required can vary from 40 up to 275 at peak periods. The advantage of the contract from a cost perspective is that Revenue does not have to pay to keep operators in situ beyond what is needed to handle demand at any particular time and only pays for calls answered. The cost of the service is published on the Revenue website every quarter in accordance with Government policy in respect of all payments exceeding €20,000. Revenue has confirmed to me that a total of €3.583 million was paid for the service delivered during 2013.
I am further advised by Revenue that the data capture element of the LPT project is outsourced under the terms of a separate open competitive tender. The contract is currently held by Billpost who ensures that all paper LPT Returns are data captured within a 2 day turnaround period. The total cost incurred by Revenue to date is €288,075 in respect of 620,000 items data captured.
Finally, Revenue has confirmed to me that the outsourcing of these components of the LPT/HHC operation has played a major role in the overall success of the project, which has so far yielded in excess of €530m to the Exchequer. The use of outsourcing in this manner has also minimised the impact on other core Revenue operations.
87. Deputy Terence Flanagan asked the Minister for Finance if he will review the extreme penalties charged for late payment of the household charge and local property tax which is leading to hardship for senior citizens; and if he will make a statement on the matter. [16013/14]
View answerThe Deputy will be aware that prior to 1 July 2013, the Household Charge was administered by the Local Government Management Agency (LGMA). From 1 July 2013, in accordance with section 156 of the Finance (Local Property Tax) Act 2012 (as amended) any arrears of Household Charge became €200 per residential property, the charge was converted to Local Property Tax (LPT) and the Revenue Commissioners took over responsibility for collecting these arrears. Because the Household Charge is now regarded as LPT, the range of very flexible payment options that is available for LPT, as well as the opportunity to defer payment in certain instances, apply equally to Household Charge arrears.
I am informed by the Revenue Commissioners that on 18 February this year the Commissioners announced that property owners had until 31 March 2014 to bring their LPT affairs (including Household Charge) up to date and avoid interest and penalties. This deadline was widely publicised both on the Revenue website, in newspaper advertisements and through interviews with Revenue spokespersons on local and national media during the six week period between 18 February and 31 March. The Deputy will also be aware that, due to the volume of calls received on their helpline on 31 March, the Commissioners extended this deadline by two days to 2 April.
I am advised that as a result of their information campaign, many property owners have taken the necessary action to sort out their LPT affairs. To date, a compliance rate of 93% has been achieved for 2013 and the rate for 2014 currently stands at 88%. In relation to payment of Household Charge arrears, the Commissioners have confirmed that to date about €5.6m has been paid directly to Revenue in respect of about 28,500 properties. I am informed that Revenue is still handling significant numbers of contacts from property owners anxious to regularise their affairs.
The Revenue Commissioners have confirmed to me that no interest or penalties have been charged to date on Local Property Tax arrears, however, as they have consistently stated over the past number of weeks, they will begin to impose these charges where a property owner does not engage with them. In that regard, Section 149 of the 2012 Act provides for the charging of interest on late payment of LPT (including Household Charge) at an annual rate of 8%. I should add that this rate is the same rate of interest charged on overdue income tax.
I, therefore, strongly encourage property owners to make immediate arrangements to pay any outstanding LPT and Household Charge arrears by accessing their LPT record on-line using their Property ID, PIN and PPSN. Where assistance is required to file on-line, or where a person does not have their Property ID or PIN, they should call the LPT helpline on 1890 200 255.
While I appreciate the Deputy s comments about the hardship involved for certain sections of the community, as I explained earlier, the LPT legislation provides a wide range of payment options for property owners to avail of and to choose from based on the payment type that best suits their needs. These include phased payment options by way of direct debit from certain credit union or bank accounts, or by deduction at source from occupational pensions and certain Government payments, including Department of Social Protection payments. The property owner can also make regular weekly or monthly payments to one of the three payment service providers which are An Post, Payzone and Omnivend.
