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Tuesday, 13 Nov 2018

Written Answers Nos. 159-175

Banking Sector

Questions (159)

Brendan Griffin

Question:

159. Deputy Brendan Griffin asked the Minister for Finance his views on a matter (details supplied). [46476/18]

View answer

Written answers

I note the Deputy’s question on behalf of his constituent in relation to the tracker mortgage issue and the matter of local public banking.

As the Deputy will be aware, my Department, along with the Department of Rural and Community Development, published a Report on Local Public Banking at the beginning of July this year. The findings of the Report are that there was not a compelling business case to justify the provision of approximately €170 million of Exchequer funding to establish a new system of local public banking, based on the model considered.

However, the Government is committed to examining how the concept and objectives of local public /community banking may be furthered in Ireland. This will be through an independent evaluation and stakeholder forum. My Department will carry out a tender process for an external agency to carry out the independent evaluation and stakeholder forum and the terms of reference have been finalised, with input from stakeholders. I anticipate that the completed tender documents will be with the Office of Government Procurement (OGP) in the near future and expect that the tender process will be complete by January 2019.

Irish Rural Link, along with the Savings Bank Foundation for International Cooperation, the international development wing of the Sparkassen Group, put forward a proposal and strategic plan for a potential model of local public banking for Ireland, based on the German model that was considered in the Report. This I would ask the Deputy to draw his constituent’s attention to Irish Rural Link’s response to the Report on Local Public Banking, which is available on Irish Rural Link’s website:

http://www.irishrurallink.ie/wp-content/uploads/2018/09/Local_Public_Banking_Report_Rebuttal_public-00000002.pdf

This response states that “… it is not proposed that the mortgage market would be a priority of the local public bank...” and that “… providing lower rate mortgages is a goal but not a priority of the model…”

Regarding the tracker mortgage examination, as the Deputy is aware the Central Bank is working to ensure that the tracker mortgage examination is completed as soon as possible. The Bank is producing regular updates of progress on its website, the most recent being published on the 25 April 2018:

https://www.centralbank.ie/docs/default-source/consumer-hub-library/tracker-issues/update-on-tracker-mortgage-examination---april-2018.pdf?sfvrsn=4.

Since then, the Governor of the Central Bank provided some updated information at his recent appearance before the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach. The Governor indicated that at end-August, 38,400 customers have now been identified in the tracker examination and that some 93% of affected customers have received offers of redress and compensation. Also it was indicated that four of five main lenders are close to completing their redress and compensation phases and that the Central Bank is exerting pressure on the remaining lender to finish its process. The Central Bank has also advised that it is currently pursuing enforcement investigations against all of the main lenders.

The Government has made it clear that they will continue to support the Central Bank’s work to conclude the Tracker Mortgage Examination as quickly as possible, and to see all impacted customers provided with redress and compensation.

Betting Regulations

Questions (160)

Brendan Griffin

Question:

160. Deputy Brendan Griffin asked the Minister for Finance his views on a matter (details supplied); and if he will make a statement on the matter. [46477/18]

View answer

Written answers

As announced in the Budget I have increased the rate of betting duty from 1 per cent to 2 per cent for all bookmakers and the rate of betting intermediary duty from 15% to 25% on the commission earned for betting intermediaries. These measures will take effect from 1 January 2019.

The rate of betting duty at 1% on the amount of bets wagered in Ireland is at an all-time low, and betting duty receipts are exceptionally low when compared to other sectors subject to excise taxes. It is also the case that there is no VAT applied on betting transactions. With the Betting (Amendment) Act 2015 now well embedded in, I believe it is timely to increase the rates of Betting Duty and Betting Intermediary Duty.

I acknowledge that advances in technology have challenged existing business models and have changed the structure of many markets, including the betting market, with more betting taking place online. I further acknowledge that smaller bookmakers may have ongoing difficulties competing in that environment or indeed with large retail bookmakers. While I have sympathy for small bookmakers I cannot apply the increase to some bookmakers and not others. Ultimately many taxes on goods or services are passed through to the end consumers and bookmakers will need to make commercial decisions on such matters.

I should point out that my Department held a consultation with the sector last year asking if the current model was appropriate and the overwhelming response was that it was. The main focus of the sector's engagement during this consultation was to oppose any increase in the betting duty, which leaves me with few options in this regard other than to impose a straight forward increase in the current regime.

