Central Bank of Ireland Data

Questions (165)

Michael McGrath

Question:

165. Deputy Michael McGrath asked the Minister for Finance the number of open licence applications with the Central Bank; the length of time these applications have remained open; the type of financial services provider; and if he will make a statement on the matter. [30792/19]

View answer

Written answers (Question to Finance)

I have been advised by the Central Bank that the information sought by the Deputy is published on the Central Bank website at the link below. Reports on the Central Bank’s Regulatory Service Standards Performance are published twice a year and are available at present up to the end of 2018.

https://centralbank.ie/regulation/how-we-regulate/authorisation/service-standards

 The information specifically sought by the Deputy is set out below.

Funds and Fund Service Providers Authorisation

UCITS and RIAIF applications: of 676 Submissions 98% of initial submissions were assessed within 20 business days (98% of subsequent submissions assessed within 10 business days).

UCITS and RIAIF funds/sub funds (fast track) applications: of 1,117 Submissions, 99% of initial submissions were assessed within 10 business days (99%of subsequent submissions assessed within 5 business days).

QIAIF applications: of 216 Submissions, 100% were authorised within 1 business day.

Fund Service Providers Authorisation

UCITS Management Company applications: of 14 Applications, 100% were authorised within 6 months.

Externally managed AIFM applications: of 14 authorisations and 1 Registration, 100% were authorised/registered within 6 months.

Fund Administrator applications: 1 Application was authorised within 6 months.

Self-Managed Investment Companies, Internally Managed AIFs and Investment Managers Authorisation

Self-Managed Investment Companies: of 10 Submissions, 100% of initial submissions were assessed within 20 business days (subsequent submissions assessed within 10 business days).

Internally Managed AIFs (Authorised): of 2 Submissions, 100% of initial submissions were assessed within 20 business days (subsequent submissions assessed within 10 business days).

Internally Managed AIFs (Registered): of 1 Submission, 100% of initial submissions were assessed within 5 business days (subsequent submissions assessed within 3 business days).

Clearance of Investment Managers (EU authorised): of 32 Submissions, 100% were assessed within 1 business day.

Clearance of Investment Managers (Non – EU Authorised): of 197 Submissions, 100% of initial submissions were assessed within 5 business days (subsequent submissions assessed within 3 business days).

Investment Firms Authorisation

MiFID applications: of 8 Applications, 88% of initial submissions were assessed within 40 business days (final submissions assessed within 10 business days).

Regulated Disclosures - Prospectus Approval

Debt Prospectuses: of 1,607 Applications, 99.5% were assessed within 10 business days.

Closed–ended Funds Prospectuses: of 2 Applications, 100% were assessed within 10 business days.

Equity Prospectuses: of 47 Applications, 100% were assessed within 10 business days (20 business days for Initial Public Offerings (IPOs)).

Retail Intermediaries and Debt Management Firms Authorisation

For 211 Applications, 99% were acknowledged within 3 business days of receipt of application.

For 217 Applications, 98% had completed key information check within 10 business days of receipt of application.

For 70 Applications, 100% had assessment phase completed and outcome notified to applicant within 90 business days of commencement of assessment phase.

For 70 Applications, 99% had notification of decision phase completed and outcome notified to applicant within 10 business days of receipt of satisfactory response to issues set out in notification of outcome of assessment phase.

Moneylenders, Retail Credit Firms and Home Reversion Firms Authorisation

For 2 Applications, 100% were acknowledged within 3 business days of receipt.

For 2 Applications, 100% had key information check completed within 10 business days of receipt of application.

For 2 Applications, 100% had assessment phase completed and outcome notified to applicant within 90 business days of commencement of assessment phase.

For 1 Application, 100% had notification of decision phase completed and outcome notified to applicant within 10 business days of receipt of satisfactory response to issues set out in notification of outcome of assessment phase.

For 37 Applications, 100% of renewals of moneylender licences were completed prior to expiry of existing licence.

Payment Firms (Payment Institutions, Electronic Money Institutions, Small Electronic Money Institutions and Money Transmission Businesses) and Bureaux de Change Authorisation

For 40 Applications, 95% were acknowledged within 3 business days of receipt of application.

For 37 Applications, 100% had completed key information check within 10 business days of receipt of application.

For 1 Application, 100% had assessment phase completed and outcome notified to applicant within 90 business days of commencement of assessment phase.

For 1 Application, 100% had notification of decision phase completed and outcome notified to applicant within 10 business days of receipt of satisfactory response to issues set out in notification of outcome of assessment phase.

Insurance / Reinsurance Undertakings Authorisation

Of 9 complete Applications, 100% were processed within 3 months of completion.

Of 12 incomplete Applications, 100% were returned within 2 weeks of receipt.

Trust or Company Service Providers Authorisation

Of 2 complete Applications, 100% were processed within 3 months of completion.

Of 1 incomplete Applications, 100% were returned within 2 weeks of receipt.

Across all sectors, in H2 2018, 22 applications / submissions were withdrawn by the applicant; and 18 applications / submissions were deemed dormant.

