Written Answers Nos. 230-252
231. Deputy Gerry Adams asked the Tánaiste and Minister for Foreign Affairs and Trade the contacts he has had with the British Prime Minister in relation to securing progress on a Bill of Rights for Northern Ireland. [2328/13]
Amharc ar fhreagraThe Government remains firmly committed to ensuring the full and effective implementation of the Good Friday Agreement, including the provision relating to a Bill of Rights for Northern Ireland. The Good Friday Agreement sets out that a Bill of Rights for Northern Ireland would include rights reflecting the principles of mutual respect for the identity and ethos of both communities and parity of esteem, alongside the rights contained in the European Convention on Human Rights. A Bill of Rights for Northern Ireland drawn up by agreement between the main parties of the Assembly could set out precisely and formally the rights upon which a shared future for the people of Northern Ireland can be based. I would urge all the parties in the Assembly to engage in constructive discussion with a view to reaching agreement on the substance of a Bill of Rights.
In contact with the British administration, we continue to stress the importance of ensuring that a Bill of Rights, for Northern Ireland which takes account of the separate and specific context of Northern Ireland. We will continue to engage with the British Government on this issue, which is one of a number of areas where full implementation of the Good Friday Agreement has yet to be achieved.
232. Deputy Eoghan Murphy asked the Minister for Finance his plans to tackle the illegal cigarette trading business, in particular the open selling of cigarettes in pedestrianised areas of the city centre. [8234/13]
Amharc ar fhreagraI am informed by the Revenue Commissioners that combatting the illegal tobacco trade is, and will continue to be, a very high priority for them. The Commissioners' "Strategy on Combating the Illicit Tobacco Trade (2011-2013)", which is published on the Revenue website (www.revenue.ie), includes a wide range of measures designed to target those engaged in the supply and sale of illicit tobacco products and very significant resources will be devoted to this issue in 2013. This multi-faceted strategy includes:
- the ongoing analysis of the nature and extent of the problem,
- developing and sharing intelligence on a national, EU and international basis,
- the ongoing review of operational policies by a high-level group within Revenue that is chaired by one of the Commissioners personally,
- the development of analytics and detection technologies, and
- the optimum deployment of resources at both point of importation and within the country to intercept and seize contraband products and to prosecute those involved.
As regards Dublin city centre, Revenue actively monitors the illegal tobacco trade and has identified certain areas as particular black spots for the sale of illicit tobacco products. Revenue is currently engaged in an ongoing range of measures targeting those involved. Officers routinely conduct high visibility patrols aimed at disrupting the sale and supply of tobacco products in areas in question. In November 2012, Revenue increased the number of patrols in the areas concerned. Revenue's presence in these areas has also been bolstered by the deployment of both the tobacco dog unit and marked vehicles during certain targeted operations. In 2012, 5 cases were referred for prosecution in relation to illegal trading in tobacco products in the city centre. Revenue expects a number of further prosecutions for such cases to come before the courts in 2013. Moreover, in tandem with ongoing high visibility patrols of the area, Revenue personnel are actively engaged in covert surveillance and test purchasing for the purpose of gathering intelligence with a view to identifying and prosecuting the suppliers of illicit tobacco products in the areas concerned.
At a national level, interception of illicit tobacco products is achieved through a combination of risk analysis, profiling, intelligence and the screening of cargo, vehicles, baggage and postal packages. Revenue officers also target the illicit trade at the post-importation level by carrying out intelligence-based operations and random checks at retail outlets, markets and private and commercial premises.
Revenue works in close cooperation with other relevant agencies, both nationally and internationally. There is extensive cooperation between Revenue and An Garda Síochána. The relevant agencies in the State and in Northern Ireland work closely together, through a cross-border group on tobacco enforcement, to combat the organized crime groups that are responsible for a large proportion of the illegal tobacco market. In addition, cooperation takes place with other Revenue administrations and with the European Anti-Fraud Office, OLAF, in the ongoing efforts to tackle the illicit trade in tobacco products at international level.
