Written Answers Nos. 106-125
106. Deputy Eugene Murphy asked the Minister for Finance if a VAT and or VRT exemption on vehicles for service providers (details supplied) for persons with intellectual disabilities will be considered in view of the fact that many of the service users also have physical disabilities; and if he will make a statement on the matter. [35743/18]
View answerSection 92 of the Finance Act 1989 and Statutory Instrument No 55/2018 set out the criteria under which charitable organisations can claim a repayment of VRT and VAT paid on specially constructed or adapted vehicles under the Drivers and Passengers with Disabilities Scheme.
To qualify under the scheme, an organisation must be a charitable organisation within the meaning of the Charities Act 2009 (No. 6 of 2009), that is –
(a) entered in the register of charitable organisations under Part 3 of that Act, and
(b) whose purpose is to provide services to persons with disabilities, and
(c) in furtherance of that purpose, is engaged in the care and transport of disabled persons.
An applicant must qualify under all the conditions outlined above and adapted vehicles must be used to transport persons who are severely and permanently disabled and who hold a Primary Medical Certificate.
The organisation in question submitted an application under the Scheme to Revenue in late 2017 but failed to respond to a request for further information, which is still outstanding. Revenue has recently written to the organisation in regard to its application and can be contacted at low cost telephone number 1890 60 60 61 if any additional advice or assistance is required
107. Deputy Catherine Murphy asked the Minister for Finance the level of advance knowledge he had of the plans by a bank (details supplied) to sell a loan book; if he has met and or communicated with other banks regarding the sale of loan books and bundled mortgages to date in 2018; and if he will make a statement on the matter. [35750/18]
View answer142. Deputy Catherine Murphy asked the Minister for Finance the level of advance knowledge he had of the plans by a bank (details supplied) to sell a loan book to companies; if he has met and or communicated with other banks regarding the sale of loan books and bundles mortgages in 2017 or to date in 2018; and if he will make a statement on the matter. [36326/18]
View answerI propose to take Questions Nos. 107 and 142 together.
In the first instance, I should highlight for the Deputy that in my role as Minister for Finance, I cannot stop loan sales even by the banks in which the State has a shareholding. These decisions are the responsibility of the Board and management of the banks which must be run on an independent and commercial basis. The banks’ independence is protected by Relationship Frameworks which are legally binding documents which I cannot change unilaterally. These frameworks, which are publicly available, were insisted upon by the European Commission to protect competition in the Irish market.
The interaction between both Department officials and myself and senior management of the banks in which the State has an investment takes place on a regular basis. As part of their ongoing engagement with the banks, Department officials meet with bank management during which a wide range of topics are discussed, including loan sales where relevant. Subsequent to these meetings, Department officials brief me as required. In addition to these meetings, I meet directly with the CEOs of each of the banks from time to time and loan sales would be included as an agenda item again where relevant.
In relation specifically to the recently announced loan sale by PTSB, Project Glas, I was first informed by Department officials of the proposed transaction on Friday 19th January. Department officials were first briefed on the timing of the sale and potential composition of the portfolio, earlier that week.
Notwithstanding a loan sale, I wish to highlight that the protections for borrowers in place before the sale remain unchanged. In this regard, it is important to note that there are no changes to the rights of a borrower whose loan is sold by a bank. All terms and conditions attached to their mortgage contract remain in place. I should also highlight that regardless of the protections that are currently in place for mortgage holders, I am prepared to engage with Deputies from other parties in an effort to see if these protections can be strengthened further in a sensible manner. This commitment has been demonstrated recently by the Government’s support for the Bill introduced by Deputy Michael McGrath, T.D., which seeks to regulate the purchasers of mortgage loans.
In addition, earlier this year I asked the Central Bank to carry out a review of the CCMA to ensure it remains as effective as possible. I have asked for the report to be completed as soon as is practicable. The Central Bank has stated that it is their intention to deliver the report by the end of September 2018. If as a result of this review the CCMA requires amendment, a full public consultation process would be required in line with normal guidelines.
108. Deputy Michael Healy-Rae asked the Minister for Finance his plans to amend the earned income tax credit for farmers and increase it from its 2018 level of €1,150 to €1,650; and if he will make a statement on the matter. [35759/18]
View answerThe Programme for a Partnership Government contains a commitment to increase the Earned Income Credit to €1,650.
