Written Answers Nos. 112-121
112. Deputy Thomas P. Broughan asked the Minister for Finance if he has given further consideration to the retention of Allied Irish Banks in the ownership of the people, given the commentary that at least one stable pillar bank should be owned directly or co-operatively by the people and given the appalling failure and collapse of the private banking sector from 2008-09; and if he will make a statement on the matter. [28082/15]
View answer113. Deputy Thomas P. Broughan asked the Minister for Finance if he will present Dáil Éireann with a detailed cost-benefit analysis on the future outcomes for Allied Irish Banks before any decision is made to sell this major asset of the people, and given the matters now being investigated by the commission of investigation into the Irish Bank Resolution Corporation; and if he will make a statement on the matter. [28083/15]
View answerI propose to take Questions Nos. 112 and 113 together.
AIB is well on the road to recovery and officials in my department are working with AIB on reconfiguring its capital structure and setting out a path for the bank to begin to return capital to the State. Given the scale of the State's investment, amounting to some €20.8 billion, and the different financial instruments this money is invested in, there are a range of options available to recoup value from the bank and it is critical that we get these decisions right. As a result Goldman Sachs International and William Fry are assisting the Department with this work by providing financial and legal advice respectively.
Reconfiguring the bank's capital structure, which is no longer fit-for-purpose given the new regulatory regime, is just the start of the process, but it is an essential first step on the road to recovering value for the taxpayer. Discussions commenced recently with the SSM (Single Supervisory Mechanism) and the Central Bank, AIB's regulators, regarding AIB's capital structure and this process is expected to take a number of months.
No decision has been made by the Government to sell any of our investments in AIB. However, Government policy is that we will not remain a holder of our banking investments in the long term. Given our high debt to GDP ratio, we do not have the luxury of holding all of these investments indefinitely and I envisage receipts from the gradual sale of these investments helping to play their part in reducing the State's overall debt burden in the coming years.
All options remain on the table and while I have said previously that an Initial Public Offering or IPO on the stock market looks like the most likely exit route for the State, it is too early to specify what steps will be taken or to put a timeline on decisions.
114. Deputy Jack Wall asked the Minister for Finance if he will provide the P21 forms for the years 2011 to 2014 in respect of a person (details supplied) in County Kildare; if the person is due a tax rebate; and if he will make a statement on the matter. [28107/15]
View answerI have been advised by the Revenue Commissioners that P21 Forms (PAYE Balancing Statements) were previously issued to the person concerned for 2011 and 2012. Arrangements have been made by Revenue to send a copy of those Forms to the person concerned.
Revenue has written to the person concerned setting out the information required in order to review his tax affairs for 2013 and 2014 and subsequently issue a P21 Form for each year. Those forms will show whether the person is due any tax rebate for those years.
115. Deputy Paul Murphy asked the Minister for Finance to set down his views on the result of the referendum in Greece; and if he will make a statement on the matter. [28137/15]
View answer116. Deputy Paul Murphy asked the Minister for Finance if he will report on discussions held with his European Union counterparts on the result of the referendum in Greece. [28138/15]
View answer117. Deputy Paul Murphy asked the Minister for Finance to set out his views on negotiations with the Greek Government following the "No" vote in the referendum in Greece. [28139/15]
View answer118. Deputy Ruth Coppinger asked the Minister for Finance to outline his views on the "No" vote in the Greek referendum held on 5 July 2015; and if he will make a statement on the matter. [28157/15]
View answerI propose to take Questions Nos. 115 to 118, inclusive, together.
The Government has noted the result of the referendum in Greece. The position of the Irish Government is that we will continue to engage in an effort to reach a successful outcome.
Following the referendum, Finance Ministers of the euro area Member States (the Eurogroup) met in Brussels to take stock of developments, and to try to find a way forward. Heads of State or Government of the euro area Member States (the Euro Summit) subsequently met.
The Greek government submitted a new request for financial assistance from the European Stability Mechanism (ESM) yesterday, which will be assessed by the Institutions in order to assess and analyse Greece's financing needs and the debt sustainability. Following the assessment the Eurogroup will be able to take a decision on whether formal negotiations can start.