My Department very recently received a proposal from the sector advocating for a change to a gross profit tax model. This is something I am willing to consider in the context of Budget 2020, notwithstanding concerns brought to my attention about the compatibility of this proposal with EU rules and the greater capacity within the model to reduce overall betting duty receipts.

Finally, we must also acknowledge the raised public consciousness of the problem of gambling in society. While problem gambling can result in the problem gambler, and their family, bearing the severest of economic and of course personal costs, the social costs of problem gambling can extend to their employers and to public institutions in the health, welfare and justice systems, such costs ultimately borne by taxpayers. This needs to be better reflected within the betting duty regime.

Ministerial Meetings

Questions (161)

Micheál Martin

Question:

161. Deputy Micheál Martin asked the Minister for Finance the policy regarding the need for note taking when Ministers and-or Ministers of State meet business and other leaders; the way in which this policy is outlined; and if he will make a statement on the matter. [46491/18]

View answer

Written answers

I can inform the Deputy that it would be normal practice for a Department official to accompany the Minister and/or Minister of State at meetings with business and other leaders.

My Department's 'Record Management Guidelines' provides that all formal meetings should be properly documented or minuted. The Department's internal 'Regulation of Lobbying Act 2015 Policy' document provides that in line with best practice, a record or minute of meetings with external bodies should be recorded.

In the case of significant informal meetings, the 'Record Management Guidelines' provide that officials should document informal meetings and telephone conversations in cases where this may demonstrate the rationale behind decisions, to note a request or an approval, or to record where significant policy or administrative decisions are being relayed.

Tax Reliefs Data

Questions (162)

Jack Chambers

Question:

162. Deputy Jack Chambers asked the Minister for Finance the reason the Revenue Commissioners did not issue RICT certificates under the employment and investment incentive, EII, scheme to investors in time for the annual tax return; and if he will make a statement on the matter. [46524/18]

View answer

Written answers

The Employment and Investment Incentive (“EII”) is an incentive whereby investors can claim relief for investments in qualifying companies.

EII is a State Aid. It was a notified aid up to October 2015, after which it came within the General Block Exemption Regulation (GBER). A number of changes to EII were necessary to ensure that it is consistent with GBER.

Revenue advises me that the changes to EII mean that there is increased degree of complexity in determining whether or, not a company qualifies for relief and that this in turn means that each application takes longer to review. Applications received by Revenue are not always complete, with necessary documentation often not provided. In this instance, further information must be sought before a decision can be made. Of the cases currently being worked by Revenue's EII Branch, 82% have required follow up correspondence. While some of those are requests for clarifications, the majority relate to incomplete applications.

I understand that the EII branch has prioritised the review of all EII 1 Applications received with a view to finalising as many cases as possible before the Return Filing Deadline and that every effort will be made by the it to ensure that as many cases as possible are processed before the Return Filing Deadline.

Revenue also point out that an EII Application can be made once the investment has taken place.

Finally, the Deputy may wish to note that, in Finance Bill 2018, in order to improve the efficiency and effectiveness of EII, including addressing the issue of administrative hold-ups, I have moved to change the administration of EII to a self-certification model. Under this model, a company will be able to self-certify that it complies with the conditions of the relief applicable to the company, while investors will self-certify that they meet the conditions of the relief applicable to the investors.

Insurance Compensation Fund

Questions (163)

Pearse Doherty

Question:

163. Deputy Pearse Doherty asked the Minister for Finance if his attention and the attention of the Central Bank has been drawn to the liquidation of a company (details supplied) that was the underwriter on structural warranties in a housing estate in County Dublin; if the Insurance Compensation Fund is available to assist in funding alternative underwriters; and if he will make a statement on the matter. [46535/18]

View answer

Written answers

The Central Bank of Ireland has advised me that it was notified by the Danish Financial Supervisory Authority on 7 March 2018 that it had ordered Alpha Insurance A/S to cease writing new business including renewal of existing contracts and business with immediate effect. It was further notified on 9 May 2018 that the liquidators of the insurance company Alpha Insurance A/S had filed a petition for bankruptcy.

