Written Answers Nos. 273-292
273. Deputy Jennifer Whitmore asked the Minister for Transport the number of electric State vehicles as a percentage of the overall number of State-owned vehicles as of 31 June 2022; and if he will make a statement on the matter. [39511/22]
View answerThe details requested by the Deputy on state owned vehicles are provided in the tabular table below. The data reflects the number of vehicles licensed (with a current motor tax) at 30th June 2022. The overall number of all vehicles licensed for the same period is 2,921,718.
|
Fuel Type |
30th June 2022 |
% |
|
DIESEL/ELECTRIC |
29 |
0.24 |
|
ELECTRIC |
277 |
2.27 |
|
PETROL/ELECTRIC |
68 |
0.56 |
|
PETROL/PLUG-IN HYBRID ELECTRIC |
17 |
0.14 |
|
Total State Owned Vehicles |
12,213 |
274. Deputy Jennifer Whitmore asked the Minister for Transport the timeline for the establishment of the new office for zero emissions vehicles Ireland; and if he will make a statement on the matter. [39513/22]
View answerI am pleased to say that Zero Emission Vehicles Ireland will be launched next Thursday 21 July and will play an important role in Ireland’s transition to zero emission vehicles.
It is based in the Department of Transport drawing on skills and experience from four key organisations - the Department of Transport, Transport Infrastructure Ireland, the Sustainable Energy Authority of Ireland and the National Transport Authority and as well as other important stakeholders such as ESB Networks, Eirgrid and the Department of the Environment, Climate and Communications.
It's principal focus is to enable the delivery of the ambitious electric vehicle targets under the Climate Action Plan. In doing so, it will coordinate measures to support the uptake of zero emission vehicles and the rollout of world class charge point infrastructure. It will also carry out significant stakeholder engagement with both the public and private sectors.
It will work across government, industry and society to support this transition. Its operations will include:
- supports for the uptake of zero emission vehicles,
- infrastructure delivery through funding and policy guidance,
- strategy and policy lead, including taxation and regulation,
- research and innovation, and,
- communications and public and stakeholder engagement.
275. Deputy Jennifer Whitmore asked the Minister for Transport the number of electric vehicle grants provided for vehicles in 2021 in price ranges, €0 to €20,000, €20,000 to €30,000, €30,000 to €40,000, €40,000 to €50,000, €50,000 to €60,000 and over €60,000, in tabular form; and if he will make a statement on the matter. [39514/22]
View answerElectric vehicles (EVs) are the most prominent transport mitigation measure in the 2021 Climate Action Plan and Ireland has set an ambitious target of 945,000 EVs on our roads by 2030. This target is challenging but indicates the scale of the transformation that is needed across all sectors if Ireland is to achieve its climate targets in the coming years.
As the Deputy will be aware, a comprehensive suite of measures is available to EV drivers, including purchase grants for private car owners and taxi drivers, VRT relief, reduced tolls, home charger grants, favourable motor and BIK tax rates, as well as a comprehensive charging network. These measures have collectively contributed to increased take up of EVs in Ireland in recent years, albeit from a low base, to over 62,000 at the end of June.
In addition, the Department convened the Electric Vehicle Policy Pathway (EVPP) Working Group to produce a roadmap to achieving the 2030 EV target. In particular, the group examined the optimum mix of regulatory, taxation and subsidy policies. The recommendations of the EVPP Working Group were approved by Government and the full report is available online.
In line with the Group’s recommendations to support the transition to EVs:
- The generous suite of EV supports already in place in Ireland has been retained until at least end-2022. Work is ongoing to identify additional measures to further incentivise EVs and/or disincentivise fossil-fuelled vehicles. Overall, cost-effective, targeted policy supports will continue to be developed and strengthened over the coming years
- Work is under way to establish Zero Emission Vehicles Ireland (ZEVI), as a matter of priority, to co-ordinate the implementation of existing and future EV measures and infrastructure.
A cross-departmental Implementation Committee has been established to progress the recommendations contained in the EVPP report and is due to report on its progress to Government in Q4 of this year.
