Vol. 385 No. 3
asked the Minister for Finance the names and staff numbers of the seven companies who had actually commenced operations with licences for the Dublin Financial Centre, Custom House Docks site, Dublin 1, at 22 September 1988; their present location; if the full tax benefits applicable to the Custom House Docks area will apply indefinitely to their operations; and if he will make a statement on the matter.
36.
asked the Minister for Finance if he will give the names of the 36 separate projects which he has approved for the Dublin Custom House Docks Centre, Dublin 1; the number of jobs approved for each company; the number who are funded by only Irish capital as outlined in the Taoiseach's speech at the International Financial Services Centre on Thursday, 22 September 1988; if he has approved any additional companies since then; if he will give their names; and the jobs approved.
37.
asked the Minister for Finance the number of licences and approvals he has issued to the 50 companies which the Taoiseach on 22 September, 1988 indicated were being examined with a view to commencing business in the Financial Services Centre, Custom House Docks site, Dublin 1; and if he will make a statement on the matter.
I propose to answer Questions Nos. 35, 36 and 37 together.
At 22 September, 1988, the seven companies which had received certificates under section 39B of the Finance Act, 1980 (inserted by section 30 of the Finance Act, 1987) were:
—Gandon Securities Ltd,
—KB Financial Services (Ireland) Ltd,
—North Wall Street Investments,
—Reflex International Financial Services Ltd,
—IBI International Finance Ltd,
—Ulster International Finance Ltd, and
—Cambridge International Finance Ltd.
Since then a further four companies have received certificates under the relevant legislation. They are:
—Ericsson Treasury Ireland Ltd,
—ABN Financial Services Company,
—Allied Irish International Financial Services Ltd, and
—Capital International Financial Services Ltd.
A further 30 projects have been approved in principle to date and they are in the process of being certified. It would not be appropriate for me to give the names of these companies until they are actually certified.
As regards job numbers, while it would not be appropriate for me to give details of the conditions imposed on individual companies, including the employment condition, I can tell the Deputy that the 11 companies certified to date have undertaken to create a total of 224 jobs. The other 30 projects which have been approved in principle involve 830 jobs.
In relation to location, all the companies certified to date are at present located elsewhere in Dublin pending the availability of accommodation in the Custom House Docks Area. It is written as a condition into each of the certificates given that the companies must move to the Custom House Docks Area as soon as premises become available there which, in the opinion of the Minister for Finance, are suitable for the carrying on of the trading operations certified.
As regards the period for which the tax benefits are available to companies in the Custom House Docks Area in respect of their operations, the main tax relief that is available to certified companies is the 10 per cent rate of corporation tax and that relief remains in force until 31 December 2000. The other relevant tax benefits which are available to such companies locating in the Custom House Docks Area are (i) 100 per cent first-year capital allowances for commercial buildings, (ii) a double rent allowance for commercial premises as a deduction in computing trading income for ten years in respect of a qualifying lease granted in a specified period, and (iii) a ten-year remission of rates in respect of certain premises which are erected, enlarged or improved in the Custom House Docks Area within a specified period.
In relation to the number of projects which are funded only by Irish capital, I do not have the information available to me to answer that part of the Deputy's question.
