Written Answers Nos. 38-52
38. Deputy Robert Troy asked the Taoiseach and Minister for Defence if he has offered financial or regulatory assistance to a company (details supplied); and if assistance has been sanctioned due to the possibility of such a vehicle being used by the Defence Forces. [27295/19]
View answerI am advised that no financial or regulatory assistance has been offered to a company the details of which have been supplied by the Deputy.
39. Deputy Richard Boyd Barrett asked the Taoiseach and Minister for Defence the breakdown of costs to his Department of the visit of the President of the United States of America, Mr. Donald Trump; the cost of dispatching the LÉ Niamh to Doughmore Bay and the LÉ Aoife to the Shannon Estuary; the transportation and other associated costs involved in sending members of the Defence Forces to County Clare; and if he will make a statement on the matter. [27379/19]
View answerThe Department of Justice and Equality and An Garda Síochána have primary responsibility for the internal security of the State. Among the roles assigned to the Defence Forces in the White Paper on Defence is the provision of Aid to the Civil Power (ATCP) which, in practice, means to assist An Garda Síochána when requested to do so.
The Gardaí requested ATCP assistance from the Defence Forces in support of the recent visit of the President of the United States of America. Unlike other areas of the Public Service and due to the nature of the duties performed, overtime is not available to members of the Defence Forces. In addition to basic pay, the Defence Forces have a wide range of allowances which are unique to their duties. A Military Service Allowance (MSA) is paid to all ranks up to the level of Colonel. Military Service Allowance is designed to compensate for the special conditions associated with military life. These include unsocial hours of duty, exposure to danger, and the restrictions inherent in military discipline. For Privates, Corporals and Sergeants with more than 3 years in service, MSA is worth €115.43 per week, per person. For Senior NCOs the rate is €122.87 per week.
In line with any other occasion when the Defence Forces are requested to operate in an Aid to the Civil Power capacity, Defence Force members on duty in support of An Garda Síochána during the visit of the President of the United States will receive the Security Duty Allowance (SDA). The current rate of SDA is €23.81 for each day on duty for less than 24 hours. The rate is increased to €47.59 for a 24 hour duty. Security Duty allowance is paid to all enlisted personnel and to officers up to and including the rank of Commandant who are not already in receipt of an Army Ranger Wing Allowance or a Patrol Duty Allowance.
LÉ Aoife was decommissioned from the Naval Service fleet on 31st January 2015 following 35 years of service. The decommissioning ceremony took place in Waterford as the ship had a long association with the city. With regard to the Naval element of ATCP support provided for the recent visit of the President of the United States of America, the Military Authorities have informed me that the total cost of dispatching the LÉ Niamh and the LÉ Eithne was €28,000. This figure includes ATCP Allowance, fuel costs, food and Patrol Duty Allowance which are a Defence Forces expense when a ship is on Maritime Defence and Security Operations. Regarding the road transport fuel costs involved in sending members of the Defence Forces to Co. Clare, this amounted to €5,800.
The assistance provided by the Defence Forces for the duration of the recent visit of the President of the United States of America is greatly appreciated and acknowledged by myself and my colleagues in Government.
40. Deputy Richard Boyd Barrett asked the Tánaiste and Minister for Foreign Affairs and Trade the breakdown of costs for his Department associated with the visit of the President of the United States of America, Mr. Donald Trump; the number of personnel dispatched; the number of overtime hours worked by staff; the transportation and other associated costs involved in sending Departmental staff to County Clare; and if he will make a statement on the matter. [27377/19]
View answerThe recent visit of the President of the United States of America and First Lady Melania Trump to Ireland served to support the promotion of Ireland’s interests in the US and also contributed to the development of our strong economic, political and cultural links with the US.
|
No. of staff dispatched to Co. Clare for the visit |
No. of overtime hours worked |
Associated transport and accommodation costs |
|
13 |
64.5 |
€15,810* |
*Transport costs (which include media transport) relating to the visit which will be charged to the Department of Foreign Affairs and Trade are not yet finalised.
I will be happy to provide the Deputy with the final costs in due course.
41. Deputy Seamus Healy asked the Minister for Finance if the Revenue Commissioners will provide a facility for persons who are non-e enabled and require written confirmation of cessation of employment as in the case of the TC1 application form for tax clearance certificate; and if he will make a statement on the matter. [27225/19]
View answerI am advised by Revenue that the new administrative arrangements for PAYE (PAYE Modernisation) started on 1 January this year. These new arrangements do not affect the way income tax and other statutory deductions are calculated under the PAYE system, but do change the way employers report payroll information to Revenue on or before each pay date.
