Written Answers Nos. 158-191
158. Deputy Martin Heydon asked the Minister for Finance if he will provide an update on the progress of returning credit union services to Newbridge, County Kildare, in view of the need for the services there; the role his Department is playing in this matter; and if he will make a statement on the matter. [32661/14]
View answerWhile the Government is absolutely determined to support a strengthened and growing credit union movement and has highlighted its support for the return of a credit union to Newbridge, my role is to ensure the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. I have been informed that the Central Bank is open to any proposals to re-establish credit union services in the Newbridge area. Any proposal to establish a new credit union or to extend the common bond of an existing credit union is subject to regulatory approval by the Central Bank.
162. Deputy Michael McGrath asked the Minister for Finance if other than his meeting in November 2011 he has held discussions with the banks on the subject of passing on European Central Bank rate reductions; the number of ECB rate reductions since that date; and if he will make a statement on the matter. [32667/14]
View answerFirstly, I must confirm to the Deputy that neither the Central Bank nor I have any responsibility for the variable mortgage interest rate charged by regulated financial instutions. The lending institutions in Ireland - including those in which the State has a significant shareholding - are independent commercial entities. I have no statutory role in relation to regulated financial institutions passing on the European Central Bank interest rate change or to the mortgage interest rates charged. It is a commercial matter for each institution concerned. The ECB marginal lending facility rates from November 2011 are as follows:
|
Date |
ECB rate reductions |
|
09/11/2011 |
= 2.00% |
|
14/12/2011 |
= 1.75% |
|
11/07/2012 |
= 1.50% |
|
08/05/2013 |
= 1.00% |
|
13/11/2013 |
= 0.75% |
|
11/06/2104 |
= 0.40% |
The Central Bank has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements and for ensuring ongoing compliance with applicable statutory obligations. The mortgage interest rates that financial institutions operating in Ireland charge to customers are determined as a result of a commercial decision by the institutions concerned. This interest rate is determined taking into account a broad range of factors, including European Central Bank base rates, deposit rates, market funding costs, the competitive environment and an institution's overall funding.
The Central Bank has no statutory role in the setting of interest rates by financial institutions, apart from the interest rate cap imposed on the credit union sector in accordance with the provisions of the Credit Union Act, 1997. However, as part of the Central Bank s work on mortgage arrears, lenders were asked to consider all avenues to help customers in arrears, including interest rate reductions.
Since the meeting in November 2011, I have had further meetings with the various banks at senior level at which this issue would have been one of many issues discussed. It would also be discussed at regular meetings between my officials and the banks. However, it should be noted that the Relationship Frameworks specifically reference decisions regarding pricing as being commercial decisions for the banks.
165. Deputy Michael McGrath asked the Minister for Finance the current duration for which mortgage approval is valid once granted for each of the State supported banks; and if he will make a statement on the matter. [32671/14]
View answerI can confirm for the Deputy that I have received the following information from the Banks.
1) Allied Irish Banks
AIB Mortgage approval is considered valid for a period of six months from date of issue.
2) Permanent TSB
The mortgage validity period is 6 months from the grant date.
In the case of Bank of Ireland I understand that mortgage approval is typically valid for a period of 3 months but can extend to 6 months.
166. Deputy Michael McGrath asked the Minister for Finance the number of validly renewed alcohol licences in the off-trade and on-trade for each of the years 2011 to 2013, inclusive, and to date in 2014; and if he will make a statement on the matter. [32672/14]
View answerI am advised by the Revenue Commissioners that the number of renewed alcohol licences in the off-trade and on-trade for the calendar years in question is set out in the table. As the licensing year is 1 October to 30 September, the figures supplied for 2013 are inclusive of licences which remain valid until 30 September 2014.
The Deputy may wish to note that a list of current valid Liquor Licences renewed for 2013/2014 (in accordance with relevant legislation) is publicly available and regularly updated on the Revenue Commissioners website at http://www.revenue.ie/en/tax/excise/excise-licensing/renewed-liquor-licence-register.pdf.
