Thursday, 14 Dec 2017

Written Answers Nos 91-112

Knowledge Development Box

Questions (91)

Michael McGrath

Question:

91. Deputy Michael McGrath asked the Minister for Finance the number of companies availing of the knowledge development box; the cost of the programme in 2016; the number of MNEs obtaining the relief in 2016; the cost of these claims; the number of MNEs that were expected to claim the relief; the number of SMEs that claimed the relief; the cost of these claims; the number of SMEs that were expected to claim the relief; and if he will make a statement on the matter. [53750/17]

Written answers

Minister for Finance

I am advised by the Revenue Commissioners, that the Knowledge Development Box (KDB) only applies for accounting periods commencing on or after 1 January 2016. The claimant company has a period of up to 24 months to make a claim for relief under the KDB.

A small number of companies (less than 10) whose accounting periods ended on or before 31 December 2016 have submitted claims for their 2016 tax returns. Due to taxpayer confidentiality, Revenue cannot comment on the size or nature of the claimant companies to date. However, the tax cost of these claims to-date is in the region of €5 million.

Given the large amount of documentation that is necessary, it is anticipated that more companies will make use of the 24 month time frame available. As such, more claims in respect of the year ended 31 December 2016 are expected to be made by September 2018.

NAMA Portfolio

Questions (92, 126)

Michael McGrath

Question:

92. Deputy Michael McGrath asked the Minister for Finance the status of the planned wind-up of NAMA; the details of the portfolio that is remaining; the current estimate of the timeframe and the financial outturn from the wind-up of NAMA; and if he will make a statement on the matter. [53751/17]

Michael McGrath

Question:

126. Deputy Michael McGrath asked the Minister for Finance the status of the planned wind-up of NAMA; the details of the portfolio that is remaining; the estimated timeframe; the estimated financial outturn from the wind-up of NAMA; and if he will make a statement on the matter. [53791/17]

Written answers

Minister for Finance

I propose to take Questions Nos. 92 and 126 together.

I wish to advise the Deputy that there has been no change to NAMA’s expectation that it will complete its work by 2020. The Agency announced in October that it had redeemed all of its €30.2bn in Senior Debt which was guaranteed by the State. However, notwithstanding the successful achievement of this primary and important objective, three years ahead of schedule, there is still a significant body of work yet to be completed by NAMA. Subject to current market conditions prevailing, this includes redemption of NAMA’s subordinated debt of €1.6 billion by March 2020 and completion of its Dublin Docklands SDZ and residential funding programmes. Successful completion of these major NAMA objectives will produce a significant economic and social contribution to the State, by addressing supply shortages.

I would also refer the Deputy to the announcement in my Budget statement in October of the establishment of Home Building Finance Ireland (HBFI), which is intended to increase the availability of debt funding on market terms to commercially viable residential development projects. In order to enable HBFI to get up and running quickly, it is my intention that it will draw on the expertise and experience in residential development funding that resides in NAMA.  

The Deputy will be aware of NAMA’s expectation that, once its work is completed in 2020, it will return to the Exchequer a terminal surplus, currently estimated at €3 billion, subject to current market conditions prevailing. I am advised that NAMA’s residual loan portfolio will require intensive case management and asset management if the projected terminal surplus is to be realised and as such, I do not envisage setting a shorter timeframe which could adversely affect the amount of the surplus ultimately realised, which is very important for the State. 

In relation to the NAMA portfolio, I would advise the Deputy that the latest information on the Agency’s remaining loan portfolio is available in the Agency’s Section 55 quarterly accounts for Quarter 2 of 2017 which is available on the NAMA website. As outlined in these accounts, the carrying value of NAMA’s loan portfolio at 30 June 2017, net of cumulative impairment, was €3.7 billion. It is expected that updated information will be available after I receive NAMA’s Section 55 report and accounts for Q3 in the coming weeks. I expect to lay that report before the Oireachtas as soon as possible thereafter.

EU Budget Contribution

Questions (93)

Michael McGrath

Question:

93. Deputy Michael McGrath asked the Minister for Finance the expected impact Brexit will have on Ireland's annual contribution to the EU budget; and if he will make a statement on the matter. [53752/17]

Written answers

Minister for Finance

As the Deputy will be aware, negotiations are currently on-going. Therefore, as you can appreciate, it would not be appropriate for me to discuss those negotiations in detail at this point. Ireland wants a financial settlement reached in a fair and transparent manner on the basis of an agreed, objective methodology, that enables a positive future relationship between the EU and the UK and which reflects the UK's legal and budgetary commitments under the Multiannual Financial Framework (MFF).

While my Department currently forecasts Ireland's contributions to the EU budget for 2021 to be €2,775 million, this figure is used primarily for illustrative purposes. It should also be noted that the 2021 forecast falls outside the current Multiannual Financial Framework and as such, should be treated with caution. Contribution estimates will be updated on an ongoing basis as new information becomes available.

