Written Answers Nos. 396-410
397. Deputy David Stanton asked the Minister for Finance the current value of cash in circulation in Ireland; the value in circulation in each of the years from 2017 to 2021, inclusive; and if he will make a statement on the matter. [41181/22]
View answerThe total cash in circulation in Ireland comprises the cash issued by the Central Bank of Ireland, as well as any other euro cash which has migrated into Ireland from other euro area countries, or out of Ireland to other countries.
On that basis it is not possible to provide data on the actual value of cash in circulation.
However, I have been informed by the Central Bank of Ireland that the current value of net issuance (issues by the CBI minus lodgments to the CBI), as at 20 July 2022 is €45,155.2m.
In addition, the net issuance figure for the end of each year 2017 to 2021 is as follows:
31.12.2017 €35,405.3m
31.12.2018 €36,923.9m
31.12.2019 €38,951.3m
31.12.2020 €41,948.9m
31.12.2021 €44,281.4m
20.07.2022 €45,155.2m
399. Deputy Róisín Shortall asked the Minister for Finance the status of the Retail Banking Review; the timeline for the publication of this review; and if he will make a statement on the matter. [41183/22]
View answer455. Deputy Brendan Smith asked the Minister for Finance the timeline for the publication of the Report of the Banking Review; if he will give a clear message to all stakeholders, particularly the financial institutions, that decisions impacting on the availability of banking services should not be made pending the completion of this review; and if he will make a statement on the matter. [41921/22]
View answerI propose to take Questions Nos. 399 and 455 together.
On 23rd November last, I published the Terms of Reference for a broad-ranging review of the retail banking sector in Ireland. The Review is being conducted by officials in my Department with assistance from other relevant Government agencies and Departments. Officials are due to present their draft report to me in November.
As part of the Review, stakeholders, including members of the public, were invited to make submissions to the Department on issues that fall within the Terms of Reference. These submission were by way of a public consultation which was launched at the Retail Banking Review dialogue in Tullamore on 16th May. The dialogue was attended by over 100 delegates representing a wide range of organisations, including the retail banks, non-banks, fintech, trade unions, government agencies and departments, the Central Bank, Credit Unions, An Post, the legal and accountancy professions, and the community and voluntary sector. This dialogue provided delegates with a forum to participate in an open and inclusive exchange again on the Terms of Reference.
The public consultation process concluded on 8th July. The review team are currently reading the 90-plus submissions received.
Another important component of the Review is the consumer-focused survey which was completed by Behaviour and Attitudes on behalf of the Department. The purpose of this survey was to ascertain consumers’ experience and perceptions of the banking sector in Ireland. The key messages identified in the survey, which is available on the Department's website, are being considered by the Review team as it progresses with its work.
As the Review is currently underway and the Report will be delivered to me in November, I am not going to prejudge the recommendations and actions that the Retail Banking Review Team will make.
However, I would expect that financial institutions, considering decisions concerning issues within the Review's Terms of Reference, will take into account the potential for policy and legislative changes by Government following the publication of the Review.
401. Deputy Pádraig O'Sullivan asked the Minister for Finance the estimated cost of extending the reduced rate of VAT for the tourism and hospitality sector until December 2023; and if he will make a statement on the matter. [41186/22]
View answerI am advised by Revenue that the estimated cost of extending the VAT rate reduction for the tourism and hospitality sectors, which is currently in place until 28 February 2023, until the end of December 2023 is in the region of €315m.
402. Deputy Pádraig O'Sullivan asked the Minister for Finance the estimated cost of extending the reduced rate of VAT at 9 % applying to electricity and gas to 31 December 2022; and if he will make a statement on the matter. [41187/22]
View answerI am informed by Revenue that the cost of extending the second reduced rate of VAT for electricity and gas for a further two months, from the end of October 2022 to the 31st December 2022, is estimated to be in the region of €27m.
404. Deputy Alan Dillon asked the Minister for Finance if he will consider introducing legislation to regulate the minimum standard of financial services that a bank operating in Ireland must provide including cash transactions to its customers; and if he will make a statement on the matter. [41269/22]
View answerOver the last decade, we have seen a shift in the way consumers and businesses are paying and banking. While historically Ireland has been a relatively cash-intensive economy, significant changes have occurred with a rapid increase in the take-up of electronic payments is evident. The Covid-19 pandemic has acted as a potential catalyst for the move towards digital payments and the move away from cash.
Notwithstanding a significant increase in the take-up of electronic payments, cash remains a vital part of the Irish payment system.