Considerable success has been achieved by Revenue in combating the illegal trade. Details of the quantities of cigarettes seized each year since 2005 are set out in the following table.
|
Year |
Quantity of cigarettes seized (millions) |
|
2005 |
51.3 |
|
2006 |
52.3 |
|
2007 |
74.5 |
|
2008 |
135.2 |
|
2009 |
218.5 |
|
2010 |
178.4 |
|
2011 |
109.1 |
|
2012 |
95.6 |
The quantity of cigarettes seized in a given year can be influenced significantly by the occurrence of a particularly large seizure or seizures. For example, the quantity of cigarettes seized in 2009 includes one exceptional seizure of some 120 million cigarettes that were uncovered on a vessel at Greenore, Co. Louth.
Moreover, the Revenue Commissioners have had considerable success in detecting and prosecuting persons involved in the illicit trade. For example, in 2012, there were 57 convictions for tobacco smuggling, resulting in 26 custodial sentences being handed down by the Courts (of which 7 were suspended) as well as fines totalling €93,550. In addition, there were a further 75 convictions connected with the sale or keeping for sale of unstamped tobacco products, resulting in 21 custodial sentences (14 of which were suspended) as well as fines of €153,050.
Revenue is committed to ensuring that the highest possible levels of seizures of illicit products are achieved on an ongoing basis, and that those responsible for the smuggling, supply or selling of illicit products are prosecuted, and will ensure that this work continues to have the high priority that has been accorded to it to date.
233. Deputy Finian McGrath asked the Minister for Finance if he will clarify the situation regarding senior citizens complexes in Dublin City Council and the proposed property tax; and if the council pays this property tax. [8361/13]
Amharc ar fhreagraThe Finance (Local Property Tax) Act 2012 provides that local authorities will be liable to pay the Local Property Tax (LPT) on their properties in the same way as any other residential property owner, unless the properties are used to accommodate people with special housing needs, such as the elderly and people with disabilities. "Special housing needs" refers to the provision of housing and support for people who have a particular need in addition to a general housing need to enable them to live in the community. In relation to senior citizens' complexes, a local authority would qualify for an exemption from LPT, if it was providing some necessary support to these senior citizens in addition to the housing accommodation. Supports, in this context, would include, for example, an on-site warden or support staff, on site communal facilities such as catering kitchen for preparing group meals, dining and recreation areas, laundry and alarm system. The Finance (Local Property Tax) (Amendment) Bill 2013, published on 13 February 2013, provides that, where local authority owned properties are not exempt from LPT, for the first valuation period (up to the end of 2016) the market value of each of these properties will be deemed to be €100,000 or less, which represents a LPT charge of €45 per property for 2013. It will be a matter for the local authorities themselves whether they will pass on the LPT liability to their tenants in the form of an increase in rent or whether they will absorb the liability without recourse to their tenants. The Bill also provides that local authorities' LPT liability for 2013 shall be payable with their 2014 liability.
I am informed by the Revenue Commissioners that they are liaising with the Department of the Environment, Community and Local Government to establish how local authorities will provide the Revenue Commissioners with information in relation to their LPT liability and the timing and manner of the payment of this liability.
234. Deputy James Bannon asked the Minister for Finance his plans to introduce legislation to deal with the anomaly in relation to VAT legislation, that is preventing tenant purchase funding from being raised; and if he will make a statement on the matter. [8625/13]
Amharc ar fhreagraI assume that the Deputy’s question refers to the ability of local authority tenants to access funding to cover the VAT-inclusive cost of buying a local authority house where the transaction is liable to VAT. VAT is a European Union wide tax governed by Council Directive 2006/112/EC and all Member States must ensure their domestic VAT legislation complies with this Directive. VAT legislation in Ireland in relation to property disposals is in compliance with the VAT Directive and applies equally to local authorities and any other person dealing in property. It is not possible to disregard charging VAT on a residential property because the purchase forms part of a local authority scheme.
235. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which he has had discussions with the hotel industry with particular focus on the level of indebtedness and the way in which this might affect the efficient operation of the sector; if any endeavours have been made to identify the degree to which the lending institutions are willing to meet the on-going or day to day credit requirements of the industry; and if he will make a statement on the matter. [8893/13]
Amharc ar fhreagra236. Deputy Bernard J. Durkan asked the Minister for Finance if he has studied the effect of the withdrawal of a particular bank from this jurisdiction resulting in the creation of some serious difficulties for the hotel sector; if he has had any discussions with the stakeholders in this regard; and if he will make a statement on the matter. [8894/13]
Amharc ar fhreagraI propose to take Questions Nos. 235 and 236 together.