Overall, the Department is acutely aware that the cost of electric vehicles remains an issue for many consumers. To this end, electric vehicle policy is kept under continuous review in an effort to make low-emission vehicles affordable.
The draft Electric Vehicle Charging Infrastructure Strategy, which was published at the end of March, concurrently sets out a pathway for the provision of charging infrastructure to stay ahead of demand for EVs as we move towards our 2030 targets.
The table below details the price entered by the vehicle dealership when submitting the grant application to the Sustainable Energy Authority of Ireland.
A price cap was introduced on July 1, 2021, so vehicles priced at over €60,000 are no longer supported.
|
Price |
Number of grants paid in 2021 |
Total grant value (€) |
|
20,001-30,000 |
53 |
220,600 |
|
30,001-40,000 |
3,201 |
14,890,700 |
|
40,001-50,000 |
4,769 |
22,512,200 |
|
50,001-60,000 |
2,596 |
12,192,700 |
|
Over 60,000 |
2,795 |
13,450,600 |
276. Deputy Jennifer Whitmore asked the Minister for Transport the number of licensed State-owned vehicles on the National Vehicle and Driver File in 2018, 2019, 2020, 2021 and to date in 2022; the number of hybrid and electric vehicles in those years; and if he will make a statement on the matter. [39515/22]
View answerThe details requested by the Deputy are provided in the tabular table below. The data reflects the number of vehicles licensed (with a current motor tax) at 31st December 2018 to 2021 and 30th June 2022. The overall number of vehicles licensed for the same periods is provided.
|
Fuel-type |
2018 |
2019 |
2020 |
2021 |
30th June 2022 |
|
DIESEL/ELECTRIC |
29 |
29 |
|||
|
ELECTRIC |
82 |
106 |
140 |
209 |
277 |
|
PETROL/ELECTRIC |
11 |
23 |
21 |
28 |
68 |
|
PETROL/PLUG-IN HYBRID ELECTRIC |
6 |
14 |
15 |
17 |
17 |
|
Total State Owned Vehicles |
11,489 |
11,730 |
12,228 |
12,340 |
12,213 |
|
Total Overall Vehicles with a current motor tax |
2,717,722 |
2,805,839 |
2,860,984 |
2,890,975 |
2,921,718 |
277. Deputy Catherine Murphy asked the Minister for Transport if he has planned a review of delivery of bus services in light of traffic amendments and diversions over the next eight weeks and has assessed the parts of towns (details supplied) which will have been left without coverage of bus services; and if he will make a statement on the matter. [39523/22]
View answerAs Minister for Transport, I have responsibility for policy and overall funding in relation to public transport; however, I am not involved in the day-to-day operations of public transport. The National Transport Authority (NTA) has statutory responsibility for securing the provision of public passenger transport services nationally and for the scheduling and timetabling of these services in conjunction with the relevant transport operators.In light of the Authority's responsibility in this area, I have forwarded the Deputy's specific question in relation to bus services in Celbridge and Leixlip, to the NTA for direct reply. Please advise my private office if you do not receive a response within ten working days.
278. Deputy Ged Nash asked the Minister for Finance the estimated cost to the Exchequer of a €100 payment to those whose nearest public transport stop had less than five services a day (details supplied); the estimated cost to the Exchequer of a €100 payment to those whose nearest public transport stop had less than five services a day and also live a distance of at least 2km away; and if he will make a statement on the matter. [38798/22]
View answerAs set out in the Summer Economic Statement, the Government will continue to work to cushion the impact of higher inflation, to deliver high-quality public services, and to ensure that the economy and public finances remain on a sustainable pathway.
Detailed costings on any proposals in the area of public transport would be a matter for the Department of Transport. The funding of any such proposals would also be subject to negotiation with the Department of Public Expenditure and Reform as part of the annual estimates process.