EU Budget Contribution

Questions (94)

Michael McGrath

Question:

94. Deputy Michael McGrath asked the Minister for Finance the gross contribution Ireland has made to the European Union budget per annum from 2010 to 2016; the estimated contribution in 2017; the net benefit or contribution made in each year, in tabular form; and if he will make a statement on the matter. [53753/17]

Written answers

Minister for Finance

As the Deputy will be aware and as outlined in the table, Ireland became a net contributor to the EU budget in 2014.

EU budget payments and public sector receipt data are published annually by the Department of Finance in the Budget Statistics publication. The public sector receipt measure captures funds under 'shared management' between national and EU authorities. In addition, the EU also pays some additional receipts directly to private beneficiaries under 'centralised direct management', most notably under the EU research funding programme.

For ease of reference, Ireland's receipts from and contributions to the EU budget for the years 2010 to 2016 are set out in the following table:

Year	Public Sector Receipts €m	Direct Management Receipts* €m	Total Receipts €m	Payments to EU budget €m	Net Receipts €m
2010	1885.3	80.4	1965.7	1352.4	613.3
2011	1950.2	80.2	2030.4	1349.7	680.7
2012	1837.7	108.8	1946.5	1393.2	553.3
2013	1672.9	113.0	1785.9	1726.2	59.7
2014	1419.7	83.9	1503.6	1685.5	-181.9
2015	1783.4	147.7	1931.1	1952.1	-21.0
2016	1622.1	156.0	1778.1	2022.8	-244.7

Source: Department of Finance

 * - Direct Management - funds which are awarded and spent directly by the Commission. These are primarily research receipts.

Ireland's contribution to the EU budget in 2017 is estimated to be c. €2,020 million. In relation to receipts for 2017, a final outturn will be published as part of the 2018 Budget Statistics report.

IBRC Expenditure

Questions (95)

Michael McGrath

Question:

95. Deputy Michael McGrath asked the Minister for Finance the amount of fees paid to barristers, senior and junior counsel by IBRC since the appointment of the special liquidators; the name and amount paid to each recipient; the estimated total professional fees arising from the special liquidation; and if he will make a statement on the matter. [53754/17]

Written answers

Minister for Finance

A summary of the Special Liquidation fees, including legal fees to 31 December 2016 is available in the most recent progress update report which is available on the Department of Finance website http://www.finance.gov.ie/wp-content/uploads/2017/05/170505-IBRC-Progress-update-report-report_31-Dec-16.pdf

The Special Liquidators do not believe that it would be appropriate to provide the requested details regarding all Counsel engagements by IBRC since their appointment, particularly given the legally privileged, commercially sensitive and highly confidential nature of those engagements.

The Special Liquidators have informed me that an updated summary of the Special Liquidation fees, including legal fees to 31 December 2017 will be contained in the next progress update report which will be published in H1 2018.

I am further advised by the Special Liquidators that it is not possible for them at this time to confirm or estimate the final fees of the liquidation as there remains a number of tasks in the liquidation to be completed including the on-going management of c.175 legal cases, the completion of the creditor adjudication process, the management of the remaining loan book and the realisation of all remaining assets.

Banking Sector Data

Questions (96)

Michael McGrath

Question:

96. Deputy Michael McGrath asked the Minister for Finance if the Central Bank has a policy on whether bank ATM machines should dispense €10 notes to persons; the practice of retail banks here in dispensing €10 notes; if there is a policy as to whether the use of €20 notes or €50 notes are preferred in which an amount of €100, for example, is required; the breakdown of notes dispensed; and if he will make a statement on the matter. [53755/17]

Written answers

Minister for Finance

I am informed by the Central Bank that it has set targets for the banks to achieve in terms of issuance of €10, €20 and €50 notes from non-retailer ATMs by 2018, with a view to making lower denomination notes more available to cash users. These targets were calculated following a study of the requirements of consumers, given patterns of cash usage. 

The targets are that 6-10% of all notes by volume are to be €10 notes by the end of 2018, 40-45% of all notes by volume are to be €20 notes, and 45-50% of all notes by volume are to be €50 notes. The latest available data, for Q3 2017, on amounts actually dispensed show that 8% of all notes are €10 notes, 36% of all notes are €20 notes, and 56% of all notes are €50 notes. 

The Central Bank requests regular updates from the commercial banks on their progress towards achieving these targets and continues to challenge them to achieve the end-2018 targets in relation to the number of €10 and €20 banknotes being dispensed from their ATMs. This topic is a permanent agenda item at the National Cash Forum which is chaired by the Central Bank, and is also discussed at bilateral meetings with banks by the Central Bank.

Mortgage Data

Questions (97)

Michael McGrath

Question:

97. Deputy Michael McGrath asked the Minister for Finance the number of unregulated loan owners in the Irish mortgage market for private dwelling houses, PDHs, and buy-to-lets, BTLs; and if he will make a statement on the matter. [53756/17]

Written answers

Minister for Finance

I am informed by the Central Bank that under the category of Non-Bank Entities unregulated loan owners, there are 11,894 mortgage accounts outstanding for PDH with a balance of €2.2bn.

For BTLs, there are 5,729 mortgage accounts outstanding with a balance of €1.58bn.

