Written Answers Nos. 187-202
187. Deputy Michael McGrath asked the Minister for Finance the amount of capital acquisitions tax paid in each year from 2010 to 2014, inclusive, in respect of farm buildings and farm land; and if he will make a statement on the matter. [29817/15]
View answerI am advised by Revenue that a breakdown of Capital Acquisitions Tax (CAT) paid in respect of farm buildings and farm land is not available. The Deputy may be interested to know that general information pertaining to Capital Acquisitions tax net receipts is available on the Revenue statistical webpage at http://www.revenue.ie/en/about/statistics/index.html. Specifically, the CAT net receipts can be accessed at http://www.revenue.ie/en/about/statistics/cat-receipts.pdf.
188. Deputy Clare Daly asked the Minister for Finance his plans to reverse the 4% cap on withdrawal from approved medium retirement funds in circumstances such as a case (details supplied). [29841/15]
View answerFinance Act 2014 introduced changes to allow owners of approved minimum retirement funds (AMRFs) to draw down up to 4% of the assets of such funds on one occasion in each year instead of the facility to draw-down the accrued income and gains of such funds, as had applied prior to the changes.
I should explain by way of background, that under the flexible options at retirement arrangements (the so-called Approved Retirement Fund or "ARF option"), where an individual in a Defined Contribution pension savings arrangement is under age 75 at the time of exercising the option and does not meet the guaranteed pension income requirement of €12,700 per annum, that individual must place a maximum "set aside" amount of €63,500 (or the remainder of the pension funds if less than €63,500 after taking the retirement lump sum) in an AMRF or purchase an annuity with those funds.
Any amount of remaining pension funds in excess of €63,500 can be invested in an ARF with access to those funds at the owner's discretion, subject to tax at the marginal rate.
The purpose of the AMRF is to ensure that an individual without the minimum guaranteed pension income for life has a pension "nest-egg" to provide for the latter years of his/her retirement. Up to Finance Act 2014, the capital invested in an AMRF could not be accessed, except to purchase an annuity, until the AMRF owner reached age 75 (or meets the guaranteed pension income requirement before then) at which point the AMRF becomes an ARF with unrestricted access to the funds, subject to taxation. While the capital sum in an AMRF could not be accessed, as set out, any income, profits or gains accrued from the investment of the capital could, up to now, be withdrawn by the AMRF owner, subject to tax at the marginal rate.
I decided to change the arrangements for AMRFs so as to allow AMRF owners voluntary, tax-liable access to a maximum of 4% of their AMRF assets each year up to the point at which the AMRF becomes an ARF. This change provides AMRF owners with access to a definitive and certain level of income from their AMRF rather than the uncertain level of income which access to the accrued income, profits and gains in the AMRF provided.
Under the previous access arrangements for AMRFs, the extent of any income, profit or gains would depend on the performance of the investment options taken and could, therefore, be highly volatile with the possibility of little or no gains accruing in certain years. In addition, the scale of the capital allowed for in an AMRF, at €63,500, would not always permit for investment returns of any significant scale to be made using a prudent investment policy. In this context, it would be unusual for the capital in an AMRF to both make the scale of the annual gains set out in the details supplied with the question while also paying out those gains each year.
The change allowing access to a specified percentage of the capital in an AMRF is primarily aimed at those individuals whose AMRF constitutes a significant part of their retirement funds and who, while not wishing to purchase a pension annuity with those funds, may require access to a portion of these funds to provide a more certain form of supplementary pension income prior to reaching age 75. This facility also ensures that an individual will have some remaining funds in the AMRF at age 75 to provide for their remaining years, assuming the individual has not purchased a pension annuity in the meantime.
Individuals whose AMRF represents a less significant part of their retirement funds and whose circumstances would allow for greater investment risk and, therefore, potentially greater investment returns will be limited to the 4% level of asset draw down. However, this draw down will also be available to them for periods when their AMRF investments make losses or returns of less than 4% of the value of their AMRF assets and where, under the previous arrangement, they would not have been able to make a draw down or a drawdown of a lesser value than will now be permitted.
