Wednesday, 4 July 2012

Ceisteanna (71, 72, 73, 74)

Joe Higgins

Ceist:

69 Deputy Joe Higgins asked the Minister for Finance the number of financial vehicle corporations domiciled in Ireland; the number that are Irish owned; the number of persons employed by these companies; and the amount of revenue they provide through corporation tax. [32615/12]

Amharc ar fhreagra

Joe Higgins

Ceist:

70 Deputy Joe Higgins asked the Minister for Finance the number of credit institutions domiciled here; the number that are Irish owned; the number of persons employed by these companies; and the amount of revenue they provide through corporation tax. [32616/12]

Amharc ar fhreagra

Joe Higgins

Ceist:

71 Deputy Joe Higgins asked the Minister for Finance the number of money market funds domiciled here; the number of them that are Irish owned; the number of persons employed by these companies; and the amount of revenue they provide through corporation tax. [32617/12]

Amharc ar fhreagra

Joe Higgins

Ceist:

72 Deputy Joe Higgins asked the Minister for Finance the number of investment funds domiciled here; the number that are Irish owned; the number of persons employed by these companies; the amount of revenue they provide through corporation tax. [32618/12]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Minister for Finance)

I propose to take Questions Nos. 69 to 72, inclusive, together.

I am informed by the Central Bank that there are 5,199 Investment Funds domiciled in Ireland; 6% of their equity holdings are held by Irish investors. Of the total number of investment funds 86 are Money Market Funds; 9% of their equity holdings are domestically held.

I understand that some 12,500 jobs are directly sustained by the funds industry in Ireland. However, I do not have specific information as to the proportion of those jobs which are sustained by Money Market Funds.

I am also informed by the Central Bank that there are 40 credit institutions licensed by it to carry out banking business in the state. However, detailed information concerning the nationalities of the share-holders of these institutions and employee numbers is not held by the Central Bank.

Finally, the Central Bank informs me that there are 687 Financial Vehicle Corporations domiciled in Ireland. 25 of these vehicles are linked to domestic Irish banks. These vehicles don't have any direct employees in Ireland. The IFSC employs 33,000 people throughout Ireland and contributes over €1 billion to the Exchequerin corporation and payroll taxes.

In relation to the amount of corporation tax provided by each of the sectors, I am informed by the Revenue Commissioners that the sector identifier used on the tax records is based on the 4 digit "NACE code" which is an internationally recognised economic activity code system. As the economic activities referred to by the deputy are not clearly identifiable within the NACE code system the tax-based information requested by the Deputy either could not be identified or could not be identified without conducting an extensive investigation of the Revenue Commissioners' records.