119. Deputy Róisín Shortall asked the Minister for Finance if he will report on the communications his Department has had with the Revenue Commissioners regarding 5,300 Standard Life shareholders who have been negatively impacted by a postal delay; if he will consider granting them an exemption from the tax liability they are due to incur as a result of this delay; and if he will make a statement on the matter. [28162/15]
View answerThe UK company Standard Life plc, offered its shareholders the option of having return of value payments due to them treated as income or capital, with treatment as income being the default position in the absence of shareholders choosing an option within a specified time which has now elapsed.
The Revenue Commissioners have informed me that, from an Irish tax perspective, the position is that if the Standard Life return of value payment is received as income by an Irish resident taxpayer it will be taxed under Income Tax rules. If it is received as capital it will be taxed under the Capital Gains Tax rules.
In last year's Finance Act, I included provisions allowing for a measure of tax relief to the many thousands of Irish shareholders with a small shareholding in Vodafone plc who inadvertently found themselves subject to an unintended liability to income tax, PRSI and USC rather than a nil capital gains tax liability arising from a return of value payment from that company. I did this because the shareholding of very many of those individuals arose originally from their investment in Eircom plc and, as a result of which investment, they continue to carry capital losses. I considered, given the particular background in that case, that to leave those shareholders with income tax and other liabilities on foot of a decision they inadvertently made or didn't make at all would have been inequitable. This particular background is not a feature of the Standard Life return of value case.
The fact that notifications of the options made by some individuals in the Vodafone case last year were delayed in the post beyond the deadline date in that case or were otherwise not dealt with by the company as shareholders would have wished were not factors in my decision to provide the relief, the reason for which I have outlined above.
I am not in a position to say who or what is responsible for the problem that has arisen for the Irish shareholders in Standard Life plc. While I can understand the frustration of the shareholders, I do not think it an unreasonable point to make that the State should not be required to intervene by way of changing tax legislation on each occasion that a difficulty arises resulting from the administrative arrangements put in place by commercial public limited companies for dealing with their shareholders.
All that said, I will give careful consideration to the views and concerns expressed by the Deputy, as well as those of others that have been expressed to me in this matter, in the course of my preparations for the forthcoming Finance Bill.
120. Deputy Michael McGrath asked the Minister for Finance to set out the number of receivers appointed by the National Asset Management Agency for the first six months of 2015; the number appointed in 2013 and in 2014; and if he will make a statement on the matter. [28163/15]
View answerI have been advised by the National Asset Management Agency that in 2013 it made 101 appointments and selected 40 separate firms to execute these appointments; in 2014 it made 71 appointments and selected 33 separate firms to execute these appointments and to date in 2015 it has made 16 appointments and selected 9 separate firms for these appointments.
121. Deputy Michael McGrath asked the Minister for Finance if he will provide in tabular form for 2013 and 2014 and for the first half of 2015 the names of the receivers appointed by the National Asset Management Agency, the number of receiverships they were engaged on; the total fees received by each named receiver in each year and in the six-month period of 2015; and if he will make a statement on the matter. [28164/15]
View answerI have been provided by the National Asset Management Agency with data, set out in the following table, on the names of receivers appointed by the National Asset Management Agency, the number of receiverships they were engaged on and the fees agreed for each named receiver in each of the years in respect of these appointments for 2013 and 2014 and the six month period of 2015.