The Central Bank has indicated that as Alpha Insurance A/S is a Danish based insurance firm, it is subject to prudential supervision by the Danish Financial Supervisory Authority, and therefore it had no role in this decision. It has also informed me that Alpha Insurance A/S was selling non-life insurance policies in Ireland through the broker network on a freedom of services basis and that it also operated in Denmark, France, Germany, Greece, Ireland, Italy, Norway, the United Kingdom and Spain.

The Insurance Compensation Fund (ICF) is primarily designed to facilitate payments to claimants in relation to risks in the State where an Irish authorised non-life insurer or a non-life insurer authorised in another EU member state goes into liquidation. As I understand it, there are no claims outstanding and thus the ICF has no role to play in this case.

In conclusion, as the structural warranty insurance was initially purchased by the property developer, the affected residents may wish to get in contact with the developer in the first instance to see if alternative cover can be arranged.

Question No. 164 answered with Question No. 158.

Corporation Tax Regime

Questions (165, 166)

Catherine Murphy

Question:

165. Deputy Catherine Murphy asked the Minister for Finance the reason he declined to opt for the type of controlled foreign corporation, CFC, rules model A that the majority of EU countries have found to be the most effective in tackling corporate tax avoidance; and if he will make a statement on the matter. [46568/18]

View answer

Catherine Murphy

Question:

166. Deputy Catherine Murphy asked the Minister for Finance the analysis he and his officials undertook to determine that the model B approach to CFC rules is a more effective approach in tackling corporate tax avoidance than the model A approach; if he consulted with his European colleagues on CFC rules; and if he will make a statement on the matter. [46569/18]

View answer

Written answers

I propose to take Questions Nos. 165 and 166 together.

The first Anti-Tax Avoidance Directive (ATAD), presented in January 2016 and agreed by all Member States in July 2016, provided for five separate anti-avoidance measures to be transposed on an agreed schedule between 2018 and 2023. One of these measures was the introduction of Controlled Foreign Company (CFC) rules, or the alignment of existing national CFC rules with ATAD where relevant, by 1 January 2019.

CFC rules are an anti-abuse measure, designed to prevent the diversion of profits to offshore entities in low or no tax jurisdictions. Where CFC rules apply, they have the effect of attributing certain undistributed income of such an entity to its parent company.

ATAD provides that Member States may choose one of two options to determine whether income of a CFC should be attributed to a parent company:

A. Option A attributes certain categories of undistributed passive income of a CFC to the parent company, or

B. Option B attributes undistributed income arising from non-genuine arrangements put in place for the essential purpose of obtaining a tax advantage.

These options were unanimously agreed by all Member States on the introduction of ATAD and each Member State must choose between the options in transposing ATAD – neither option is specified to be more effective than the other in tackling corporate tax avoidance. European Commission officials have indicated in discussions their view that Member States do not have the option to incorporate both options, or a hybrid containing elements of both options, when transposing ATAD.

CFC rules introduce a significant new administrative burden both for businesses and for Revenue authorities, therefore my officials engaged in extensive consultation in advance of Finance Bill 2018. In October 2017 my Department published a consultation paper on the Coffey Review recommendations and the implementation of ATAD, inviting submissions on a range of issues including the implementation of ATAD CFC rules and the choice between Options A and B. Responses to this consultation were summarised in the Corporation Tax Roadmap and have been published in full on my Department’s website.

The 2018 Tax Strategy Group paper for corporation tax indicated that, following consideration of the consultation submissions received, it was intended that Ireland would opt for the Option B approach when introducing CFC rules. The paper, which invited comments and discussion on the options set out, was discussed at the TSG meeting in July this year and subsequently published on my Department’s website.

Reasons for electing for the Option B approach include:

- Consistency with the existing Irish tax policy focus on the taxation of activities with substance in, or a nexus to, Ireland.

- Consistency with long-standing policy in developing anti-avoidance rules based on principle purpose tests.

- The similarity of Option B to the established CFC rules in the UK, a major trading partner and a jurisdiction with a structurally similar tax system.

- Greater ease of administration for business and Revenue, in view of the calculation of profits to be attributed under internationally understood arms-length transfer pricing principles.

- Focusing on CFC income which has been artificially diverted from Ireland ensures that a proportionate response is applied to the profit shifting risks that exist within an Irish context.