Also, specifically in cases where a person is having difficulty meeting their obligations, Part 12 of the Finance (Local Property Tax) Act 2012 (as amended) provides for a system of deferral arrangements for owner-occupiers where there is an inability to pay the tax and the person meets certain criteria based on income thresholds. For example, an older person, whose only source of income is a payment from the Department of Social Protection would qualify for full deferral of the LPT charge, including any arrears of the Household Charge. However, if a person has income in addition to any DSP payment, they will qualify for deferral if their gross annual income is less than €15,000 for a single person or €25,000 for a couple. They would qualify to defer 50% of their LPT charge where their gross annual income is less than €25,000 for a single person or €35,000 for a couple and the remaining 50% of the tax must be paid.
Further details of the deferral arrangements available are set out on the Revenue website at http://www.revenue.ie/en/tax/lpt/deferring-payment.html. The Commissioners also engaged extensively with Citizens Information Centres and the deferral principles are well understood by their staff. It is very important at this stage, as the Revenue Commissioners move into their compliance campaign, that anyone qualifying for deferral of the tax applies to the Revenue Commissioners as a matter of urgency. Again, this can be done very easily by going on-line or contacting the LPT helpline.
It is my firm view that LPT, in common with all other taxes and duties, must have a robust but reasonable set of sanctions open to the Revenue Commissioners to apply in appropriate cases. Given the very high levels of voluntary compliance to date for LPT, there is an onus on the Commissioners to pursue the non-compliant and to impose appropriate additional charges. The deferral options that I have legislated for are there to address hardship cases. In view of the foregoing, I have no plans to amend the legislation in relation to the charging of interest and penalties on late payments of LPT.
88. Deputy Brian Walsh asked the Minister for Finance if he will provide a breakdown of deductions for universal social charge and PAYE in respect of a person (details supplied) in County Galway; the reason in view of their income level this person is liable for USC and PAYE; and if he will make a statement on the matter. [16015/14]
View answerThe Universal Social Charge (USC) is payable when an individual's gross income exceeds a threshold of €10,036 per annum. In this case, the income of the individual concerned for USC in 2013 was €13,046.89. The first €10,036 of income was liable at 2% and the balance of €3,010.89 was liable at 4%. On this basis, the total USC payable for 2013 was €321.15 and this amount has already been paid.
The individual's income for PAYE purposes in 2013 was €23,959. This amount comprised occupational income, a Transitional State Pension of €7,644 and a Contributory State Pension of €3,269. While the State pensions are not liable to Universal Social Charge, the total income is liable to income tax at the 20% tax rate and the gross tax payable was €4,791.80. The customer is entitled to a Personal Tax Credit of €1,650, a PAYE Tax Credit of €1,650, an Age Tax Credit of €245 and a Rent Credit of €400. The claim for Rent Credit was made when the person visited his local Revenue office in the past week.
The net PAYE tax payable for 2013 was therefore €846.80. The person is due a refund of €279.89 which he will receive shortly.
89. Deputy Sean Fleming asked the Minister for Finance the number of motor vehicles in the possession of his Department or agencies of his Department that are not required to hold motor tax; and if he will make a statement on the matter. [16028/14]
View answer90. Deputy Sean Fleming asked the Minister for Finance the number of motor vehicles in the possession of his Department or agencies of his Department that do not hold an insurance policy; the manner in which insurance claims arising in respect of vehicles in the possession of his Department or its agencies are handled; the amount of insurance claims paid on behalf of his Department in each of the past five years; and if he will make a statement on the matter. [16044/14]
View answerIn response to the Deputy's questions my Department does not possess a fleet of motor vehicles.
In relation to bodies under the aegis of My Department the office of the Revenue Commissioners have supplied me with the following information in respect of the motor vehicles in their possession. Currently there are 223 motor vehicles in Revenue's fleet. All of these are exempt from the payment of motor tax. None of these hold an insurance policy for driving in the state and are instead covered by State indemnity. All claims arising in respect of Revenue vehicles are handled by the State Claims Agency.
91. Deputy Terence Flanagan asked the Minister for Finance the position regarding negative equity (details supplied); and if he will make a statement on the matter. [16108/14]
View answerAs the Deputy may be aware, it is not appropriate for me to comment on or become involved in an individual borrower's dealings with a financial services provider.