Based on the details supplied, the AMRF owner would also have the option of using part of the AMRF funds to purchase a small pension annuity equal to the difference between the State pension in payment to her and the guaranteed pension income requirement of €12,700 per annum, thereby allowing the conversion of the remaining AMRF funds into an ARF, giving full access to the funds, subject to taxation.
Finally, I consider that the change to the access arrangements for AMRFs will be to the benefit of AMRF owners, generally, and I have no plans to reverse it at this time. I will, however, bear in mind the circumstances of this case in considering the detail of the ARF option which, in common with other matters, will be reviewed as part of the preparations for the forthcoming Budget and Finance Bill.
189. Deputy Sean Fleming asked the Minister for Finance if he will provide details of the handling by the Revenue Commissioners of super levy fines imposed on farmers in 2015; if these fines can be set-off against the farmers' income in their accounts this year; and if he will make a statement on the matter. [29905/15]
View answerI am advised by the Revenue Commissioners that payments made by dairy farmers in respect of milk quota super levy (under SI 227 of 2008, as amended and Council Regulation EC 1234/2007, as amended) are classified as an expense of the trade. As such, the super levy is tax deductible in the year in which the expense is recognised in the farmer's accounts.
190. Deputy Terence Flanagan asked the Minister for Finance his views on the capital acquisitions tax thresholds; his plans to increase the thresholds; and if he will make a statement on the matter. [29946/15]
View answer199. Deputy Martin Heydon asked the Minister for Finance his plans to review the caps and thresholds of the capital acquisition tax system given the increase in property prices which means that family members can now incur significant tax bills if they wish to retain their original family home in the family when it is not their principal private residence; and if he will make a statement on the matter. [30089/15]
View answerI propose to take Questions Nos. 190 and 199 together.
This issue has been raised with me by Deputies and others in recent months and I am conscious of the concerns involved.
Capital Acquisitions Tax applies to the beneficiary of a gift or inheritance rather than to the person making the gift or inheritance. While the rate of CAT is 33% each person has a number of life-time thresholds for gifts and inheritances which they can receive tax free. These are based on the relationship to the person who has made the gift or bequest.
The Group A threshold of €225,000 applies primarily in cases where an asset passes from a parent to a child. The Group B threshold of €30,150 applies primarily to transfers between other close relatives. The Group C threshold of €15,075 applies between more distant relations and people who are not related.
The 33% rate of CAT applies on assets received by a person above the relevant threshold. Gifts and inheritances between spouses and civil partners are exempt from CAT.
Over the last number of years the CAT thresholds have been reduced a number of times, while the rate has been increased. These changes were necessary in order to maintain the yield from capital taxes in a period of falling asset prices so that such taxes would continue to make a contribution to our efforts to consolidate the public finances. Moreover, the views of the OECD, supported by our own economic research, is that taxes on property and other fixed capital, such as CAT, are less harmful and distortionary to economic growth than taxes on work or consumption. As the economic recovery continues to take hold, I began this year to focus available resources on reducing the burden of taxation on earned income and take-home pay where high taxes impact on competitiveness, economic growth and job creation. That will continue to be my main focus.
That said, I do recognise that recent growth in property values has implications for the liabilities that can arise from capital acquisitions tax. It is for this reason that, as I have said in response to a number of other recent Parliamentary Questions on this matter, I am reviewing the various aspects of this tax in the context of the preparations for Budget 2016 and the subsequent Finance Bill.
191. Deputy Terence Flanagan asked the Minister for Finance his plans to reduce the rate of deposit interest retention tax which penalises savers; and if he will make a statement on the matter. [29952/15]
View answerAs the Deputy will be aware, it is standard practice for the Minister for Finance to review all tax expenditures and reliefs in the run up to annual Budgets. It is also a long-standing practice of the Minister for Finance not to comment on any tax matters that could be the subject of Budget decisions.