My officials and I meet with many stakeholders in relation to issues within the remit of my Department and I can confirm that the issues of the level of indebtedness in the hotel sector and credit availability to the sector have been brought to my attention.
The Government has imposed SME lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Each bank was required to sanction lending of at least €3 billion in 2011, €3.5 billion last year and €4 billion in 2013 for new or increased credit facilities to SMEs. Both banks have achieved their 2011 and 2012 targets.
The pillar banks are expected to lend to viable businesses in all sectors of the economy, including the hotel sector, and to address the needs of SMEs in financial difficulty. The Credit Review Office is available to assist businesses which have been refused credit. The withdrawal of a particular bank from this country is regrettable because it reduces competition in the provision of credit to the economy. However, in his most recent quarterly report, the Credit Reviewer stated that
"I have observed no geographic region or trade sector being relatively adversely affected by this contraction in these two banks. This may be due to restructuring their own legacy books and refinancing other banks’ lending as the Central Bank reports show contraction in drawdowns in some sectors such as hospitality and retail."
The Credit Review Office is currently overturning 55% of the refusal decisions referred to them and anyone who has been refused credit by the banks should avail of the services of the Office.
Last month, the National Pensions Reserve Fund (NPRF) announced investment commitments in a suite of three new long-term funds which will provide equity, credit and restructuring / recovery investment for Irish SMEs and mid-sized corporates. The NPRF is also currently reviewing additional SME funding opportunities that would complement these commitments, with the objective that the eventual suite of funds would have the capacity to invest across the full spectrum of SME financing needs. The NPRF specifically stated that its SME Credit Fund may acquire and refinance loans close to maturity where existing lenders are not willing to provide new lines of credit.
237. Deputy Ciarán Lynch asked the Minister for Finance the status of investments by credit unions in the now defunct Irish Bank Resolution Corporation formerly Anglo Irish Bank; if deposits will be returned on schedule (details supplied); and if he will make a statement on the matter. [9305/13]
Amharc ar fhreagra249. Deputy Michael McGrath asked the Minister for Finance if he will respond to a matter raised in correspondence in the context of the appointment of a Special Liquidator at Irish Bank Resolution Corporation (details supplied). [8207/13]
Amharc ar fhreagra273. Deputy Seamus Healy asked the Minister for Finance if he will confirm the position of Credit Union Investments in the Irish Bank Resolutions Corporation and if these investments will be repaid in full, particularly since these investment bonds offered 100% capital security through an eight year three months fixed term deposit facility due to mature in September 2013; and if he will make a statement on the matter. [8630/13]
Amharc ar fhreagraI propose to take Questions Nos. 237, 249 and 273 together.
Eligible deposits in IBRC are covered by the joint safeguards of the Deposit Guarantee Scheme (DGS) and/or the Eligible Guarantee Scheme (ELG). Eligible deposits of up to €100,000 for an individual and €200,000 for individuals with a joint account in IBRC are protected by the DGS. Eligible deposits above this limit are guaranteed under the ELG. The majority of the deposits in IBRC are covered under one or both of these schemes.
I am advised by the CBI that certain tracker bonds sold to Credit Unions which were liabilities of IBRC at the time of the liquidation have a structured deposit element which is covered by the Deposit Guarantee Scheme for that element of the product. As a result the first €100k of any claim from these depositors is covered under the DGS Scheme. I have been advised that the Liquidator is aware of a number of depositors who fall outside the eligibility criteria for the ELG Scheme due to the nature of the investment product. Unfortunately, if a deposit is not eligible under the ELG scheme the depositor will rank as an unsecured creditor in the liquidation.
238. Deputy Gerry Adams asked the Minister for Finance if he will confirm news reporting that a number of legal entities remain outside the Irish Bank Resolution Corporation liquidation including entities related to the wealth management division and the assurance company; if he will list the names of each corporate entity that remains outside the liquidation of IBRC; the reason these corporate entities remain outside the liquidation; and if he will make a statement on the matter. [8057/13]
Amharc ar fhreagraThe Special Liquidators were appointed to Irish Bank Resolution Corporation Limited (the "Bank") pursuant to the Special Liquidation Order of 7th February 2013 (the "order") and they are in the process of progressing the special liquidation pursuant to the order. The Special Liquidators are currently establishing the composition of and the ownership structure of the subsidiaries of which there are nearly 300. However, no other entities, other than the Bank were specifically party to the order of 7th February. The remaining subsidiaries will be wound up or sold by the Special Liquidators to optimise value, and once all of its obligations are resolved, IBRC will cease to exist.
