Written Answers Nos. 141-52
141. Deputy Sean Fleming asked the Minister for Finance if the full local property tax for earlier years and to date in 2017 is paid for and by a person (details supplied); and if he will make a statement on the matter. [20977/17]
View answerI am advised by Revenue that the person in question filed the statutory Local Property Tax (LPT) Return on 9 May 2013. He has paid his LPT liabilities for the years 2013 to 2017, based on his valuation, and also paid the 2012 Household Charge and on that basis he is compliant with his LPT obligations.
142. Deputy Michael McGrath asked the Minister for Finance further to Parliamentary Questions Nos. 82 and 83 of 13 April 2017, the number of the 16 potential acquirers initially considered for the portfolio by the loan sales adviser that had originally approached one of the debtors expressing an interest in all or part of the portfolio or that had been originally approached by one of the debtors regarding the possibility of purchasing some or all of the portfolio; and if he will make a statement on the matter. [21071/17]
View answer143. Deputy Michael McGrath asked the Minister for Finance further to Parliamentary Questions Nos. 82 and 83 of 13 April 2017, the number of the three bidders that selected a competitive bid for the portfolio that had originally approached one of the debtors expressing an interest in all or part of the portfolio or had been originally approached by one of the debtors regarding the possibility of purchasing some or all of the portfolio; and if he will make a statement on the matter. [21072/17]
View answer144. Deputy Michael McGrath asked the Minister for Finance further to Parliamentary Question Nos. 82 and 83 of 13 April 2017, the number of the debtors that were consulted on the compilation of the initial list of 16 potential acquirers for project Tolka on the identification of the nine potential credible bidders, on the selection of the six potential bidders that were engaged with by the loan sales adviser and on the ultimate selection of three bidders that would be invited to submit a competitive bid; and if he will make a statement on the matter. [21073/17]
View answerI propose to take Questions Nos. 142 to 144, inclusive, together.
As I pointed out in my replies to parliamentary questions 82 and 83 of 13 April 2017, NAMA initiated a targeted marketing process for the sale of the Project Tolka portfolio based on its assessment that such a process would yield a superior return to alternative options, as required by reference to its obligations under Section 10 of the NAMA Act. I also pointed out that the advice of NAMA's loan sale adviser, Eastdil Secured, was that such an approach would ensure competitive tension and significantly enhance the proceeds generated for NAMA.
In my previous responses, I also noted that preparatory work in relation to the sale took at least two years. This debtor connection comprised over 180 individual debtors with the majority of the debt concentrated among three principal debtors. Over that period, I am advised there were extensive discussions between NAMA and the principal debtors. I am further advised that, at various points during those discussions, references were made by representatives of the debtor connection to informal approaches which had been made by some investors seeking to purchase particular assets. Given that NAMA no longer has an active engagement with the debtor connection, it is not possible at this time for NAMA to compile accurate data as to which of the original sixteen potential bidders had indicated an interest to the debtor connection in one or more of the assets securing the portfolio.
I am advised by NAMA that one of the three final bidders had expressed an interest to the debtor connection in one or more of the assets securing the loans in the portfolio and that another of the final three bidders had expressed its interest to both NAMA and the debtor connection. I am further advised that NAMA was separately approached directly by one other potential bidder, which was not one of the final three bidders.
I am advised that, in its discussions with the debtor connection, NAMA engaged with representatives of the three principal debtors. NAMA understands that the three principal debtors were in a position to represent the views of most, if not all, of the other debtors. Given that the three principal debtors had the majority of the connection’s debt, it is likely that any investors interested in acquiring assets would have communicated with these principal debtors. In addition, I am advised that, before making a decision to sell the portfolio, NAMA engaged in a debtor representations process. I am advised that this involved writing to all debtors within the connection and requesting their views on NAMA's proposed intention to sell their loans. This provided all debtors in the connection with an opportunity to raise any matters relating to the loan sale including any feedback regarding the selection of potential bidders. I am advised that 253 letters seeking written representations from debtors were issued by NAMA as part of this process and that all responses received were reviewed by NAMA's Credit Committee before the final decision to proceed with the loan sale was made.