The changes currently underway in the Irish retail banking sector are a reflection of the wider challenges the banking sector is facing, not only in Ireland but also abroad. It is because of these changes that I have instructed my Department to undertake a broad-ranging review of the retail banking sector, which is currently taking place.
A key part of this review will be to examine the use and availability of cash in Ireland and determine whether any legislative proposal is needed in this regard.
The review is due to be completed by November 2022.
407. Deputy Holly Cairns asked the Minister for Finance the way that his Department and public bodies and agencies under his remit met their obligations under section 42 of the Irish Human Rights and Equality Commission Act 2014 in 2021, including the way that relevant policies and actions are monitored and the way that the obligation is reflected in their annual reports. [41369/22]
View answerI wish to inform the Deputy that it is not possible to provide the information sought in the time available and, therefore, I will make arrangements to provide the information in line with Standing Orders.
408. Deputy Holly Cairns asked the Minister for Finance the number of State boards under the remit of his Department or its agencies; the total number of members of each board; the numbers on each board broken down according to gender; and the number of persons with a declared disability on each board in tabular form; and if he will make a statement on the matter. [41387/22]
View answerInformation on State Board membership, by Department, and including gender breakdown is available on the State Boards website www.StateBoards.ie. As the State Boards under the aegis of my Department do not collect information related to declared disabilities of their members, it is not possible to provide the number of such persons with a declared disability.
I would point out that, having concluded its restructuring work in 2017, the Credit Union Restructuring Board (ReBo) was operationally wound down and is awaiting formal dissolution. While awaiting final dissolution, the Minister for Finance appointed two Department officials to the Board of ReBo on an interim basis to manage matters during the period up to dissolution of ReBo. The Central Bank non-voting member also remains on the Board. This caretaker Board will remain in place until such time that ReBo is dissolved.
409. Deputy Paul Murphy asked the Minister for Finance if he will provide a breakdown of the total receipts from VAT, excise and customs duties to date in 2022; and for the same period in the previous year; if he will provide the same information broken down by industry or sector in tabular form; and if he will make a statement on the matter. [41521/22]
View answer410. Deputy Paul Murphy asked the Minister for Finance if he will provide a breakdown of the total receipts from VAT, excise and customs duties on fuel products and electricity to date in 2022; and for the same period in the previous year in tabular form; and if he will make a statement on the matter. [41522/22]
View answerI propose to take Questions Nos. 409 and 410 together.
I am advised by Revenue that a breakdown of the amounts raised through VAT, excise and customs duties to the end of June in 2021 and 2022 is contained in the following table.
|
Tax/Duty |
2021 (Jan-June) €m |
2022 (Jan-June Provisional) €m |
|
VAT |
7,124 |
9,082 |
|
Excise Duty |
2,688 |
2,691 |
|
Customs Duty |
231 |
299 |
In relation to a sectoral breakdown, the table below provides information on the amount of VAT, Customs and Excise taxes, combined, that were returned by each economic sector to the end of June for 2021 and 2022.
|
Sector |
2021 €m |
2022 €m |
|
Accommodation and Food Service Activities |
74 |
238 |
|
Activities of Households as Employers |
0 |
4 |
|
Administrative and Support Service Activities |
299 |
352 |
|
Agriculture, Forestry and Fishing |
-24 |
-29 |
|
Arts, Entertainment and Recreation |
50 |
123 |
|
Construction |
63 |
113 |
|
Education |
55 |
62 |
|
Electricity, Gas, Steam, and Air Conditioning Supply |
262 |
362 |
|
Financial and Insurance Activities |
308 |
386 |
|
Human Health and Social Work Activities |
33 |
37 |
|
Information and Communication |
418 |
737 |
|
Manufacturing |
1195 |
1677 |
|
Mining and Quarrying |
-5 |
-4 |
|
Other |
-13 |
-14 |
|
Other Service Activities |
70 |
92 |
|
Professional, Scientific and Technical Activities |
1089 |
1246 |
|
Public Administration and Defence, Compulsory Social Security |
201 |
229 |
|
Real Estate Activities |
204 |
268 |
|
Transportation and Storage |
259 |
185 |
|
Water Supply, Sewerage, Waste Management and Remediation Activities |
20 |
19 |
|
Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles |
5486 |
5988 |
In relation to Question 41522/22, a provisional breakdown of the total receipts from VAT, excise and customs duties on fuel products and electricity to the end of June 2021 and 2022 is provided in the following table.
|
Tax/Duty |
2021 €m (Provisional) |
2022 €m (Provisional) |
|
VAT |
340 |
548 |
|
Excise Duty |
1,179 |
1,262 |
|
Customs Duty |
NA |
NA |