The Budget 2018 increase of €200 was a significant further step in that direction.
The extent to which it may be possible to make further progress in this regard will depend on the overall resources available to me in the context of Budget 2019. As the Deputy will appreciate, with just over four weeks to go to the Budget, I cannot give any specific indications of my intentions at this time.
109. Deputy Michael Healy-Rae asked the Minister for Finance his plans to address income volatility among farmers and extend income averaging, greater flexibility on step out and provision of a deposit scheme; and if he will make a statement on the matter. [35760/18]
View answer110. Deputy Michael Healy-Rae asked the Minister for Finance his plans to maintain a number of taxation measures that encourage farm transfer; and if he will make a statement on the matter. [35761/18]
View answerI propose to take Questions Nos. 109 and 110 together.
Decisions on taxation matters including decisions (if any) in relation to farm transfer or income stabilisation measures are made in the context of the annual Budget process, and the Deputy will understand that I cannot give any indications of my plans for Budget 2019 at this time.
As the Deputy may also be aware, the 2014 Agri-tax Review was commissioned to examine agri-taxation measures and to make recommendations to ensure resources are directed towards activities of maximum benefit to the sector. This was a joint initiative between the Department of Finance and the Department of Agriculture, Food and the Marine. The review brought forward 25 recommendations. These recommendations are grouped into 6 broad categories that reflect government priorities: increase the mobility and the productive use of land, assist succession, complement wider agriculture policies and schemes, alternative farming models such as farm partnerships, responses to increasing income volatility, and general recommendations. In particular, the review recommended the following measures to support and promote inter-generational transfer of farms:
- Retain Agricultural Relief from Capital Acquisitions Tax.
- Target Agricultural Relief from Capital Acquisitions Tax to qualified or full-time farmers or to land owners who lease land out on a long-term basis
- Retain Retirement Relief from Capital Gains Tax at current levels. For transfers under Retirement Relief, extend the eligible letting period of a qualifying asset to 25 years.
- For transfers other than to a child under Retirement Relief, as a once-off measure until the end of 2016, allow conacre lettings as eligible.
- Extend Stamp Duty Consanguinity Relief on Non-Residential Transfers to the end of 2017.
- Retain current stamp duty exemptions on transfers of land.
In 2017, the Minister Agriculture, Food and the Marine and I committed to establish an inter-departmental working group to review and assess the progress made on the implementation of tax measure recommendations contained in the Agri-taxation Review 2014 and to take stock of relevant changes in the environment in which the agri-sector operates. Work on this study is underway and its terms of reference are as follows:
1. A summary of the context, background and process of the Agri-tax Review.
2. An update of the context since the completion of the Agri-tax Review, to include: Brexit, Climate change 2020, the abolition of milk quotas.
3. A summary of outcome of Agri-taxation Review & implementation in Budgets 2015, 2016 & 2017, including a summary table of the recommendations and their implementation/current status. In particular, regard should be had to:
1. Analysing income stabilisation and the proposed farm deposit scheme, including a public consultation process and resultant submissions from stakeholders, and
2. the recommendation in the Agri-tax Review on data collection and management in order to comply with state-aid requirements.
3. The mapping of direct and tax expenditure supports available to the agricultural sector.
4. Any other matters arising in the course of the review.
I expect the study to be completed shortly.
111. Deputy Pearse Doherty asked the Minister for Finance his views on making it mandatory for high earners to file a tax return; and if he will make a statement on the matter. [35770/18]
View answerI am advised by Revenue that all taxpayers who are chargeable persons under the self-assessment rules in Part 41A of the Taxes Consolidation Act (TCA) 1997 must file an annual tax return and pay any resultant tax to Revenue.
PAYE taxpayers are not required to file a tax return except in the following circumstances:
1. Individuals who are subject to the high earner’s restriction set out in Chapter 2A of Part 15 of the TCA 1997 are treated as chargeable persons for any year in which that restriction applies. Consequently, such individuals are required to make a self-assessment tax return for the year in question. The high earner’s restriction effectively imposes a limit on the amount of certain tax reliefs that may be availed of by high income individuals. In general, the restriction applies where an individual has adjusted income of €125,000 or more in a tax year, but can apply at a lower level where the individual has ring-fenced income, for example, interest which is subject to Deposit Interest Retention Tax. The individuals concerned must also provide details of the restriction to Revenue on Form RR1.