The link to The Statistical Release for Residential Mortgage Arrears and Repossessions Statistics: Q2 2017 is below

https://www.centralbank.ie/docs/default-source/statistics/data-and-analysis/credit-and-banking-statistics/mortgage-arrears/residential-mortgage-arrears-and-repossessions-statistics-june-2017.pdf?sfvrsn=7

Non-bank entities comprise regulated retail credit firms and unregulated loan owners. Unregulated loans owners include owners of mortgages not regulated by the Central Bank of Ireland, that have purchased mortgage loans secured on Irish residential properties.

The mortgage arrears figures published relate to data reported to the Central Bank of Ireland by all mortgage lenders authorised by the Central Bank. This includes credit institutions (banks) and retail credit firms. In addition, a number of other entities that have purchased loans secured on Irish residential properties from banks also report to the Bank.

Data reported by mortgage lenders listed on the register of credit institutions (http://registers.centralbank.ie/DownloadsPage.aspx) are classified as banks in our release.

Data reported by mortgage lenders  included in  the register of retail credit firms (http://registers.centralbank.ie/DownloadsPage.aspx) are classified in the non-bank category. All other reporting entities are also classified as non-banks.

Small and Medium Enterprises Data

Questions (98)

Michael McGrath

Question:

98. Deputy Michael McGrath asked the Minister for Finance the number of SME loans owned by unregulated loan owners; the number of unregulated loan owners in the market here that own SME loans; the number of SME loans owned by unregulated loan owners that are in arrears up to 90 days, between 90 and 180 days and between 180 and 360 days; and if he will make a statement on the matter. [53757/17]

Written answers

Minister for Finance

I have been informed by the Central Bank that it does not routinely publish specific data on entities who are not regulated by the Central Bank and it is therefore not possible to provide the numbers requested by the Deputy.

I would however refer the Deputy to the Report on Mortgage Arrears which the Central Bank provided to the Minister for Finance in June 2016 (http://www.finance.gov.ie/what-we-do/banking-financial-services/publications/reports-research/report-mortgage-arrears-2016) which provides details of the total number of loans/value of loans owned by unregulated entities as at the end of June 2016.

Loans can be sold by regulated entities to entities that are not regulated by the Central Bank.  In July 2015, the Consumer Protection (Regulation of Credit Servicing) Act 2015 (“the 2015 Act”) was introduced to fill the consumer protection gap where loans are sold by the original lender to an unregulated firm.

Under the 2015 Act, if the firm which bought loans from the original lender is an unregulated firm, then the loans must be serviced by a ‘credit servicing firm’ (Credit Servicing Firms are typically firms that manage or administer credit agreements such as mortgages or other loans on behalf of unregulated entities).  Credit Servicing Firms are required to obtain authorisation from the Central Bank in order to conduct credit servicing activities as defined in the 2015 Act. A register of firms who are authorised to provide credit servicing (including on a transitional basis) is available on the Central Bank website.

Credit servicing firms must act in accordance with the requirements of Irish financial services law that applies to ‘regulated financial service providers’. This ensures that consumers, whose loans are sold to another firm, maintain the same regulatory protections that they had prior to the sale, including under the various statutory Codes of Conduct issued by the Central Bank.

Mortgage Data

Questions (99)

Michael McGrath

Question:

99. Deputy Michael McGrath asked the Minister for Finance the number of residential mortgages here that are classified as sub-prime; the number of sub-prime lenders currently operating in the market; the value of sub prime mortgages outstanding; the rate of arrears on these mortgages; the actions specific to the sub-prime sector which are being taken to address arrears; and if he will make a statement on the matter. [53758/17]

Written answers

Minister for Finance

I am informed by the Central Bank that there is no such regulated category as ‘sub-prime lender’.  Retail Credit Firms are authorised to provide credit, in the form of cash loans, directly to individuals (these firms are not licensed to accept deposits).  Some firms authorised in this category are mortgage lenders.  Retail Credit Firms have been subject to regulation by the Central Bank since 1 February 2008.  A register of all Retail Credit Firms is available on the Central Bank website at the following link:

http://registers.centralbank.ie/DownloadsPage.aspx .

Retail Credit Firms are subject to the Central Bank’s Consumer Protection framework, including the statutory Consumer Protection Code and the Code of Conduct on Mortgage Arrears (‘CCMA’). 

The CCMA sets out requirements for all mortgage lenders, including Retail Credit Firms, dealing with borrowers in arrears or pre-arrears on a mortgage loan which is secured by their  primary residence (as defined).  It provides a strong consumer protection framework to ensure that borrowers struggling to keep up mortgage repayments are treated in a fair and transparent manner by their lender and that long term resolution is sought by lenders with each of their borrowers.

The Central Bank engages with Retail Credit Firms in relation to their treatment of borrowers under the Mortgage Arrears Resolution Process (MARP), as provided for in the CCMA. The MARP sets out the steps which lenders must follow:

Step 1: Communicate with borrower;

Step 2: Gather financial information;

Step 3: Assess the borrowers circumstances; and

Step 4: Propose a resolution.