PAYE Modernisation has also streamlined the reporting process for employers by eliminating the need to complete the various forms and returns that were required under the old system (e.g. P30, P45, P46, P35, P60) and making it a by-product that is seamlessly generated with each payroll run. Crucially, it provides Revenue with the most up to date pay and deductions details for employees in real-time, which greatly helps in ensuring that taxpayers benefit fully from their various credits and entitlements. Also, for the first time, employees can view the information reported to Revenue on their behalf by employers.
On receipt of either an employment cessation or the starting date for a new employment, Revenue immediately updates the person’s tax record and provides the necessary pay and tax information in real-time to any new employer or to other Government departments/agencies as required, for example the Health Services Executive (HSE) or the Department of Employment Affairs and Social Protection (DEASP). This removes any requirement for a P45 form or any other type of written confirmation.
While employees can now access their pay and tax details online via the myAccount service, Revenue accepts that there may be circumstances where persons require written confirmation of their pay and tax or employment position, for example in a non-e enabled situation. Where this occurs, taxpayers can request written confirmation of their position, including in respect of a cessation of employment, by contacting Revenue on telephone 01-7383636.
42. Deputy Michael McGrath asked the Minister for Finance the way in which the home carer tax credit is applied to reduce the tax liability of a qualifying couple that are jointly assessed for income tax; the reason the tax credit is not applied in the normal way similar to other tax credits such as the married tax credit and personal tax credit to reduce their tax liability; and if he will make a statement on the matter. [27279/19]
View answerI am grateful to the Deputy for clarification that this question relates to the basis and rationale behind the restriction which may preclude a dual income couple from claiming both the home carer credit and the increased standard rate cut-off point available for such couples.
The home carer credit was introduced in Finance Act 2001 in tandem with the move towards individualisation of the income tax system in order to maintain some support for families where one spouse works primarily in the home to care for children or other dependants and therefore is not able to fully participate in the labour force.
Section 466A of the Taxes Consolidation Act, 1997 sets out the conditions for the availably of the relief.
As per subsection (6), to provide additional flexibility to lower-income families who may need some supplementary income from a second earner, if the home carer works part-time and earns some income in their own right, they may earn up to €7,200 per year without full entitlement to the credit being withdrawn. The credit is progressively withdrawn once income exceeds this threshold limit by €1 for every additional €2 of income earned so that a home carer earning between €7,200 and €10,200 may be entitled to a partial credit and no credit at all available once income exceeds €10,200.
In such circumstances, as per subsection (8), the family has the choice of claiming the more beneficial of either the Home Carer Credit or the ‘increased standard rate band for two-income couples’ which they are entitled to as two earners are each in receipt of income. Revenue will automatically apply the most beneficial option for the family.
This option arises because of the interaction between the home carer credit and the standard rate cut off point for one income couples, as once the primary earner’s income exceeds around €37,000 the net benefit of the credit begins to reduce, until the primary earner’s income reaches €44,600 and the benefit of the home carer credit additional income threshold is exhausted. If the family’s income is over this amount, it is less beneficial for the couple to claim the Home Carer Credit than the increased rate band for dual income couples which they are entitled to as both spouses are in receipt of income.
The question of choosing between the Home Carer Credit and the increased rate band is therefore relevant only where the primary earner’s income is high enough to fully use the maximum available rate band (that is, €44,300) and therefore the home carer’s income limit is of specific benefit to lower-income families with dual incomes.
43. Deputy Michael McGrath asked the Minister for Finance the number of revenue audits undertaken by the Revenue Commissioners in each of the years since 2016; the amount of additional tax liability, interest and penalties notified by way of assessment to the taxpayer as a result; the amount of extra tax, interest and penalties collected by profession, trade and sector in tabular form; and if he will make a statement on the matter. [27280/19]
View answerI am advised by Revenue that its intervention options range from light touch Aspect Queries through to Investigations for cases of suspected serious tax and duty evasion. The intervention type used in any case is dependent on the level of risk identified and the taxpayer behaviour involved. Full details of Revenue’s suite of compliance interventions are set out in Chapter 2 of the Code of Practice for Revenue Audit and other Compliance Interventions, which is included for the Deputy’s information.
