Andrew Doyle
Ceist:147. Deputy Andrew Doyle asked the Minister for Finance if he will outline all goods that have VAT exemptions; and if he will make a statement on the matter. [23673/13]
Amharc ar fhreagraTax Code
Ceisteanna (147)
Freagraí scríofa
I am advised by the Revenue Commissioners that the goods and services that are exempt from VAT are set out in Schedule 1 to the Value-Added Tax Consolidation Act 2010, as a series of paragraphs that describe these categories of goods and services. The vast majority of the paragraphs relate to services. There are just five references to goods that are exempt in Schedule 1. These include the supply of dentures or other dental prostheses; the supply or importation of human organs, human blood and human milk; the supply of water by a local authority, the importation of goods by certain international bodies, and the supply of goods that were used for business purposes by a person who did not have VAT deductibility. A business engaged in the supply of VAT exempt goods does not charge VAT on those supplies and is not entitled to deductibility for VAT incurred on goods or services used in the supply of those goods.
It is important to distinguish between supplies of goods that are exempt from VAT and those that are zero rated. A business engaged in the supply of zero rated goods does not charge VAT on those sales but is entitled to deductibility for VAT incurred on goods or services used in connection with those sales. A wide range of goods is liable to VAT at the zero rate. These include most food and drink of a kind for human consumption, oral medicines, children’s clothing, certain books and certain medical equipment and appliances.
I would point out that the exemptions and zero rating in Irish VAT legislation must comply with the exemptions and conditions on VAT rating laid down in the EU VAT Directive. Ireland is unable to introduce or apply exemptions or to vary VAT rates in a manner that is not in accordance with this Directive.
Charities Regulation
Ceisteanna (148)
Paschal Donohoe
Ceist:148. Deputy Paschal Donohoe asked the Minister for Finance if it is permitted for a registered charity to make a political donation and still be able to receive tax relief on their income; and if he will make a statement on the matter. [23676/13]
Amharc ar fhreagraFreagraí scríofa
The charitable tax exemption scheme is administered by the Revenue Commissioners. In order to avail of the exemption, a body or trust must be established for charitable purposes only and must apply all of its income to charitable purposes. The Deputy is most likely aware that while bodies that hold a charitable tax exemption are not permitted to make donations that directly support political parties or candidates, they are however, permitted to apply their funds to activities that advance or promote their charitable purposes. Depending on the circumstances, these can include certain political lobbying and advocacy activities in support of their charitable purpose.
Procedures are in place to ensure that bodies that are granted charitable tax exemption are subject to periodic reviews to ensure that the terms of the exemption continue to be fulfilled. All relevant matters, including matters which have been brought to the Revenue Commissioners attention, are taken into account in the context of such reviews.
In regard to the specific issues raised by the Deputy, the Revenue Commissioners have indicated that in order to determine if any such item of expenditure satisfies the terms of a charitable tax exemption it is necessary to examine that expenditure, the context in which it was incurred and the charitable objects of the body incurring the expenditure in detail.
If the Deputy wishes to provide specific details then the Revenue Commissioners will investigate the issue to ensure the terms of the exemption in question are being adhered to.
Tax Avoidance Issues
Ceisteanna (149)
Terence Flanagan
Ceist:149. Deputy Terence Flanagan asked the Minister for Finance the position regarding fraudulent claims (details supplied); and if he will make a statement on the matter. [23694/13]
Amharc ar fhreagraFreagraí scríofa
As the Deputy will be aware, for reasons of taxpayer confidentiality, the Revenue Commissioners cannot comment on individual cases, either directly or indeed by inference.
By way of a general observation, I am advised by the Revenue Commissioners that they have an active prosecution programme in place across a range of offences, including summary prosecutions and prosecution on indictment. In 2012, for example, over 1,000 convictions were secured in relation to non-filing of a range of revenue returns; over 500 summary criminal convictions for a range of tax and duty offences and 50 convictions for serious tax and duty offences which were prosecuted on indictment. At the end of 2012, a total of 197 cases were at various stages of the investigation and prosecution process.
However, while prosecution is an important element of Revenue’s compliance framework it is, and will always be, a minor one in number terms. Revenue carries out a wide range of compliance and enforcement interventions with the strategic objective of increasing timely compliance, and targeting those who do not comply. Much of this compliance takes place in the context of the published Code of Practice for Revenue Audit, which provides, inter alia, that where a taxpayer makes certain types of voluntary disclosure, a range of reduced penalties can apply and that Revenue will not initiate an investigation with a view to prosecution of the taxpayer. Such voluntary disclosure arrangements are a feature of self-assessment tax systems. They also serve the purpose of enabling Revenue to optimise the efficient use of resources.