279. Deputy Róisín Shortall asked the Minister for Finance the estimated amount of additional revenue that would be raised in 2023 through a third rate of income tax of 41% on incomes above €100,000, as well as 42%, 43%, 44% and 45% in tabular form; and if he will make a statement on the matter. [38898/22]
View answerBased on Revenue’s latest Ready Reckoner (post-Budget 2022), the estimated yield in 2023 from the introduction of a third rate of income tax of 41%, 42%, 43% ,44% and 45% respectively on incomes above €100,000 are set out in the table below.
|
Measure |
2023 Yield *€ million |
|
Third rate of Income Tax of 41% on incomes More than €100,000 |
115 |
|
Third rate of Income Tax of 42% on incomes More than €100,000 |
225 |
|
Third rate of income Tax of 43% on incomes More than €100,000 |
340 |
|
Third rate of Income Tax of 44% on incomes More than €100,000 |
455 |
|
Third rate of Income Tax of 45% on incomes More than €100,000 |
565 |
*figures are rounded to nearest €5 million
I would draw the Deputy's attention to the fact that the post-Budget 2022 Ready Reckoner is available on the Revenue Statistics webpage at:
www.revenue.ie/en/corporate/information-about-revenue/statistics/ready-reckoner/index.aspx
The Ready Reckoner provides estimated costs and yields arising from changes to a wide range of taxes and duties, including the introduction of a third rate of Income Tax above certain income levels. Amounts other than those shown in the Ready Reckoner can be extrapolated using a straight line or pro-rata calculation.
280. Deputy Róisín Shortall asked the Minister for Finance the estimated amount of additional revenue that would be raised in 2023 through a third rate of income tax of 41% on incomes above €100,000, as well as 42%, 43%, 44% and 45%, assuming tax band indexation of 4% in tabular form; and if he will make a statement on the matter. [38899/22]
View answerI am advised by Revenue that the tables below set out the estimated costs and yields to the Exchequer, as appropriate, on a first and full year basis, of the policy changes outlined by the Deputy.
|
Scenario |
First Year Cost €m |
Full Year Cost €m |
|
SRCOP* indexed at 4%. 41% rate over €100,000 |
200 |
220 |
|
SRCOP indexed at 4%. 42% rate over €100,000 |
85 |
75 |
|
Scenario |
First Year Yield €m |
Full Year Yield €m |
|
SRCOP indexed at 4%. 43% rate over €100,000 |
25 |
65 |
|
SRCOP indexed at 4%. 44% rate over €100,000 |
140 |
210 |
|
SRCOP indexed at 4%. 45% over €100,000 |
255 |
350 |
*Standard Rate Cut-off Point
281. Deputy Dara Calleary asked the Minister for Finance the number of staff who are abated under his Department in accordance with the Public Service Pensions (Single Scheme and Other Provisions) Act 2012, in tabular form. [38951/22]
View answerI wish to advise the Deputy that there are currently no staff paid by the Department of Finance who are abated, as set out under the Public Service Pensions (Single Scheme and Other Provisions) Act 2012.
282. Deputy Róisín Shortall asked the Minister for Finance if his attention has been drawn to the recent practice by a bank (details supplied) of selling customers’ overdraft facilities as debt to a company; the rationale for doing this given that such facilities are not debt but an essential requirement for small business people; his opinion of such practice; if he will take steps to ensure that the bank ceases this practice in light of the severe constraints which this would put on the ability to conduct business; and if he will make a statement on the matter. [39031/22]
View answerI wish to highlight, as Minister for Finance, I am precluded from intervening in commercial and operational decisions in any particular bank, even one in which the State has a shareholding. Decisions in this regard are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis. The bank's independence is protected by a Relationship Framework which is a legally binding document that cannot be changed unilaterally. This framework, which is publicly available, was insisted upon by the European Commission to protect competition in the Irish market.
Notwithstanding the above, Department of Finance officials contacted AIB in relation to this matter and received the following response:
"AIB has been offering customers a comprehensive range of solutions over an extended number of years, including the completion of a series of proactive customer contact and engagement programmes. Customers are afforded an opportunity to avail of a solution and resolve their position through consensual engagement before their loan is sold. All solutions are assessed to ensure that they are appropriate to a customer’s individual circumstances.
As is standard for a portfolio sales process, it is a requirement to withdraw overdraft facilities and convert these facilities into term loans. Customers can continue using their overdrafts during the 65-day notice period, after which any outstanding balance will transfer along with their other AIB loans included in the portfolio. AIB continues to support customers, with more than 145,000 forbearance solutions implemented since 2016."