Table 1 below provides an overview of completed audits and investigations for the years 2016 to 2018, including the additional yield involved. Yield includes tax, interest and penalties as well as amounts referred for debt collection/enforcement action (Sheriff, Court Action, Attachment). Table 2 below provides a summary of the sectors that were audited/investigated in the relevant years, presented in alphabetical order.
Table 1. Audit and Investigation Activity
|
Intervention |
Completed 2018 |
Yield €m |
Completed 2017 |
Yield €m |
Completed 2016 |
Yield €m |
|
Comprehensive Audits/Investigations |
2,696 |
119.5 |
2,978 |
111.2 |
3,703 |
128.4 |
|
Multi Tax/Duty Audits |
648 |
27.8 |
775 |
28.1 |
735 |
27.7 |
|
Single Tax /Duty/ Issue/Transaction Audits |
1,391 |
108.3 |
1,533 |
64.5 |
1,773 |
102.5 |
|
Total Audit/Investigations |
4,735 |
255.6 |
5,286 |
203.8 |
6,211 |
258.6 |
Table 2: Summary of Selected Sectors
|
Sector |
Number 2018 |
Yield €m |
Number 2017 |
Yield €m |
Number 2016 |
Yield €m |
|
Accounting, Bookkeeping and Auditing Activities |
52 |
2.64 |
63 |
4.39 |
95 |
2.87 |
|
Construction |
556 |
22.87 |
797 |
29.70 |
1,065 |
27.35 |
|
Doctors |
104 |
6.24 |
137 |
6.82 |
84 |
5.00 |
|
Legal Activities |
72 |
1.69 |
59 |
1.67 |
65 |
3.12 |
|
Pubs |
144 |
5.62 |
149 |
3.22 |
188 |
2.77 |
|
Rental |
326 |
12.83 |
432 |
24.21 |
411 |
22.39 |
|
Restaurants and Fast Food Outlets |
180 |
5.23 |
148 |
9.46 |
153 |
5.06 |
|
Retailers |
382 |
13.99 |
361 |
13.46 |
501 |
20.79 |
|
Wholesalers |
335 |
15.23 |
326 |
8.12 |
350 |
9.97 |
|
Other Sectors |
2,584 |
169.26 |
2,814 |
102.75 |
3,299 |
159.28 |
|
Total |
4,735 |
255.6 |
5,286 |
203.8 |
6,211 |
258.6 |
In addition, Revenue carried out 270,617 lighter touch Aspect Queries and Profile Interviews over the course of 2016, 2017 and 2018, which yielded €274 million, €267 million and €298 million respectively.
44. Deputy Thomas P. Broughan asked the Minister for Finance his plans to utilise expanded economic and social metrics in the calculation of national income for fiscal and budgetary purposes and for fiscal policy from 2020 to indicate all aspects of the well-being of citizens along the lines followed in New Zealand and increasingly in other jurisdictions; and if he will make a statement on the matter. [27299/19]
View answerA multitude of economic and social metrics play a role in the budgetary deliberations in my Department and across Government.
Well-being is a complex, multi-dimensional concept and measuring it is no simple task. To address this, New Zealand has taken the approach of monitoring a broad range of economic, social and environmental metrics. This is also what my Department does.
It is clear that measuring GDP alone is no longer sufficient to assess the living standards of society. This is even more relevant in Ireland with the economic interpretation of a number of our economic indicators distorted by the high level of multinational activity in Ireland, GDP among them. This is why the Central Statistics Office has begun publishing various new 'underlying' indicators, for example modified gross national income, to better reflect what is happening in the domestic Irish economy, and my Department utilises these indicators.
Distributional, environmental and gender impacts are considered along with macroeconomic impacts when evaluating policy measures and the broader state of the economy.
An analysis of inequality and progressivity in the Irish tax system was also published as part of the Budget 2019. This included publishing metrics on inequality such as the Gini coefficient and comparing these to average inequality in the EU. Furthermore, my Department engages with the Department of Employment Affairs and Social Protection on the Social Impact Assessment they conduct of the Budget each year, which examines the impact of budgetary measures on household incomes.
An equality budgeting pilot was introduced in the Revised Estimates Volume 2018 to examine the likely impact of budgetary measures on various dimensions of equality, with a focus on gender equality. Gender budgeting will be further developed in 2019, along with an expansion into other areas including poverty and disability.
As we continue to collect more and better data to measure domestic living standards, my Department will monitor and analyse these to ensure the well-being of all Irish citizens is furthered as best we can.