239. Deputy Gerry Adams asked the Minister for Finance if he will detail the total euro nominal value of unguaranteed and unsecured senior and subordinated debt that was outstanding in the Irish Bank Resolution Corporation before its liquidation; and if he will make a statement on the matter. [8058/13]
Amharc ar fhreagraAs the Deputy will be aware, on 7 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC with immediate effect to wind up its business and operations. At this early stage of the special liquidation the Special Liquidators are engaged in intensive processes which involve inter alia, asserting control over the businesses, processes, systems and personnel of IBRC. It is important that focus is placed on assessing, reorganising and restructuring the day–to-day activities of the Bank to meet the primary objective of ensuring the purpose of the special liquidation is achieved, as this is key to ensuring that maximum value is extracted from the liquidation. As such the Bank is not in a position to provide the information requested by the Deputy. I thank the Deputy for his understanding in what is a crucial phase in the liquidation.
240. Deputy Pearse Doherty asked the Minister for Finance if he will clarify the redundancy treatment and the contractual entitlements of former top executives in the Irish Bank Resolution Corporation; and if top executives are entitled to jobs of equal status and financial terms under their contracts, or have clauses included in their contracts which allow for special payments in the event of liquidation. [8060/13]
Amharc ar fhreagra255. Deputy Gerry Adams asked the Minister for Finance if a person (details supplied) and their fellow senior executives are to receive different compensation above that detailed in his Departments questions and answers document on the Irish Bank Resolution Corporation liquidation published on 6 February 2013 under the heading background/redundancy entitlements; and if he will make a statement on the matter. [8284/13]
Amharc ar fhreagraI propose to take Questions Nos. 240 and 255 together.
Following the liquidation, all employment contracts in the Republic of Ireland have been terminated, including those of the former Senior Executives.
The Special Liquidators have confirmed that the majority of staff, including some senior executives, have been re-employed on short term contracts to assist in the liquidation.
Where relevant, all staff are entitled to apply for a statutory redundancy payment, a payment in respect of accrued but unused annual leave and a statutory notice payment, subject to the limits prescribed by statute.
241. Deputy Stephen S. Donnelly asked the Minister for Finance in view of the banks' slow rate of progress in dealing with mortgage arrears and the potential delay to the personal insolvency service the actions he will take to encourage the banks to deal with borrowers in arrears; and if he will make a statement on the matter. [8065/13]
Amharc ar fhreagraThe Government is aware of the significant difficulties some homeowners are facing in meeting their mortgage obligations and it is committed to advancing appropriate measures to assist those mortgage holders who are experiencing real and genuine difficulty. A special Government Sub-Committee is already in place since March last year to address the mortgage arrears problem. This Committee is chaired by An Taoiseach and includes all other relevant Ministers, and reflects the need for accelerated progress in this area. At official level, my Department is taking a lead role and in that context, a high level Steering Group, chaired by the Department's Secretary General, was established to drive the implementation of the recommendations contained in the Report of the Inter-Departmental Working Group on Mortgage Arrears (the 'Keane Report').
As the Deputy is aware, the Personal Insolvency Act is now in place and considerable work is now underway to shortly launch the Insolvency Service and to bring into operation the new insolvency frameworks provided for in that Act. This is a priority for Government and it is also receiving continuous and high level attention at the official high level Steering Group.
Aside from the formal legislative insolvency reforms, the Central Bank, under its MARS project, is also continuing to work intensively with lenders to ensure that they had robust mortgage strategies including a range of longer term options as recommended by the Keane Report, such as 'trade-down mortgages', 'split mortgages' and 'sale by agreement' or other appropriate options as may be developed by lenders. The focus of this work is now intensifying and will be on the implementation of these strategies, in particular on the delivery of durable restructuring arrangement to appropriate borrowers, and ensuring that banks have the operational capability to implement them effectively. The Deputy may also be aware of Governor Honohan's recent comments at the Central Bank’s Conference on 'How to Fix Distressed Property Markets' in which he said that the banks are much better staffed and organised for dealing with arrears, and that the Central Bank will be setting out its quantitative expectations for their effectiveness in achieving lasting solutions.