Fitness and Probity PCF

For 99 Applications with an incomplete Individual Questionnaire, 98% had a response provided to the submitting entity within 5 business days.

For 202 Individual Questionnaires (IQ) Applications for Qualifying Investor Fund (QIF)/ Qualifying Investor Alternative Investment Funds (QIAIF), 98% were processed within 5 business days.

For 206 IQ Applications for individuals previously approved by Central Bank of Ireland or European Economic Area (EEA) Financial Services Regulator, 94% were processed within 12 business days.

For 510 “standard” IQ Applications – i.e. non QIF/QIAIF and/or individual not previously approved, 95% were processed within 15 business days.

Revenue Commissioners Staff

Questions (166, 170)

Michael McGrath

Question:

166. Deputy Michael McGrath asked the Minister for Finance the number of open roles in the Revenue Commissioners by functional area and position; the length of time the role has remained unfilled in each case; and if he will make a statement on the matter. [30793/19]

View answer

Michael McGrath

Question:

170. Deputy Michael McGrath asked the Minister for Finance the number employed by the Revenue Commissioners each month since the start of 2016 by functional area; and if he will make a statement on the matter. [30797/19]

View answer

Written answers (Question to Finance)

I propose to take Questions Nos. 166 and 170 together.

In the context of Revenue’s vote for 2019, Revenue is at its full complement of staff. Revenue currently has 6,424 FTE serving permanent staff, with an average weekly serving FTE of 6,366 in 2019 to date. 

To date in 2019, Revenue has appointed over 600 staff from open and interdepartmental competitions across a range grades and areas including Audit, Tax, Accounting, Transfer Pricing, Economics, Law, Data Analytics, Information Technology, and Trade Facilitation. Revenue fills critical posts based on business requirements across all grades and functional areas and is currently recruiting at all levels. Revenue undertakes workforce planning and recruitment as an iterative process and recruitment plans are currently in place to fill all critical posts taking into account projected retirements and business requirements to the end of 2019. 

For each of the years 2016, 2017 and 2018 respectively, Revenue’s Vote provided for a staffing complement of 5,924; 6,014; and 6,114 FTE and the average weekly serving FTE was 5,911; 6,008; and 6,085 respectively. 

The FTE serving staff, by division, by month, in the period from January 2016 to the end of June 2019 is available at the following link:.

Revenue Vote

Tax Appeals Commission

Questions (167, 171)

Michael McGrath

Question:

167. Deputy Michael McGrath asked the Minister for Finance the number of open roles in the Tax Appeals Commission by functional area and position; the length of time the role has remained unfilled in each case; and if he will make a statement on the matter. [30794/19]

View answer

Michael McGrath

Question:

171. Deputy Michael McGrath asked the Minister for Finance the number employed by the Tax Appeals Commission each month since the start of 2016 by functional area; and if he will make a statement on the matter. [30798/19]

View answer

Written answers (Question to Finance)

I propose to take Questions Nos. 167 and 171 together.

In response to Question 30794/19, the following table provides an outline of open roles in the Tax Appeals Commission by functional area and position as at 30 June 2019:

Position

Current Staff Numbers

30 June 2019

Recommended Staffing Numbers

August 2018*

Additional Requirements

Timeframe for taking on Staff

Chairperson

0

1

+1

Projected Quarter 4.

Amendment to legislation required before recruitment can commence.

Commissioners

2

2

0

 

Commissioners (Temporary)

1

3

+2

Projected Quarter 3 - appointments in progress.

Principal Officer

1

1

0

 

Assistant Principals

5

8

+3

Two APs will be appointed in August 2019.

One further AP to be appointed Q3 into Q4.

HEO

2.5

5

+2.5

Two HEOs appointed via Internal Competition.

One further HEO to be appointed by the end of Q3.

1.5 HEOs to be appointed through possible secondment by the end of Q3.

EO

1

5

+4

1 EO taking up a post in August

2 further EO’s to take up their posts by end of Q3.

Internal Competition to be held to make appointment to EO grade in Q3.

CO

5

7

+2

Full complement of COs due to be in place by 22nd July.

Total

17.5

32

14.5

 

The "Recommended Staffing Numbers August 2018 refers to the staffing complement as recommended in the independent Review of the Workload and Operations of the Tax Appeals Commission, conducted by Ms. Niamh O'Donoghue, which I commissioned in 2018.  I have stated my full support for the report's recommendations and have provided the necessary budget to the TAC for 2019 to support implementation of the recommendations.

In response to question 30798/19, the outline of the number of staff employed in the Tax Appeals Commission by functional area and position since March 2016 is available at the following link:

Staff Employed

Financial Services and Pensions Ombudsman Staff

Questions (168)

Michael McGrath

Question:

168. Deputy Michael McGrath asked the Minister for Finance the number of open roles in the Financial Services and Pensions Ombudsman by functional area and position; the length of time the role has remained unfilled in each case; and if he will make a statement on the matter. [30795/19]

View answer

Written answers (Question to Finance)

Firstly, I must point out that the Financial Services and Pensions Ombudsman (FSPO) is independent in the performance of his statutory functions.  I have no role in the day to day workings of the office or in the decisions which he takes.