45. Deputy Thomas P. Broughan asked the Minister for Finance his views on the proposed introduction of a cryptocurrency (details supplied); if his Department and the Central Bank are monitoring developments in cryptocurrency and possible impacts on the euro and monetary regulation and security for citizens; and if he will make a statement on the matter. [27300/19]
View answerFirstly, I would like to assure the Deputy that my Department is aware of the recent announcement relating to the cryptocurrency in question, and will continue to monitor developments ahead of its planned issuance in 2020. In March of last year, I announced the creation of the Blockchain & Virtual Currencies Working Group and tasked this Working Group with the role of examining matters relating to such innovations. Members of the Working Group have reviewed the materials published by the organisations responsible for its issuance, and will scrutinise any additional announcements that may be issued in the future.
I would like to highlight that unlike bitcoin and other cryptocurrencies, the announced intention for this particular cryptocurrency is for it to be backed by short term government bonds and a basket of fiat currencies issued by central banks. Given these traits, this particular type of cryptocurrency is often referred to as a ‘stablecoin’ to reflect the expectation that collateral will be put in reserve to underpin what is issued to purchasers.
The impact that the stablecoin in question may have on the Euro or monetary policy is largely unknown at this early stage, and its effect will largely depend on its ability to achieve a high rate of adoption. Furthermore, stablecoins will need to offer sufficient levels of security, speed and efficiency if they are to impact upon more traditional payments networks, which are themselves continually improving and innovating.
The protection of consumers and the security of citizens is of critical importance. The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2019 is designed to give effect to the fifth EU Anti-Money Laundering Directive (5AMLD). This Directive includes provisions that virtual currency exchanges, and custodian wallet providers, will be required to meet the standards expected of regulated firms.
As a further indication of my Department’s commitment to consumer protection, the intra-departmental Working Group has already engaged with the Competition and Consumer Protection Commission (CCPC) to assist in the publication of guidance in relation to cryptocurrencies. Similarly, the Central Bank of Ireland, the European Central Bank, and other regulatory entities have issued warnings and guidelines relating to the various challenges these new technologies present.
Lastly, I would like to point out that the G7 has stated their intention to form a taskforce to look specifically at the topic of stablecoins. Stablecoins are innovations that could potentially have a global reach, and therefore require a global response. My Department will continue to engage with colleagues at a European and global level to monitor, and provide input to, developments relating to this emerging area of financial services.
46. Deputy Thomas P. Broughan asked the Minister for Finance his plans for financial buffers in respect of departmental Votes and his views on the suggestion in the recent Irish Fiscal Advisory Council financial assessment report that some corporation tax revenues be retained in a national budget prudential buffer account; and if he will make a statement on the matter. [27301/19]
View answerIn terms of the recent Fiscal Assessment Report (FAR) published by the Irish Fiscal Advisory Council, I can confirm for the Deputy that I have received the report and will be providing a formal response to the Council which will issue in due course.
Earlier this week, I published the Summer Economic Statement (SES) 2019 which set out the approach that will be taken to the formulation of budgetary policy in advance of Budget 2020. Indeed in the context of the current economic uncertainty, I will be mindful of the policy advice provided by the IMF, European Commission, OECD, as well as IFAC in that we must adopt an appropriate budgetary stance in preparing Budget 2020.
In terms of the Deputy’s question about ‘financial buffers’ for Department Votes, I recognise that a key challenge we face in terms of policy formulation, is ensuring that Departments manage expenditure each year within the allocations voted by Dáil Éireann. In this regard, measures are in place to ensure that our expenditure and budgetary targets are being achieved on an ongoing basis.
Managing the delivery of public services within budgetary allocations is a key responsibility of each Government Minister and Department. The Department of Public Expenditure and Reform is in regular contact with all other Departments and Offices to ensure that expenditure is being managed within the overall fiscal parameters. There is regular reporting to Government on expenditure levels and expenditure profiles are published for each month. The drawdown of funds from the Exchequer is monitored throughout the year and reported on against profile on a monthly basis in the Exchequer Statement.
In relation to the specific recommendation in IFAC’s FAR, I would first note that from a fiscal sustainability perspective, the surge in corporation tax receipts and their highly concentrated nature, highlights the risks of permanently increasing public expenditure or financing reductions in taxation on the basis of potentially transient receipts.