The Central Bank monitors the level of short term and long term mortgage arrears and the level of restructures in relation to, inter alia, non-bank entities. The Central Bank’s Residential Mortgage Arrears and Repossessions Statistics detail figures on ‘Residential Mortgages held by Non-Bank Entities’. The latest figures relate to Q2, 2017 and were published on 12 September 2017  This data is available at the following link:

https://www.centralbank.ie/docs/default-source/statistics/data-and-analysis/credit-and-banking-statistics/mortgage-arrears/residential-mortgage-arrears-and-repossessions-statistics-june-2017.pdf?sfvrsn=7

Central Bank of Ireland Data

Questions (100)

Michael McGrath

Question:

100. Deputy Michael McGrath asked the Minister for Finance if he or the Central Bank has a record of the number of commercial loans that have been sold on by the original underwriter; if so, the details of same; if the Central Bank must be notified when a commercial loan has been sold on; his views on the fact that a commercial loan could be sold on to a competitor of the borrowers; and if he will make a statement on the matter. [53759/17]

Written answers

Minister for Finance

I have been informed by the Central Bank that it does not maintain a record of the number of commercial loans sold on by the original underwriter. Portfolio sales are considered as part of normal supervisory engagement where they are sufficiently material. 

Typically with an asset loan sale, in circumstances where there are permissible contractual terms which allow the sale of the loan, the Central Bank would be aware of the transaction planning, and would be notified for good order by the bank once the transaction is completed. The Central Bank monitors the capital and financial implications of an asset sale on the bank meeting its regulatory obligations. 

The Deputy will be aware that legislation and regulations have been implemented by the Oireachtas and Central Bank to protect SMEs when dealing with regulated and unregulated firms. Insofar as a loan is captured by the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015, then the protections of that Act will apply. These include the protections of Irish financial services legislation, including Central Bank Codes where they apply for the type of loan in question. Also, under Provision 6.1 (c) of the Authorisation Requirements and Standards for Credit Servicing Firms 2015, a credit servicing firm is required to notify the Central Bank in advance of a new loan portfolio or client being taken on which results in it conducting credit servicing activities covered by the Act.

Credit Servicing Firms are now subject to the provisions of Irish financial services law that apply to 'regulated financial service providers'. This ensures that relevant borrowers, whose loans are sold to third parties, maintain the same regulatory protections they had prior to the sale, including under the various statutory codes issued by the Central Bank of Ireland.

Under the 2015 Act, therefore, purchasers of loan books must either be regulated by the Central Bank themselves or else the loans must be serviced by a credit servicing firm who is regulated by the Central Bank.  Furthermore, it is important to highlight 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 original contract.

Also, following a review in 2015 of the Central Bank Code of Conduct for Business Lending to Small and Medium Sized Enterprises, the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) Regulations 2015 were made. They came into operation for regulated financial service providers (other than credit unions) on 1 July 2016 and, in the case of credit unions, on 1 January 2017.

Credit Register Establishment

Questions (101)

Michael McGrath

Question:

101. Deputy Michael McGrath asked the Minister for Finance when the central credit register will be fully operational; the steps that have been taken to date in its implementation; if personal contract plans and hire purchase agreements will be included on the register; and if he will make a statement on the matter. [53760/17]

Written answers

Minister for Finance

The Central Bank has advised me that the Central Credit Register (CCR) is being implemented on a phased basis with phase 1 focusing on lending to consumers and phase 2 focusing on moneylenders, local authorities and business lending. The period for data submission by lenders for phase 1 runs from 30 June 2017 to 31 December 2017.  During this period, technical and operational changes will be implemented by lenders and data quality assurance testing will be carried out. This is to ensure that the data submitted to the CCR is of sufficient quality to allow the CCR match personal and credit information, and subject to data quality assurance, to produce credit reports in early 2018.

The period for data submission by phase 2 lenders will run from 30 March 2018 to 30 September 2018. During this phase local authorities, moneylenders and business loans will submit data to the CCR.

In respect of phase 1, the Central Bank has advised me that the majority of lenders are progressing well in terms of their obligations to report information to the CCR.

Since the enactment of the Credit Reporting Act 2013, the Central Bank has carried out substantial work to develop a robust CCR where the Bank has:

- undertaken a procurement process to select a partner and solutions to support the CCR;

- continuously engaged with representative industry groups to explain its approach and gain an understanding of the likely implications of the CCR for lenders;

- designed the CCR solution and processes in conjunction with CRIF Ireland Ltd;

- published a public consultation paper and Feedback Statement;

- completed a Privacy Impact Assessment;

- following consultation with the Data Protection Commissioner and with my consent, made necessary regulations under the Credit Reporting Act 2013;

- published guidance documents and technical manuals explaining the obligations on lenders.

In early 2017 the Central Bank became aware of an issue with the Credit Reporting Act 2013 regarding the wording used to exclude trade credit from being reported to the CCR which unintentionally also excluded hire-purchase and similar type loans where the lender remains the owner of the goods financed. Therefore, as things stand information on hire purchase agreements and similar type loans cannot be collected at this time.  However, my Department is currently considering ways to address this lacuna, and it is hoped that it will be in a position to bring forward a legislative proposal to deal with the issue early in the new year.