|
- |
2013 |
2014 |
2015 to Date |
|||
|
Receiver Firm |
# of Receiverships |
Fees Agreed € |
# of Receiverships |
Fees Agreed € |
# of Receiverships |
Fees Agreed € |
|
Alder King LLP |
|
|
|
|
1 |
8,502 |
|
Allsop LLP |
1 |
- |
2 |
93,117 |
|
|
|
Baker Tilly Ryan Glennon |
5 |
454,619 |
4 |
107,125 |
1 |
6,465 |
|
Bannon Commercial |
1 |
108,165 |
1 |
3,900 |
|
|
|
BDO |
4 |
53,304 |
4 |
166,792 |
1 |
24,900 |
|
BDO LLP |
1 |
28,014 |
1 |
21,633 |
|
|
|
BTW Shiels |
1 |
- |
|
|
|
|
|
CBRE UK |
2 |
22,383 |
|
|
|
|
|
Chantrey Vellacott |
3 |
94,297 |
1 |
39,450 |
|
|
|
Colliers International |
2 |
13,100 |
|
|
|
|
|
Crowe Horwath |
5 |
65,333 |
6 |
176,611 |
|
|
|
Deloitte |
|
|
1 |
35,500 |
2 |
11,000 |
|
Deloitte LLP |
|
|
1 |
70,611 |
|
|
|
Dr Peter Minuth |
1 |
- |
|
|
|
|
|
Duff & Phelps LLP |
1 |
359,671 |
1 |
40,540 |
|
|
|
Eddisons |
1 |
- |
|
|
|
|
|
Ernst & Young |
1 |
- |
1 |
2,019 |
|
|
|
Ferris & Associates |
|
|
2 |
39,380 |
|
|
|
Friel Stafford |
2 |
21,933 |
1 |
4,000 |
|
|
|
FRP Advisory |
1 |
20,000 |
3 |
84,616 |
|
|
|
Ganly Waters |
1 |
9,600 |
|
|
|
|
|
Grant Thornton |
7 |
908,831 |
2 |
35,500 |
3 |
29,700 |
|
Grant Thornton UK |
|
|
1 |
29,763 |
|
|
|
GVA Donal O'Buachalla |
2 |
3,857 |
4 |
62,777 |
|
|
|
GVA Grimley |
1 |
- |
1 |
67,751 |
|
|
|
Hooke & MacDonald |
3 |
30,565 |
1 |
2,145 |
|
|
|
Hughes Blake |
1 |
183,082 |
1 |
32,083 |
1 |
10,000 |
|
HWBC Allsop |
|
|
3 |
10,040 |
|
|
|
Kavanagh Fennell |
2 |
12,500 |
4 |
62,395 |
|
|
|
Keenan Corporate Finance |
1 |
8,220 |
|
|
|
|
|
KPMG |
13 |
223,968 |
2 |
20,768 |
|
|
|
KPMG UK |
1 |
30,500 |
|
|
|
|
|
Lambert Smith Hampton |
1 |
- |
|
|
|
|
|
Lisney |
1 |
8,392 |
|
|
|
|
|
Lisney Ireland |
3 |
13,600 |
|
|
|
|
|
Mason Owen Lyons |
|
|
1 |
7,400 |
|
|
|
Mazars |
6 |
132,650 |
4 |
318,552 |
2 |
84,450 |
|
McKeogh Gallagher Ryan |
3 |
174,067 |
2 |
107,170 |
|
|
|
McPeake Auctioneers |
1 |
3,700 |
|
|
|
|
|
McStay Luby |
|
|
1 |
56,500 |
|
|
|
Moore Stephens Nathans |
|
|
|
|
2 |
42,515 |
|
O'Dwyer Property Management |
1 |
26,521 |
4 |
11,025 |
|
|
|
PKF O'Conner Leddy Homes |
|
|
1 |
7,000 |
|
|
|
PWC |
7 |
170,148 |
|
|
|
|
|
Duff & Phelps Ireland |
7 |
261,975 |
5 |
62,117 |
|
|
|
RSM McClure Watters |
2 |
115,527 |
1 |
- |
|
|
|
Russell Brennan Keane |
1 |
45,353 |
3 |
19,683 |
3 |
91,368 |
|
Savills Commercial Ireland |
1 |
14,333 |
|
|
|
|
|
Smith & Williamson |
2 |
49,000 |
|
|
|
|
|
WK Nowlan & Associates |
1 |
1,030 |
1 |
6,896 |
|
|
|
Totals |
101 |
3,668,238 |
71 |
1,804,859 |
16 |
308,900 |