283. Deputy Éamon Ó Cuív asked the Minister for Finance if he will change the 70% borrowing rule in relation to the minimum eligible amount of borrowing for the help-to-buy scheme to exclude the value of the site in assessing the gross value of the house for the purpose of the scheme and instead base it on a minimum of 70% of the actual construction cost of the house being borrowed in the case of single houses built on land gifted by a parent or close relative; and if he will make a statement on the matter. [39044/22]
View answerThe Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund on Income Tax and Deposit Interest Retention Tax paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C Taxes Consolidation Act 1997 outlines the definitions and conditions that apply to the scheme.
As the Deputy has referenced, in order to avail of the HTB incentive, the loan-to-value ratio (LTV) for a property must be 70% or more. In the case of a self build residence, the lender will apply a valuation using the Central Bank of Ireland's macro prudential mortgage rules, which consists of the aggregate of the market value of the land and the estimated costs of construction. It should be noted that the Central Bank is independent in the decision of its macro prudential rules.The HTB scheme, as announced in Budget 2017, was initially intended to be limited to persons who had mortgages with a minimum LTV of 80%. However, Central Bank data indicated that a sizeable number of first-time buyers take out a mortgage with a LTV of less than 80%. As such, It was decided to amend the scheme in the Finance Bill to set the minimum LTV at 70% so as to ensure that first-time buyers did not feel compelled to borrow larger amounts than they would have otherwise in order to qualify for the scheme.
According to published Revenue statistics, from the inception of the scheme to 30 June 2022, self-builds have represented 25.48% of approved claims. However, to end 2021, the proportion of claims in the 70% to 85% LTV bands are much higher for self-builds, accounting for more than 40% of all claims. The nature of self-builds is such that an applicant may already own the land on which the house is built which means that they are likely to need to borrow only in relation to construction costs.
Individuals who are in the fortunate position of being able to avail of a mortgage at a lower loan-to-value ratio than 70% are considered to have sufficient resources to more than meet the deposit requirements of the macro-prudential rules and thus less in need of assistance from the Exchequer. The objective of the scheme is to stimulate the housing market at the entry level and not to provide supports to individuals who are seeking houses at the upper ends of the market.
It is not at all clear that it would be fair or equitable to allow for different eligibility criteria with regard to LTV ratios in respect of self-build properties vis-á-vis that which applies to all other new build homes. As such, I do not currently plan to amend the scheme in the manner that has been suggested by the Deputy.
Finally, the Deputy may wish to note that work by external consultants, Mazars, on the review of HTB is nearing completion. The outcome of this comprehensive review will help to inform decisions on the future of the scheme beyond its current sunset date of 31 December 2022. However, this is a matter that will fall to be considered by Government in the context of the Budget 2023 process and it would not be appropriate for me to offer further comment at this time.
284. Deputy Ruairí Ó Murchú asked the Minister for Finance the engagement by his Department and Government agencies with foreign or overseas insurance companies with a view to increasing the number of providers in the public liability insurance market in the State; and if he will make a statement on the matter. [39162/22]
View answerInsurance reform is a key priority for this Government as evidenced by the fact that implementation of the Action Plan on Insurance Reform is overseen by the Cabinet Sub-Group on insurance reform. The second Implementation Report, which was published on 1 March 2022, shows that 80 per cent of the actions contained in the Action Plan are now being delivered.
The establishment of the Office to Promote Competition in the Insurance Market, which is chaired by Minister of State Fleming, is a Programme for Government commitment. Its aims are to help expand the risk appetite of existing insurers and explore opportunities for new market entrants in order to increase the availability of insurance.