|
Off Licences |
2011 |
2012 |
2013 |
2014 to Date |
|
Beer Off-Licences |
1,732 |
1,682 |
1,756 |
198 |
|
Cider Off-Licences |
9 |
6 |
10 |
0 |
|
Spirits Off-Licences |
1,722 |
1,669 |
1,746 |
184 |
|
Wine Off-Licences |
3,405 |
3,324 |
3,370 |
422 |
|
Total |
6,868 |
6,681 |
6,882 |
804 |
|
On Licences |
2011 |
2012 |
2013 |
2014 to Date |
|
Wine On-Licences viz.:- Full |
1773 |
1763 |
1856 |
451 |
|
Passenger Aircraft |
385 |
398 |
446 |
3 |
|
Passenger Vessels - Annual |
23 |
26 |
28 |
5 |
|
Pub 7-Day |
8509 |
8241 |
8402 |
1,370 |
|
Pub Six-Day |
11 |
7 |
10 |
1 |
|
Pub Six-Day and Early-Closing |
3 |
2 |
2 |
0 |
|
Railway Restaurant Cars |
51 |
51 |
49 |
0 |
|
Special Restaurant Fee |
32 |
38 |
28 |
11 |
|
Special Restaurant Renewal |
380 |
390 |
393 |
55 |
|
Total |
11,167 |
10,916 |
11,214 |
1,896 |
168. Deputy Michael McGrath asked the Minister for Finance the progress to date in implementing a Europe wide system of bank supervision; and if he will make a statement on the matter. [32674/14]
View answerConsiderable progress has been made over the past few years to put in place a Europe wide system of bank supervision. In the first instance a harmonised set of EU rules on capital requirements for credit institutions and investment firms was agreed early last year. These rules apply to all 28 EU Member States and were transposed into Irish law earlier this year. The rules set stronger prudential requirements for banks, requiring them to keep sufficient capital reserves and liquidity. They aim to strengthen the effectiveness of the regulation of credit institutions and investment firms in the EU and enhance financial stability. A further objective is to contain the pro-cyclicality of the financial system which in turn will ensure a high level of protection for investors and depositors and will benefit of the operators in these markets.
These rules are an important part of the Single Rulebook which is the foundation of the banking union. The Single Rulebook consists of a set of legislative texts which all financial institutions in the EU must comply with. The Single Rulebook also contains improved rules on depositor protection and rules for managing failing banks.
In addition to this Single Rulebook the Deputy will recall that further integration of the banking system was considered necessary for Member States within the currency union and on this basis Eurozone Member States agreed to the creation of a banking union. In a supervision context the banking union will include a Single Supervisory Mechanism (SSM) which creates a new system of financial supervision comprising of the ECB and national supervisory authorities of the participating Member States. Under this new system of supervision the ECB will directly supervise significant credit institutions and will work closely with national supervisors to supervise other credit institutions under the general oversight of the ECB.
With regard to implementation of this common system of supervision, the ECB will take over its supervisory responsibilities on 4 November of this year. I understand that ECB's preparations for this are well under way at this stage. Ms Danielle Nouy was appointed Chair of the Supervisory Board of the SSM in December 2013. Ms Sabine Lautenschlager was appointed Vice-Chair in February of this year and a further three appointments to the Board were made in March. The ECB recently confirmed that it has largely completed the establishment of the SSM governance structures. The Supervisory Board adopted its Rules of Procedure on 31 March 2014 and they entered into force on 1 April 2014.
In relation to staffing of the SSM I understand this is proceeding and is taking place in a top-down fashion. The SSM has also confirmed that preparatory work is well advanced in areas such as IT infrastructure, HR and legal services.
In April of this year the ECB published its framework regulation which lays down the main procedures governing cooperation between the ECB and national supervisors.
Furthermore, the Deputy will be aware that the ECB is performing a comprehensive assessment of the banks balance sheets, including an asset quality review and a stress test, prior to it assuming full responsibility under the SSM in November. I understand this process is on track and final results should be published by the end of October.
In summary the process of putting in place a European system of banking supervision is well underway. It is expected that the momentum behind this project will continue at a steady pace over the next few months with a view to the SSM being fully operational by November of this year.
171. Deputy Michael McGrath asked the Minister for Finance his views on the implementation of the Mercer report in relation to remuneration at the State supported banks; and if he will make a statement on the matter. [32679/14]
View answerAs the Deputy will be aware the Review of Remuneration Practices and Frameworks at the Covered Institutions (the "Mercer Report") was published by my Department on 12th March 2013. Following the publication I requested that the three banks in which the State is a shareholder make savings in total remuneration costs of 6% to 10%. The three banks responded with their individual strategies, designed to achieve the required savings, by the due date of 30 April as requested. I was not prescriptive in how this was to be achieved respecting their differing State ownership and investment and paths to profitability. I reviewed the plans submitted and in light of the various industrial relations developments during 2013 I was satisfied that the banks' plans would meet my direction.