In recent years the DIRT rate has been increased to raise additional revenue. The Government decided to increase the rate of Deposit Interest Retention Tax (DIRT) (previously 33%) to 41% in Budget 2014. The higher rate of DIRT (previously 36%) for interest paid less frequently than annually was abolished, and all deposit interest is now liable to DIRT at the same rate (41%).
Up to 2009, individuals may have been taxable on other income at the higher rate of income tax but were only liable to pay tax on interest income at 20%. Previous DIRT rates were below the higher rate of income tax, and this, in effect, incentivised saving. The decision to raise the rate of DIRT was taken to encourage spending in the economy with a view to stimulating growth and employment.
Certain exemptions apply from DIRT, the main ones include -
- Individuals aged over 65 (subject to income limits)
- Permanently Incapacitated Individuals
- Companies, Pension Funds and Charities (Irish resident companies pay tax on investment income at 25%)
- Non-Resident Account Holders.
192. Deputy Terence Flanagan asked the Minister for Finance his views on the limit that one can save with a credit union; his plans to review this limit; and if he will make a statement on the matter. [29953/15]
View answerThe Credit Union and Co-operation with Overseas Regulators Act 2012 provides the Central Bank with powers to make regulations. Before making regulations, the Central Bank must consult with the Minister, the Credit Union Advisory Committee and any other body that has expertise or knowledge or that the Central Bank considers appropriate.
I have been informed by the Central Bank that it issued a consultation paper on 27 November 2014 entitled Consultation on Regulations for Credit Unions on commencement of the remaining sections of the 2012 Act - CP88. The Central Bank provided a 3 month consultation period and the closing date for submissions was 27 February 2015.
The draft savings regulations set out in CP88 propose that all credit unions can have individual member's savings of up to a maximum of €100,000. A maximum individual member's savings limit of €100,000 would ensure the protection of members' savings and continues to ensure that credit unions' funding is sufficiently diversified and is not dependent on a small number of members. The Central Bank is mindful of the potential financial stability impact on the wider credit union sector of any credit union member losing savings.
The Central Bank informs me that it has reviewed all submissions received on CP88 and is currently in the process of finalising the regulations.
While the making of regulations is a matter for the Central Bank, under section 84A of the Credit Union Act 1997, as Minister for Finance, I will be consulted on proposed regulations. My priority is always the protection of credit union members' savings and the stability of the sector as a whole.
193. Deputy Terence Flanagan asked the Minister for Finance his plans to review the Central Bank of Ireland's new lending limits on financial institutions; and if he will make a statement on the matter. [29954/15]
View answerI assume the Deputy is referring to the new macro prudential rules for residential mortgage lending put in place earlier this year by the Central Bank of Ireland. These measures provide that, in respect of a mortgage for a principal dwelling home, first time buyers will be subject to a maximum mortgage loan to value (LTV) of 90% for a property valued up to €220,000 and subject to an 80% LTV on any excess value above that amount. For non-first time buyers, a mortgage will be limited to 80% of the value of the principal dwelling home. In addition, there is a loan to income limit of 3.5 times gross annual income. However, these macro prudential measures also allow a certain flexibility to lenders to exceed these thresholds when assessing individual cases.
The primary objective of these regulations is to increase the resilience of the banking and household sectors to the property market and to reduce the risk of bank credit and house price spirals from developing in the future. While the Central Bank is independent in setting such macro prudential measures for regulated financial service providers, it has indicated that it will monitor the impact and effectiveness of the measures in achieving its stated objectives. It will also maintain a continuing research effort to evaluate macro prudential policy to help ensure its optimum deployment.
194. Deputy Bernard J. Durkan asked the Minister for Finance if refund of income tax is payable in respect of rent paid in the past three years, in the case of a person (details supplied) in County Kildare; and if he will make a statement on the matter. [29957/15]
View answerI have been advised by the Revenue Commissioners that the named parties have not submitted claims for rent paid.