2. Individuals (excluding certain company directors who are treated as chargeable persons and are required to file an annual self-assessment tax return) who have combined taxable profits from non-PAYE income of not more than €5,000 per annum and who elect to pay the tax due on such profits through the PAYE system. Where an election is made, the individual must complete a tax return for that tax year when requested to so by Revenue.
3. Individuals who are requested to do so by Revenue. Each year Revenue requires a return from a subset of PAYE taxpayers based on various criteria including income.
I am also advised that PAYE Modernisation will result in the real time reporting of income for all PAYE taxpayers. From 1 January 2019 all employers will be obliged to report to Revenue the PAYE income and the associated income tax, PRSI and USC deductions for their employees as they pay them.
I do not see that there is any need to change the current arrangements for the filing of tax returns.
112. Deputy Charlie McConalogue asked the Minister for Finance the modelling his Department is undertaking to examine the impact of Brexit on the price of grocery goods here; the financial impact this modelling shows Brexit may have on a family's weekly shop; and if he will make a statement on the matter. [35785/18]
View answerInflation has been subdued over the last number of years. When calculated based on the Harmonised Index of Consumer Prices (HICP), inflation increased by just 0.3 per cent on an annual basis in 2017. This represents the fifth consecutive year in which inflation has been below 1 per cent. The weakness in inflation in recent years reflects inter alia the impact of euro-sterling appreciation, following the UK referendum, on consumer prices in Ireland and in particular on the price of goods.
Indeed, since the UK referendum goods prices have declined by 3½ per cent and food prices have declined by almost 5 per cent. The contraction in the price of goods reflects, in part, the importance of the UK market as a source of imported consumer goods for Ireland.
Whilst there remains significant uncertainty surrounding Brexit, it is clear that any barriers to trade will have a negative impact on Irish growth. Analysis by my Department and the ESRI suggests that in the absence of a trade deal with the UK, Irish GDP could be almost 4 per cent below what it otherwise would have been in a no-Brexit scenario after ten years.
In relation to consumer prices, ESRI research indicates that Brexit could result in a potential increase in the level of CPI of between 2 to 3 per cent, relative to a no-Brexit baseline. This is equivalent to an increase of between €892 and €1,360 in the annual cost of the consumption basket for the average household. However, this assumes that there is no switching or changes in expenditure patterns in response to the price increase and is therefore an upper bound estimate of the impact of Brexit on consumer prices.
The best way to mitigate such risks is to improve the resilience of the economy. The Government will play its part by continuing to implement competitiveness-oriented policies – including those that address emerging bottlenecks – and ensuring that the public finances continue to be managed in a prudent fashion.
113. Deputy Pearse Doherty asked the Minister for Finance his plans to introduce an exemption from capital gains tax in cases in which a person or family move into a parent or other relative's home to act as carers and then seek to sell the original home; and if he will make a statement on the matter. [35823/18]
View answerAny gain made by an individual on the disposal or his/her dwelling house together with land occupied as its gardens or grounds up to an area (exclusive of the site of the residence) of one acre is exempt from capital gains tax.
For full relief to apply, the dwelling house must have been occupied by the individual as his/her principal private residence throughout his/her period of ownership of the house.
Where the house is not so occupied during the whole period of ownership, only the proportion of the gain applicable to the period of occupation is exempt. In this regard, the dwelling house is treated as having been so occupied for a period of up to a year after the cessation of occupation.
Therefore, in the case in which a person or family move into a parent or other relative’s home and then seek to sell the original home, an exemption from CGT will be available on the portion of the gain for the period in which the original home was the person’s only or main private residence.
114. Deputy Pearse Doherty asked the Minister for Finance if his attention has been drawn to the difficulties faced by and extortionate prices being quoted to young drivers seeking to access insurance to operate as a HGV driver; if he will request the data behind these quotes from an organisation (details supplied); and if he will make a statement on the matter. [35842/18]
View answerAs Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept. This position is reinforced by the EU framework for insurance which expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of the pricing or terms and conditions of insurance products. Consequently, I am not in a position to direct insurance companies as to the pricing level or terms or conditions that they should apply in respect of particular categories of drivers or vehicles.