In addition, the Code of Conduct on Mortgage Arrears (CCMA) remains a key framework to govern the relationship between mortgage holders experiencing difficulty and their bank. The Central Bank has commenced a review of the Code and will shortly open a public consultation process on the review. The CCMA requires updating at this time due to the introduction of both the Personal Insolvency legislation and longer term mortgage resolution options. The review will also take into consideration recent developments that may be relevant to the issue of mortgage arrears and clarifications issued by the Central Bank since the current version was issued.
I wish to repeat that the Government is committed to intensifying its efforts to address the mortgage arrears problem and ensuring that both lenders and borrowers work together to deliver sustainable outcomes that is as fair as possible to all parties and respects the rights of both debtors and creditors.
242. Deputy Michael McGrath asked the Minister for Finance if the Revenue intend carrying out a revised income tax assessment for a person (details supplied) in County Galway in respect of years prior to 2012 on foot of the data sharing between Revenue and the Department of Social Protection; and if he will make a statement on the matter. [8097/13]
Amharc ar fhreagraI am advised by the Revenue Commissioners that a letter issued from their Galway office on the 18th January 2013 to the taxpayer requesting that he complete Form 12S tax returns for the years 2010 and 2011, in respect of his Department of Social Protection pension and any other income not previously reported to Revenue. This form will also give the taxpayer the opportunity to claim any tax credits previously unclaimed. Income Tax may be due where the taxpayer was in receipt of a DSP pension in addition to other income during the years in question. The taxpayer was contacted by Revenue as part of a project to examine those cases where there was a mismatch between Revenue's records and those of the DSP. Revenue is profiling cases where there is significant income in addition to a DSP pension and correspondence is issuing to the individual taxpayers concerned.
243. Deputy Bernard J. Durkan asked the Minister for Finance if there is an entitlement to income tax relief in the case of a person (details supplied) in Dublin 9; and if he will make a statement on the matter. [8110/13]
Amharc ar fhreagraI am informed by the Revenue Commissioners that they have not received an application from the person in question for the married person's tax credit. In order for Revenue to determine whether the couple in question are entitled to the married person's tax credit, they should make an application to North City Revenue District, 14/15 Upper O’Connell Street, Dublin 2, telephone number 01 -8894502. Ms. Pauline McMillian of that District is the contact person for any enquiries the couple may have in that regard.
Revenue Information Leaflet IT2 – Taxation of Married Persons and Civil Partners is available on Revenue’s website http://www.revenue.ie/en/tax/it/leaflets/it2.html. This leaflet explains the tax treatment and options available to Married Persons and Civil Partners.
244. Deputy Bernard J. Durkan asked the Minister for Finance if and when a tax allowance certificate will issue in the case of a person (details supplied) in County Kildare; and if he will make a statement on the matter. [8111/13]
Amharc ar fhreagraI have been advised by the Revenue Commissioners that a tax credit certificate for 2013 has now issued to the person concerned.
245. Deputy Shane Ross asked the Minister for Finance the details of all appointments made by him to all State agencies, commercial bodies and all other appointments made by him since taking office, including the State owned banks and the judiciary. [8119/13]
Amharc ar fhreagra246. Deputy Shane Ross asked the Minister for Finance the details of the qualifications of all the appointees made by him to all State agencies, commercial bodies and all other appointments made by him since taking office including the State owned banks and judiciary for the appointments they have accepted; and if he will make a statement on the matter. [8137/13]
Amharc ar fhreagra247. Deputy Shane Ross asked the Minister for Finance the number of appointees and the percentage of appointments made by him to all State agencies, commercial bodies and all other appointments made by him since taking office including the State owned banks and the Judiciary that were subject to a public applications process.; and if he will make a statement on the matter. [8155/13]
Amharc ar fhreagraI propose to take Questions Nos. 245, 246 and 247 together.