The Office of the Financial Services and Pensions Ombudsman (FSPO) was established on 01 January 2018 to resolve complaints from consumers, including small businesses and other organisations, against financial service or pension providers. The establishment of the FSPO resulted from the merger of the Office of the Pensions Ombudsman and the Financial Services Ombudsman’s Bureau. 

Under section 15(4) of the Financial Services and Pensions Ombudsman Act 2017 the Ombudsman may appoint staff to his office and determine their duties with the approval of the Minister for Finance and the consent of the Minister for Public Expenditure and Reform.

The Financial Services and Pensions Ombudsman (FSPO) commissioned a Workforce Plan 2019-2023 and submitted the Plan to my Department.  This plan includes an analysis of the level of resources currently available to the FSPO against both current and predicted future demand for his services.   It also addressed the large existing caseload which the Office inherited on 01 January 2018, along with the sustained pattern of increased demand which the office continues to experience.

Following consideration of the Plan I sanctioned an additional 35 staff for the Office as follows:-   

 

Assistant Principal

Higher Executive Officer

Executive Officer

Clerical Officer

Total

Additional Posts Sanctioned

5

11

15

4

35

These additional resources will allow the FSPO to deliver a better faster service for its customers, keep pace with the speed of change, tackle existing waiting times, and deliver the objectives in its Strategic Plan 2018 – 2021.

Recruitment campaigns were advertised in May 2019, for the grades of Executive Officer and Higher Executive Officer, and the recruitment processes for these campaigns are currently ongoing.  Priority is being given to the filling of vacancies at HEO and EO levels within the following functional areas:

- Dispute Resolution/Mediation

- Investigation/Adjudication/Legal Services

Once the outcome of the current recruitment processes is clear, additional recruitment will be undertaken in Q3 and Q4 2019, which will also include competitions at the grades of Assistant Principal and Clerical Officer.

On the issue more generally,  in 2018 and to date in 2019 the Ombudsman has informed me that vacancies which arose have been filled, either through existing panels where possible or else through the establishment of new panels by way of additional recruitment campaigns.   

I should add that the post of Deputy Financial Services and Pensions Ombudsman is vacant since April 2019 and work is currently underway to arrange the filling of this post.

Central Bank of Ireland Data

Question No. 170 answered with Question No. 166.

Question No. 171 answered with Question No. 167.

Questions (169)

Michael McGrath

Question:

169. Deputy Michael McGrath asked the Minister for Finance the number employed by the Central Bank each month since the start of 2016 by functional area; and if he will make a statement on the matter. [30796/19]

View answer

Written answers (Question to Finance)

The Central Bank has provided me with the following information in respect of the number employed by the Central Bank each month since the start of 2016:

2016 

DIRECTORATE

JAN FTE

FEB FTE

MAR FTE

APRIL FTE

MAY FTE

JUN FTE

JUL FTE

AUG FTE

SEP FTE

OCT FTE

NOV FTE

DEC FTE

ECONOMICS

99.3

98.1

99.1

100.1

102.1

100.1

101.1

100.5

100.5

102.5

100.5

100.5

FINANCIAL   OPERATIONS

77.8

85.2

87.2

77.2

82.4

77.2

75.2

78.2

77.2

76.2

74.2

75.2

RESOLUTION   & CORPORATE AFFAIRS

125.8

117.8

115.8

124.1

126.3

134.1

140.1

143.8

145.8

148.2

147.2

145.2

SEM

8.8

8.8

8.8

8.8

8.8

8.8

9

9

10

10

10

6

CENTRAL   BANKING TOTAL

311.6

309.8

310.8

310.2

319.6

320.2

325.4

331.5

333.5

336.9

331.9

326.9

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSUMER   PROTECTION

89.3

89.3

91.3

92.3

91.7

92.7

94.7

94.9

94.9

92.9

89.9

89.9

CREDIT INSTITUTIONS SUPERVISION

192.6

193.6

188.6

191

190.8

190.2

187.8

186.8

186.8

192.8

197.8

197.4

ENFORCEMENT

79

77

79

79

85.4

85.2

85.6

86

87.2

92.2

100.2

104.2

INSURANCE   SUPERVISION

115.8

120.8

127.8

128.1

130.1

133.1

133.1

132.1

129.1

130.9

128.9

129.9

MARKETS

159.8

159.8

157.9

156.6

157.7

157.7

160.7

156.7

154.7

155.7

158.7

154.7

POLICY &   RISK

62.4

62.4

65.4

68.4

68.4

67.4

69.4

68.4

69.4

70.6

70.6

70.6

SEM

7

7

7

8

8

8

8

8

7

7

6

6

FINANCIAL   REGULATION TOTAL

705.9

709.9

717

723.4

732.1

734.3

739.3

732.9

729.1

742.1

752.1

752.7

 

 

 

 

 

 

 

 

 

 

 

 

 

