Written Answers Nos. 239-258
239. Deputy Paul Murphy asked the Minister for Finance if he favours an extension to the commission of investigation into the transactions of the Irish Bank Resolution Corporation to other banks in State ownership, or where the State is a major shareholder, namely, the National Asset Management Agency, Allied Irish Banks, Permanent TSB and Bank of Ireland; and if he will make a statement on the matter. [24744/15]
View answerIn response to significant public concerns, and to focus the review on the transactions that have led to the significant public concerns, a Commission of Investigation into certain decisions, transactions and activities entered into by IBRC has now been established.
As the Deputy will be aware, the Terms of Reference of the Commission of Investigation were debated in Dáil Éireann on Tuesday 9 June 2015 and Wednesday 10 June 2015. Both Houses of the Oireachtas have approved these terms of reference. An Taoiseach, as the Specified Minister for the Purposes of the Commissions of Investigation Act 2004, would have the statutory power to amend the terms of reference of the existing Commission of Investigation.
It is important that I do not interfere with or prejudice the important work to be conducted by the Commission of Investigation, therefore, in these circumstances it would be inappropriate for me to comment further in respect of the Terms of Reference already approved by both Houses of the Oireachtas.
240. Deputy Jerry Buttimer asked the Minister for Finance the reductions he has made to the universal social charge; the number of persons who no longer have to pay the charge as a result of the decisions taken by this Government; if he will confirm that it is his intended position to continue to reduce the burden the charge imposes on working persons; if he will ultimately envisage that the charge will be brought to an end; and if he will make a statement on the matter. [24761/15]
View answerSince coming into government, I have made several significant changes to the Universal Social Charge which have increased its fairness. As a result of a Review of USC by my Department, the Government decided in Budget 2012 to increase the entry point to the Universal Social Charge from €4,004 to €10,036 per annum. It is estimated that this removed almost 330,000 individuals from the charge.
In Budget 2015 I further extended this exemption threshold to €12,012, to apply from 1 January 2015 onwards. This exempted a further 87,000 individuals from the charge. This means that 28% of all income earners are not paying any Universal Social Charge at all. Furthermore, I also reduced the two lower rates at which USC is charged and extended the threshold before the 7% rate becomes chargeable. These measures, together with the introduction of a new 8% rate on income over €70,044, as well as a rate increase from 10% to 11% on self-assessed income over €100,000, further enhanced the existing progressive nature of the USC.
As I have stated on a number of occasions in response to parliamentary questions, it was never intended that the USC would be a temporary measure. It was designed and incorporated in to the Irish taxation system as part of its permanent structure and the revenues collected play a vital part in meeting the many expenditure demands placed on the Exchequer. It must not be forgotten that the USC replaced two other charges, namely the Health levy and the Income levy. I am cognisant of how unpopular the USC is but given that it raises over €4 billion per annum for the Exchequer, it is difficult to see how it could be abolished without the imposition of additional taxation elsewhere or through equivalent cuts in expenditure.
Notwithstanding this, as a result of the changes to income tax and USC in Budget 2015, all those who currently pay income tax and/or USC have seen a reduction in their tax bill this year compared to 2014 where incomes are equal. Furthermore, the Government has committed to continue to reduce the tax burden on low and middle income earners in the coming years, contingent on having the fiscal space to do so.
The rates of USC and the rate bands are set out in the chart:
|
Standard rate of USC |
2015 |
2014 - 2012 |
2011 |
|
Exemption Limit |
€12,012 |
€10,036 |
€4,004 |
|
1.5% |
First €12,012 |
N/A |
N/A |
|
2% |
N/A |
First €10,036 |
First €10,036 |
|
3.5% |
Next €5,564 |
N/A |
N/A |
|
4% |
N/A |
Next €5,980 |
Next €5,980 |
|
7% |
Next €52,468 |
Balance |
Balance |
|
8% |
Balance |
N/A |
N/A |
* There is a surcharge of 3% USC on individuals who have non-PAYE income that exceeds €100,000 in a year, regardless of age.