In response to the Deputy's question the information in relation to appointments made by me since March 2011 are as follows:
Disabled Drivers Medical Board of Appeal
|
Name of appointee/ Date of appointment or reappointment |
Qualifications |
Appointment process |
|
Dr Angela McNamara 7 Nov 2011 |
Medical Doctor |
There was no public applications process for this appointment. |
Board of National Asset Management Agency
|
Name of appointee/ Date of appointment or reappointment |
Qualifications |
Appointments process |
|
Mr. John Mulcahy Appointed 12 Mar 2012 |
Mr Mulcahy is a member of the Credit Committee, Finance & Operating Committee, Risk Management Committee and Planning Advisory Committee. Mr Mulcahy is a chartered surveyor and has worked in all aspects of the property industry for over 40 years, most recently concentrating on property investment and asset management |
He was not appointed under the new procedures for board appointments. His appointment was a National Asset Management Agency Executive Appointment. Mr Mulcahy is head of Asset Management within the National Asset Management Agency. |
National Treasury Management Agency Advisory Committee
|
Name of appointee/ Date of appointment or reappointment |
Qualifications |
Appointments process |
|
Mr John A Moran 6 March 2012 |
Secretary General of the Department of Finance. |
The Secretary General of the Department of Finance is by convention appointed to the Advisory Committee. Expressions of interest were not sought on this basis. |
National Pensions Reserve Fund Commission
|
Name of appointee/ Date of appointment or reappointment |
Qualifications |
Appointments process |
|
Mr Maurice Keane Reappointed 5 February 2012 |
Retired, Group Chief Executive of Bank of Ireland. |
Mr. Keane was re-appointed in accordance with Section 7 of the National Pensions Reserve Fund Act 2000. |
State Claims Agency Policy Advisory Committee
|
Name of appointee/ Date of appointment or reappointment |
Qualifications |
Appointments process |
|
Dr. Noel Whelan (re-appointed 1 July 2012) Mr. Fachtna Murphy Appointed 1 July 2012 Ms.Wendy Thompson Appointed 1 July 2012 Mr. Charlie Hardy Appointed 1 July 2012 |
Former Secretary of the Department of the Taoiseach and the Department of Economic Planning and Development, former Vice-President of the European Investment Bank. Currently Vice-President and Dean of the University of Limerick. Formerly the Garda Commissioner. He holds a Bachelor of Arts Degree (Hons) in Police Management and a Diploma in Management & Industrial Relations. Currently the Insurance & Litigation Manager for the Railway Procurement Authority. She has served on a number of boards, committees and steering groups. Mr Hardy is the Principal Officer responsible for clinical indemnity issues in the Department of Health. |
Expressions of interest were sought on the Department of Finance and Department of Public Expenditure and Reform websites in June 2012 in respect of four vacancies that were filled on 1 July 2012. |
National Development Finance Agency
|
Name of appointee/ Date of appointment or reappointment |
Qualifications |
Appointments process |
|
Mr. Robert Watt* Mr. Gerry Murphy* Ms. Petrina Smyth* * July 2012 Mr Brian Murphy (re-appointed December 2012 |
Secretary General of the Department of Public Expenditure and Reform Chief Executive, Institutes of Technology Ireland and former head of PPP unit Department Education Tax Partner in a multinational Law firm. Director, National Treasury Management Agency |
Expressions of interest were sought on the Department of Finance and Department of Public Expenditure and Reform websites in June 2012. As the Chief Executive of NDFA Mr Murphy is a Member of the Board |
Credit Union Restructuring Board (ReBo)
|
Name of appointee/ Date of appointment or reappointment |
Qualifications |
Appointments process |
|
Mr. Bobby McVeigh Appointed Chair of Board on 31 Aug 2012 Members of the Board appointed 31 Aug 2012: Mr. Eoin McGettigan Mr. Tom Kavanagh Mr. Brendan Burke Ms Kathleen Prendergast Mr. Stephen O'Donovan Mr. Joe O'Toole Mr. Pat Fay Mr. Jimmy Johnstone Mr. Tim Molan Mr. Kevin Johnson Mr. Neil Ryan (Dept of Finance) Ms Elaine Byrne (Central Bank of Ireland) |
BA, BEd, CGC, MEd, CCD, CUDE, ICD.D FCMA, MBA BComm, FCA FCCA MBA, MBs, BSc FCCA BA, HDip Ed, FEIS Irish league of Credit Unions (ILCU) Irish League of Credit Unions (ILCU)BSc, H. Dip in Education, BSc in Mutual and Credit Union Business Credit Union Managers’ Association (CUMA) BA, QFA Credit Union Development Association (CUDA) MBA, FIB, FSII Department of Finance Deputy Head, Registrar of Credit Unions |
Chair was not required to go before Oireachtas Committees. On 22 May 2012, the Minister for Finance gave his approval to proceed with the process of establishing the Credit Union Restructuring Board (ReBo). The ReBo comprises 13 members in total with nominations from the credit union representative bodies, the Central Bank of Ireland and the Department of Finance as well as six independent members (including a Chair). The vacancies for independent members were advertised on the websites of the Department of Finance and the Public Appointments Service, where expressions of interest were invited from the public. |