IMTD

102.8

103.8

106.8

104.6

110.4

110.4

109.6

109.6

109.6

115.7

117.7

114.9

CHIEF   OPERATIONS OFFICER DIRECT REPORTS

84

81.5

84.5

85.5

84.5

88.5

91.1

93.1

90.3

92.3

92.3

93.3

CURRENCY &   FACILITIES MANAGEMENT

250.9

248.9

249.3

250.7

246.7

241.3

240.3

238.3

240.1

240.3

240.7

242.3

GRADUATE   PROGRAMME

13

14

13

13

13

13

12

12

9

9

9

9

HUMAN   RESOURCES

61.6

61.6

59.6

59.6

60.6

57.8

61.8

62.3

61.8

60.8

58.8

55.8

SEM

0

0

0

0

0

0

0

0

0

0

0

4

OPERATIONS   TOTAL

512.3

509.8

513.2

513.4

515.2

511

514.8

515.3

510.8

518.1

518.5

519.3

 

 

 

 

 

 

 

 

 

 

 

 

 

GRAND TOTAL

1529.8

1529.5

1541

1547

1566.9

1565.5

1579.5

1579.7

1573.4

1597.1

1602.5

1598.9

2017 January - August (A pillar restructuring took place in Sept. 2017)

DIRECTORATE

JAN  FTE

FEB FTE

MAR FTE

APR FTE

MAY FTE

JUN FTE

JUL FTE

AUG FTE

ECONOMICS

101.5

104.5

104.5

104.4

106.4

109.4

80.1

84.1

FINANCIAL   OPERATIONS

76.2

76.2

74.2

73.2

74.2

76.2

79.2

80.2

RESOLUTION   & CORPORATE AFFAIRS

150.4

149.4

150.4

153.5

152.5

153.5

 

 

CORPORATE   AFFAIRS

 

 

 

 

 

 

133.3

138.4

FINANCIAL   STABILITY

 

 

 

 

 

 

60.3

64.3

SEM

5

5

5

5

5

6

7

7

CENTRAL BANKING TOTAL

333.1

335.1

334.1

336.1

338.1

345.1

359.9

374

 

 

 

 

 

 

 

 

 

CONSUMER   PROTECTION

90.9

92.9

92.9

96.9

97.9

100.9

99.9

101.9

CREDIT INSTITUTIONS SUPERVISION

198.4

200.4

199.2

198.2

205.2

208.2

209

207.8

ENFORCEMENT

106.2

108.8

104.8

97.8

102.8

102.8

112.8

115.8

INSURANCE   SUPERVISION

128.9

126.9

129.9

127.9

130.9

129.1

133.1

138.1

MARKETS

152.7

154.7

158.7

161.7

163.7

165.7

 

 

SECURITIES AND   MARKETS SUPERVISION

 

 

 

 

 

 

83.2

82.2

ASSET   MANAGEMENT SUPERVISION

 

 

 

 

 

 

80.5

79.5

POLICY &   RISK

71.6

70

70

69.8

69.8

73.8

75.8

75.8

SEM

7

7

7

7

7

7

7

7

FINANCIAL   REGULATION TOTAL

755.7

760.7

762.5

759.3

777.3

787.5

801.3

808.1

 

 

 

 

 

 

 

 

 

IMTD

114.9

114.9

115.9

115.9

117.9

116.9

115.9

119.9

CHIEF   OPERATIONS OFFICER DIRECT REPORTS

92.7

91.7

92.7

94.2

97

99

104

105

CURRENCY &   FACILITIES MANAGEMENT

239.3

237.3

233.4

230.1

224.9

219.5

216.5

213.5

HUMAN   RESOURCES

53.8

54.8

55.8

53.1

54.1

52.1

55.1

53.9

SEM

4

4

4

4

4

4

4

4

OPERATIONS   TOTAL

504.7

502.7

501.8

497.3

497.9

491.5

495.5

496.3

 

 

 

 

 

 

 

 

 

GRADUATE   PROGRAMME

7

7

6

5

5

4

4

4

 

 

 

 

 

 

 

 

 

 GRAND TOTAL

1600.5

1605.5

1604.4

1597.7

1618.3

1628.1

1660.7

1682.4

2017 September - December (A pillar restructuring took place in Sept. 2017)

DIRECTORATE

SEPT FTE

OCT FTE

NOV FTE

DEC FTE

CORPORATE AFFAIRS

140.4

141.6

140.8

140.8

ECONOMICS

85.1

86.1

88.1

89.1

FINANCIAL   OPERATIONS

84.2

86.2

87.2

86.2

FINANCIAL   STABILITY

65.3

70.3

72.3

74.3

SEM

8

8

7

6

CENTRAL BANKING TOTAL

383

392.2

395.4

396.4

 

 

 

 

 

CHIEF   INFORMATION OFFICER

121.9

120.9

121.9

125.4

DIRECT REPORTS

103

102

101

100

CURRENCY &   FACILITIES MANAGEMENT

209.5

206.5

207

207

HUMAN   RESOURCES

57.9

59.5

60.5

59.6

SEM

4

4

4

4

OPERATIONS   TOTAL

496.3

492.9

494.4

496

 

 

 

 

 

ASSET   MANAGEMENT SUPERVISION

85.5

83.7

86.7

83.7

CREDIT   INSTITUTIONS SUPERVISION

206.8

206.2

209

211

INSURANCE   SUPERVISION

135.1

137.1

138.8

138.8

SEM

3

3

3

3

PRUDENTIAL   REGULATION TOTAL

430.4

430

437.5

436.5

 