I am satisfied that the existing legislation provides a firm basis for prosecution of appropriate cases where tax and/or duty offences have taken place. I am also satisfied that Revenue’s approach to compliance interventions, which includes provision for voluntary disclosure, is a sensible and balanced one.
Question No. 150 answered with Question No. 74.
Property Tax Administration
Ceisteanna (151)
Brendan Griffin
Ceist:151. Deputy Brendan Griffin asked the Minister for Finance if he will investigate and address the issue of persons who never received a property tax ID or pin number and registered using their PPSN number and will not be able to access their online account after they make their return; and if he will make a statement on the matter. [23717/13]
Amharc ar fhreagraFreagraí scríofa
I am advised by the Revenue Commissioners that taxpayers who access the on-line system Local Property Tax (LPT) system by selecting the “I have not received a Property PIN” tab to file their LPT Return, will, at the end of the filing process, see an acknowledgement number. This is a normal feature of on-line transaction systems. In circumstances where they do not immediately have access to a printer, it is a simple matter to paste the number into another application on the tablet or mobile device or to just note down the number in writing.
They will in many instances also have evidence of their LPT payments from their own financial records. For example, for those who pay by single debit authority, direct debit or by debit/credit card, a record of the transaction will be available through their own financial institution records. I am also advised that, where customers opt to pay LPT using one of the Revenue appointed third party payment service providers, receipts will issue for each payment made. The appointed payment service providers are An Post Taxpay, Payzone and Omnivend. Revenue also confirms that in circumstances where a payment fails for whatever reason, they will make direct contact with the customer.
The Revenue Commissioners have expressed concern that any property owner would consider filing a second (duplicate) Return on-line for the same property and strongly advise against this in the taxpayers own interest, because it is likely to lead to two payments being deducted.
Finally, the Commissioners advise me that they will consider in due course what further facilities they may be able to make available in future releases of the LPT system.
Tax Code
Ceisteanna (152)
Michael McCarthy
Ceist:152. Deputy Michael McCarthy asked the Minister for Finance his views on charging VAT on PIP arrangements, in view of the fact that the service is deemed non-viable in the UK; and if he will make a statement on the matter. [23755/13]
Amharc ar fhreagraFreagraí scríofa
I have been advised by the Revenue Commissioners that a Personal Insolvency Practitioner (PIP) will be involved in the Debt Settlement Arrangements and Personal Insolvency Arrangements as provided for in the Personal Insolvency Act 2012. Any fees charged by a PIP in connection with these services are liable to VAT at the standard rate, currently 23%. A PIP in this regard is acting in a capacity similar to liquidators, receivers or examiners, whose services are also subject to VAT at the standard rate.
With regard to the VAT treatment of such services in the UK, the activities of Insolvency Practitioners operating under the UK Individual Voluntary Arrangement procedure were held by a UK First Tier VAT Tribunal to be exempt from VAT. However, there are distinct differences between the activities undertaken by UK Insolvency practitioners and Irish PIPs. Exemptions from VAT are to be construed strictly in accordance with the EU VAT Directive, Irish VAT law, and relevant decisions of the European Court of Justice. In this context, the activities of PIP practitioners do not fall within the exempted activities outlined under paragraph 6 of Schedule 1 to the Value-Added Tax Consolidation Act 2010 and as such are liable to VAT at the standard VAT rate.
Mortgage Interest Relief Application
Ceisteanna (153)
Catherine Murphy
Ceist:153. Deputy Catherine Murphy asked the Minister for Finance if he will clarify the extent to which mortgage interest relief has been applied in respect of mortgages taken out in the calendar year 2009; if the purchasers of mortgages in that year were not able to avail of the same kinds of tax relief as purchasers in previous and subsequent years in which he had in place a mortgage interest relief scheme; if so, if he has considered any retrospective measures to target those persons; and if he will make a statement on the matter. [23757/13]
Amharc ar fhreagraFreagraí scríofa
I assume the Deputy is referring to the tax relief that is available to borrowers who took out qualifying loans in 2009.
Tax relief is available up to and including the tax year 2017 on the interest paid on qualifying home loans taken out in the period 2004 to 2012.
There are ceilings on the amount of interest that can qualify for relief, which vary depending on whether the claimant is a married/civil partnership/widowed person or a single person. In addition, the interest ceiling can vary depending on if the individuals are in the first seven tax years of their qualifying loan. In such circumstances, individuals are entitled to higher interest ceilings, which are known as the ‘first time buyer’ ceilings. For such individuals, the ceilings are €10,000 per annum for a single individual and €20,000 per annum for married couples and civil partnerships. For individuals that are in their eighth or subsequent years of their qualifying loan, lower interest ceiling apply, known as the ‘non-first-time buyer’ ceilings. For such individuals, the ceilings are €3,000 per annum for a single individual and €6,000 per annum for married couples and civil partnerships. The same ceilings apply for mortgages taken out in 2009 as apply in other years.