Since its establishment, the Office has held over 90 meetings with a range of stakeholders, including insurance companies and representative stakeholder organisations. As part of this, the Office is working closely with IDA Ireland to help leverage the ongoing insurance reforms with the aim of targeting new entrants to the Irish market, or persuading current incumbents to expand their risk appetite. This will, in the first instance, target providers who offer insurance in areas which have been identified as ‘pinch-points’ in the Irish market, such as the leisure sector and other sectors having difficulty in obtaining public liability insurance. Due to the successes of the Government reform agenda, such as the implementation of the Personal Injuries Guidelines which have now reduced awards by an average of 40 per cent, I am confident that the IDA now has a very positive message to deliver. Upcoming developments, such as the reform of the Duty of Care, will further enhance this by addressing the issue of ‘slips, trips and falls’ which is particularly prevalent in high-footfall/high-risk public-facing sectors. There are positive indications of some firms expanding their risk appetite into a number of these areas.
Finally, the recent NCID report contains much that is encouraging. It demonstrates that 57 per cent of ‘packaged’ EL/PL/commercial property policies had premiums of less than €1,000 and 92 per cent less than €5,000. Only 2 per cent had premiums over €25,000.
I wish to assure the Deputies of my intention to work with my Government colleagues to ensure further implementation of the Action Plan which should have a positive impact on the affordability and availability of insurance for all consumers.
285. Deputy Ruairí Ó Murchú asked the Minister for Finance his Department’s plans to ensure the right of access to insurance link information following the recent European Commission finding; and if he will make a statement on the matter. [39163/22]
View answerAs the Deputy will be aware, InsuranceLink is a data pooling system administered by Insurance Ireland for the stated purpose of fraud detection. It has been publicly announced that in response to a European Commission investigation, Insurance Ireland has provided a series of commitments to overhaul access to the InsuranceLink database, including the creation of an independent application and appeals process. Following a consultation period, and a number of amendments to the initial proposals, the Commission has now found that Insurance Ireland's final commitments will ensure market participants' access to the InsuranceLink platform, and has decided to make them legally binding on Insurance Ireland. These are anchored in EU anti-trust laws and will remain in force for 10 years, as well as being monitored by the EU Commission.
I welcome the fact that Insurance Ireland has provided these commitments to reform access to the InsuranceLink database, including enhanced governance arrangements, which will ensure equitable and transparent access to this data. Information sharing and data analysis have become increasingly important in promoting competition in the insurance sector and encouraging new entrants. Therefore the solution arrived at between the European Commission and Insurance Ireland should both maintain market competition and protect customer choice in the private motor insurance market.
286. Deputy Ruairí Ó Murchú asked the Minister for Finance the measures that the Government plans to take to ensure that changes in the judicial guidelines on personal injury claims result in reduced premiums for insurance customers; and if he will make a statement on the matter. [39164/22]
View answerAs the Deputy will appreciate, neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive).
Nevertheless, this Government is continuing to prioritise insurance reform through the whole-of-Government Action Plan for Insurance Reform. The Personal Injuries Guidelines represent a key achievement of this reform agenda, with recent data from the Personal Injuries Assessment Board indicating that the overall average award has fallen by 42 per cent compared to awards made in 2020 under the Book of Quantum. Given this pace of reform, and the many other measures being implemented, it is necessary for the insurance industry to pass on benefits to its hard-pressed customers. Both Minister of State Fleming and I have been clear on these points and have been holding the insurance sector to account, in so far as it is permissible, on commitments made.
In this regard, Minister of State Fleming has met individually with the CEOs of the eight main insurers in the Irish market on a number of occasions since the adoption of the Guidelines. In these meetings, and in ongoing engagement with industry, Minister of State Fleming has consistently stressed the importance of insurers reflecting lower claims costs through reduced premiums. These engagements have been positive, with insurers confirming their commitment to passing on savings from the Guidelines. During these meetings, it was also impressed upon insurers the need to expand their risk appetite into ‘pinch-point’ sectors that are experiencing issues with availability and affordability of cover.
In addition, the National Claims Information Database (NCID) contains a wealth of information on premium prices and claims costs, and is unique in Europe in terms of the transparency it brings to the insurance sector. Following the introduction of the Guidelines, the Central Bank has amended the NCID data specification and will collect further claim settlement data. I look forward to the publication of the fourth Private Motor Report later this year, which will provide data up to the end of 2021, and should show some initial insight into the impact of the Guidelines.