The Government is aware of the risks associated with the concentration of these revenues. That is why:
- We are setting aside some of the historically high levels of corporation tax for the purpose of creating the Rainy Day Fund. Accordingly, a contribution of €500 million to the fund is currently budgeted for in 2019; and
- Our fiscal policy seeks to continue to broaden the tax base – measures which included the introduction of USC, local property tax, the increased VAT rate on tourism, and sugar tax. For 2019 these are projected to raise revenues equivalent to approximately 1.5 per cent of GDP or 5.8 per cent of overall general government revenue.
In addition, a scoping paper will shortly be published, with a number of policy options put forward as to how this specific fiscal risk could potentially be reduced. Some potential solutions are also presented in order to prompt a policy discussion around how best to mitigate these vulnerabilities. It is my intention to give consideration to these – and possibly other suggestions – with a view to making recommendations to Government in the Autumn.
Finally, I would point out that as a result of a longstanding Government policy, we are prioritising the reduction of debt, which in the event of any potential shocks to our tax base, would enhance our fiscal capacity to deal with such an occurrence.
47. Deputy John McGuinness asked the Minister for Finance the details of the scheme and tax breaks under the back to work enterprise allowance relative to the qualifications or requirements for an exemption from income tax for two years to a maximum of €40,000; the number of applicants that applied for the tax exemption; the number approved for the maximum exemption; and if he will make a statement on the matter. [27320/19]
View answerIn the form in which it is presented, the Deputy's question refers to two separate schemes, namely the Back to Work Enterprise Allowance (BWEA) scheme and the Start Your Own Business (SYOB) tax incentive scheme; however both share the common objective of encouraging enterprise by individuals.
The former is operated under the auspices of the Minister for Employment Affairs and Social Protection. It is designed to encourage long-term unemployed individuals to develop a business by allowing these individuals to retain a reducing proportion of their qualifying social welfare payment for a specified period of time. While BWEA is a social protection scheme, decisions regarding the tax treatment of payments under same, and indeed all other Social Welfare payments, fall under my remit.
Section 13 of Finance Act 2018 amended section 126 of the Taxes Consolidation Act 1997 to bring clarity to the issue of the taxation of Social Welfare payments in light of the imminent introduction of PAYE modernisation from 1 January 2019. A range of payments, including the Back to Work Enterprise Allowance, were exempted from taxation with the objective of maintaining the pre-existing de facto tax treatment of these payments.
The latter SYOB tax incentive scheme was provided for in section 472AA of the Taxes Consolidation Act 1997. SYOB provided relief from income tax for long-term unemployed individuals who set up their own business between 25 October 2013 and 31 December 2018. It applied up to a maximum of €40,000 in profit per annum over two years, provided certain eligibility criteria were met, including the following:
1. The individual must have been unemployed for 12 months or more and been in receipt of one of the following:
1. crediting PRSI contribution;
2. Jobseekers' Allowance;
3. Jobseekers' Benefit;
4. One Parent Family Payment; or,
5. Partial Capacity Payment.
The business must have been a new and unincorporated enterprise.
With regard to uptake of SYOB, Revenue has provided me with the following information on the relief, from its inception in 2013 up until 2016 (the latest year for which data are currently available):
|
Year |
Uptake |
|
2016 |
5,473 |
|
2015 |
3,910 |
|
2014 |
1,820 |
|
2013 |
140 |
I am further advised by Revenue that, for the year 2016, some 174 taxpayer units received an exemption of €40,000 (out of 5,473 availing of the incentive in total). The equivalent figures for 2014 and 2015 were 25 (out of 1,820 availing of the incentive) and 151 (out of 3,910 availing of the incentive) respectively. (Taxpayers in a marriage or civil partnership are represented as one taxpayer unit in cases where they have elected for joint assessment).
The introduction of SYOB relief in Finance Bill 2013 was designed to address the high rate of long-term unemployment, which stood at 7.6% at the time. The targeting of unincorporated businesses and the simultaneous introduction of the Home Renovation Incentive were intended to focus the relief on the construction sector, which was disproportionately represented in the unemployment figures at the time. Taking into consideration the cost of the measure (€19.6 million in 2016), and the changed economic circumstances, including the falling long-term unemployment rates, the incentive expired at the end 2018, in accordance with its sunset clause and is no longer available to new applicants.