145. Deputy Michael McGrath asked the Minister for Finance the details of all transactions, apart from project Tolka, NAMA was involved in whereby the disposal strategy was influenced by approaches made to one or more debtors by potential bidders for all or part of a portfolio; the further details of transactions NAMA was involved in whereby some or all of the debtors concerned would have been consulted by NAMA on the compilation of the list of potential bidders to be engaged with as part of the sale; and if he will make a statement on the matter. [21109/17]
View answerThe Deputy will appreciate that NAMA's engagement with its debtors and any decisions it makes arising from that engagement are confidential matters for the NAMA Board in line with its statutory independent mandate.
The Deputy will be aware that NAMA owns and sells loans and not property. Separately, assets securing NAMA's loans are owned by the debtor or receiver. As such asset sales are performed by the debtor or receiver with NAMA's consent with the proceeds of such asset sales being used to repay the debtor's outstanding borrowings.
I am advised by NAMA that the vast majority of both loan sale transactions conducted by NAMA and asset sale transactions conducted by NAMA debtors or receivers have been openly marketed. Accordingly, consultation with debtors regarding the inclusion of potential bidders has not been a consideration.
I am further advised that loan sales are frequently initiated as a result of credible unsolicited approaches from interested potential purchasers (i.e. reverse inquiries) to NAMA or, on occasion, directly to NAMA debtors. However, if NAMA does not find an approach to be credible it will not pursue such interest as has been the case with many such reverse inquiries.
When assessing reverse inquiries, NAMA's key considerations are whether the proposed transaction maximises the financial return to NAMA and whether the interested party is a credible bidder. If NAMA believes that the transaction would maximise its return and that the party making the reverse inquiry has the financial capacity to purchase the portfolio, NAMA will prepare a formal assessment and following appropriate internal approvals, will seek to initiate a formal loan sales process. The party that made the initial reverse inquiry would typically be included as one of a pool of potential bidders which are given the opportunity to review the portfolio concerned and submit bids if they see fit to do so.
NAMA advise me that, to date, less than one third of the significant loans sales processes triggered by credible reverse inquiries have subsequently been purchased by the party which made the initial approach.
I am advised by NAMA that Project Tolka was unique in terms of the particular targeted marketing approach that was adopted and the level of consultation with the debtor connection as regards bidder selection. As I pointed out in my reply to Parliamentary Questions Nos. 82 and 83 of 13 April 2017, NAMA initiated a targeted marketing process for this portfolio based on the advice of its loan sales adviser, Eastdil Secured. This advice was that this approach would significantly enhance the sales proceeds generated for NAMA by comparison to all other disposal options.
NAMA is prohibited by law from disclosing confidential information in relation to debtors and their assets and is therefore constrained from disclosing the particular considerations which formed the basis for the adviser’s recommendation that a targeted marketing process would maximise the State’s return in this particular instance.
146. Deputy Brendan Griffin asked the Minister for Finance the position regarding the implementation of the cost of insurance report recommendations; and if he will make a statement on the matter. [21129/17]
View answerThe Cost of Insurance Working Group, chaired by Minister of State Eoghan Murphy T.D., finalised its Report on the Cost of Motor Insurance in December 2016 and it was published on 10 January 2017. The Report makes 33 recommendations with 71 associated actions to be carried out in agreed timeframes, which are clearly set out in an Action Plan. 45 of these action points are due to be implemented by the end of this year with the remainder scheduled for completion before the conclusion of 2018.
Substantial work has already taken place on the implementation of the recommendations by the relevant Government Departments and Agencies. Examples of completed actions include the establishment of the Personal Injuries Commission in January and the issuing of a key aggregated metrics template to insurance undertakings for completion.
There is a commitment within the Report that the Working Group will prepare quarterly reports on its progress and my Department will publish the first such update on the implementation of the recommendations in the coming days. This update will show the progress to date on the overall implementation of the Report, with a particular focus on action points which were due for completion in the first quarter of 2017.
147. Deputy Róisín Shortall asked the Minister for Finance the position regarding the ongoing 2015 Central Bank review of tracker mortgage portfolios; when the final report of this review will be published; and if he will make a statement on the matter. [21134/17]
View answerThe Central Bank of Ireland has published a number of status updates on the systems-wide Examination of Tracker Mortgage Related Issues. The most recent update report, which was published on 23 March 2017, sets out the progress being made by lenders in completing the review. That update report, together with additional material regarding the Examination, is attached - https://www.centralbank.ie/news-media/press-releases/update-report-tracker-mortgages. The Central Bank has indicated that a further update will be published in autumn 2017 and that a final report will also be published after the conclusion of the Examination.