 

 

 

 

CONSUMER   PROTECTION

107.9

104.9

104.9

104.9

ENFORCEMENT

123.8

122.8

125.8

124.8

POLICY &   RISK

70.8

74.8

76.6

79.6

SECURITES AND MARKETS SUPERVISION

86.2

87.2

89.2

89.2

SEM

4

3

5

4

FINANCIAL   CONDUCT TOTAL

392.7

392.7

401.5

402.5

 

 

 

 

 

GRADUATE   PROGRAMME

10

7

7

7

 

 

 

 

 

GRAND TOTAL

1712.4

1714.8

1735.8

1738.4

Question No. 170 answered with Question No. 166.
Question No. 171 answered with Question No. 167.

Financial Services and Pensions Ombudsman Data

Questions (172)

Michael McGrath

Question:

172. Deputy Michael McGrath asked the Minister for Finance the number employed by the Financial Services and Pensions Ombudsman each month since the start of 2016 by functional area; and if he will make a statement on the matter. [30799/19]

View answer

Written answers (Question to Finance)

Firstly, I must point out that the Financial Services and Pensions Ombudsman (FSPO) is independent in the performance of his statutory functions.  I have no role in the day to day workings of the office or in the decisions which he takes.

The Office of the Financial Services and Pensions Ombudsman (FSPO) was established on 01 January 2018 to resolve complaints from consumers, including small businesses and other organisations, against financial service or pension providers. The establishment of the FSPO resulted from the merger of the Office of the Pensions Ombudsman and the Financial Services Ombudsman’s Bureau. 

I understand that the Office of the FSPO was in contact with the Deputy and this answer reflects their agreement on the format of the response.

The following table outlines the number of staff employed by the Financial Services and Pensions Ombudsman at the end of its first year in operation, i.e. 31 December 2018:

Number  of Staff by Grade

Staff in position 31.12.2018

Ombudsman

1

Deputy Ombudsman

1

Principal Officer

4

Assistant Principal

5

Higher Executive   Officer

12

Executive Officer

23

Clerical Officer

3.2

Total

49.2

A Workforce Plan for the period 2019 to 2023 was submitted to the Department of Finance in December 2018, which included an objective analysis of the level of resources currently available to the FSPO against both current and future demand for its services. The Workforce Plan aims to address the large existing caseload which the Office inherited on 01 January 2018, along with the sustained pattern of increased demand which the office continues to experience.

Following a review of this work force plan, I approved the recruitment of a further 35 staff at the following levels:

5 Assistant Principal

11 Higher Executive Officer

15 Executive Officer

4 Clerical Officer 

The following table outlines the number of staff employed by the Financial Services and Pensions at the end of its Q2 2019, i.e. 30 June 2019, compared to the approved staff number:

Number of Staff by Grade

Approved Staffing 2019

Staff in position at 30.06.2019

Ombudsman

1

1

Deputy Ombudsman

1

0

Principal Officer

4

4

Assistant Principal

10

5

Higher Executive   Officer

22

18

Executive Officer

42

24

Clerical Officer

10.2

9.6

Total

90.2

61.6

NAMA Operations

Questions (173)

Michael McGrath

Question:

173. Deputy Michael McGrath asked the Minister for Finance the projected surplus from the National Asset Management Agency; the return on investment this will represent; if the surplus will be received into the Exchequer when NAMA is wound up; and if he will make a statement on the matter. [30800/19]

View answer

Written answers (Question to Finance)

As part of its Annual Report for 2018, NAMA recently revised its projected surplus to be returned to the State to €4 billion subject to market conditions prevailing. The realisation of this surplus also depends on the success of NAMA’s ongoing deleveraging and completion of its Dublin Docklands SDZ and residential funding programmes.

Based on the end 2018 projected surplus NAMA has estimated a entity return on investment (EROI) of 37%. The EROI benchmark is calculated based on the comparison of NAMA’s projected terminal surplus position with NAMA’s initial investment, as adjusted to exclude the €5.6 billion in State Aid which NAMA was required to pay to the participating institutions as part of the loan acquisition price. NAMA’s EROI target benchmark, as approved by its Board in 2014, is 20%.

It is important to note that this surplus has yet to fully crystallise and that the transfer of surplus funds to the Central Fund can only begin after NAMA's remaining subordinated debt and equity obligations have been repaid in full, which is expected to be in 2020.

It is currently envisaged that the available surplus will be transferred to the Exchequer in 2020 and 2021. It is estimated that €2 billion will be transferred in 2020 with a further €2 billion being transferred in 2021. This timeline is contingent on NAMA’s projected surplus of €4 billion remaining unchanged.

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 at that time. 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.