** Medical card holders whose aggregate income does not exceed €60,000 now pay a maximum rate of 3.5% USC.
*** Individuals aged 70 years and over whose aggregate income is €60,000 or less now pay a maximum rate of 3.5% USC.
241. Deputy Michael Moynihan asked the Minister for Finance with value added tax of 23% currently payable on all broadcasting and electronic services provided to consumers of digital content, if he has examined allocating value added tax receipts accruing to the Exchequer to fund public broadcasting and digital content; if he has had discussions with the Department of Communications, Energy and Natural Resources concerning this; and if he will make a statement on the matter. [24768/15]
View answerIn general I am not in favour of hypothecation of taxes as it constrains the Government's scope on expenditure decisions and can distort the allocation of resources. Therefore, I have not examined allocating Value Added Tax receipts accruing to the Exchequer to fund public broadcasting and digital content. Similarly, I have not discussed this issue with the Department of Communications, Energy and Natural Resources.
242. Deputy Michael Moynihan asked the Minister for Finance if he will provide the monthly breakdown of the value added tax receipts, on all broadcasting and electronic services provided to consumers of digital content, that accrued to the Exchequer in 2015; and if he will make a statement on the matter. [24769/15]
View answerOn 1 January 2015, new EU VAT rules came into effect changing the place where VAT is chargeable in respect of all supplies of telecommunications, broadcasting and e-services to consumers. VAT on these services is now chargeable where the consumer is located instead of where the supplier is located. This ensures that the VAT goes to the Member State in which the services are used.
As a result of the change, businesses are required to register and account for VAT in every Member State in which they supply such services to consumers or, alternatively, to avail of the optional special scheme known as the Mini One Stop Shop (MOSS). The MOSS scheme is a simplification scheme which allows a business engaged in those supplies to register in a single Member State, to file a single quarterly return and pay its VAT liability for all Member States through a web portal in the Member State of registration. The return details and payments are transferred by the Member State of registration to the relevant Member States of consumption with the Member State of registration retaining a percentage of the VAT collected. The percentage retained is 30% during 2015/6 and 15% during 2017/8.
Businesses are not obliged to use the MOSS scheme. Some account for VAT through the normal domestic VAT return which may include both Business to Business supplies and Business to Consumer supplies. Therefore, it is not possible, without more detailed analysis, to assess the full impact of the changes. However, I am advised that the total VAT received from other Member States through the MOSS scheme in relation to supplies to consumers in Ireland for Q1 2015 is €8.4m. The total amount retained by Revenue from VAT collected on behalf of other Member States in relation to Q1 2015 is €25.9m.
244. Deputy Clare Daly asked the Minister for Finance if he will rectify the situation whereby property owners who have expended thousands of euro in securing infill tests to prove that the damage caused to their property was as a result of pyrite are unable to have the relevant certificate to claim exemption from the local property tax signed, as the regulation states that the test must have been carried out in accordance with IS 398 - 1:2013, while their testing had been conducted before this protocol was established. [24809/15]
View answer245. Deputy Clare Daly asked the Minister for Finance the action he will take to enable a property owner to achieve a lawful exemption from the local property tax (details supplied) given that the owner carried out infill testing which showed the presence of pyrite, but the Revenue Commissioners refuse to accept this test as it was done prior to the new standards in 2013. [24829/15]
View answer263. Deputy Michael McGrath asked the Minister for Finance the reason a person (details supplied) in County Meath, who previously gained exemption from the Revenue Commissioners for property tax due to pyritic heave, has now received correspondence from the Revenue Commissioners demanding payment in respect of property tax. [25084/15]
View answerI propose to take Questions Nos. 244, 245 and 263 together.
Section 10A of the Finance (Local Property Tax) Act 2012 (as amended) provides for a temporary exemption of at least three years from the charge to Local Property Tax (LPT) for residential properties that have been certified under Regulations made by the Minister for the Environment, Community and Local Government (S.I No 147 of 2013) as having "significant pyritic damage". For the Deputies' information "significant pyritic damage" includes properties that are certified as having a Damage Condition Rating of '2' or a Damage Condition Rating of '1' with progression.
The Regulations also specify the assessment methodology that must be applied to confirm the presence of significant pyrite damage and the type of certification that must be produced before an exemption from LPT can be granted (IS 398-1-2013).This is the only type of certification that is relevant under current legislation and the Revenue Commissioners have no discretion to apply an exemption from LPT on foot of any other type of supporting documentation.
In regard to the specific cases mentioned by the Deputies in Questions 24829-15 and 25084-15, I am advised that the property owners in question have not produced the required certificates confirming 'significant pyritic damage' and for that reason the Revenue Commissioners are prohibited by law from applying LPT exemptions to the relevant properties.