48. Deputy Pearse Doherty asked the Minister for Finance the revenue collected as a result of the USC in each of the past five years; the estimated revenue to be collected in 2019; and if he will make a statement on the matter. [27356/19]
View answerI am advised by Revenue that the net receipts from the application of the USC in the last 5 years are as follows:
|
Year |
USC €m |
|
2014 |
3,647 |
|
2015 |
4,174 |
|
2016 |
3,968 |
|
2017 |
3,724 |
|
2018 |
3,739 |
The amount of revenue to be collected in 2019 from the application of the USC is currently estimated to be €3.9 billion.
49. Deputy John Curran asked the Minister for Finance the details of each investigation and review undertaken by the Revenue Commissioners, either solely or in co-operation with the scope section of the Department of Employment Affairs and Social Protection, to address the issue of bogus self-employment over the past five years; and if he will make a statement on the matter. [27372/19]
View answerI am advised by Revenue that it carries out a full range of interventions to combat all types of tax evasion and non-compliance. This includes a clear focus on the practice of disguised employment and challenging the inappropriate classification of workers as self-employed contractors.
Revenue has also advised me that it carries out significant numbers of outdoor ‘site’ visits each year, many of which are conducted on a multi-agency basis with other Departments or Agencies, including the Department of Employment Affairs and Social Protection (DEASP) and the Workplace Relations Commission (WRC) to identify and rectify bogus self-employment situations and ensure the proper operation of the PAYE system.
For the years 2014 to 2018, Revenue carried out over 10,000 outdoor inspections of which approximately 3,000 were jointly undertaken with DEASP. These inspections produced almost 6,000 new tax registrations comprising of, employers, self-employed individuals and over 2,000 new employee registrations. Revenue also reclassified over 1,000 sub-contractors as employees.
50. Deputy Michael McGrath asked the Minister for Finance the specific powers the Central Bank has regarding investment and pension consultancy firms; if the Central Bank can commence enforcement proceedings on such firms; the penalties the Central Bank can impose for wrongdoing; if an investigation has commenced relating to overcharging on pension schemes following reports that a company (details supplied) had been overcharging pension schemes; and if he will make a statement on the matter. [27433/19]
View answer51. Deputy Michael McGrath asked the Minister for Finance the type of regulated entity investment and pension consultancy firms that fall under the Central Bank classifications; and if he will make a statement on the matter. [27434/19]
View answerI propose to take Questions Nos. 50 and 51 together.
Where investment management and pension consultancy firms are providing regulated activities under financial services legislation these firms are authorised and regulated by the Central Bank in respect of these services. The Central Bank publishes the Registers of those firms authorised under the relevant financial services legislation. The Registers are available online at the following link: http://registers.centralbank.ie/
Where regulated investment management and pension consultancy firms fail to comply with relevant legislative or Central Bank requirements the Central Bank has powers under the Central Bank Acts to take action, including the commencement of enforcement proceedings. The outcome of these proceedings can include the imposition of the appropriate sanction commensurate with the breach.
The Central Bank cannot make any comment on individual or ongoing cases.
Notices of concluded enforcement actions are published on the Central Bank's website at the following link: https://www.centralbank.ie/news-media/legal-notices/enforcement-actions
While there have been three concluded Enforcement outcomes under the Administrative Sanctions Procedure to date in 2019, there are a significant number of actions under way and it is expected that the number of outcomes for the year will be in line with previous years.
52. Deputy Michael McGrath asked the Minister for Finance the number of enforcement proceedings initiated by the Central Bank by type of regulated entity, for example, credit institutions, moneylenders and so on in each year since 2013; the number of those proceedings that led to enforcement findings against the regulated entity; the value of fines imposed for those enforcement findings in tabular form; and if he will make a statement on the matter. [27435/19]
View answerThe Central Bank of Ireland have provided the following tables setting out the number and details of enforcement proceedings by the Central Bank in each of the years since 2013 (to date).
Enforcement actions against regulated firms and individuals under the Administrative Sanctions Procedure (ASP)
|
Year |
Number |
Fines Imposed |
|
2019 |
3* |
€22,526,189 |
|
2018 |
10 |
€7,441,000 |
|
2017 |
11 |
€7,239,970 |
|
2016 |
9 |
€12,075,750 |
|
2015 |
9 |
€7,338,040 |
|
2014 |
11 |
€5,422,450 |
|
2013 |
16 |
€6,348,215 |
|
Total |
69 |
€68,391,614 |
* Note: while there have been three concluded Enforcement outcomes under the ASP to date in 2019, there are a significant number of actions under way and it is expected that the number of outcomes for the year will be in line with previous years.