Tax Credits

Questions (174, 175)

Michael McGrath

Question:

174. Deputy Michael McGrath asked the Minister for Finance the annual cost of the research and development tax credit for the past five years; the number of companies that availed of the scheme in each of the years by multinational companies and SME companies; and if he will make a statement on the matter. [30801/19]

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Michael McGrath

Question:

175. Deputy Michael McGrath asked the Minister for Finance the annual cost of the Knowledge Development Box in each year since its creation; the number of companies that availed of the scheme in each of the years by multinational companies and SME companies; and if he will make a statement on the matter. [30802/19]

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Written answers (Question to Finance)

I propose to take Questions Nos. 174 and 175 together.

I note that the Deputy previously received a response to these two questions in Parliamentary Questions 54 and 55 of 30 May 2019. No further data has become available in respect of these reliefs since 30 May.

 I am advised by Revenue that the annual cost of the Research and Development (R&D) tax credit and the number of companies that availed of it for years up to 2017, the most recent year for which data is available, is published on the Revenue website at the following link:

https://www.revenue.ie/en/corporate/information-about-revenue/statistics/tax-expenditures/r-and-d-tax-credits.aspx. 

The available information in respect of multinational and SME companies is split between companies administered by Revenue’s Large Corporates Division (LCD) and non-LCD companies. Most of the companies administered by LCD are multinational companies. Also shown is the distribution of the R&D claims by the number of employees of the claimant companies.

A review of the research and development tax credit is being undertaken by my Department in 2019. This review will examine the interaction of SMEs with the credit as part of its scope.

In relation to the Knowledge Development Box (KDB), the number of claimants and cost are published in Revenue’s recent paper on 2018 Corporation Tax payments and 2017 tax returns, which is available on the Revenue website at link https://www.revenue.ie/en/corporate/documents/research/ct-analysis-2019.pdf (Table 13 shows the KDB claims). Due to the small numbers of taxpayers claiming KDB, Revenue cannot comment further on the size of the claimant companies.

The Deputy may be aware that a claimant company has a period of up to 24 months to make a claim for KDB relief. It is anticipated that companies will make use of the 24 month time frame available, therefore more claims in respect of the year ended 31 December 2017 may be made by September 2019.

Tax Reliefs Costs

Questions (176)

Michael McGrath

Question:

176. Deputy Michael McGrath asked the Minister for Finance the annual cost of the entrepreneurial relief for each year since its establishment, including 2018; the number of companies that availed of the scheme in each of the years by multinational companies and SME companies; and if he will make a statement on the matter. [30803/19]

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Written answers (Question to Finance)

It is assumed the Deputy is referring to Capital Gains Tax (CGT) Entrepreneurial Relief as provided for in section 597AA of the Taxes Consolidation Act 1997. This provision was introduced in the Finance Act 2015 and provides relief from Capital Gains Tax for individuals disposing of business investments in certain circumstances.

Statistics on the numbers availing of the Relief, and the cost to the Exchequer, are available at https://www.revenue.ie/en/corporate/information-about-revenue/statistics/tax-expenditures/entrepreneur-relief-statistics.aspx. The most recent year for which data are presently available is 2017.

 For the Deputy's convenience, the information available is presented in the following table.  

 Year

Cost € million

Number Availed

 2016

20.4

406

 2017

 81.8

 875

Information is not available in respect of multinational and SME companies as the relief applies to individuals only.

Tax Reliefs Costs

Questions (177)

Michael McGrath

Question:

177. Deputy Michael McGrath asked the Minister for Finance the annual cost of the special assignee relief programme for the past five years including 2018; the number of companies that availed of the scheme in each of the years by multinational companies and SME companies; and if he will make a statement on the matter. [30804/19]

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Written answers (Question to Finance)

 The following table sets out the Exchequer cost of the Special Assignee Relief Programme (SARP) for each of the years 2012 to 2016.

2012  

2013

2014

 

2015

 

2016

€0.1 million 

€1.9 million

 

€5.9 million

 

€9.5 million 

€18.1 million

Currently, 2016 is the most recent year for which data are available.

For individuals to qualify for SARP, they must be employees of a multinational company so that the question of data in respect of SME companies does not arise. 

 I am informed by Revenue that further statistics on the SARP for 2012 to 2016 can be found at https://www.revenue.ie/en/corporate/documents/research/sarp-report-2016.pdf.

Tax Deduction Systems

Questions (178)

Michael McGrath

Question:

178. Deputy Michael McGrath asked the Minister for Finance the annual cost of the foreign earnings deduction for the past five years including 2018; the number of companies that availed of the scheme in each of the years by multinational companies and SME companies; and if he will make a statement on the matter. [30805/19]

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Written answers (Question to Finance)

 I am advised by Revenue that the annual costs of the Foreign Earnings Deduction (FED) for 2012 to 2016, the latest year for which figures are currently available, are as follows:

2016

€m

2015

€m

2014

€m

2013

€m

2012 

€m

3.5

3.2

1.1

1

0.8

 https://www.revenue.ie/en/corporate/information-about-revenue/statistics/tax-expenditures/costs-expenditures.aspx.

Revenue further advise me that FED is an allowance applied for by employees through their own tax returns and is not returned at a company level, therefore it is not possible to provide the data on the number of companies associated with employees availing of the scheme broken down by multinational and SMEs.