The Deputies may be aware that I have initiated a review of the operation of LPT. The review is being conducted by Dr Don Thornhill and is due to be presented to me no later than summer 2015.
The review will primarily have regard to recent residential property price developments, the overall yield from LPT and the desirability of achieving relative stability in LPT payments. It will however also address a number of matters relating to the administration of LPT, including the operation of the pyrite exemption provisions.
A resolution to the pyrite issues may necessitate a change in the relevant provisions of the Finance (Local Property Tax) Act 2012 (as amended) and/or the Finance (Local Property Tax) (Pyrite Exemption) Regulations. If it is the case that legislative change is required, then I will examine the possibilities for its advance application on an administrative basis with the Revenue Commissioners.
However, pending any decisions in relation to the statutory provisions, the Revenue Commissioners have an obligation to act in accordance with section 10A of the Finance (Local Property Tax) Act 2012 (as amended), which requires that an LPT exemption can only apply where the residential property has been assessed and a relevant certificate confirming "significant pyritic damage" has issued to the property owner.
246. Deputy Olivia Mitchell asked the Minister for Finance his views on the submission by the Irish League of Credit Unions regarding the deposit guarantee directive, whereby the league requests discretion to be applied to allow credit unions to be charged at a lower rate than other institutions, due to the lower degree of risk; and if he will make a statement on the matter. [24842/15]
View answerThe Deposit Guarantee Scheme (DGS) provides protection of up to €100,000 per saver per credit institution, including credit unions. The scheme gives confidence to depositors that their money is safe in the event that a financial institution gets into financial difficulty.
Directive 2014/49/EU is a new Directive in relation to the DGS which is being transposed into Irish law. Before transposition, the Department of Finance established a public consultation process to provide an opportunity for stakeholders to give their views on how discretions should be applied. This process concluded on Friday 12 June 2015. While this Directive provides less flexibility in transposition to Member States than the previous Directive governing the DGS, Article 13 provides some discretion for Member States on the calculation of contributions to the DGS where a lower level of contribution for low risk sectors which, if justified, could be put in place. In relation to the contribution amount, Question 6 in my Department's consultation paper specifically asks whether or not credit unions should be considered a low risk sector and thus qualify for a lower level of contribution, it also requests justification for the answer provided.
All submissions received by my Department, including the submission received from the Irish League of Credit Unions, will now be examined and the views therein considered carefully over the coming weeks.
247. Deputy Sean Fleming asked the Minister for Finance if a person who has received an inheritance and who has to pay inheritance tax can agree to pay this in stages on an agreed phased basis, as the person may not have the cash resources to pay in one sum, and this may cause severe upset to family members if it is necessary to sell the house in order to raise the proceeds to pay the inheritance tax this year; and if he will make a statement on the matter. [24857/15]
View answerI am advised by the Revenue Commissioners that inheritance tax may be paid by instalments where a person inherits real property (i.e. buildings and land). However, there is no statutory entitlement to this facility where a person inherits property other than real property, unless a person inherits a limited interest only (i.e. for the duration of a life or a specified period) in the property.
In accordance with section 54 of the Capital Acquisitions Tax Act 2003, the tax may be paid by monthly instalments over a period of up to five years, with the first instalment due on the 31st of October following the valuation date. The instalments are subject to the payment of interest at an annual rate of 8%. The interest on the unpaid tax is added to each instalment and paid at the same time as the instalment.
Revenue has the discretion to allow payment of CAT by non-statutory instalments over a longer period of time on a concessionary basis in exceptional circumstances where the tax cannot be paid without excessive hardship. In cases of hardship, Revenue also has the discretion to allow payment to be postponed for such period and on such terms (including the waiver of interest) as they think fit.
Revenue will consider each case on its merits, taking into account both the financial circumstances of the beneficiary and the nature of the inheritance involved.
248. Deputy Michael McGrath asked the Minister for Finance his views on correspondence received by his Department (details supplied) regarding freedom of information; and if he will make a statement on the matter. [24860/15]
View answer249. Deputy Michael McGrath asked the Minister for Finance the actions that have been taken following concerns expressed by his Department (details supplied); and if he will make a statement on the matter. [24861/15]
View answer251. Deputy Michael McGrath asked the Minister for Finance his views on correspondence received by his Department (details supplied) regarding freedom of information; and if he will make a statement on the matter. [24863/15]
View answerI propose to take Questions Nos. 248, 249 and 251 together.