Finally, it is important to note that it will take time for the Guidelines to take effect, particularly in terms of Court settlements, as there are still a number of existing claims before the Courts which will be assessed under the Book of Quantum. In addition, buy-in from all stakeholders is vital if the Guidelines are to have the expected effect, and it will take a period of time for their true impact to be felt. In the meantime, the Government will continue to engage with stakeholders in relation to their use, as well as with the Central Bank with regards to enhancing the NCID to monitor their impact.
287. Deputy Ruairí Ó Murchú asked the Minister for Finance the legislative changes that are planned or are underway to ensure a reduction in insurance premiums for customers; and if he will make a statement on the matter. [39165/22]
View answer288. Deputy Ruairí Ó Murchú asked the Minister for Finance if he will provide an update on the work that is being carried out under the action plan for insurance reform; and if he will make a statement on the matter. [39166/22]
View answerI propose to take Questions Nos. 287 and 288 together.
At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive).
Nonetheless, this Government recognises the concerns felt by many groups regarding the cost and availability of insurance, and has therefore prioritised insurance reform via the Action Plan for Insurance Reform which was published in December 2020. As the Deputy may be aware, the Government published the second Action Plan for Insurance Reform Implementation Report in March this year, which shows that work is progressing well to implement these important reforms, with 80 per cent of the actions already being delivered.
The Action Plan is a whole-of-Government strategy contains several initiatives expected to positively impact insurance costs. For example, the Personal Injuries Guidelines (implemented in April 2021) have significantly lowered award levels for many common injuries, with the latest data from the Personal Injuries Assessment Board (PIAB) indicating that the overall average award has reduced by 42 per cent compared to 2020. Consistent implementation of the Guidelines should therefore lead to a reduction in the cost of claims, which is the main driver of the cost of insurance.
Another key development with regard to home and motor insurance costs has been the Central Bank of Ireland’s Regulations to prohibit price walking from 1 July 2022. This is a form of dual pricing whereby customers are charged higher premiums relative to the expected costs the longer they remain with an insurance provider. This ban is a balanced approach that will protect customers who prefer to stay with their current provider from being subject to a ‘loyalty penalty’, while still allowing customers to benefit from discounts from new providers.
Recent legislation (the Insurance (Miscellaneous Provisions) Act 2022), commenced on 8 July, responds to this development and includes a requirement for the Central Bank of Ireland to submit a report to the Minister for Finance setting out the steps it has taken since regulating price walking. The Act provides for this report to be submitted within an 18-month timeframe from enactment, and for it to be laid before the Oireachtas upon receipt. This will allow for timely oversight of the price walking ban by Government and the Oireachtas, to determine whether further measures need to be taken to address the issue. The legislation also addresses a number of further insurance issues that have arisen since the publication of the Action Plan.
Some of the other achievements to date aimed at reducing costs include:
- the establishment of the Office to Promote Competition in the Insurance Market, which aims to lower costs by promoting greater competition in the Irish market;
- the enhancement of the enforcement powers of the Competition and Consumer Protection Commission (CCPC) through the Competition (Amendment) Act 2022; and
- measures to reduce fraud, including the enactment of the Criminal Justice (Perjury and Related Offences) Act 2021, which places perjury on a statutory footing for the first time.
Work is continuing across Government to drive forward the outstanding aspects of the Action Plan. This includes further legislative changes intended to reduce costs, including:
- the Personal Injuries Resolution Board Bill 2022, which will strengthen the Personal Injuries Assessment Board to ensure more cases settle at that stage instead of proceeding to costlier litigation (this is under the responsibility of the Minister for Enterprise, Trade and Employment); and
- the Courts and Civil Law (Miscellaneous Provisions) Bill 2022, which will contain amendments to the Occupiers’ Liability Act 1995 to rebalance the duty of care (this is under the responsibility of the Minister for Justice).
It is my belief that the overall implementation of the Action Plan should help to improve both the cost and availability of insurance.
Finally, I would also note that recent data from the Central Statistics Office shows that average private motor insurance prices have fallen by 41 per cent since their peak in July 2016, and it is my hope that these ongoing reforms will bolster this downward trend in the wider insurance market, to the benefit of consumers, businesses and community groups.