In relation to young HGV drivers in particular, my officials queried this point specifically with Insurance Ireland who noted that insurers make their own individual underwriting decisions based on a combination of rating factors. Insurance Ireland also advised that its Insurance Information Service, which administers the Declined Cases Agreement, has processed one case so far in 2018 involving a HGV and the driver in that case was over 35. On a more general level however, I have received a number of representations from members of the public to highlight the cost of insurance for younger motorists and I am aware of the issue of younger drivers continuing to experience increases in their insurance premiums in spite of the fact that prices are generally in decline.
As the Deputy knows, the Cost of Insurance Working Group was established in 2016 in order to examine the factors contributing to the increasing cost of insurance and identify what short, medium and long-term measures can be introduced to help reduce the cost of insurance for consumers and businesses. The initial focus of the Working Group was the problem of rising motor insurance premiums and a broad range of issues affecting the cost of motor insurance were examined, including those raised by the Irish Road Haulage Association and the Freight Transport Association Ireland, both of whom were consulted with as part of the Working Group’s consultation process. The Report, published in January 2017, made 33 recommendations and these are in the process of being implemented by Government Departments, agencies and the insurance industry. I believe that the implementation of all of the recommendations of the Cost of Insurance Working Group’s Report on the Cost of Motor Insurance, and its subsequent Report on the Cost of Employer and Public Liability Insurance, taken together will make a difference to the pricing of insurance premiums for all drivers including young drivers and professional drivers. Finally, it should be noted that the most recent CSO data (for July) indicates that motor insurance premiums have reduced by over 20% since their peak two years ago.
115. Deputy Pearse Doherty asked the Minister for Finance the steps that will be taken in response to the Central Bank's report on the culture in Irish banks; and if he will make a statement on the matter. [35888/18]
View answerOn foot of the serious cultural failings in banks brought to light in the Tracker Mortgage Examination, I requested that the Central Bank undertake a review of the culture within the Irish retail banks, under Section 6A of Central Bank Act 1942, as amended.
The "Behaviour and Culture Report of the Irish Retail Banks Report" was published by the Central Bank in July 2018. The Report’s detailed analysis can make a positive contribution to changing the culture of the banking sector by enhancing individual accountability and also by ensuring responsibilities are effectively delegated to senior managers in banks.
Following on from the Report’s publication, the Central Bank is requiring banks to develop and produce individual action plans under Risk Mitigation Programmes. This involves banks setting out how they will respond to the issues raised in their individual Behaviour and Culture Reviews and how they will mitigate the risks identified. Similarly banks will be required to develop and produce to the Central Bank action plans setting out how they will respond to the issues raised in the Diversity and Inclusion Assessments.
The Government’s response to the legislative recommendations in the Report will be addressed through the forthcoming Central Bank (Amendment) Bill. Department officials met with Central Bank officials and work is now underway in both the Central Bank and the Department.
In addition, my officials will begin engagement with other relevant parties to address issues already raised in relation to this Bill, including Deputy Doherty, with regard to the provisions of the Private Member’s Bill put forward by him which is currently at Dáil Committee Stage.
116. Deputy Pearse Doherty asked the Minister for Finance his plans to use any eventual surplus from NAMA to help resolve the housing crisis; and if he will make a statement on the matter. [35892/18]
View answerI wish to advise the Deputy that it is expected that NAMA will substantially complete its work by 2020. The Agency announced in October 2017 that it had redeemed all of its €30.2bn in Senior Debt which was guaranteed by the State and since April 2018 it has commenced the redemption of its €1.6bn in subordinated debt. However, notwithstanding the successful achievement of repaying the State’s contingent liability, 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 NAMA projects a surplus in the region of €3.5bn to be returned to the State once it completes its work. The realisation of this surplus depends on the redemption of NAMA’s remaining subordinated debt by March 2020 and completion of its Dublin Docklands SDZ and residential funding programmes.
As per section 60(2) of the NAMA Act 2009, NAMA may use surplus funds to redeem and cancel its senior and subordinated debt. Surplus funds may only be returned to the Central Fund once NAMA's debt has been redeemed in full, which is expected to be in 2020.