The exchange of correspondence, to which the Deputy refers, arose as a response to views attributed in the press to the Central Bank of Ireland regarding the overall position of the insurance industry and regarding named companies. As some of these important issues had not previously been raised with my Department, senior officials sought a report from the Central Bank.
As Minister for Finance I take very seriously any financial stability issues arising in the insurance industry. These could have serious implications for the Exchequer, policyholders and the wider financial system.
The Department continues to engage with senior Central Bank officials on the insurance sector issues raised. To date the Central Bank has not indicated to the Department that it has cause for concern about the stability of the industry or of the named companies.
I intend to regularly review developments in the insurance sector as part of my continuing engagement with the Governor.
In the correspondence, a number of broader issues were also raised. The Department has reiterated that it is important to ensure that appropriate connectivity between the regulatory and policy systems is maintained while at the same time respecting the distinct statutory remits held by the Minister and Governor, thus allowing the Department to be kept informed of emerging regulatory concerns.
Extensive work has been undertaken over a number of years as part of the Central Bank (Supervision and Enforcement) Act 2013 to provide the Central Bank with a generic - that is, not sector-specific - consolidated power of direction, subject to the necessary constitutional safeguards regarding its grounds, scope and extent. Section 45 of that Act includes a balanced power to issue directions to related undertakings, including parents. This clearly strengthens the ability of the Central Bank to impose and supervise compliance with regulatory requirements and to undertake timely regulatory interventions. These issues continue to be the subject of discussions and briefings between my senior officials and the Central Bank.
The issue of human resource management is an internal matter for the Central Bank Commission.
250. Deputy Michael McGrath asked the Minister for Finance the current vacancy rate in the Central Bank of Ireland's enforcement division; and if he will make a statement on the matter. [24862/15]
View answerAs Minister for Finance, I have no role in the employment or departure of staff in the Central Bank. Under the Central Bank Act 1942, as amended, the Central Bank Commission is responsible for administrating the staffing of the Central Bank with a view to enabling the Central Bank to perform and exercise its functions and powers.
I have been informed that the standardised vacancy rate in the Enforcement Division of the Central Bank of Ireland is at 18% at present. A recruitment process to fill the remaining vacancies is underway.
252. Deputy Michael Healy-Rae asked the Minister for Finance his views on a matter (details supplied) regarding the retail price of electric motorised vehicles; and if he will make a statement on the matter. [24897/15]
View answerI am informed by the Revenue Commissioners that section 135C of the Finance Act, 1992 currently provides for a remission or repayment of Vehicle Registration Tax (VRT) on a range of series production electric vehicles. In summary, these reliefs are as follows:
|
- |
Categories of vehicle |
Amount of VRT |
|
Hybrid electric: electric and internal combustion |
Passenger and light commercial (M1 and N1) |
Up to €1,500 |
|
Plug-in hybrid electric: electric and internal combustion and requiring to be charged |
Passenger and light commercial (M1 and N1) |
Up to €2,500 |
|
Electric: deriving power exclusively from an electric motor |
Passenger and light commercial (M1 and N1) |
Up to €5,000 |
|
Electric: deriving power exclusively from an electric motor |
Motorcycle |
Exempt |
The vehicle mentioned in the details provided is not in the above categories and, depending on its classification under the machinery directive and conformity with road traffic regulations, may or may not require to be registered. If registration was required, the VRT charge would be at the flat rate of €200.
A grant of €5,000 that is administered by the Sustainable Energy Authority of Ireland (SEAI) is also available for a range of electric vehicles which have been approved by the SEAI. More information can be found at http://www.seai.ie/Grants/Electric_Vehicle_Grant_Scheme/
253. Deputy Michael McGrath asked the Minister for Finance the number of mortgages on principal private dwelling houses held by the lenders who are no longer active here; the number of these that are in arrears; in negative equity; the measures being taken to protect these borrowers from interest rate rises, as these lenders are not subject to the discipline of the new mortgage market; and if he will make a statement on the matter. [24912/15]
View answerFirstly, it is important to note that a lender regulated by the Central Bank of Ireland who is no longer providing new mortgage loans is still required to comply with the relevant provisions of Irish financial services legislation in relation to their existing loan book. This includes the Code of Conduct on Mortgage Arrears (CCMA).