The Corporation Tax Roadmap, published in September, again indicated that an Option B approach was planned. Subsequently the CFC Feedback Statement, also published in September, set out the rationale for the proposed approach and again invited feedback on a range of policy decisions. https://www.finance.gov.ie/wp-content/uploads/2018/09/CFC-Feeback.pdf

My officials have engaged with the European Commission in relation to the implementation of ATAD on many occasions over the last year. The Corporation Tax Roadmap, which confirmed our election for Option B was brought to the attention of the relevant European Commissioners and Commission Services and all other EU Member States.

Strategic Banking Corporation of Ireland Data

Questions (167)

Catherine Murphy

Question:

167. Deputy Catherine Murphy asked the Minister for Finance the number of companies and-or SMEs from outside the State that have been granted guarantees and-or risk sharing facilities under the Strategic Banking Corporation of Ireland in the past two years to date; and if he will make a statement on the matter. [46619/18]

View answer

Written answers

The Strategic Banking Corporation of Ireland (SBCI) is Ireland’s national promotional institution. The SBCI’s goal is to increase the availability of appropriately priced, flexible funding to viable Irish SMEs. The SBCI uses an on-lending model. This means it does not lend directly to SMEs. The SBCI works with both banks and non-bank finance providers providing low cost liquidity and guarantees. The SBCI currently has seven on-lenders, three banks and four non-bank finance providers.

Since it began its operations in March 2015, to the end of March 2018, there has been €972 million of SBCI supported lending, supporting over 24,000 SMEs and 129,300 jobs. The SMEs who received SBCI finance are from all sectors of the Irish economy and have a wide geographical spread, with approximately 85% of loans going outside Dublin and 26% of loans going to the Agriculture sector.

The SBCI has not granted guarantees or risk-sharing facilities to any SMEs from outside the State in the past two years to date. Both the Brexit Loan Scheme and the Agriculture Cashflow Support Loan Scheme, which are the SBCI’s current risk-sharing guarantee schemes in operation at present, require the beneficiary to be established and operating in the State. The SBCI is seeking to develop its risk-sharing guarantee product offering in 2018, including with the current development of the Future Growth Loan Scheme, which was announced in Budget 2019.

Life Insurance Policies

Questions (168)

Fiona O'Loughlin

Question:

168. Deputy Fiona O'Loughlin asked the Minister for Finance the position regarding life assurance providers rejecting applications based on a mental health condition from which a person has since recovered; and if he will make a statement on the matter. [46645/18]

View answer

Written answers

I have been made aware of the issue raised by the Deputy through a number of recent parliamentary questions and I have considerable sympathy for people in this specific situation.

However, as 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 that they should apply to particular categories of individuals, nor am I in a position to direct them to provide cover to such individuals.

It is my understanding that insurers use a combination of rating factors in making their individual decisions on whether to offer life assurance cover and what terms to apply. These factors can include age, health, family medical history, occupation and lifestyle. In addition, these may be determined or linked to the length of time with which such a policy may last. Furthermore, my understanding is that insurers do not all use the same combination of rating factors, and as a result prices and availability of cover varies across the market, and that they will price in accordance with their own past claims experience.

In response to a similar parliamentary question last month (PQ No. 118 of 3 October 2018), my officials sought the views of Insurance Ireland. They advised that applicants for any type of life assurance will be asked on the application form detailed health questions and that insurers may request one or more of the following in addition: a report from the applicant’s GP; an independent medical examination; or other medical tests. On the basis of the information provided, the application is considered individually and the decision on whether to offer cover and on what terms depends on the facts of that particular case.

Finally, I would note that Insurance Ireland operates a free Insurance Information Service for those who have queries, complaints or difficulties in relation to obtaining insurance. Insurance Ireland can be contacted at feedback@insuranceireland.eu or 01-6761914.

Questions Nos. 169 to 171, inclusive, answered with Question No. 158.

Strategic Banking Corporation of Ireland Data

Questions (172)

Catherine Murphy

Question:

172. Deputy Catherine Murphy asked the Minister for Finance the historical amounts allocated to banks (details supplied) to provide funding to small and medium enterprises; if the Strategic Banking Corporation of Ireland, SBCI, monitors the amounts drawn down from these banks via that stream of funding; if his attention has been drawn to a perceived conflict of interest in the context that the banks use audit and accounting firms that also sit on the selection committee of the SBCI; and if he will make a statement on the matter. [46718/18]

View answer

Written answers

The Strategic Banking Corporation of Ireland (SBCI) is Ireland’s national promotional institution. The SBCI’s goal is to increase the availability of appropriately priced, flexible funding to viable Irish SMEs. The strategic mission of the Strategic Banking Corporation of Ireland (SBCI) is to deliver effective financial supports to Irish SMEs that address failures in the Irish credit market, while driving competition and innovation and ensuring the efficient use of available EU resources.