Personal Contract Plans

Questions (102)

Michael McGrath

Question:

102. Deputy Michael McGrath asked the Minister for Finance the number of personal contract plan providers, PCPs, here; the number and value of PCPs currently in existence; the number and value of PCPs that are behind on their payments; and if he will make a statement on the matter. [53761/17]

Written answers

Minister for Finance

Personal Contract Plans (PCP) are a form of Hire Purchase and both the Central Bank and the Competition and Consumer Protection Commission (CCPC) have certain functions and legal powers in relation to the provision of hire-purchase agreements.

The CCPC is responsible under the Consumer Credit Act 1995, for the authorisation of credit intermediaries, some of whom may sell PCPs to consumers on behalf of a finance company.  I have consulted with the CCPC on this issue and have been informed that in 2017 the CCPC undertook the first comprehensive study of the PCP market in the State. As part of its study the CCPC issued detailed questionnaires to all the financial institutions that underwrite PCP finance in the State. This allowed the CCPC to compile, for the first time, primary data relating to the number and value of PCP finance contracts issued. The following information has been provided by the CCPC on foot of this research.

In the State PCP finance is underwritten by standard financial institutions, manufacturer banks, and special purpose institutions which exclusively offer motor finance. Up to 1 August 2017 there were 6 financial institutions underwriting PCP contracts: Allied Irish Bank (AIB), Bank of Ireland Leasing Ltd.t/a Ford Credit, Bank of Ireland Finance, Volkswagen Bank GMBH Branch Ireland, RCI Bank and Services, First Auto Finance Ireland Limited, BMW Financial Services (Ireland) DAC trading as BMW Financial Services. It has been reported that Toyota has recently established its own manufacturing bank in Ireland.

The majority of PCP contracts (88%) are for new cars.

The following table outlines the total number of PCPs issued by year for both new and second hand cars and the total value (€) of PCP finance by year for both new and second hand cars  for 2015, 2016 and for 2017 up to 1 August 2017:

Year	2015	2016	2017(to 1Aug)
Number of PCPs issued	21,045	32,739	24,837
Total value (€m) of PCP finance	€488	€805	€619

The following Table summaries  the level of arrears and defaults on PCP finance for 2015, 2016 and for 2017 up to 1 August 2017:

Year	2015	2016	2017(to 1 Aug)
Arrears	1.1%	1.2%	2.0%
Defaults	0.4%	0.3%	0.2%

Financial Services Regulation

Questions (103)

Michael McGrath

Question:

103. Deputy Michael McGrath asked the Minister for Finance the number of payday loan providers here; the number and value of loans outstanding to payday loan providers; the number and value of payday loans in arrears; the average interest rate on payday loans; the average interest rate on payday loans in arrears; if there are codes of conduct set out by the Central Bank; and if he will make a statement on the matter. [53762/17]

Written answers

Minister for Finance

As the Deputy is aware, anyone wishing to engage in the business of moneylending requires a licence from the Central Bank in accordance with the Consumer Credit Act 1995 and this licence must be renewed every year.

Consumers of licensed moneylenders are protected by a range of provisions that moneylenders must adhere to, including but not limited to, the Consumer Protection Code for Licensed Moneylenders, the European Communities (Consumer Credit Agreements Regulations) 2010 and the Act.  A licensed moneylender carries on the business of moneylending under the specific terms of the licence granted by the Central Bank.

Moneylending, as defined in the Consumer Credit Act 1995, is the practice of providing credit to customers on foot of a moneylending agreement which is, in essence, where the total cost of credit is in excess of an annual percentage rate (APR) of 23% or the agreement is concluded away from the business premises of the moneylender. 

Although a number of firms have approached the Central Bank in relation to offering payday loans in the Irish market, the Central Bank has a robust licencing process in place and no such business model has been licensed by the Central Bank.  The Central Bank assesses every request for authorisation as a moneylender in accordance with the relevant legislation and best practice.

Payday lenders will not be able to passport their services into Ireland without seeking authorisation from the Central Bank. The Central Bank will continue to monitor the licensed moneylender sector closely and to take action where necessary to protect borrowers’ interests.

Legislative Programme

Questions (104)

Michael McGrath

Question:

104. Deputy Michael McGrath asked the Minister for Finance if there will be a second Finance Bill; if so, when it will be published; and if he will make a statement on the matter. [53763/17]

Written answers

Minister for Finance

At this point I have no plans for a second Finance Bill as part of the Budget 2018 process.

Revenue Commissioners Data

Questions (105)

Michael McGrath

Question:

105. Deputy Michael McGrath asked the Minister for Finance the amount owed by businesses to the Revenue Commissioners under each tax heading; the age profile of the arrears; and the steps the Revenue Commissioners are taking to engage with businesses currently struggling to meet their tax liabilities. [53764/17]

Written answers

Minister for Finance

I am advised by Revenue that it reports on the tax debt as at 31 March each year. On 31 March 2017 the total outstanding debt was €1,944m. However, this figure included €1,105m of debt under appeal to the Tax Appeals Commission and €83m of insolvency debt. 