As the Deputy will be aware, borrowers whose loans are sold to unregulated entities will be protected by the Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 when it is enacted. The purpose of the Bill is to ensure that consumers retain the protections they had prior to the sale of their loan. This Bill will require entities dealing with the consumer to be authorised by the Central Bank and subject to its Codes of Conduct. Dealing with the consumer is credit servicing and the definition of credit servicing is broad. Owners of loan books who deal directly with consumers, that is, who are servicing their own loan books, will be regulated. Otherwise they can have the loan book serviced by a regulated credit servicing firm.
The Bill was published in January and second stage of the Bill was taken in the Dáil on 4 February. The Bill is continuing its progress through the legislative process. The Bill was passed by the Dáil on 17 June and I look forward to further discussion of the Bill at Second Stage in the Seanad tomorrow (24 June).
In addition, I need to be clear that the transfer of a loan from one entity to another does not change the terms of the contract or the borrower's rights and obligations under the contract.
I should say that the Central Bank does not have specific data on banks which no longer operate in the country as opposed to non-bank lenders.
According to the Central Bank's Statistical Release of 4 June 2015, by the end of March 2015, non-bank entities accounted for 5.1 per cent of all outstanding mortgage loans (6.3 per cent in value terms).
The Release noted that non-bank lenders now hold almost 46,000 mortgage accounts for principal dwelling houses (PDH) and buy-to-let (BTL) combined. Of this number, 19,818, are in arrears on more than 90 days.
In addition, the ESRI in its recent Quarterly Economic Commentary has noted that the number of households in negative equity is falling.
In relation to interest rates, as the Deputy will be aware, I met with senior management of Ireland's six main mortgage providers in May and outlined my view, that Standard Variable Rates being charged in the Irish market are too high. There was agreement from all lenders that customers should have access to more competitive mortgage products as per my recommendation.
In addition, I outlined the need for greater competition in the market and the need for a more active and well-resourced campaign by the individual banks. This should focus on promoting awareness of their best offering and how customers can take up new products and switch between different institutions if they wish to avail of better rates.
254. Deputy Pearse Doherty asked the Minister for Finance the extent to which financial institutions, which do not take deposits, are regulated by the Central Bank of Ireland; and if he will make a statement on the matter. [24935/15]
View answerEffective from 1 February 2008, the Central Bank of Ireland is responsible for the authorisation and supervision of Retail Credit Firms. Retail Credit Firms are authorised to provide credit, in the form of cash loans, directly to individuals, but are not licensed to accept deposits. Some firms authorised in this category are mortgage lenders.
In light of their activities, Retail Credit Firms are not subject to the same prudential supervisory regime as licensed credit institutions. However, the same consumer protection framework applies to Retail Credit Firms as to all other regulated lenders, including the Central Bank of Ireland's Consumer Protection Code, the Code of Conduct on Mortgage Arrears and the Code of Conduct for Lending to Small and Medium Sized Enterprises.
I have been informed by the Central Bank of Ireland that it uses a number of methods to monitor compliance with consumer protection requirements such as themed inspections, general reviews on a particular topic, market intelligence and the monitoring of financial services advertising.
255. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 271 of 16 June 2015, if any borrowers at the Irish Bank Resolution Corporation refinanced their loans, post the expiry of their loan facility; and if he will make a statement on the matter. [24943/15]
View answerAs the Deputy will be aware the terms of reference of the proposed Commission of Investigation in relation to IBRC include the following explicit term of reference dealing with other matters of concern:
"The Commission shall report on any other matters of concern arising from its investigation of the above matters and make any further recommendations as the Commission sees fit."
Both Houses of the Oireachtas have approved these terms of reference. It is important that I do not interfere with or prejudice the important work to be conducted by the Commission of Investigation. In these circumstances I have received legal advice that it would be inappropriate for me to comment publicly in respect of the various transactions, management decisions and actions that may fall within the scope of the review.
256. Deputy Mattie McGrath asked the Minister for Finance the reason eating distress therapies for persons with eating disorders are not covered under the medical expenses MED 1 tax relief scheme; and if he will make a statement on the matter. [24962/15]
View answerSection 469 of the Taxes Consolidation Act 1997 (the Act) provides for relief in respect of qualifying expenses incurred in the provision of health care in a tax year against the tax paid by an individual for that year.