Mortgage lending decisions must be undertaken on a sustainable and prudential basis by financial institutions and must conform fully with the regulatory requirements, both in relation to the financial institution itself, and also with regard to safeguarding the borrower's interests.
While the financial downturn has unfortunately resulted in increased numbers of borrowers in negative equity as property prices decreased, we are now seeing early signs of recovery in that sector, which will have a positive impact on the situation for borrowers in negative equity.
The Deputy will appreciate that it is a matter for financial institutions to consider what products they wish to make available to their customers. However, I am advised by the Irish Banking Federation that the following banks have introduced products developed for people who are in negative equity and who wish to move: Permanent TSB, Ulsterbank, AIB, Bank of Ireland, EBS, KBC & Bank of Ireland.
Links provided:
https://www.permanenttsb.ie/whatweoffer/mortgages/home-movers/
http://www.ulsterbank.ie/roi/personal/borrowing/mortgages/moving-home/products/home_movers.ashx
https://www.aib.ie/personal/mortgages/negative-equity-trade-up
http://www.ebs.ie/mortgages/ebs-negative-equity-trade-up.html
http://www.kbc.ie/personal/mortgages/negativeequity
http://personalbanking.bankofireland.com/borrow/mortgages/movers-mortgage/.
92. Deputy Pearse Doherty asked the Minister for Finance when the 2014 stability programme update will be published. [16115/14]
View answerEach Member State is required to submit an annual update of its Stability Programme (Convergence Programme in the case of non-euro area Member States) in April, outlining the overall fiscal stance over the short- and medium-term.
The Government intends to publish its 2014 Update of the Stability Programme in draft format by mid-April. Following engagement with the Houses of the Oireachtas the final document will subsequently be submitted to the European Commission by the end-April deadline, in accordance with our legal requirements
94. D'fhiafraigh Deputy Éamon Ó Cuív den Aire Airgeadais cén méid airgid a caitheadh in 2013 ar aistriú doiciméad ó Bhéarla go Gaeilge nó ó Ghaeilge go Béarla, agus ó theangacha eile go Béarla agus ó Bhéarla go teangacha eile, faoi seach; cad ba chaiteachas iomlán riaracháin na Roinne sa bhliain 2013; agus an ndéanfaidh sé ráiteas ina thaobh. [16136/14]
View answerBa é €10,202.25 an méid iomlán a caitheadh in 2013 ar dhoiciméid a aistriú do mo Roinn.
Níor tabhaíodh aon chostas eile ach amháin d'aistriúcháin ó Bhéarla go Gaeilge.
Ba é €23.114 milliún (neamhiniúchta) an costas riaracháin don Vóta Airgeadais in 2013.
95. Deputy Catherine Murphy asked the Minister for Finance if Allied Irish Banks, Permanent TSB and Irish Bank Resolution Corporation in respect of the remaining mortgages held on its books will reach the June 2014 target set by the Central Bank of Ireland to come to a resolution with 75% of their borrowers who are in arrears on their mortgages by more than 90 days; the proportion of such mortgages which are being passed on to external debt collection agencies; and if he will make a statement on the matter. [16220/14]
View answerAIB and PTSB have confirmed that they have met the Q4 2013 mortgage arrears resolution targets with borrowers who are in arrears on their mortgages by more than 90 days and the banks have continued to prioritise the achievement of subsequent targets including the Q2 2014 target. It should be noted that where appropriate, the banks may appoint third parties to engage with customers on their behalf. This could include the appointment of an asset recveiver in the case of buy to let mortgages.
At the time the Mortgage Arrears Resolution Targets or MART were published in March 2013 by the Central Bank of Ireland , IBRC was in Special Liquidation. Therefore IBRC was not one of the Specified Credit Institutions included in this programme.