The remaining €756m is regarded as a more accurate indicator of the actual debt that was available to Revenue for collection at 31 March 2017. Of this amount, €328m was under active enforcement and €116m was the subject of phased payment arrangements. The remaining €312m was at various other stages of the debt collection cycle, for example at 'Demand' stage or 'Negotiation' stage. The table provides an aged analysis breakdown of the 'Debt Available for Collection' amount due under each tax heading at 31 March 2017 for the Deputy’s information. 

Revenue also confirmed to me that it continues to actively encourage viable businesses experiencing cash-flow or payment difficulties to make contact as soon as such problems start to arise to find an agreed way through the difficulties and restore timely tax payment compliance as quickly as possible. The €116m being collected under phased payment arrangements at 31 March 2017 related to more than 12,000 individual taxpayers and businesses and is a clear confirmation of Revenue’s commitment in this regard.

Age Analysis of Debt Available for Collection by Year of Assessment as at 31/03/2017 Total €M

Year	Income   Tax	Corporation   Tax	Capital   Gains Tax	Pay   As You Earn	Pay   Related Social Insurance	Universal   Social Charge	Relevant   Contract Tax	Value   Added Tax	Capital   Acquisitions Tax	Total
to   2008	95	4	37	5	7	0	7	50	5	211
2009	17	1	5	2	3	0	1	16	1	44
2010	21	0	2	2	4	0	0	16	1	47
2011	26	1	1	4	4	0	0	18	1	56
2012	26	1	2	6	4	0	0	21	3	63
2013	30	2	2	4	5	2	0	22	3	71
2014	45	6	2	6	9	3	0	29	4	106
2015	98	6	8	9	14	4	0	40	5	185
2016	16	12	3	70	71	20	4	-233*	9	-28
Totals	374	33	62	108	121	30	13	-21	34	755

Please note that rounding may affect totals.

*The negative figure in respect of the 2016 VAT debt is a timing issue caused by the volume of credits (repayments) hitting the system at the point of measurement.  The figure regularises as the repayments are processed.

Central Bank of Ireland Staff

Questions (106)

Michael McGrath

Question:

106. Deputy Michael McGrath asked the Minister for Finance the number of contract outsourced staff employed at the Central Bank; the roles they perform; the daily salary of each, in tabular form; and if he will make a statement on the matter. [53765/17]

Written answers

Minister for Finance

It was not possible for the Central Bank of Ireland to provide the information sought in the time available and, therefore, I will make arrangements to provide the information in line with Standing Orders.

Small and Medium Enterprises Debt

Questions (107)

Michael McGrath

Question:

107. Deputy Michael McGrath asked the Minister for Finance the amount of small and medium enterprise debt outstanding from the latest available data; the amount which is in arrears; the amount classified as non-performing; and if he will make a statement on the matter. [53766/17]

Written answers

Minister for Finance

I have been informed by the Central Bank that as set out in the Business Credit and Deposits statistical Table A.14.1, available on the website of the Central Bank, the level of outstanding SME debt as at end-Q2 2017 is €27,504 million.

The latest data on the share of outstanding SME loan balances in default (i.e. default rate) across the main economic sectors, and across different regions, is set out on page 7 of the Central Bank’s SME Market Report H1 2017. On average the default rate is circa 20 per cent with variations between sectors.

Central Bank of Ireland Data

Questions (108)

Michael McGrath

Question:

108. Deputy Michael McGrath asked the Minister for Finance the fines greater than €100,000 imposed by the Central Bank on financial institutions over the past three years; and if he will make a statement on the matter. [53767/17]

Written answers

Minister for Finance

The Central Bank of Ireland has imposed fines greater than €100,000 on a number of regulated financial service providers over the past three years. T here were four such fines in 2015, seven in 2016, and five in 2017 to date. T hese are detailed in the following table provided by the Central Bank:

	Financial Institution	Year	Fine
1	Intesa Sanpaolo Life dac	2017	€1,000,000
2	Bank of Ireland	2017	€3,150,000
3	AIB	2017	€2,275,000
4	Drimnagh Credit Union	2017	€125,000
5	Kinsale Capital Management	2017	€275,000
1	Springboard Mortgages Limited (trading as Springboard Mortgages)	2016	€4,500,000
2	Ulster Bank Ireland DAC (formerly Ulster Bank Ireland Limited)	2016	€3,325,000
3	Capita Life and Pensions Services (Ireland) Limited	2016	€1,150,000
4	KBC Bank Ireland plc	2016	€1,400,000
5	Axa Insurance	2016	€675,000
6	New Ireland Assurance	2016	€650,000
7	Arch Reinsurance Europe Underwriting dac	2016	€275,000
1	Computershare Investor Services Limited	2015	€322,500
2	Octagon Online Services	2015	€105,000
3	Irish Nationwide Building Society	2015	€5,000,000
4	Western Union Payment Services Ireland Limited	2015	€1,750,000