In the context of this section health care is defined as the prevention, diagnosis, alleviation or treatment of an ailment, injury, infirmity, defect or disability. This includes care received by a woman in respect of a pregnancy. It does not include routine ophthalmic treatment, routine dental treatment, or elective cosmetic surgery.
Individuals who are treated for eating disorders by a "practitioner", within the meaning of section 469 of the Act, are entitled to tax relief in respect of the expenditure incurred.
Section 469 of the Act defines a practitioner as "any person who is-
(a) registered in the register established under section 43 of the Medical Practitioners Act 2007,
(b) registered in the register established under section 26 of the Dentists Act, 1985, or
(c) in relation to health care provided outside the State, entitled under the laws of the country in which the care is provided to practice medicine or dentistry there"
Treatment of eating disorders is no different than any other treatment and to obtain relief the treatment must come within the terms of the section.
Further details in relation to relief for health expenses is set out in leaflet IT6 which is available on the Revenue website at http://www.revenue.ie/en/tax/it/leaflets/it6.html.
257. Deputy Sandra McLellan asked the Minister for Finance further to Parliamentary Question No. 331 of 9 June 2015, if he will declare a vehicle (details supplied) exempt from vehicle registration tax, as he has discretion to do under section 134(5) of the Finance Act 1992; and if he will make a statement on the matter. [24979/15]
View answerSection 134(5) of the Finance Act 1992 provides that the Minister for Finance 'may authorise the Commissioners to register a vehicle, subject to such conditions, limitations or restrictions (if any) as they may impose, either without payment of vehicle registration tax or on payment of the tax at less than the rate ordinarily chargeable or, where the said tax has been paid, to repay the tax in whole or in part'.
From time to time, I receive requests from charities and non-profit organisations who carry out important work for the community to exempt their vehicles from Vehicle Registration Tax (VRT) or reduce their VRT liability.
The Deputy will understand that I am extremely reluctant to exercise my discretionary powers provided by Section 134(5) of the Finance Act 1992 to reduce the tax liability of an individual vehicle. One of the important features which ensures the integrity and fairness of the Irish tax system is the limitation of this kind of Ministerial discretion over an individual or a group's tax liability.
I am of the view that any tax relief must be explicitly provided for in law so that citizens can be certain of the rules and policy rationale of each relief. If a Minister for Finance were to provide VRT relief on a case-by-case basis to individuals or groups it would introduce an unwarranted level of uncertainty and inequity to the system of VRT reliefs, as the provision of tax relief would not then be matter of law as laid down by or authorised by the Oireachtas, but rather a personal decision of the Minister of the day. I do not believe that such a practice would be appropriate.
Accordingly, I do not intend to exercise those powers granted to me by Section 134(5) of the Finance Act 1992.
258. Deputy Michael McGrath asked the Minister for Finance when a revised Central Bank of Ireland code of conduct for financial institutions, in respect of dealing with small and medium enterprise debt, will be published; and if he will make a statement on the matter. [24990/15]
View answerThe Code of Conduct for Business Lending to Small and Medium Enterprises (SME Code) was introduced in 2009 and sets out important protections for SMEs when they are accessing credit or in financial difficulties. A limited review was carried out in 2011 focussing on the 'Financial Difficulties' provisions, with new and amended provisions introduced with effect from 1 January 2012.
On 11 January, the Central Bank published a consultation paper on the review of the SME Code which included a set of draft regulations.
The consultation paper proposed additional and enhanced protections to further strengthen the existing SME Code, including requirements for lenders to:
- provide information on the application process and associated timelines;
- assess affordability;
- provide reasons in writing for declining credit that are specific to the application (or part thereof) that was declined;
- provide increased information to borrowers about their policies for dealing with financial difficulties, including the implications for borrowers of not co-operating;
- provide detailed information to borrowers in financial difficulties about an offer of an alternative arrangement;
- expand the appeals provisions to include decisions on declining or withdrawing credit and decisions regarding terms and conditions; and
- provide information to the customer about:
- Government supports available from or through the lender;
- the lender's appeals process and the role of the Credit Review Office (where relevant); and
- the complaints process including, where relevant, to the Financial Services Ombudsman (FSO).
The closing date for responses to the consultation paper was 13 April 2015. I am informed by the Central Bank that the responses are currently being reviewed and revisions to the draft regulations are being considered with a view to publication of the regulations by the end of the year in accordance with the Bank's 2013-2015 Strategic Plan.