96. Deputy Micheál Martin asked the Minister for Finance if he has had recent discussions with the First Minister and Deputy First Minister of Northern Ireland regarding equalising corporation tax rates between Northern Ireland and Southern Ireland; and if he will make a statement on the matter. [8926/14]
View answer97. Deputy Micheál Martin asked the Minister for Finance if he has had recent discussions with Prime Minister Cameron on equalising corporation tax rates between Northern Ireland and Southern Ireland; and if he will make a statement on the matter. [8927/14]
View answerI propose to take Questions Nos. 96 and 97 together.
As I have said previously in this House, as a rule we do not comment on the tax regimes of other jurisdictions. However, the OECD has consistently stated that low corporation tax rates combined with a broad base is the best way to encourage economic growth while still maintaining tax revenues. That is what we have being doing for many years and what we will continue to do.
A reform of the Northern Ireland corporation tax rate and base has the potential to generate benefits in that part of the island, as well as on this side of the Border. Some commentators might see it as a case of Northern Ireland entering into direct competition with us on corporation tax, but I do not see it that way I see it as having the potential to benefit both sides of the Border thereby providing an impetus for the island as a whole.
Of course there is strong evidence that a low corporation tax rate on its own will not be enough to attract significant FDI and we have consistently demonstrated that Ireland's attractiveness for foreign multi-national corporations is based on a whole range of factors one of which happens to be our 12.5% tax rate.
I have not held any discussions with either the First Minister or the Deputy First Minister on the issue of equalising corporation tax rates between this State and Northern Ireland.
98. Deputy Micheál Martin asked the Minister for Finance if tax cuts have been discussed at his latest meeting with the social partners; and if he will make a statement on the matter. [10349/14]
View answerIn advance of Budget 2014, I met, along with Minister Howlin, a number of representative organisations including IBEC, ICTU, the IFA, the ICMSA, the Construction Industry Federation and the Community and Voluntary Pillar. During these meetings, a broad range of issues were discussed including their tax proposals, which I considered in the context of Budget 2014.
In January of this year, I met with IBEC, during which a broad range of topics were discussed, including the economy and general tax policy. In addition, I also delivered a speech and took part in a Q&A session to the IFA executive board, in which general tax policy in relation to the farming sector was discussed.
As the Deputy will be aware, we have to deliver a general government deficit of less than 3% in 2015 to exit the Excessive Deficit Procedure (EDP). This will require further consolidation, including the introduction of revenue raising measures in Budget 2015. Once out of the EDP, Ireland will have to meet its obligations under the preventative arm of the Stability and Growth Pact.
The key objective is to achieve our Medium Term Budgetary Objective (MTO) of a balanced budget in structural terms in 2018. Until we reach our MTO, discretionary revenue reductions have to be offset by other revenue increases or expenditure reductions. Within these constraints, I will continue to work with my Department, as I have done in each of the last 3 years, to reform the taxation system to enhance economic growth and increase employment. This will include reviewing and reforming, where appropriate, tax expenditures in the form of reliefs and incentives.
99. Deputy Luke 'Ming' Flanagan asked the Minister for Finance if the first bond has been sold yet by the Central Bank this year; and if he will make a statement on the matter. [16222/14]
View answer100. Deputy Luke 'Ming' Flanagan asked the Minister for Finance if the €3.06 billion bond to cover the 2012 promissory note has been sold yet; and if he will make a statement on the matter. [16223/14]
View answerThe Central Bank of Ireland is independent in the exercise of its functions and the management of its investment holdings is a matter for the bank itself, neither I nor the Department of Finance have any role in these matters. The Central Bank has undertaken that a minimum amount of bonds will be sold in accordance with the following schedule: to end 2014: €0.5bn, 2015-2018: €0.5bn p.a., 2019-2023: €1bn p.a., 2024 and after: €2bn p.a.. This portfolio includes both the floating rate bonds exchanged for the Promissory Notes and holdings of the 2025 Irish Government bond acquired from the Bank of Ireland on the termination of its market repo with IBRC due to the latter s special liquidation. The Central Bank normally reports in detail on its balance sheet only at annual intervals with the annual report for 2013 expected to be published at end-April.