Departmental Staff Data

Questions (109)

Michael McGrath

Question:

109. Deputy Michael McGrath asked the Minister for Finance the staffing levels in his Department by division; the staffing levels in 2015 and 2016; the number of vacancies by division; the length of time these vacancies have been open; and if he will make a statement on the matter. [53774/17]

Written answers

Minister for Finance

I wish to inform the Deputy that the structure of the Department of Finance has changed over the years and I am answering the Parliamentary Question as per the structure of the Department now. The staffing levels in the Department of Finance by Division in 2017 (as at end Nov.), 2016 and 2015 are set out in the following table as Full Time Equivalents:

Division	2017 (as at end Nov.)	2016	2015
Economic	34.7	27.6	23.8
Tax Policy	35.83	34.3	32.5
EU & International	22.9	21.7	19.4
Banking	28.13	24.93	21.93
Funds, Insurance, Markets & Pensions	30.8	30.6	27.5
Shareholding & Financial Advisory	17.5	18.5	19.5
International Finance	36.47	33.67	29.77
Human Resources	11	12	13
Facilities Management Unit	37	38	40
Corporate Affairs (including Secretary General's and Ministers Offices)	32.3	22	22
Exchequer, Accounts	26.5	37	36
Total	313.13	300.3	285.4

Please note that some sections in the Department provide a shared service to the Department of Public Expenditure and Reform. 

With regard to vacancies in the Department of Finance, the Department is committed to the Civil Service Workforce Planning process and has a robust Recruitment and Selection policy which feeds into an ongoing Resource Review conducted and directed by the Executive Board. This process identifies on a case by case basis, both current and upcoming resource requirements in the Department and the best method to fill each vacancy. The timescale for filling vacancies from open or interdepartmental competitions varies and is dependent on the availability of panels from the Public Appointments Service (PAS). The absence of a PAS panel will generally delay the filling of a vacancy. Internally run competitions in the Department generally have a quicker turnaround time.  To date in 2017 62 new staff have joined the Department and we currently have 9 vacancies as follows: 1 Principal Officer, 2 Assistant Principal Officers, 3 Executive Officers and 3 Clerical Officers. We are expecting to receive candidates to fill these posts in early January 2018.

Revenue Commissioners Staff

Questions (110)

Michael McGrath

Question:

110. Deputy Michael McGrath asked the Minister for Finance the staffing levels in the Revenue Commissioners by functional area; the staffing levels in 2015 and 2016; the number of vacancies by functional area; the length of time these vacancies have been open; and if he will make a statement on the matter. [53775/17]

Written answers

Minister for Finance

I am advised by Revenue that it had a serving full-time equivalent permanent staff number of 6,015 at end November 2017. Revenue’s 2017 multi-annual budget provides for a serving level of 6,014, the table below provides a breakdown of staff in Revenue by Region/Division.

The majority of Regions/Divisions in Revenue are fully staffed within the overall resources available.  However, there are a limited number of critical posts to be filled in their Information & Communications Technology and Logistics Division and Large Cases Division, Revenue has advised that it is making arrangements to fill these critical posts as soon as possible.

Table: Revenue Regional/Divisional Serving Staff (Full-time equivalent (FTE)

Region/Division	Serving FTE 31.12.2015	Serving FTE 31.12.2016	Serving FTE 30.11.2017
Board (including admin support)	7.0	8.0	7.0
Collector Generals Office	1,027.9	1,023.2	1,027.2
Border Midlands and West Region	812.3	876.5	876.2
Dublin Region	1,230.4	1,227.4	1,261.1
East and South East Region	697.2	726.1	701.5
South West Region	622.7	655.7	650.4
Corporate Services Division	178.2	183.8	196.2
Planning Division	116.6	135.1	143.2
Revenue Solicitor’s Office and Investigations and Prosecutions Division	191.3	184.6	186.1
Information and Communications Technology and Logistics	376.3	393.6	414.7
Corporate Affairs and Customs Division	155.4	167.1	167.4
Large Cases Division	216.4	236.7	229.3
Legislation and Policy Divisions Business Taxes Personal Taxes International Tax Indirect Taxes	40.4 27.6 28.8 45.5	41.3 28.7 29.8 45.3	42.3 31.9 32.4 45.7
Other (Seconded)	6.0	5.0	2.0
Total   Serving	5,780	5,968	6,015
Multi Annual FTE Provision	5,874	5,924	6,014

National Treasury Management Agency Staff

Questions (111)

Michael McGrath

Question:

111. Deputy Michael McGrath asked the Minister for Finance the staffing levels currently in the NTMA by functional area; the staffing levels in 2015 and 2016; the number of vacancies by functional area; the length of time these vacancies have been open; and if he will make a statement on the matter. [53776/17]

Written answers

Minister for Finance

The National Treasury Management Agency have advised me regarding the issues raised in the Deputy's question and have supplied the table below showing the number of staff employed by functional area, staffing levels as at end 2015, 2016 and 2017, the number of vacancies and the average length of time that these vacancies have been open:

Summary

	as at 31/12/2015	as at 31/12/2016	as at 30/11/2017	Current Open Positions	Average No of Weeks Open
State Claims Agency	109	128	136	5	7
NDFA	60	61	66	3	3
ISIF	36	41	44	1	24
Funding & Debt Management	21	20	24
NewERA	19	19	22
Finance, Technology and Operations	121	125	141	1	3
Corporate Services	53	57	64	1	18
NTMA Staff Assigned to NAMA, SBCI & Dept of Finance	362	331	293	3	9
Headcount	781	782	790	14

Central Bank of Ireland Staff

Questions (112)

Michael McGrath

Question:

112. Deputy Michael McGrath asked the Minister for Finance the staffing levels in the Central Bank by functional area; the staffing levels in 2015 and 2016; the number of vacancies by functional area; the length of time these vacancies have been open; and if he will make a statement on the matter. [53777/17]

Written answers

Minister for Finance

The Central Bank has provided the following tables which outline the staffing levels by functional area in 2015 and 2016, and the staffing levels and open vacancies by functional area in 2017.

2017

Pillar	Directorate	Active FTE	# Open roles	Average time to hire (weeks)
CENTRAL BANKING	CORPORATE AFFAIRS	140.8	14	9.30
	ECONOMICS	88.1	5	9.30
	FINANCIAL OPERATIONS	87.2	2	7.00
	FINANCIAL STABILITY	72.3	9	7.70
	SEM	7	1	11.00
CENTRAL BANKING Total		395.4	31	8.86
FINANCIAL CONDUCT	CONSUMER PROTECTION	104.9	10	10.00
	ENFORCEMENT	125.8	7	9.20
	POLICY & RISK	76.6	9	12.10
	SECURITIES AND MARKETS SUPERVISION	89.2	19	12.00
	SEM	5	2	5.70
FINANCIAL CONDUCT Total		401.5	47	9.80
OPERATIONS	CHIEF INFORMATION OFFICER	121.9	9	10.60
	CHIEF OPERATIONS OFFICER DIRECT   REPORTS	101	3	7.00
	CURRENCY & FACILITIES MANAGEMENT	207	2	5.70
	HUMAN RESOURCES	60.5	1	5.80
	SEM	4	3	5.70
OPERATIONS Total		494.4	18	6.96
PRUDENTIAL REGULATION	ASSET MANAGEMENT SUPERVISION	86.7	10	6.30
	CREDIT INSTITUTIONS SUPERVISION	209	10	8.60
	INSURANCE SUPERVISION	138.8	9	5.00
	SEM	3	0	0.00
PRUDENTIAL   REGULATION Total		437.5	29	4.98
GRADUATE DEVELOPMENT PROGRAMME	GRADUATE DEVELOPMENT PROGRAMME	7		0.00
GRADUATE   DEVELOPMENT PROGRAMME Total		7	0	0.00
GRAND TOTAL		1735.8	125

2016

Pillar	Directorate	ACTIVE FTE
CENTRAL BANKING	ECONOMICS	100.5
	FINANCIAL OPERATIONS	75.2
	RESOLUTION & CORPORATE AFFAIRS	145.2
	SEM	6
CENTRAL BANKING Total		326.9
FINANCIAL REGULATION	CONSUMER PROTECTION	89.9
	CREDIT INSTITUTIONS SUPERVISION	197.4
	ENFORCEMENT	104.2
	INSURANCE SUPERVISION	129.9
	MARKETS	154.7
	POLICY & RISK	70.6
	SEM	6
FINANCIAL REGULATION Total		752.7
OPERATIONS	CHIEF INFORMATION OFFICER	114.9
	CHIEF OPERATIONS OFFICER DIRECT REPORTS	93.3
	CURRENCY & FACILITIES MANAGEMENT	242.25
	HUMAN RESOURCES	55.8
	SEM	4
OPERATIONS Total		510.25
GRADUATE DEVELOPMENT PROGRAMME	GRADUATE DEVELOPMENT PROGRAMME	9
GRADUATE DEVELOPMENT PROGRAMME TOTAL		9
GRAND TOTAL		1598.85

2015

Pillar	Directorate	Active FTE
Financial Regulation	SEM	7
	CREDIT INSTITUTIONS	194.6
	INSURANCE	106.3
	MARKETS	160.8
	CONSUMER PROTECTION	92.5
	POLICY & RISK	61.4
	ENFORCEMENT	79
Financial Regulation total		701.60
Central Banking	SEM	9
	ECONOMIC POLICY & FINANCIAL  STABILITY	98.25
	FINANCIAL OPS	80.8
	RESOLUTION & CORPORATE AFFAIRS	124.8
Central Banking Total		312.85
Operations	INFO MGT & TECH	98.8
	HUMAN RESOURCES	62.6
	DIRECT REPORTS	82
	CURRENCY & FACILITIES MGT	244.9
Operations Total		488.3
Graduate Development Programme		13
GRAND TOTAL		1515.75