It is worth noting in this context that in their respective 2013 annual results, AIB reported a 16% year-on-year decline in costs while ptsb reported a 13% decline in staff costs. Including a one-off pension related gain of c€400m, Bank of Ireland's total costs reduced by 28% year-on-year. Despite this momentum it is imperative that all the banks make every effort to hold down costs in the coming years and particularly staff related costs which form the majority of total costs.
172. Deputy Michael McGrath asked the Minister for Finance if persons opting to pay the local property tax by credit or debit card in 2015 will have payment deducted in November 2014; and if he will make a statement on the matter. [32680/14]
View answerI am advised by Revenue that the Finance (Local Property Tax) Act 2012 (as amended) provides that all payments of Local Property Tax (LPT) are due on or before 1 January in the year immediately following the year in which the 'liability date' falls. The 'liability date' is 1 November in the preceding year, for example 1 November 2014 in respect of 2015. The Deputy will be aware that the Revenue Chairman committed to review all of the payment options that are currently available for LPT in advance of the 2015 'liability date'. I am informed that the review is currently under way and any changes to the payment options will be publicised in good time for 2015.
173. Deputy Michael McGrath asked the Minister for Finance the total value of prize bonds at the end of December for each of the years 2012 and 2013; the total value of the prizes awarded for each of the same years; and if he will make a statement on the matter. [32681/14]
View answerState Savings is the brand name used by the National Treasury Management Agency (NTMA) to describe the range of Government savings products offered by the NTMA to personal savers. Prize Bonds are one of the suite of State Savings products (which include Savings Bonds, Savings Certificates, Instalments Savings, National Solidarity Bonds and Deposit Accounts), all of which form part of the sovereign debt of Ireland, the repayment of which is a direct, unconditional obligation of the State. The total value of Prize Bonds at end-December 2012 was €1,649 million and at end-December 2013 was €1,932 million. The value of prizes awarded in 2012 was €47.6 million and in 2013 was €35.2 million.
174. Deputy Michael McGrath asked the Minister for Finance the amount of contingent convertible capital notes and preference shares the State holds in the covered banks; the dates on which these were acquired; the interest payable on each security; their maturity dates; his plans for these investments; and if he will make a statement on the matter. [32682/14]
View answerI can confirm for the Deputy the following in relation to the current holdings by the State of contingent capital notes and preference shares.
|
Bank |
Instrument |
Nominal Value |
Interest payable |
Acquisition date |
Maturity Date |
|
Allied Irish Banks |
Preference Shares |
€3.5bn |
8% |
May 2009 |
Perpetual instrument |
|
Contingent Capital Notes (CoCo) |
€1.6bn |
10% |
July 2011 |
July 2016 |
|
|
Permanent TSB |
Contingent Capital Notes (CoCo) |
€0.4bn |
10% |
July 2011 |
July 2016 |
In relation to our cocos and preference shares in AIB, the bank has confirmed that discussions are taking place with the State about these investments with a view to ensuring that AIB's capital structure is fit for purpose and the State's interests are best protected in light of our desire to see a return on our overall investment in the bank. In relation to our coco investment in Permanent TSB, no decisions have been made with regard to this investment.
Officials in my Department closely monitor the performance of all our banking investments to ensure that the taxpayers' interest are protected and that a path can be found to reduce and eventually eliminate the State's exposure over time.
175. Deputy Michael McGrath asked the Minister for Finance if the savings to the Exchequer anticipated in budget 2014 from restrictions on the maximum income that can be generated tax free from a pension fund have been achieved; and if he will make a statement on the matter. [32683/14]
View answerI assume the Deputy is referring to the changes introduced in Budget 2014 and Finance (No 2) Act 2013 involving, among other things, a reduction from 1 January 2014 in the value of the maximum allowable pension fund at retirement for tax purposes (the Standard Fund Threshold SFT) from €2.3 million to €2 million.
The Deputy might note that the SFT regime does not operate on the basis of restricting tax relieved pension contributions on the way into a pension scheme or plan or restricting tax-exempt investment income or gains accruing in a pension fund or pension plan. Instead, the regime addresses the problem of pension overfunding and excessive pension accrual by imposing a much higher effective tax charge on the value of retirement benefits above set limits when they are drawn down, thus discouraging the building up through contributions of large pension funds in the first place or the unwinding of the tax advantage of such overfunding excessive pension accrual by way of the higher effective tax charge.