Irish Financial Services Appeals Tribunal
|
Name of appointee/ Date of appointment or reappointment |
Qualifications |
Appointments process |
|
Chairperson Mr Justice Francis D Murphy Deputy Chairperson Ms Inge Clissman Lay Members Ms Paulyn Marrinan-Quinn Ms Geraldine Clarke Mr John Fish Mr Liam Madden Mr John Loughery All of above were reappointed on 27th February 2012. |
Chairperson, Deputy Chairperson and Lay Members of the Tribunal were all reappointed for a period of one year, on the 27 February 2012, under Section 57F of the Central Bank Act 1942 as amended by the Central Bank and Financial Services Authority of Ireland Act 2003, having already served a full five year term as Members of the Irish Financial Services Appeals Tribunal. Chairperson or Deputy Chairperson; the eligibility criteria being a former judge of the Supreme Court or the High Court or a barrister or solicitor of not less than 7 years standing. Lay Members; the criteria being having special knowledge or skill in relation to the provision of financial services. |
all members were already in situ and reappointed for a further year |
Fiscal Advisory Council
|
Name of appointee/ Date of appointment or reappointment |
Qualifications |
Appointments process |
|
Professor John McHale (Chair) Mr. Sebastian Barnes Professor Alan Barrett Dr. Donal Donovan, Dr Roisin O'Sullivan All of the above were appointed with effect from 7th July 2011 |
Professor McHale received Ph.D and A.M degrees from Harvard in 1996, and also holds first-class B.Comm. (1988) and M.Econ.Sc. (1990) degrees from the National University of Ireland. Mr. Barnes holds a bachelor's degree in Philosophy, Politics and Economics from the University of Oxford, a master’s degree in European Political Economy from the College of Europe (Bruges) and an MSc in Economics from the London School of Economics. Professor Barrett received his Ph.D. in Economics from Michigan State University in 1994. Dr. Donovan holds a B.A. from Trinity College Dublin and a Ph.D. from the University of British Columbia. Dr. O'Sullivan holds a bachelor’s and a master’s degree from the National University of Ireland, Galway, and received her Ph.D. in economics from the Ohio State University. |
The Chairman and the Council members were not subject to public appointments process. The Department did not seek expression of interest. The composition of a body such as a Fiscal Council is critical to its independence and credibility. In following the Common Principles recommendations, we sought candidates who hold valuable experience and demonstrate competence in their fields of expertise. A significant number of potential candidates were considered against a range of criteria. The criteria included the desire of having a mix of appropriate backgrounds, namely academia, the financial sector/financial markets and public finance; expertise in macroeconomic/microeconomic and a strong international dimension, in addition to the need to take gender considerations into account. As would be normal practice, the process by which potential nominees were identified, considered and selected involved officials from my Department. The final decisions regarding the appointments were made by me following consultations with Cabinet colleagues and others. |
Board of Allied Irish Banks
|
Name of appointee/ Date of appointment or reappointment |
Qualifications |
Appointments process |
|
Dr Michael Somers Re-appointed 28 December 2012 |
B Comm, M.Econ.Sc Ph.D According to AIB's 2011 published Annual Report - Dr Somers is former Chief Executive of the National Treasury Management Agency. He is Chairman of Goodbody Stockbrokers, a Non-Executive Director of Fexco Holdings Limited, Willis Group Holdings plc, Hewlett-Packard International Bank plc, the Institute of Directors, the European Investment Bank, St. Vincent's Healthcare Group Ltd, and President of the Ireland Chapter of the Ireland-US Council. He has previously held the posts of Secretary, National Debt Management, in the Department of Finance, and Secretary, Department of Defence. He is a former Chairman of the Audit Committee of the European Investment Bank and former Member of the EC Monetary Committee. Dr Somers was Chairman of the group that drafted the National Development Plan 1989-1993 and of the European Community group that established the European Bank for Reconstruction and Development ("EBRD"). He was formerly a member of the Council of the Dublin Chamber of Commerce |
There was no public applications process for this appointment |
In addition I also appointed Ms Mary Kenny and Mr Eoin Dorgan as special advisors in my own Department.