The SBCI uses an on-lending model. This means it does not lend directly to SMEs. Rather, the SBCI provides funds through partner finance providers, known as on-lenders. To date the SBCI has provided the following funding to bank on-lenders referred to by the Deputy. These funds have been given to provide lower cost financing to SMEs, all of which has been fully deployed by those banks to over 14,000 SMEs.

AIB

€400 million

Bank of Ireland

€150 million

Ulster Bank

€70 million

The SBCI has also provided funding of over €230 million to its non-bank lending partners.

The SBCI has an independent board of directors and there is a comprehensive governance and oversight structure in place as part of the SBCI’s corporate structure. The SBCI also complies with the Revised 2016 Code of Practice for the Governance of State Bodies. While the SBCI board is accountable to the Minister for Finance, it is independent, and the Strategic Banking Corporation of Ireland Act 2014 specifically prohibits me as, Minister for Finance, from acting as a shadow director. Therefore, I am not in a position to get involved in or comment on specific decisions made by the selection committee of the SBCI as part of the process of considering prospective on-lenders.

I am advised by the SBCI that it undertakes regular and robust reviews of all its current on-lending partners to ensure that SBCI funding is being deployed to eligible SMEs and that those SMEs receive the full benefit of the lower cost funding. I understand that monitoring is done through a combination of regular meetings between the SBCI and each on-lender, detailed reporting of each loan advanced by the on-lender to the SME, which is updated quarterly, and independent audits.

None of the banks’ auditing and accounting firms sit on the selection committee for on-lenders of the SBCI. Instead, I am informed that the SBCI’s on-lending partners are selected by the SBCI’s board of directors, after a thorough due diligence process.

The Deputy may rest assured that the SBCI is keen to work with any lender, large or small, that can demonstrate it can deliver the required funding advantage to eligible SMEs on terms that protect taxpayer money. The SBCI’s strategy in relation to on-lenders is based on developing a strong pipeline of potential on-lenders to achieve diversity in the market and encourage competition.

NAMA Portfolio

Questions (173)

Richard Boyd Barrett

Question:

173. Deputy Richard Boyd Barrett asked the Minister for Finance the number and location of all completed and unfinished residential units in NAMA's original portfolio including the residential units securing loans acquired by NAMA; and if he will make a statement on the matter. [46744/18]

View answer

Written answers

I am advised that Sections 99 and 202 of the NAMA Act prohibit NAMA from disclosing confidential debtor information, including information on the assets owned by its debtors. It is therefore not possible to provide information on the location of residential units owned by debtors.

I am advised that NAMA’s acquired loan portfolio was initially secured by some 22,735 residential units in Ireland which included both completed and partially completed units. This number fluctuated over time as debtors and receivers sold units under their control and new supply came on stream as a result of funding provided by NAMA. I am advised that at acquisition, the majority of completed residential units securing NAMA’s portfolio were occupied by tenants and, accordingly, any subsequent disposal of the properties would not have adversely affected these tenancies.

The following table provides a breakdown by county of the 22,735 residential units which secured NAMA’s acquired loan portfolio.

County

No of Units

Co. Carlow

203

Co. Cavan

56

Co. Clare

529

Co. Cork

3,729

Co. Donegal

299

Co. Dublin

10,394

Co. Galway

1,380

Co. Kerry

492

Co. Kildare

654

Co. Kilkenny

192

Co. Laois

134

Co. Leitrim

79

Co. Limerick

965

Co. Longford

51

Co. Louth

412

Co. Mayo

344

Co. Meath

475

Co. Monaghan

73

Co. Offaly

129

Co. Roscommon

137

Co. Sligo

466

Co. Tipperary

340

Co. Waterford

264

Co. Westmeath

204

Co. Wexford

472

Co. Wicklow

262

Grand Total

22,735

NAMA Property Sales

Questions (174)

Richard Boyd Barrett

Question:

174. Deputy Richard Boyd Barrett asked the Minister for Finance the number and location of all residential units sold by NAMA debtors receivers since inception; the number of those units sold at NAMA loan sales by year since its inception; the breakdown of the residential sales into lot sizes (details supplied); and if he will make a statement on the matter. [46745/18]

View answer

Written answers

I am advised that, since inception, a total of 19,224 residential units located in the Republic of Ireland have been sold by NAMA debtors and receivers. These residential units were owned by NAMA debtors and the sales proceeds were used to repay associated debt. The figures include both completed and partially completed units, as well as over 8,000 new houses or apartments delivered through NAMA funding. Also included are 2,407 units which were sold to local authorities, approved housing bodies or NARPS for social housing use.

A breakdown by year and by lot size of the 19,224 residential units sold is presented in the table below.

Year

Lot Size

Units

2010

1-2

165

3-20

81

21-50

-

51+

51

2011

1-2

365

3-20

152

21-50

-

51+

81

2012

1-2

445

3-20

122

21-50

27

51+

111

2013

1-2

689

3-20

259

21-50

143

51+

123

2014

1-2

1,242

3-20

498

21-50

310

51+

1,364

2015

1-2

1,638

3-20

1,158

21-50

722

51+

1,241

2016

1-2

1,559

3-20

447

21-50

250

51+

1,255

2017

1-2

1,701

3-20

311

21-50

275

51+

450

2018

1-2

1,298

3-20

158

21-50

293

51+

240

Grand Total

19,224

NAMA is prohibited, under Sections 99 and 202 of the NAMA Act, from disclosing confidential debtor information, including the exact location of assets controlled by its debtors. The following table provides a breakdown by year and by county of residential units sold by NAMA’s debtors and receivers.

County

2010

2011

2012

2013

2014

2015

2016

2017

2018

Total

Co. Carlow

1

21

24

37

2

85

Co. Cavan

2

2

1

3

24

1

13

46

Co. Clare

2

7

12

15

35

256

2

25

23

377

Co. Cork

21

104

171

247

296

579

495

279

243

2,435

Co. Donegal

12

29

3

16

36

1

97

Co. Dublin

183

321

289

361

2,120

2,068

2,300

1,986

1,385

11,013

Co. Galway

6

23

31

94

171

383

146

112

45

1,011

Co. Kerry

2

9

4

8

50

202

1

276

Co. Kildare

40

19

38

129

144

90

104

146

154

864

Co. Kilkenny

3

6

10

8

23

86

19

6

161

Co. Laois

16

2

1

63

10

71

21

184

Co. Leitrim

1

1

1

10

17

9

2

41

Co. Limerick

1

8

20

40

138

156

48

5

7

423

Co. Longford

7

5

9

2

2

3

1

29

Co. Louth

7

7

50

43

28

46

5

5

8

199

Co. Mayo

1

2

4

8

42

112

1

170

Co. Meath

4

6

7

110

51

95

37

28

13

351

Co. Monaghan

2

1

3

4

10

Co. Offaly

1

10

1

9

13

31

1

66

Co. Roscommon

2

1

3

6

14

49

75

Co. Sligo

1

5

3

23

26

154

6

218

Co. Tipperary

9

1

8

4

54

12

3

1

92

Co. Waterford

2

10

3

6

19

114

18

2

174

Co. Westmeath

7

4

45

25

55

15

2

153

Co. Wexford

5

12

3

15

68

100

93

5

1

302

Co. Wicklow

5

10

13

10

38

42

72

105

77

372

Grand Total

297

598

705

1,214

3,414

4,759

3,511

2,737

1,989

19,224

The majority of units sold in Co Dublin during the period 2014-2018 were new units funded by NAMA. An additional 6,146 units were included as security for loan sales undertaken by NAMA but there was no change in the ownership of these units arising from the loan sales.

NAMA Property Sales

Questions (175)

Richard Boyd Barrett

Question:

175. Deputy Richard Boyd Barrett asked the Minister for Finance the amount of residential and zoned land in hectares sold by NAMA debtors and receivers and through loans sales since inception; if he will provide a list of the zoned residential sites by year, location and local authority area; and if he will make a statement on the matter. [46746/18]

View answer

Written answers

I am advised that it was not possible for NAMA to provide the information sought in the time available and therefore I will make arrangements to provide the outstanding information in line with Standing Orders.

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