The yield from the changes made to the SFT regime is estimated at €120 million in 2014 and in a full year and is expected to arise in two main ways: firstly, from the cessation of tax-relieved contributions to pension saving from those employees and individuals in the private sector affected in the short to medium term by the changes and, secondly, by the conversion, to some degree, of employer pension contributions and pension promises in respect of those employed individuals into compensatory current taxable remuneration. In addition, some of the yield will also arise from affected individuals who remain in pension arrangements and continue to contribute to them or accrue benefits under them, and will take the form of chargeable excess tax payable at retirement where their SFT or Personal Fund Threshold (PFT), as appropriate, is exceeded. This increased tax will effectively claw back any tax subsidy which helped fund the excess over the SFT or PFT.
These savings and additional tax revenues would mainly impact on the yield from income tax but it would not be possible (except through the imposition of significant additional administrative burden and cost on employers and pension administrators) to separately identify the total yield from the changes to the SFT regime from the general income tax yield. The Deputy will be aware that the yield from income tax in the first half of 2014 is marginally ahead of target for the period.
176. Deputy Michael McGrath asked the Minister for Finance if he will set out for each local authority area the loss of revenue based on 2014 data that would arise in respect of the local property tax if the maximum allowable variation is applied in each area in 2015; and if he will make a statement on the matter. [32684/14]
View answerIn accordance with section 20 of the Finance (Local Property Tax) Act 2012 (as amended) elected members of a local authority are required to pass a formal resolution in order to vary the basic rate of Local Property Tax (LPT) in respect of residential properties situated within their functional area. Both the 0.18% and 0.25% LPT rates, which must be changed at the same time and by the same factor, can be increased or decreased by up to 15%. This is the maximum allowable variation that can be applied by any local authority and is referred to as the "local adjustment factor" (LAF).
I am informed by the Revenue Commissioners that a reduction in the LPT rates by 15% in 2015 would result in a corresponding reduction of 15% in the amount of LPT payable for that year per local authority. In relation to the Deputy's request for an estimate of the loss of revenue based on 2014 data, I am advised that compliance data in relation to LPT is available broken down by city and county councils nationally and the most up to date figures for LPT collected in 2013 and 2014 were published on 16 April 2014 on the Commissioners' website at: Local Property Tax Statistics April 2014 (PDF 192KB). The Commissioners have confirmed that more up-to-date data and analysis will be published shortly.
I am further advised that the 2014 yield figure set out in these published statistics includes payments received from some local authorities for their 2013 LPT liability (payment was due on 1 January 2014), payment of arrears in relation to 2013 LPT and Household Charge payments made as a result of compliance activity by the Revenue Commissioners. As most of these amounts will be non-recurring, the projected annual yield from LPT alone is estimated to be in the region of €500m. Consequently, the Commissioners have confirmed that a 15% reduction in the basic LPT rate in 2015 by each city and county council would reduce the estimated LPT yield by €75m nationally. Precise details of how this estimated €75m reduction would be spread across the local authorities are not currently available but the Deputy will be able to arrive at a reasonable approximation using the published data, which has also been made available to local authorities for their information.
177. Deputy Michael McGrath asked the Minister for Finance the amount of funds currently covered by the deposit guarantee scheme; the number of institutions covered; and if he will make a statement on the matter. [32686/14]
View answerThe Central Bank of Ireland is responsible for the operation of the Deposit Protection (Guarantee) Scheme (DGS), which covers licensed credit institutions operating in the State. Each credit institution covered by the DGS is required to maintain a balance in the Deposit Protection Account (DPA) equivalent to 0.2% of their total deposits in order to fund the DGS. Over 400 institutions are currently covered by the DGS. This number includes all credit unions in Ireland.
While the total deposits in the financial sector in Ireland at end February 2014 was €465bn, the Central Bank advises me that this includes deposits such as interbank deposits which are not eligible for coverage under the DGS scheme. The total amount for the purposes of the DGS scheme is much lower at approximately €185bn. The level of deposits actually covered would be lower again as only amounts up to €100,000 per eligible depositor per credit institution are covered. The Central Bank is currently working with credit institutions to extract data on the actual amount in such accounts covered under the Deposit Guarantee Scheme.