248. Deputy Jack Wall asked the Minister for Finance when a person (details supplied) in County Kildare will receive a requested P21; and if he will make a statement on the matter. [8193/13]
Amharc ar fhreagraI have been advised by the Revenue Commissioners that they have no record of a request for a P21 for the person concerned. The Revenue Commissioners have written to the person concerned requesting certain information. A review will be carried out on receipt of the details required.
250. Deputy Michael McGrath asked the Minister for Finance if deposits taken by Anglo Irish Bank under a scheme designed specifically for credit unions (details supplied) will be fully covered by the deposit guarantee scheme and eligible liabilities guarantee; the reason deposits were not moved to AIB when the Irish Bank Resolution Corporation deposit book was sold; and if he will make a statement on the matter. [8210/13]
Amharc ar fhreagraEligible deposits in IBRC are covered by the joint safeguards of the Deposit Guarantee Scheme (DGS) and/or the Eligible Guarantee Scheme (ELG). Eligible deposits of up to €100,000 for an individual and €200,000 for individuals with a joint account in IBRC are protected by the DGS. Eligible deposits above this limit are guaranteed under the ELG. The majority of the deposits in IBRC are covered under one or both of these schemes. I am advised that the Bond referred to by the Deputy has a structured deposit element which is covered by the Deposit Guarantee Scheme for that element of the product. As a result the first €100k of any claim from these depositors is covered under the DGS Scheme. I have been advised that the Liquidator is aware of a number of depositors who fall outside the eligibility criteria for the ELG Scheme due to the nature of the investment product. Unfortunately, if a deposit is not eligible under the ELG scheme the depositor will rank as an unsecured creditor in the liquidation.
The deposit element of these tracker bond products were among the portfolio of deposits that were not transferred to AIB following an auction as part of the 2011 Transfer Order. It was not a requirement that all deposits be transferred to AIB under this process.
251. Deputy Michael McGrath asked the Minister for Finance the status of the promissory note issued to re-capitalise EBS; if he is considering restructuring same; and if he will make a statement on the matter. [8211/13]
Amharc ar fhreagraThe Deputy will be aware that the State has injected €875m of capital into the EBS Building Society (EBS) in order for it to meet regulatory requirements. Of this total amount, €625 million was by way of two separate subscriptions for Special Investment Shares, while €250 million was provided by means of a Promissory Note.
The terms of the EBS Promissory Note provide, inter alia, that ten per cent of the amount outstanding as at the end of 2010 shall be paid each year until the note is paid off in full. This equates to €25 million per annum, with the next annual payment to be made on 17 June 2013.
Given that the EBS Building Society was acquired by Allied Irish Banks (AIB), a continuing pillar bank in the Irish economy, compared to the wind-down situation at IBRC, the Government is not currently considering a restructuring of the EBS Promissory Note.
252. Deputy Gerry Adams asked the Minister for Finance if he will detail the aggregate of the principal of the National Assets Management Agency bonds that shall be issued in consideration for the net debt owed by the Irish Bank Resolution Corporation to the Central Bank of Ireland; if he will detail when these NAMA bonds shall be issued; if he will confirm whether these NAMA bonds shall be acceptable collateral under the ECB open market operations; if he will confirm whether if they are acceptable collateral under the ECB open market operations that the margin of profits accrued from these NAMA bonds by the Central Bank of Ireland are returned to the Exchequer here; and if he will make a statement on the matter. [8281/13]
Amharc ar fhreagraThe Deputy will be aware that a Ministerial Direction issued to NAMA pursuant to Section 13 (1) of the Irish Bank Resolution Corporation Act 2013 on 7th February requires it to enter into a Deed of Assignment and Transfer with the Central Bank of Ireland on or about 22nd February 2013. The purchase price specified in this Deed had not been finalised with the Central Bank as of 18th February 2013. The expectation is that NAMA will issue these securities during the week beginning 18th February 2013. The NAMA bonds will be registered in a global form so as to ensure that the Notes will be held in a manner that meets Euro system eligibility. NAMA advises that, on the date of issue of the Bonds, it proposes to issue a statement.
The issue of margins of profits accrued is a matter for the Central Bank of Ireland. Any profits will be distributed in the normal manner.