289. Deputy Ruairí Ó Murchú asked the Minister for Finance if he will provide an update on the work of the Office for the Promotion of Competition in the Insurance Market; and if he will make a statement on the matter. [39167/22]
View answerInsurance reform is a key priority for this Government as evidenced by the fact that implementation of the Action Plan on Insurance Reform is overseen by the Cabinet Sub-Group on insurance reform. The second Implementation Report, which was published on 1 March 2022, shows that 80 per cent of the actions contained in the Action Plan are now being delivered.
The establishment of the Office to Promote Competition in the Insurance Market, which is chaired by Minister of State Fleming, is a Programme for Government commitment. Its aims are to help expand the risk appetite of existing insurers and explore opportunities for new market entrants in order to increase the availability of insurance. In that regard, the Office is working closely with IDA Ireland to help leverage the ongoing insurance reforms with the aim of targeting new entrants to the Irish market or encouraging current incumbents to expand into underserved areas. Since its establishment, the Office has held over 90 meetings with a wide range of stakeholders including insurance companies, voluntary groups and representative bodies on issues surrounding competition. Minister Fleming also met with the CEOs of the major insurance providers in Ireland, and they have confirmed that they are passing on savings achieved as a result of Government reforms to customers. The Office has also cooperated with the Central Bank to create a databank for new market entrants, which was launched on 8 February 2022. This databank is an additional source of information for insurance providers who are considering entering the Irish market, as it provides ‘one-stop’ access to key sources of information on insurance in Ireland, and showcases the high-quality work being done in data collection by the Central Bank, such as the National Claims Information Database (NCID).
Through initiatives such as the Action Plan, this Government is committed to securing a more sustainable and competitive market through deepening and widening the supply of insurance in Ireland. In this regard, it is my intention to continue working with my Government colleagues to ensure the timely implementation of the Action Plan, which will bring benefits to the wider economy and society.
290. Deputy Catherine Murphy asked the Minister for Finance if he has spoken with his Canadian counterpart to date in 2022. [39269/22]
View answerI have had the opportunity to engage with my Canadian counterpart, Minister for Finance Chrystia Freeland, on two occasions to-date in 2022. we both participated in the virtual meeting of G7 Finance Ministers and Central Bank Governors on 01 March, and most recently the meeting of G7 Finance Ministers and Central Bank Governors, which was held in Petersberg, Bonn, from 18-20 May.
These engagements provided an opportunity to take stock of global developments, including the conflict in Ukraine, its impact on the global economy and sanctions, as well as the impact of the Covid-19 pandemic and the economic recovery.
While my participation at meetings of G7 Finance Ministers and Central Bank Governors is in my capacity as President of the Eurogroup, these engagements provide an opportunity to build further on the already excellent bilateral relationships between Ireland, the EU, and Canada, and to discuss issues of mutual interest.
291. Deputy Róisín Shortall asked the Minister for Finance the number of properties assessed for local property tax in 2021 where the property valuation was in excess of €1.75 million. [39424/22]
View answer292. Deputy Róisín Shortall asked the Minister for Finance the number of properties assessed for local property tax in 2021 where the property valuation was in excess of €1.5 million. [39425/22]
View answerI propose to take Questions Nos. 291 and 292 together.
I am advised by Revenue that the latest information on property owners’ self-assessed valuations for Local Property Tax, as at the liability date of 1 November 2021, is published online with the most recent provisional statistics following revaluation published on the 11 May 2022 and is available at www.revenue.ie/en/corporate/documents/statistics/lpt/lpt-stats-update-110522.pdf . The number of properties for which the self-assessed valuation was in excess of €1.75 million can be calculated from Table 3 in that release.
I am advised by Revenue that the information provided by property owners in the LPT return is the LPT band and not the exact valuation of the property; for example, properties valued by their owners at €1.5 million fall into the valuation band €1,487,501 - €1,575,000. Therefore, it is not possible to provide the exact number of properties for which the self-assessed valuation would have been in excess of €1.5 million. However, the information in Table 3 of the release already mentioned for bands 17, 18, 19 and 20 may be of interest to the Deputy.