The new EU Directive on Deposit Guarantee Schemes which will come into effect in mid 2015 requires that all credit institutions mark deposits in such a way that allows for the immediate identification of deposits that are eligible for protection under the Deposit Guarantee Scheme. The Central Bank is currently working with credit institutions to meet the requirements of the Directive.
178. Deputy Michael McGrath asked the Minister for Finance if there are any directors’ loans still outstanding in respect of Anglo Irish Bank and Irish Nationwide Building Society; and if he will make a statement on the matter. [32687/14]
View answerI am advised by the Special Liquidators that there are a number of directors' loans which remain outstanding in IBRC and continue to be managed by the Special Liquidators. It would not be appropriate to comment on individual cases.
179. Deputy Michael McGrath asked the Minister for Finance the number of staff in each of the State supported banks that have received specific training for dealing with customers in mortgage arrears; and if he will make a statement on the matter. [32689/14]
View answerI can confirm for the Deputy that I have received the following information from the banks.
1) Allied Irish Banks
AIB can confirm that c. 1,100 staff across the organisation have received specialist training in relation to the Mortgage Arrears Resolution Process. Of these c. 300 staff work in a dedicated Arrears Support Unit trained to deal specifically with customers in mortgage arrears.
2) Permanent TSB
"The Asset Management Unit of Permanent tsb has primary responsibility for dealing with customers in arrears. 292 staff who currently work within the Asset Management Unit of Permanent tsb have all undertaken dedicated and bespoke training on dealing with customers in arrears ".
Bank of Ireland had provided the following information in connection to a previous Parliamentary Question on this topic:
Circa 650 individual staff members dealing with customers in mortgage arrears have completed intensive training programmes across the Bank of Ireland Group. Over 2,000 further staff members across the Group have completed mortgage arrears related training.
180. Deputy Michael McGrath asked the Minister for Finance the number of residential mortgages that have been subject to more than one restructuring arrangement; and if he will make a statement on the matter. [32690/14]
View answerThe Central Bank has advised that it does not publish the number of residential mortgages that have been subject to more than one restructuring arrangement. However, I understand that many restructures are proposed on a trial basis during which the payment capability of the borrower is tested before the offer counts as a permanent restructure.
As statutory regulator of credit institutions, the Central Bank has the power to require banks to meaningfully address mortgage arrears cases on their books. As the Deputy is aware, the Central Bank has set specific targets, which the six main banks are required to meet on a quarterly basis, in terms of offering and concluding sustainable solutions for those in mortgage arrears of greater than 90 days. The Central Bank's latest 'Residential Mortgage Arrears and Repossessions Statistics' publication for the end of Q1 2014 (http://www.centralbank.ie/press-area/press-releases/Pages/ResidentialMortgageArrearsandRepossessionsStatisticsQ12014.aspx), shows that 92,442 principal dwelling houses (PDH) mortgage accounts were categorised as restructured at the end of March 2014, an increase of 10 per cent from the stock of restructured accounts reported at the of December 2013.
The monthly mortgage restructures and arrears data for the six main lenders (about 90% of the market) published by my Department also provides an impetus for those MART banks to increase the pace of provision of mortgage restructures. The latest publication, in respect of the end of May, shows that some progress has been made in putting permanent mortgage restructures in place. For example, the total number of permanent restructures of principal dwelling houses (PDH) mortgages has risen from around 51,000 in December to over 69,000 in May 2014.
This data, as well as the Central Bank quarterly mortgage arrears publications, would appear to demonstrate some success by the lenders in addressing the accounts in arrears as well as measures to prevent borrowers from going into arrears. Taken together, the framework is in place to enable banks to work with distressed homeowners to reach sustainable solutions for dealing with their personal indebted situations. However, early and effective engagement between borrowers and lenders is key to resolving the cases of mortgage difficulty. Where there is effective and meaningful engagement by all parties regarding a mortgage difficulty, the data shows that an increasing number of durable long term mortgage restructures is being put in place.
181. Deputy Michael McGrath asked the Minister for Finance his views on the manner in which banks not covered by the mortgage arrears resolution targets are dealing with the problem of mortgage arrears; and if he will make a statement on the matter. [32691/14]
View answerThe Central Bank's Mortgage Arrears Resolution Targets (MART) process, as announced in March 2013, sets time bound and measurable targets for the six main banks requiring them to systematically address their arrears book. Under this rolling process, quarterly performance targets have been set to require the banks to propose and put in place durable long term solutions to address individual cases of mortgages in difficulty where the mortgage is more than 90 days in arrears. The Central Bank has advised that those institutions covered by the MART cover the vast majority of the principal dwelling houses (PDH) and buy-to-let (BTL) mortgage book in Ireland, accounting for 9 out of 10 mortgages held.