Furthermore the rules relating to the rates at which relief is given vary depending on whether the claimant is a “First Time Buyer” or a “non First Time Buyer”. These rules apply to mortgages taken out in 2009 in the same way as they apply to loans taken out in other years, with one exception. The exception is that a special 30% rate of relief is available for the tax years 2012 to 2017 inclusive, in respect of qualifying interest paid on qualifying home loans taken out on or after 1 January 2004 and on or before 31 December 2008 to purchase an individual’s:
- first qualifying residence, or
- second or subsequent qualifying residence but only where the first qualifying residence was purchased on or after 1 January 2004.
For clarification purposes I have set out the tables below which illustrates the interest ceilings and reliefs that apply to single an individual or a married couple/civil partnership that took out a qualifying loan in 2009 as a first time buyer and as a non-first-time buyer.
Single and Married couple/Civil partnership that took out a qualifying loan in 2009 as a First-Time Buyer
|
Year |
Interest Ceilings |
Rate of Relief |
|
2009 |
€10,000/€20,000 for single and married/civil partnership |
25% |
|
2010 |
€10,000/€20,000 for single and married/civil partnership |
25% |
|
2011 |
€10,000/€20,000 for single and married/civil partnership |
22.5% |
|
2012 |
€10,000/€20,000 for single and married/civil partnership |
22.5% |
|
2013 |
€10,000/€20,000 for single and married/civil partnership |
22.5% |
|
2014 |
€10,000/€20,000 for single and married/civil partnership |
20% |
|
2015 |
€10,000/€20,000 for single and married/civil partnership |
20% |
|
2016 |
€3,000/€6,000 for single and married /civil partnership |
15% |
|
2017 |
€3,000/€6,000 for single and married /civil partnership |
15% |
|
Year |
Interest Ceilings |
Rate of Relief |
|
2009 |
€3,000/€6,000 for single and married/civil partnership |
15% |
|
2010 |
€3,000/€6,000 for single and married/civil partnership |
15% |
|
2011 |
€3,000/€6,000 for single and married/civil partnership |
15% |
|
2012 |
€3,000/€6,000 for single and married/civil partnership |
15% |
|
2013 |
€3,000/€6,000 for single and married/civil partnership |
15% |
|
2014 |
€3,000/€6,000 for single and married/civil partnership |
15% |
|
2015 |
€3,000/€6,000 for single and married/civil partnership |
15% |
|
2016 |
€3,000/€6,000 for single and married/civil partnership |
15% |
|
2017 |
€3,000/€6,000 for single and married/civil partnership |
15% |
As the Deputy is aware, the Programme for Government contained a very specific commitment to examine a proposal to increase mortgage interest relief to 30% for first time buyers who bought between 2004 and 2008. In Budget 2012, this commitment was fulfilled. It is not my intention to widen the parameters of the commitment contained in the Programme for Government.
Question No. 154 answered with Question No. 143.
Ministerial Travel
Ceisteanna (155)
Simon Harris
Ceist:155. Deputy Simon Harris asked the Minister for Finance if he will outline in tabular form, the amount of travel and subsistence, both foreign and domestic, claimed individually by each Minister and Minister of State and Secretary General in his Department, for each year in the period 2005 to March 2011; and if he will make a statement on the matter. [23816/13]
Amharc ar fhreagraFreagraí scríofa
In response to the Deputy’s question the following table outlines details in respect of the amount paid in travel and subsistence payments by my Department to the Junior Ministers in the Department for the period 1 January 2005 to March 2011.
Travel and Subsistence payments made to Ministers and Ministers of State
|
Period |
Name |
Domestic T&S |
Foreign T&S |
Total Amount |
|
Jan 2005 - May 2008 |
Mr Brian Cowen |
Nil |
€6,525 |
€6,525 |
|
May 2008 – Mar 2011 |
Mr Brian Lenihan |
Nil |
€5,478 |
€5,478 |
|
Jan 2005 - Jun 2007 |
Mr Tom Parlon |
Nil |
€823 |
€823 |
|
Jun 2007- May 2008 |
Mr Noel Ahern |
Nil |
€582 |
€582 |
|
May 2008 - Mar 2011 |
Mr Martin Mansergh |
€25 |
€3,019 |
€3,044 |
In relation to the three Secretaries General covered by the period in question a total of €6,838 was paid in relation to travel and subsistence payments. Some €742 related to domestic travel & subsistence payments and €6,096 related to foreign travel and subsistence payments.