Revenue has written to the named individuals, at the address provided, advising them of how to make a claim for Rent Relief.
195. Deputy Denis Naughten asked the Minister for Finance the total cost of public advertising, statutory and non-statutory, funded by his Department in 2013 and 2014; the corresponding figure for agencies under the control of his Department; and if he will make a statement on the matter. [30025/15]
View answerThe information requested by the Deputy is set out in the following tables.
Department of Finance
|
Total Cost of Public Advertising |
2014 |
2013 |
|
Amount (€) |
240,993.99* |
156,869.67** |
*€214,800.11 relates to the Credit Review Office and is reimbursed by the participating banks.
**€156,869.67 relates to the Credit Review Office and is reimbursed by the participating banks.
Office of the Comptroller and Auditor General
|
Advertising costs |
2014 |
2013 |
|
Amount (€) |
1,660.50 |
3,095.01 |
Revenue
Advertising expenditure relates to critical aspects of Revenue's business operations, including advertising related to payment of the Local Property Tax, P35 end of year return filing by employers, the self-assessed tax return filing deadline and the Home Renovation Incentive.
2013: €1.788m, of which approximately €230,000 related to statutory advertising.
2014: €1.609m, of which approximately €203,000 related to statutory advertising.
Credit Union Restructuring Board (REBO)
|
Total Cost of Public Advertising |
2014 |
2013 |
|
Amount (€) |
11,000 |
6,000 |
Investor Compensation Company Limited
|
Advertising costs |
2014 |
2013 |
|
Amount (€) |
3,684.98 |
8,237.33 |
Central Bank of Ireland
Information in relation to the Central Bank of Ireland is not to hand. I will forward it to the Deputy as soon as possible.
National Treasury Management Agency (NTMA)
|
Advertising costs |
2014 |
2013 |
|
Amount (€)* |
35,609 |
245,191 |
*State Savings Scheme
National Asset Management Agency (NAMA)
Total NAMA advertising expenditure in 2013 and 2014 is set out as follows:
|
Agency |
2014 |
2013 |
|
National Asset Management Agency |
€18,360 (Joint venture expression of interests advertisement) |
€23,800 (Online advertising of NAMA's 80/20 Deferred Mortgage Initiative and international marketing initiative) |
196. Deputy Denis Naughten asked the Minister for Finance the cost in 2013 and 2014 of printing reports by his Department and agencies under the control of his Department; the corresponding figure for annual reports; and if he will make a statement on the matter. [30040/15]
View answerIn response to the Deputy's question my Department has its own Print Room with two staff which provides shared print services to both my Department and the Department of Public Expenditure and Reform. The budget allocations exclusive of staff costs in respect of the services provided by the print room for 2013 and 2014 were €41,500 and €68,327 respectively. The annual allocation is to cover the costs associated with printing such as paper, binders and machinery maintenance required for the smooth operation of the print room. The reports produced in-house in 2013 and 2014 included the Budget booklets, the Annual Expenditure reports and the Revised Estimates. In addition the print room has assisted a number of Departments including the Department of the Taoiseach and the Department of Foreign Affairs in relation to the printing of urgent and confidential reports in the period in question.
In respect of bodies under the aegis of my Department the following table gives details of the amount spent on printing reports externally in the years 2013 and 2014.
Details of the amounts spent on printing reports in 2013 and 2014
|
Name of Report |
Cost of publishing reports in 2013 € |
Cost of publishing reports in 2014 € |
|
Financial Services Ombudsman's Bureau reports |
11,220 |
10,958 |
|
Irish Fiscal Advisory Council reports |
2,188 |
1,859 |
|
National Treasury Management Agency Annual Report |
6,300 |
6,300 |
|
National Development Finance Agency Annual Report |
1,760 |
2,371 |
|
National Pension Reserve Fund Commission Annual Report |
2,730 |
2.883 |
|
Carbon Fund Annual Report |
1,850 |
1,850 |
|
Office of the Comptroller and Auditor General Report |
1,427 |
812 |
|
Annual Report of the Social Finance Foundation for 2012* and 2013 |
1,500* |
1,500 |
Details in respect of the Central Bank of Ireland will be forwarded directly to the Deputy.