The Central Bank's Code of Conduct on Mortgage Arrears (CCMA) applies to the mortgage lending activities of all regulated entities, except credit unions, operating in the State, and consequently not just to those banks covered by the Mortgage Arrears Resolution Targets. The CCMA sets out requirements for all mortgage lenders dealing with borrowers in arrears or pre-arrears on a mortgage loan which is secured by their primary residence. The CCMA provides a strong consumer protection framework to ensure that borrowers struggling to keep up mortgage repayments are treated in a fair and transparent manner by their lender and that long term resolution is sought by lenders with each of their co-operating borrowers. This framework is referred to as the Mortgage Arrears Resolution Process (MARP) which sets set out the following steps which lenders must follow:
Step 1: Communicate with borrower;
Step 2: Gather financial information;
Step 3: Assess the borrower's circumstances; and
Step 4: Propose a resolution.
Under the CCMA, if a borrower is not satisfied with the way that their lender is dealing with them or if they think the lender is not complying with the CCMA, the borrower can make a complaint to his lender. Borrowers also have the right to appeal to the lender's Appeals Board if they are not happy with the alternative repayment arrangement offered or where a lender declines to offer an alternative repayment arrangement or if they believe they have been wrongly classified as not co-operating. If the borrower is still unhappy with the outcome of the appeal, or the complaint made to the lender, they can refer the matter to the Financial Services Ombudsman.
The Central Bank's latest 'Residential Mortgage Arrears and Repossessions Statistics' publication for the end of Q1 2014 (http://www.centralbank.ie/press-area/press-releases/Pages/ResidentialMortgageArrearsandRepossessionsStatisticsQ12014.aspx), shows that the number of mortgage accounts for PDH in arrears, fell for the third consecutive quarter. A total of 132,217 PDH accounts were in arrears at end March 2014 which is a decline of 3.2 per cent relative to end Q4 2013. The publication also shows that a total of 29,801 new restructure arrangements were agreed during the first quarter of 2014 which reflects a 25.3 per cent increase on the number of new arrangements agreed during the previous quarter.
Early and effective engagement between borrowers and lenders is key to resolving the cases of mortgage difficulty. Where there is effective and meaningful engagement by all parties regarding a mortgage difficulty, the data shows that an increasing number of durable long term mortgage restructures is being put in place. However, it is accepted that it will be necessary for lenders and borrowers to continue to build on this.
182. Deputy Michael McGrath asked the Minister for Finance the proportion of residential mortgage holders in arrears of longer than 90 days in which one or both parties to the mortgage are classified as unemployed; and if he will make a statement on the matter. [32692/14]
View answerIn relation to the proportion of borrowers in mortgage arrears in which one or both parties are classified as unemployed, I am advised by the Central Bank that it does not publish information on this basis. The Central Bank's Code of Conduct on Mortgage Arrears (CCMA) sets out requirements for mortgage lenders dealing with borrowers facing or in mortgage arrears. The CCMA provides a strong consumer protection framework to ensure that borrowers struggling to keep up mortgage repayments are treated in a fair and transparent manner by their lender, and that long term resolution is sought by lenders with each of their borrowers in genuine mortgage difficulty.
The Central Bank's latest 'Residential Mortgage Arrears and Repossessions Statistics' publication for the end of Q1 2014 (http://www.centralbank.ie/press-area/press-releases/Pages/ResidentialMortgageArrearsandRepossessionsStatisticsQ12014.aspx), shows that the number of mortgage accounts for principal dwelling houses (PDH) in arrears, fell for the third consecutive quarter and at the end of March 2014, 93,106 (12.2 per cent) primary dwelling mortgage accounts were more than 90 days in arrears, representing a decline of 3.5% over the quarter.
Separately from Central Bank quarterly reports, a monthly reporting regime on mortgage restructures and arrears for the six main banks covered by the Central Bank's Mortgage Arrears Resolution Targets (MART) has been put in place by my Department. The latest publication, with data to the end of May, shows that the number of PDH mortgage accounts in arrears of greater than 90 days has fallen by 4,716 accounts when compared to the end of Q1 2014 while the total number of PDH mortgage arrears has fallen by 5,108 accounts in the same period.