Any NAMA surplus paid, while Exchequer positive, will not impact the general government balance, in line with Eurostat rules. It will be a decision for the Government as to how any surplus returned by NAMA will be utilised within the framework of the fiscal rules. The intention has always been to use such receipts from the resolution of the financial sector crisis to pay down our national debt and reduce our debt servicing costs.
In the meantime NAMA is making a significant contribution to the supply of housing within the State where it is in a position to do so. NAMA’s residential funding programme is expected to fund the completion of 20,000 residential units by the end of 2020. NAMA is on track to meet this target with over 7,800 completed as of 21 August 2018. In addition, NAMA has an established policy of identifying to Local Authorities and approved housing bodies, properties within its portfolio which may be suitable for social housing. To date 6,984 such properties have been identified, with demand confirmed for 2,717 and 2,474 delivered or committed. Part of this delivery has been through NAMA’s innovative National Asset Residential Property Services (NARPS) model, which has purchased nearly 1,300 properties from NAMA debtors and leased them on for social housing.
117. Deputy Pearse Doherty asked the Minister for Finance the impact on the debt to GDP ratio of a reduction of the debt by €2, €3 and €5 billion, respectively; and if he will make a statement on the matter. [35893/18]
View answerThe nominal figures of €2 billion, €3 billion and €5 billion equate to 0.6 per cent of GDP, 1.0 per cent of GDP and 1.6 per cent of projected GDP for this year.
Accordingly, a reduction of €2 billion, €3 billion or €5 billion in nominal public indebtedness would reduce the gross general government debt to GDP ratio by approximately 0.6 percentage points, 1.0 percentage points or 1.6 percentage points respectively.
Modified GNI, or GNI*, is a more appropriate measure of debt sustainability for the Irish economy than GDP, as it excludes globalisation factors that disproportionality impact Irish GDP.
Accordingly, a reduction of €2 billion, €3 billion or €5 billion in nominal public indebtedness would reduce the gross general government debt to GNI* ratio by approximately 0.9 percentage points, 1.4 percentage points or 2.3 percentage points respectively.
Finally, I want to point out that in the Annual Report on Public Debt in Ireland 2018, published this month, my Department highlighted that public debt per capita in Ireland is one of the highest in the developed world, meaning that the economy is vulnerable to changes in the external economic situation.
This is why we need to balance the books and to put debt on a downward trajectory.
118. Deputy Darragh O'Brien asked the Minister for Finance if he or his departmental officials have met with a company (details supplied); the number of times he has met with the company; the dates of those meetings; the persons from his Department that were present at those meetings; the issues discussed at each meeting; and if he will make a statement on the matter. [35903/18]
View answerI am answering the question on the basis of my tenure as Minister for Finance only. I can confirm that neither I or my officials have met with Real Estate Investment Trust in question during this period.
119. Deputy Darragh O'Brien asked the Minister for Finance if he or his departmental officials have met with a company (details supplied); the number of times he has met the company; the dates of those meetings; the persons from his Department that were present at those meetings; the issues discussed at each meeting; and if he will make a statement on the matter. [35904/18]
View answerI am answering the question on the basis of my tenure as Minister for Finance only. I can confirm that neither I nor my officials have met with Real Estate Investment Trust in question during this period.
120. Deputy Michael Healy-Rae asked the Minister for Finance when excise tax (details supplied) will be reversed; and if he will make a statement on the matter. [35961/18]
View answerAs the Deputy will be aware, it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.
121. Deputy Michael Healy-Rae asked the Minister for Finance if he will address a matter (details supplied) regarding the VAT rate for the hospitality sector; and if he will make a statement on the matter. [35972/18]
View answerAs the Deputy will be aware, it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.
122. Deputy Pearse Doherty asked the Minister for Finance if it is possible to introduce a differentiated VAT rate within a single economic sector based on profitability or other measures such as turnover; and if he will make a statement on the matter. [35979/18]
View answerFiscal neutrality is a fundamental tenet of the VAT system, and a core principle of EU tax law. As a result, any policy that goes against fiscal neutrality is counter to EU VAT law. In this regard, applying different VAT rates to different forms of the same service is illegal. For this reason it is not possible to apply different VAT rates to different services within the same sector based on profitability or other measures such as turnover.