197. Deputy Denis Naughten asked the Minister for Finance the cost in 2013 and 2014 of issuing hard copy payslips to staff or retired staff by his Department and agencies under the control of his Department; and if he will make a statement on the matter. [30055/15]
View answerThe information requested in respect of my Department is set out in the following table:
|
2013 |
|
|
Postage |
€84,882.25 |
|
Payslips purchased |
€5,332.05 |
|
Machinery maintenance |
€4,840.78 |
|
Total |
€95,055.08 |
|
2014 |
|
|
Postage |
€55,123.92 |
|
Payslips purchased |
€5,243.49 |
|
Machinery maintenance |
€4,840.78 |
|
Total |
€65,208.19 |
Most of the costs are attributable to pension payment activity. An Post's bulk discount postal rates were used where they were available. The figures above do not include the following: stocks of payslips on hand at year end; costs of issuing P60s to pensioners; costs of staff operating machinery used to prepare the payslips for issue. Much of the higher costs in 2013 reflects additional issues of payslips due to the reductions in pensions arising from the Haddington Road Agreement, as well as some additional targeted mailshots to payees in relation to developments in the pension payment service.
Prior to the transfer of the activity to the new Payroll Shared Service Centre in September 2014, my Department supplied a payroll service on an agency basis to a number of Departments and Offices and for salaries charged to the Central Fund. Online payslips were available to staff obviating the need to produce hard copy versions. However, hard copy payslips would have issued in particular circumstances, for example, to staff absent on maternity leave and staff of certain client Departments who did not have access to online payslips.
The Office of the Paymaster General, which is part of my Department, provides a pension payment service for: retired civil servants paid from the Superannuation Vote; retirees of various other State bodies and programmes; pensioners paid from the Central Fund. There are currently over 32,000 pensioners in payment. The automatic issue of a payslip with every fortnightly pension payment ended in November 2012. New arrangements were put in place whereby hardcopy payslips are only posted to all pensioners for the final pension payment of the year and for the first payment of the new year. In addition, a payslip is posted to a pensioner where his/her net pension payment changes by more than €7.50 compared to the amount paid to him/her in the previous fortnight. An online payslip has also been made available to pensioners. It is estimated that these new arrangements save my Department approximately €450,000 per annum.
The pension payment activity is due to transfer from my Department to the Payroll Shared Service Centre in September 2015.
The position in respect of the agencies under my Department is as follows:
The Office of the Comptroller and Auditor General:
The cost of issuing hard copy payslips to staff was €2,509.12 in 2013 and €2,696.68 in 2014.
Revenue:
I am advised by Revenue that the estimated cost of issuing hard copy payslips to Revenue employees was €1,700 in 2013 and €1,700 in 2014. Revenue's policy is that all staff receive their payslips electronically. The only exception is in a small number of cases where the individuals do not have access to the payroll system, for example during maternity leave or long term sick leave.
Central Bank of Ireland:
Information in relation to the Central Bank of Ireland is not to hand. I will forward it to the Deputy as soon as possible.
National Treasury Management Agency (including National Asset Management Agency and Strategic Banking Corporation of Ireland):
The NTMA outsources the provision of payroll administration services to a third party service provider - currently PwC. While hardcopy payslips are supplied, this is part of the overall service provided and no service fee reduction would accrue from a switch to a soft copy service.
198. Deputy Lucinda Creighton asked the Minister for Finance if he will outline and itemise all expenditure undertaken by his Department on private travel for him and-or for his private office, on legal fees, on consultancy fees and on hotel accommodation, during the 12-month period to 30 June 2015; and if he will make a statement on the matter. [30070/15]
View answerThe Department does not pay for the private travel undertaken by me or by staff in my private office, nor does the Department pay for accommodation for my private office staff which is associated with their private travel. There were no legal or consultancy fees for myself or for my private office for the twelve month period to 30 June 2015. The costs of hotel accommodation for myself and my private office, in respect of work for my Department, are set out in the table.