The data published by my Department, as well as the Central Bank data, would appear to demonstrate some success by the lenders in addressing the accounts in mortgage arrears as well as measures to prevent borrowers from going into arrears. However, increased engagement in this area by the financial institutions will be necessary to address the situation of those remaining householders facing difficulties in meeting their mortgage commitments.
183. Deputy Michael McGrath asked the Minister for Finance his plans for the future use of the headquarters of the Central Bank of Ireland; the timetable for completion; and if he will make a statement on the matter. [32693/14]
View answerUnder section 6B of the Central Bank Act 1942, the Central Bank Commission is responsible for administrating the provision of accommodation and the acquisition and disposal of land by the Central Bank. As Minister for Finance, I have no role in the matter. I have been advised that the Central Bank is developing proposals for the disposal of its headquarters on Dame Street, Dublin, on the basis of its planned move to a new building at North Wall Quay in 2016. The Bank advise that these proposals will ensure that due regard is given to the public interest and maximising the return to the Central Bank, and consequentially the Exchequer.
184. Deputy Michael McGrath asked the Minister for Finance if he will set out in tabular form the value of the Central Bank holdings of gold at the end of each year from 2010 to 2013; the value of all purchases and sales of gold by the Central Bank in each year from 2010 to 2013; and if he will make a statement on the matter. [32694/14]
View answerAs per the Central Bank annual statements, gold and gold receivables consist of coin stocks held in the Central Bank, together with gold bars held at the Bank of England. The value of the Central Bank holdings of gold at the end of each year from 2010 to 2013 is set out in tabular form. I am informed by the Central Bank that it has not sold or purchased any gold in the periods 2010 to 2013. The movement in the holdings of gold is reflective of the change in value/price of gold.
|
Year |
Holdings of Gold |
Purchases of Gold |
Sales of Gold |
|
2010 |
203,791,985.99 |
0 |
0 |
|
2011 |
234,966,619.78 |
0 |
0 |
|
2012 |
243,521,797.93 |
0 |
0 |
|
2013 |
168,443,932.15 |
0 |
0 |
185. Deputy Michael McGrath asked the Minister for Finance if he will set out in tabular form the total number of investors and the gross cost to the Exchequer of section 481 film tax relief in each year from 2010 to 2013; his estimate of the number of jobs supported by this scheme; and if he will make a statement on the matter. [32695/14]
View answerThe information requested by the Deputy is as follows:
|
- |
Number of Investors |
Gross Cost to the Exchequer €m |
|
2010 |
4,042 |
65.6 |
|
2011 |
2,584 |
49 |
|
2012 |
3,372 |
58.5 |
|
2013 |
4,217* |
73.1* |
*Figures are provisional and may be revised
Number of persons employed in the production of qualifying films
Statistics are not available showing the actual number of persons employed in the film industry. Files maintained by the Revenue Commissioners provide data on the number of individuals that are scheduled to work on productions in a given year. These show that in 2013, just over 27,000 individual employments were generated on film productions supported by Section 481 relief. This includes approximately 20,000 employments as extras on these productions. This data does not show whether an individual spent a full year, a week or a day working on the production of a qualifying film. Similarly, an individual may have worked on a number of productions and would be counted in respect of each production. For this reason, it is not possible to estimate the number of full time equivalent employees from the Revenue information.
187. Deputy Michael McGrath asked the Minister for Finance if he will set out in tabular form the gross amount of corporation tax paid in each year from 2008 to 2013 by the top ten multinational firms as measured by corporation tax paid; the proportion this represents of overall corporation tax paid in each year; and if he will make a statement on the matter. [32697/14]
View answerI am informed by the Revenue Commissioners that the amount of corporation tax (CT) paid by the top 10 multinational companies (as measured by corporation tax paid) is per the table.
|
Year |
Gross Amount paid in CT by top 10 multinational companies |
Total CT paid in year |
Gross Amount paid by top 10 multinational companies as % of Total CT |
|
2013 |
€1,561M |
€4,270.0M |
36.56% |
|
2012 |
€1,423M |
€4,215.0M |
33.76% |
|
2011 |
€1,422M |
€3,500.4M |
40.62% |
|
2010 |
€1,412M |
€3,943.6M |
35.80% |
|
2009 |
€1,516M |
€3,889.5M |
38.98% |
|
2008 |
€843M |
€5,071.5M |
16.62% |