Revenue Commissioners

Questions (179)

Michael McGrath

Question:

179. Deputy Michael McGrath asked the Minister for Finance the take up of the key employee engagement programme in each month since its establishment; the number of companies that availed of the scheme in each of the years by multinational companies and SME companies; and if he will make a statement on the matter. [30806/19]

View answer

Written answers (Question to Finance)

I am advised by Revenue that 10 companies granted share options under the Key Employee Engagement Programme (KEEP) to 87 key employees during 2018 (the first year of the scheme). Generally, a key employee must hold the option for 12 months prior to exercise, and, therefore, 2019 will be the earliest date that individuals exercise their options to acquire shares in qualifying companies. Returns for 2019 will not be filed with Revenue until 2020.

The Programme is available only to SMEs, and is intended to help them attract and retain talent, so that the question of data in respect of multinational companies under same does not arise.

Employment and Investment Incentive Scheme

Questions (180)

Michael McGrath

Question:

180. Deputy Michael McGrath asked the Minister for Finance the annual cost of the employment and investment incentive scheme for each year since it started including 2018; the number of companies that availed of the scheme in each of the years by multinational companies and SME companies; and if he will make a statement on the matter. [30807/19]

View answer

Written answers (Question to Finance)

I am advised by Revenue that a report on the Employment and Investment Incentive (EII) can be found at https://www.revenue.ie/en/corporate/documents/statistics/tax-expenditures/eii-stats.pdf. The report contains statistics on the number of companies availing of the scheme and the cost to the Exchequer up to 2017, the latest year for which data are currently available.

 The following table sets out the Exchequer costs and the companies availing of the incentive:

Year

1st    Tranche Exchequer Cost

€m    

 2nd  Tranche Exchequer Cost

  €m     

No. of Companies

2017

18.6

N/A

87

2016

31

N/A

203

2015

28

N/A

270

2014

23.3

2

297

2013

17.3

2.9

248

2011/2012

15.7

3.2

255

    

The EII scheme applies to unquoted micro, small and medium sized trading companies only. Therefore, the question of data in respect of multinational companies under the scheme does not arise.  

Startup Funding

Questions (181)

Michael McGrath

Question:

181. Deputy Michael McGrath asked the Minister for Finance the annual cost of the start-up refunds for entrepreneurs for the past five years including 2018; the number of companies that availed of the scheme in each of the years; and if he will make a statement on the matter. [30808/19]

View answer

Written answers (Question to Finance)

I am advised by Revenue that the latest information on the cost and number of individuals availing of the Start Up Refunds for Entrepreneurs (SURE) scheme can be found at https://www.revenue.ie/en/corporate/information-about-revenue/statistics/tax-expenditures/costs-expenditures.aspx. The most recent year for which data are currently available is 2016, it is expected that 2017 will be available in the coming weeks at the same link.

The following table sets out the Exchequer cost and number of claimants  for each year between 2012 and 2016:

2016

€m

2016

Claims

2015

€m

2015

Claims

2014

€m

2014

Claims

2013

€m

2013

Claims

2012

€m

2012

Claims

1.9

80

1.8

86

1.8

59

1.3

60

1.6

88

Tax Appeals Commission

Questions (182, 183, 184, 185)

Michael McGrath

Question:

182. Deputy Michael McGrath asked the Minister for Finance the number of tax appeals before the Tax Appeals Commission; the value of tax these disputes amount to; the appeals by ranges (details supplied) respectively, in tabular form; and if he will make a statement on the matter. [30809/19]

View answer

Michael McGrath

Question:

183. Deputy Michael McGrath asked the Minister for Finance the age and value of tax appeals before the Tax Appeals Commission by ranges (details supplied) respectively, in tabular form; and if he will make a statement on the matter. [30810/19]

View answer

Michael McGrath

Question:

184. Deputy Michael McGrath asked the Minister for Finance the number of new appeals brought before the Tax Appeals Commission in each month since January 2016; the number of cases concluded in the same periods; and if he will make a statement on the matter. [30811/19]

View answer

Michael McGrath

Question:

185. Deputy Michael McGrath asked the Minister for Finance the number of appeals before the Tax Appeals Commission concluded since January 2016 that have been settled; the value of the settled; the number withdrawn; the value these amounted to; the number of cases heard; the value these appeals amounted to; and if he will make a statement on the matter. [30812/19]

View answer

Written answers (Question to Finance)

I propose to take Questions Nos. 182 to 185, inclusive, together.

The Tax Appeals Commission (“TAC”) was established on 21st March 2016 and new procedures for making, processing, adjudicating and determining appeals came into effect. Before this date taxpayers appealed directly to Revenue who then transferred cases to the Appeal Commissioners if and when they proceeded to appeal. Since that date, taxpayers send their appeals directly to the TAC which then notifies Revenue of the appeals.