Hotel Costs - 01 July 2014 to 30 June 2015
|
Minister Michael Noonan |
|||
|
Transaction Date |
Date Paid |
Location |
Cost |
|
12/05/2015 |
23/06/2015 |
Brussels (Eurogroup/Ecofin) |
€180.00 |
|
10/03/2015 |
05/05/2015 |
Brussels (Eurogroup/Ecofin) |
€180.00 |
|
17/02/2015 |
31/03/2015 |
Brussels (Eurogroup/Ecofin) |
€180.00 |
|
26/02/2015 |
31/03/2015 |
London (Ministerial Investor Programme) |
€536.15 |
|
27/01/2015 |
24/02/2015 |
Brussels (Eurogroup/Ecofin) |
€196.15 |
|
07/11/2014 |
25/11/2014 |
Brussels (Eurogroup/Ecofin) |
€180.00 |
|
20/06/2014 |
23/07/2014 |
Luxembourg (Eurogroup/Ecofin) |
€198.00 |
|
24/01/2015 |
02/04/2015 |
China (President Higgins State Visit) |
€503.60 |
|
23/12/2014 |
05/03/2014 |
China (President Higgins State Visit) |
€1,019.88 |
|
08/09/2014 |
02/12/2014 |
Luxembourg (Eurogroup/Ecofin) |
€208.75 |
|
17/03/2014 |
07/08/2014 |
Toronto (Ministerial Visit to Canada) |
€441.95 |
|
Private Office Staff |
|
|
|
|
Transaction Date |
Date Paid |
Location |
Cost |
|
20/06/2014 |
23/07/2014 |
Luxembourg(Eurogroup/Ecofin) |
€198.00 |
|
10/10/2014 |
29/10/2014 |
Milan (Informal Ecofin) |
€608.00 |
|
07/11/2014 |
25/11/2014 |
Brussels (Eurogroup/Ecofin) |
€180.00 |
|
08/09/2014 |
02/12/2014 |
Luxembourg (Eurogroup/Ecofin) |
€208.75 |
|
27/01/2015 |
24/02/2015 |
Brussels (Eurogroup/Ecofin) |
€196.15 |
|
23/12/2014 |
05/03/2015 |
China (President Higgins State Visit) |
€869.90 |
|
18/12/2014 |
05/03/2015 |
China (President Higgins State Visit) |
€438.21 |
|
17/02/2015 |
31/03/2015 |
Brussels(Eurogroup/Ecofin) |
€180.00 |
|
26/02/2015 |
31/03/2015 |
London (Ministerial Investor Programme) |
€535.80 |
|
24/01/2015 |
02/04/2015 |
China (President Higgins State Visit) |
€330.56 |
|
10/03/2015 |
05/05/2015 |
Brussels (Eurogroup/Ecofin) |
€180.00 |
|
12/05/2015 |
23/06/2015 |
Brussels (Eurogroup/Ecofin) |
€180.00 |
200. Deputy Terence Flanagan asked the Minister for Finance if he will consider deferring the commencement of the remaining sections of the Credit Union and Co-operation with Overseas Regulators Act 2012 until such time as the serious concerns of credit unions and their members are sufficiently considered by the Central Bank of Ireland, and duly factored into any new regulations; and if he will make a statement on the matter. [30093/15]
View answerThe Credit Union and Co-operation with Overseas Regulators Act 2012 was signed into law by the President of Ireland on 19 December 2012. Following enactment, different parts of the 2012 Act have been commenced in tranches at different times. This approach was taken, as the Department is cognisant of the fact that credit unions needed time to implement all aspects of the 2012 Act and so has informed the timeline for implementation of the various measures on different dates.