2019
|
Case Name |
Sector |
Fine Imposed |
Date |
|
|
1 |
Bank of Montreal Ireland plc |
Banking |
€1,246,189 |
26/04/2019 |
|
2 |
Campbell O’Connor & Company |
Stockbroker |
€280,000 |
08/05/2019 |
|
3 |
Permanent tsb plc |
Banking |
€21,000,000 |
30/05/2019 |
2018
|
Case Name |
Sector |
Fine Imposed |
Date |
|
|
1 |
Michael P. Walsh |
Credit Institutions |
€20,000 |
22-Jan-18 |
|
2 |
Bastow Charleton Wealth Management |
Investment Firm |
€220,000 |
27-Mar-18 |
|
3 |
Appian Asset Management |
Investment Firm |
€443,000 |
13-Jun-18 |
|
4 |
St.Canice's Credit Union |
Credit Union |
€210,000 |
21-Jun-18 |
|
5 |
PartnerRe Ireland Insurance dac (PRIID) |
Insurance |
€910,000 |
16-Aug-18 |
|
6 |
Partner Reinsurance Europe SE (PRESE) |
Insurance |
€630,000 |
16-Aug-18 |
|
7 |
CitiBank Europe plc |
Banking |
€1,330,000 |
03-Oct-18 |
|
8 |
E-Services and Communications Credit Union Limited |
Credit Union |
€155,000 |
24-Oct-18 |
|
9 |
Tom McMenamin |
Credit Institiutions |
€23,000 |
06-Dec-18 |
|
10 |
RSA |
Insurance |
€3,500,000 |
18-Dec-18 |
2017
|
Case Name |
Fine Imposed |
Date |
||
|
1 |
Kinsale Capital Management Limited |
Investment Firm |
€275,000 |
14-Feb-17 |
|
2 |
Drimnagh Credit Union Limited |
Credit Union |
€125,000 |
07-Mar-17 |
|
3 |
Allied Irish Banks plc |
Banking |
€2,275,000 |
24-Apr-17 |
|
4 |
The Governor and Company of the Bank of Ireland |
Banking |
€3,150,000 |
26-May-17 |
|
5 |
Intesa Sanpaolo Life dac |
Insurance |
€1,000,000 |
23-Nov-17 |
|
6 |
Albert Reilly t/a Albert Reilly Insurance and Financial Consultants |
Intermediary |
€1,470 |
27-Nov-17 |
|
7 |
Lupton Financial Services Limited t/a Lupton & Co. Financial Services |
Intermediary |
€1,225 |
28-Nov-17 |
|
8 |
Lorna Heffernan Finance Limited |
Intermediary |
€1,050 |
30-Nov-17 |
|
9 |
Robert Moynihan |
Intermediary |
€1,225 |
01-Dec-17 |
|
10 |
Merrion Stockbrokers Limited |
Stockbrokers |
€200,000 |
12-Dec-17 |
|
11 |
BCP Asset Management DAC |
Investment Firm |
€210,000 |
18-Dec-17 |
2016
|
Case Name |
Sector |
Fine Imposed |
Date |
|
|
1 |
Arch Reinsurance Europe Underwriting dac |
Insurance |
€275,000 |
15-Mar-16 |
|
2 |
Seamus Sutcliffe t/a The Mortgage Centre |
Intermediary |
€2,750 |
30-Jun-16 |
|
3 |
New Ireland Assurance Company plc. |
Insurance |
€650,000 |
13-Jul-16 |
|
4 |
Axa Insurance Ireland Limited |
Insurance |
€675,000 |
26-Jul-16 |
|
5 |
KBC Bank Ireland plc |
Banking |
€1,400,000 |
06-Oct-16 |
|
6 |
Capita Life and Pensions Services (Ireland) Limited |
Intermediary |
€1,150,000 |
11-Oct-16 |
|
7 |
Ulster Bank Ireland DAC |
Banking |
€3,325,000 |
27-Oct-16 |
|
8 |
Springboard Mortgages |
Retail Credit Firm |
€4,500,000 |
24-Nov-16 |
|
9 |
Bray Credit Union |
Credit Union |
€98,000 |
06-Dec-16 |
2015
|
Case Name |
Sector |
Fine Imposed |
Date |
|
|
1 |
Western Union Payment Services Ireland Limited |
Payment Institution |
€1,750,000 |
14-May-15 |
|
2 |