148. Deputy Clare Daly asked the Minister for Finance the details of payments made by his Department or a public body under the aegis of his Department to a person (details supplied) in the past 36 months and to date in 2017. [21389/17]
View answerIn response to the Deputy's question, I have been advised that there have been no payments made by my Department or by any of the 18 bodies under the aegis of my Department to Mr. Kieran Mulvey in the past 36 months and to date in 2017.
149. Deputy Willie O'Dea asked the Minister for Education and Skills if the report to identify the supports and barriers to accessing higher education for lone parents as committed to in the programme for Government has been published; and if he will make a statement on the matter. [21070/17]
View answerThe review of the supports and barriers to accessing higher education for lone parents is currently being finalised and will be published shortly.
The review was conducted by a multi-disciplinary team from NUI Maynooth. The review process was overseen by a steering committee comprising officials from my Department and from the Departments of Social Protection and Children and Youth Affairs, as well as the Higher Education Authority.
This is a complex policy area that involved three Government Departments. The review has examined existing data and the supports that are currently available for lone parents, with a view to identifying the specific challenges faced by lone parents in accessing higher education. The intention was to identify measures and best practice that will address those challenges in the future.
The review was sufficiently progressed to inform policy discussions between the relevant Departments in advance of Budget 2017. In this context, I secured additional funding in Budget 2017 to support more lone parents to participate in higher education. This new funding will be used to respond to the recommendations contained in the review.
The additional funding I received for lone parents in Budget 2017 will be complemented by measures announced by my colleague, the Minister for Social Protection, to assist lone parents to return to education. These measures include the reintroduction of the €500 annual cost of Education allowance.
The Minister for Children and Youth Affairs also is introducing a programme of affordable child care which will be of significant help to lone parents who are using childcare.
150. Deputy Brendan Griffin asked the Minister for Education and Skills the status of an application for replacement accommodation by a school (details supplied) in County Kerry; and if he will make a statement on the matter. [20887/17]
View answerI can confirm that the school referred to by the Deputy has submitted an application to my Department for the replacement of prefabricated accommodation. My Department will convey a decision on the application directly to the school authority as soon as the assessment process has been finalised.
151. Deputy Kathleen Funchion asked the Minister for Education and Skills the status of the construction process for a school (details supplied); the response from the design team to date; and when his Department expects the project to commence and be completed. [20919/17]
View answerThe major building project for St Patrick’s Special School Enniscorthy is at an advanced stage of architectural planning - Stage 2(b), which includes the applications for Planning Permission, Fire Certificate and Disability Access Certificate and the preparation of Tender Documents. All statutory approvals have been secured.
The Design Team have been requested to review the impact of the changes to the Public Works Contracts (PWC) and to revert to the Department with an assessment of what, if any, additional works are required to bring the tender documents into line with those changes.
Once the Stage 2b (Detailed Design) submission is received and reviewed by the Department and subject to no further issues arising officials from the Department will revert to the school with regard to the further progression of the project at that time.
152. Deputy Michael McGrath asked the Minister for Education and Skills the percentage of primary schools and post-primary schools that operate a school books grant scheme; his plans to make the operation of this scheme compulsory in all schools; and if he will make a statement on the matter. [20931/17]
View answerThe most recent figures available indicate that 94% of primary schools and 65% of post-primary schools operate a book rental scheme.
My Department provides funding of €16 million annually to schools to support the operation of school book rental schemes for students in all recognised Primary and Post-Primary schools within the Free Education Scheme.
Operation of a book rental scheme will become a mandatory requirement for schools participating in the School Support Programme by September 2017 as outlined in the recent DEIS review carried out by my Department.
Furthermore, my Department has recently published a circular to school authorities and ETBs regarding measures to be adopted by schools to reduce the costs which include the provision of a book rental scheme. The circular can be accessed on my Department's website at http://www.education.ie/en/Circulars-and-Forms/Active-Circulars/cl0032_2017.pdf.