123. Deputy Danny Healy-Rae asked the Minister for Finance if the 9% tourism VAT rate will be retained in order to ensure the further recovery and growth of the hospitality sector; and if he will make a statement on the matter. [36005/18]
View answerAs the Deputy will be aware, it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.
124. Deputy Seán Haughey asked the Minister for Finance if the issue of the 200 employees of a bank (details supplied) who have been excluded from its tracker mortgage examination will be raised at his meetings with the banks and financial institutions; if these borrowers can avail of staff tracker rates; and if he will make a statement on the matter. [36048/18]
View answerThe Deputy will be aware that, following my meetings with each of the banks last October, I stated publicly the Government’s view that the banks’ behaviour in relation to tracker mortgages was disgraceful and that the Government was determined to ensure that the matter was resolved. In addition, I conveyed the Government’s full support for the Central Bank’s actions to drive a resolution in the interests of consumers in the context of its Tracker Mortgage Examination.
At the same time, as part of follow-up actions, I announced that I had requested the Governor of the Central Bank to provide me with a progress report by mid-December on whether the banks had made acceptable and sufficient progress in line with commitments they had given to resolve the matter. I duly received such a report and, in my statement of 20th December last, noted that the Central Bank concluded that the banks had made sufficient progress in meeting the targets they agreed to in October. In addition, I received a second progress report in April which gives further assurance in this regard.
The Central Bank’s work is ongoing with a view to completing its Tracker Mortgage Examination and, accordingly, it would not be appropriate for me to engage with any bank on an individual tracker related matter. The Central Bank has confirmed that a final report will be issued on completion of the Examination.
In relation the Deputy’s question as to whether or not affected borrowers can avail of tracker rates, this is a matter for the bank to determine taking into account a number of factors including the terms and conditions of the mortgage contract, current bank policy on staff lending, and the bank’s existing suite of product offerings.
125. Deputy Seán Haughey asked the Minister for Finance his views on the recent sale by banks (details supplied) and other financial institutions of performing and non-performing loans to vulture funds; if these sales will be prevented; the advice offered to affected mortgage holders who are concerned about same; and if he will make a statement on the matter. [36049/18]
View answerThe Deputy may be aware that in my role as Minister for Finance, I cannot stop loan sales even by the banks in which the State has a shareholding. These decisions are the responsibility of the board and management of the banks which must be run on an independent and commercial basis. The banks’ independence is protected by Relationship Frameworks which are legally binding documents that I cannot change unilaterally. These frameworks, which are publicly available, were insisted upon by the European Commission to protect competition in the Irish market.
Despite the significant progress already made by the Irish banks in reducing NPLs, their ratios are still well above the European average of around 4%. PTSB is a particular outlier in this regard with a ratio of 25%, before the recently announced loan sale – Project Glas. Given this position, banking regulators have tasked each bank with developing and implementing strategies with the expectation that their ratios will be reduced towards the European average. Given the scale of reduction required, Project Glas was a necessary action taken by PTSB.
In relation to the position following a loan sale, I have commented on a number of occasions that the protections for borrowers are unchanged. All terms and conditions attached to their mortgage contract remain in place. In addition, Start Mortgages the purchaser of the PTSB loan book, is a retail credit firm regulated by the Central Bank of Ireland. When dealing with borrowers, retail credit firms are bound by the same regulations that currently apply to PTSB. Like PTSB, they are required to comply with the Consumer Protection Code (CPC) and the Code of Conduct for Mortgage Arrears (CCMA) when dealing with borrowers who are in arrears.
I should also highlight that regardless of the protections that are currently in place for mortgage holders, I have confirmed that I am prepared to engage with Deputies from other parties in an effort to see if these protections can be strengthened further in a sensible manner.
This commitment has been demonstrated recently by the Government’s support for the Bill introduced by Deputy Michael McGrath, T.D., which seeks to regulate the purchasers of mortgage loans. In addition, earlier this year I asked the Central Bank to carry out a review of the CCMA to ensure it remains as effective as possible. I have asked for the report to be completed as soon as is practicable. The Central Bank has stated that it is their intention to deliver the report by the end of September 2018. If as a result of this review, the CCMA requires amendment, a full public consultation process would be required in line with normal guidelines.