Tadhg Gunnell (PCM Bloxham Stockbrokers) |
PCM |
€105,000 |
20-May-15 |
|
3 |
INBS |
Banking |
€5,000,000 |
14-Jul-15 |
|
4 |
Irish Taxi Owners' Co-Op Credit Union Limited |
Credit Union |
€5,000 |
14-Oct-15 |
|
5 |
Michael Hogan (PCM Irish Taxi Owners' Co-Op Credit Union Limited) |
PCM |
N/a |
14-Oct-15 |
|
6 |
Lambay Capital Limited T/A MKW Futures |
Investment Firm |
€49,000 |
01-Dec-15 |
|
7 |
Octagon Online Services Limited |
Investment Firm |
€105,000 |
08-Dec-15 |
|
8 |
H. & P. Car Sales Limited |
Intermediary |
€1,540 |
10-Dec-15 |
|
9 |
Computershare Investor Services (Ireland) Limited |
Investment Firm |
€322,500 |
15-Dec-15 |
2014
|
Case Name |
Sector |
Fine Imposed |
Date |
|
|
1 |
Ava Capital Markets Limited |
Investment Firm |
€165,000 |
04-Mar-14 |
|
2 |
UniCredit Bank Ireland plc |
Banking |
€315,000 |
13-Mar-14 |
|
3 |
Anthony Henneberry t/a Anthony Henneberry Financial Services |
Intermediary |
€640 |
14-Mar-14 |
|
4 |
LGT Capital Partners (Ireland) Limited |
Investment Firm |
€95,000 |
28-Mar-14 |
|
5 |
FBD Insurance plc |
Insurance |
€490,000 |
08-May-14 |
|
6 |
Squared Financial Services Limited |
Investment Firm |
€100,000 |
16-May-14 |
|
7 |
Bank of Montreal Ireland p.l.c. |
Banking |
€650,000 |
21-May-14 |
|
8 |
E. Tarrant & Sons (Car Sales) Ltd |
Intermediary |
€910 |
16-Oct-14 |
|
9 |
Seamus McGrath t/a Seamus McGrath Financial Services |
Intermediary |
€900 |
17-Oct-14 |
|
10 |
Ulster Bank Ireland Ltd |
Banking |
€3,500,000 |
06-Nov-14 |
|
11 |
Provident Personal Credit Ltd t/a Provident |
Moneylender |
€105,000 |
26-Nov-14 |
2013
|
Case Name |
Sector |
Fine Imposed |
Date |
|
|
1 |
MacDonagh Boland Crotty MacRedmond Limited t/a Aon MacDonagh Boland |
Intermediary |
€65,000 |
22-Jan-13 |
|
2 |
C&C Group Plc |
Non-RFSP |
€90,000 |
30-Jan-13 |
|
3 |
Quinn Insurance Limited (Under Administration) |
Insurance |
€5,000,000 |
18-Feb-13 |
|
4 |
John D. O'Connor t/a John D. O'Connor Financial Services |
Intermediary |
€1,100 |
06-Mar-13 |
|
5 |
Smyths Insurance Brokers Ltd and Raymond Smyth |
Intermediary |
€12,000 |
11-Apr-13 |
|
6 |
MOD Financial Services Limited |
Intermediary |
€420 |
21-Jun-13 |
|
7 |
Susquehanna International Securities Limited |
Stockbrokers |
€78,000 |
25-Jun-13 |
|
8 |
Ryan Motor Power Limited |
Intermediary |
€1,000 |
25-Jun-13 |
|
9 |
Stephen Redmond t/a SJ Redmond & Associates |
Intermediary |
€520 |
30-Jul-13 |
|
10 |
Rocklands Financial Limited |
Intermediary |
€650 |
07-Aug-13 |
|
11 |
P Walpole & Sons Limited t/a Central Motors |
Intermediary |
€525 |
05-Sep-13 |
|
12 |
Oxendale & Co Ltd |
Moneylender |
€8,000 |
11-Sep-13 |
|
13 |
AXA MPS Financial Ltd |
Investment Firm |
€50,000 |
03-Oct-13 |
|
14 |
John Campbell t/a Campbell Financial Services |
Intermediary |
€1,000 |
05-Nov-13 |
|
15 |
CitiBank Europe plc |
Banking |
€550,000 |
11-Dec-13 |
|
16 |
Allied Irish Banks, p.l.c. |
Banking |
€490,000 |
17-Dec-13 |