The remaining sections of the 2012 Act, when commenced, will replace, amend or supplement existing sections of the 1997 Act.
The introduction of the new sections into the 1997 Act by the 2012 Act will, in effect, remove some of the requirements (including limits) that currently exist in certain sections and will provide regulation making powers to the Central Bank. The new sections will also contain a number of new requirements.
On 27 November 2014 the Central Bank issued a consultation paper entitled Consultation on Regulations for Credit Union on commencement of the remaining sections of the 2012 Act - CP88. The Central Bank provided a 3 month consultation period and the closing date for submissions was 27 February 2015.
Consultation Paper, CP88 sets out that following the consultation and consideration of submissions received, the remaining sections of the 2012 Act and final regulations would be commenced at the end of 2015. The Central Bank has indicated that it will be communicating with the credit union sector on the regulations. Details of this will be provided in the feedback statement to be published with the regulations.
201. Deputy Terence Flanagan asked the Minister for Finance if he will consider the establishment of an independent regulator for the credit union sector, that is free to fulfil the legal mandate to ensure the financial stability and general well-being of credit unions, one that is focused on its prudent growth and development, rather than primarily focused on the elimination of financial risk in the sector; and if he will make a statement on the matter. [30094/15]
View answerIn recognition of the unique nature of credit unions, a statutory position of Registrar of Credit Unions was explicitly created within the Central Bank of Ireland to assume responsibility for the regulation of credit unions.
The Registry of Credit Unions is independent and is responsible for the registration, regulation and supervision of credit unions.
Under the Credit Union Act 1997, (1997 Act) the functions of the Registrar of Credit Unions are to regulate credit unions with a view to the:
- protection by each credit union of the funds of its members; and
- the maintenance of the financial stability and well-being of credit unions generally.
The Regulator's aim is to promote a financially stable credit union sector that operates in a transparent and fair manner and safeguards its members` funds.
As set out in the Central Bank's Strategic Plan 2013-2015, one of the Registry of Credit Unions' three key strategic priorities that underpin its work in the credit union sector is to develop an appropriate legislative and regulatory framework to protect the stability of individual credit unions and to allow the sector to develop.
While part of the Central Bank's role is to support the sustainable and prudent development of the sector, the Central Bank must ensure that proposed changes to the credit union business model are prudently structured and implemented.
The Central Bank informs me that it intends to invite interested parties to a series of dialogues to discuss the credit unions' business model transformation expectations. I believe that this is an appropriate time for credit unions to consider developing their business model and I am satisfied that the Regulator's engagement in this process will be crucial to the growth and development of the sector in a sustainable manner.
202. Deputy Lucinda Creighton asked the Minister for Finance if his Department has a policy in relation to National Asset Management Agency debtors selling property on behalf of the agency, receiving or asking for separate payments from purchasers of property over and above the sale price of the property; if he has been informed of any such events or attempted transactions; if so, whether he has outlined a policy or risk register on the matter; and if he will make a statement on the matter. [30101/15]
View answer206. Deputy Lucinda Creighton asked the Minister for Finance if he has been informed of any attempts by debtors of the National Asset Management Agency to sell property on behalf of the agency, and to secure success or bonus payments for the sale of their property; if his Department has a policy or risk register on such issues; if he has not been informed, the reason for same; and if he will make a statement on the matter. [30102/15]
View answerI propose to take Questions Nos. 202 and 206 together.
NAMA has issued debtors and receivers with very clear requirements on the conduct of property sales. These requirements are set out in NAMA's Guidance Note on the Disposal of Real Estate Assets by NAMA Debtors and Insolvency Office Holders, which is available on the NAMA website, https://www.nama.ie/fileadmin/userupload/AssetDisposalPolicyV41-websiteversion3.pdf.
I am not aware of any such scenario outlined by the Deputy, which would be completely unacceptable to NAMA, and I would urge the Deputy to bring to NAMA's immediate attention the details of any such case of which she is aware.