In response to Questions 30809/19 and 30810/19 the following two tables provide an outline of the number of appeals on hand before the TAC as at 30 June, 2019:

Summary of number of appeals on hand as at 30 June, 2019 (by value and category/year received*) and

Summary of quantum of appeals on hand as at 30 June, 2019 (by value and category/year received*)

Appeals-on-hand

In response to Question 30811/19, the following table provides an outline of the number of appeals received and concluded in each month since the establishment of the Tax Appeals Commission on 21 March 2016:

Appeals rec and concluded monthly

Carbon Budget

Questions (186)

Jack Chambers

Question:

186. Deputy Jack Chambers asked the Minister for Finance when the distributional impacts on an increase in carbon tax will be completed; and if he will make a statement on the matter. [30836/19]

View answer

Written answers (Question to Finance)

The Economic and Social Research Institute (ESRI) and the Department of Finance operate a joint research programme on various macroeconomic and taxation issues in Ireland. Under this programme, the ESRI produced research on the carbon tax in 2018, including on the distributional impacts of a once-off increase in the tax. The research found that households at all income levels will face similar percentage increases in consumer prices in the event of such an increase, but with the impact felt differing on the basis of the carbon intensity of the goods they consume and the ease with which households can switch their consumption. In the case of a €5 increase in carbon tax, the research found that costs would increase by €0.45 per week for the poorest households and by €2.30 a week for the richest, reflecting the different consumption patterns experienced by these households. However, in terms of shares of income, the impacts on poorer households was found to be more than double that on richer households. For a €5 increase, the poorest households will have to spend 0.16% more of their income to continue the same level of consumption (of all commodities), whereas the richest will have to spend 0.07% more.

The model used in this research was limited to performing a static analysis and could not capture the impact of producers and consumers altering their behaviour in reaction to increases in the carbon tax. The next phase of this joint research work underway utilises a the more dynamic Ireland Environment-Energy-Economy (I3E) model which can examine phased increases in tax rates over time. As part of this work, the Department has also commissioned the ESRI to undertake an extension of the model to distinguish impacts by household income level and location. This research is currently in progress and is expected to be completed in advance of the budget so as to inform budgetary decisions on the carbon tax.        

Departmental Data

Questions (187)

Denis Naughten

Question:

187. Deputy Denis Naughten asked the Minister for Finance the different income streams directly paid by persons to his Department or agencies under his remit, such as motor tax; the number of persons making annual payments; the value of same; the number of payments made through staged or increment payments; the value of same; the additional income generated as a result of payments being made on an incremental basis; if incremental payments are not available, the reason for same; the corresponding figures for 1999 and 2009; and if he will make a statement on the matter. [30854/19]

View answer

Written answers (Question to Finance)

I wish to inform the Deputy that there are no income streams paid by persons directly to my Department.

One of the seventeen bodies under the remit of my Department, the Office of the Revenue Commissioners, has such an income stream in the form of the Local Property Tax (LPT).

In 2018, approximately 735,000 property owners (53% of LPT property owners) made payments on an annual basis with an approximate value of €240m and approximately 660,000 property owners (47% of LPT property owners) made payments on a phased basis with an approximate value of €250m.

Local Property Tax was introduced with effect from 1 July 2013. It is payable in respect of all residential properties, subject to certain exemptions. It is administered by Revenue in accordance with the Finance (Local Property Tax) Act 2012, as amended. Liability for LPT arises where a person owns a residential property on the liability date which is 1 May 2013 for the year 2013 and 1 November in the preceding year for subsequent years. For example, the liability date for 2019 is 1 November 2018.

Revenue provides a wide range of phased and single payment options for LPT. The phased payment options include monthly direct debit through a financial institution, payment via deduction at source (DaS) from salary or pension and via approved payment service providers (An Post, Omnivend, Payzone). The single payment options include debit card, credit card, Annual Debit Instruction (ADI) and cheque.

There are no additions to the amount of LPT due regardless of which payment option a property owner chooses. Therefore, Revenue does not generate any additional income as a result.

Also, while Revenue does not apply any service fees, the financial institutions and approved payment service providers are commercial entities and do charge transaction fees.

Project Ireland 2040

Questions (188, 189, 192)

Jack Chambers

Question:

188. Deputy Jack Chambers asked the Minister for Finance the capital projects which have been delayed under Project Ireland 2040 under the remit of his Department and agencies in tabular form; when these projects will commence; and if he will make a statement on the matter. [30883/19]

View answer

Jack Chambers

Question:

189. Deputy Jack Chambers asked the Minister for Finance the capital projects which have commenced under Project Ireland 2040 under the remit of his Department and agencies in tabular form; and if he will make a statement on the matter. [30919/19]

View answer

Jack Chambers

Question:

192. Deputy Jack Chambers asked the Minister for Finance if expenditure estimates for capital projects under Project Ireland 2040 under the remit of his Department and agencies match projected cost requirements in tabular from; and if he will make a statement on the matter. [30965/19]

View answer

Written answers (Question to Finance)

I propose to take Questions Nos. 188, 189 and 192 together.

I wish to inform the Deputy that neither my Department nor the 17 bodies under the aegis of my Department currently have any capital projects or expenditures under Project Ireland 2040.

However, one of the bodies under the aegis of my Department, the National Treasury Management Agency, through the National Development Finance Agency (NDFA), is currently advising on a number of projects under Project Ireland 2040 and it should be noted that the NDFA is not the sponsoring or sanctioning authority for these projects.