Ministerial Appointments
Ceisteanna (156)
Simon Harris
Ceist:156. Deputy Simon Harris asked the Minister for Finance if he will outline in tabular form, the number of staff appointed by each Minister and Minister of State in his Department or constituency office and their relevant costs including travel and subsistence, in each year for the period 2005 to March 2011; and if he will make a statement on the matter. [23832/13]
Amharc ar fhreagraFreagraí scríofa
In the time allowed, it was not possible to reply to the Deputy’s question. The information will be provided directly to the Deputy in due course.
Corporation Tax
Ceisteanna (157)
Micheál Martin
Ceist:157. Deputy Micheál Martin asked the Minister for Finance if he can foresee any changes to Ireland's corporation tax rate; and if he will make a statement on the matter. [15991/13]
Amharc ar fhreagraFreagraí scríofa
The Taoiseach, myself and other members of the Government have repeatedly expressed the Government’s commitment to the retention of the 12.5% rate and I do not foresee any changes in this regard.
Corporation Tax
Ceisteanna (158)
Micheál Martin
Ceist:158. Deputy Micheál Martin asked the Minister for Finance if the decision by the British Government to reduce its corporation tax rate to 20% will have ramifications for Ireland's ability to attract foreign direct investment; and if he will make a statement on the matter. [15987/13]
Amharc ar fhreagraFreagraí scríofa
My Department is aware of the need to maintain a competitive corporate tax regime and to that end, closely monitors developments in other countries. However, it is not appropriate to single out any particular country or corporate tax system and comment on them in this way.
The changes that I announced in Budget 2013 and introduced in Finance Act 2013 highlight the on-going work by my Department to make sure that the Irish corporate tax offering stays competitive as we work to attract investment and jobs to Ireland. This year, this included further enhancements to the R&D regime, the introduction of a tax regime for Real Estate Investment Trusts and the package of measures to assist the SME sector (among others).
Corporation Tax
Ceisteanna (159)
Micheál Martin
Ceist:159. Deputy Micheál Martin asked the Minister for Finance if he is concerned that Cyprus was required to increase its corporation tax rate to 12.5%; if this decision will have implications for Ireland; and if he will make a statement on the matter. [15986/13]
Amharc ar fhreagraFreagraí scríofa
The issue of Cyprus raising its corporate tax rate from 10% to 12.5% is a matter for the Cypriot Government. The new rate was agreed as part of the funding programme which was negotiated with the troika.
There are no negative implications for Ireland as a result of this decision and it will have no impact on our 12.5% corporate tax rate. On the contrary, this increase in the Cypriot corporate tax rate could be regarded as vindicating the existing Irish rate as it would now appear that the Troika regards this as a minimum corporate tax rate for its purposes. I would like to point out that there is still an EU Member State with a corporate tax rate of 10%.
This Government, with the support of the vast majority of members of the Oireachtas, maintains the long-standing policy in this country of keeping corporate tax rates low in order to stimulate employment and remains fully committed to the 12.5% rate which it regards as an essential element of this country’s economic strategy.
Irish Fiscal Advisory Council Meetings
Ceisteanna (160)
Micheál Martin
Ceist:160. Deputy Micheál Martin asked the Minister for Finance when the Fiscal Council last met; and if he will make a statement on the matter. [18355/13]
Amharc ar fhreagraFreagraí scríofa
The Irish Fiscal Advisory Council was established on a statutory basis on the 31 December 2012 under the Fiscal Responsibility Act 2012.
The Deputy should be aware that the Irish Fiscal Advisory Council is an independent body. The Fiscal Responsibility Act states that the Fiscal Council may regulate its own procedures (including quorum) and therefore this question is a matter for the Council directly.
However, on your behalf I have contacted the Irish Fiscal Advisory Council and have been informed that the last Council meeting was held on the 25th April 2013. The Council will meet again on Friday, 24th May.
A list of all the Council meetings can be found on the Fiscal Council’s website.
Small and Medium Enterprises Sector
Ceisteanna (161, 162, 177)
Peadar Tóibín
Ceist:161. Deputy Peadar Tóibín asked the Minister for Finance if he will detail proposals from his Department as to the way in which the banking sector can address the overhang of property debt that is impacting on viable small medium enterprises. [18612/13]
Amharc ar fhreagraPeadar Tóibín
Ceist:162. Deputy Peadar Tóibín asked the Minister for Finance his views on the impact that the legacy of impaired property loans is having on the small and medium enterprise sector. [18613/13]
Amharc ar fhreagra
Dara Calleary
Ceist:177. Deputy Dara Calleary asked the Minister for Finance the action he will take to help those small and medium enterprises whose viability is threatened by property related debts; and if he will make a statement on the matter. [18970/13]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 161, 162 and 177 together.
Some indicative information on the extent of property investment in the SME sector can be garnered from the Red C survey of credit demand covering the period April to September 2012 conducted on behalf of my Department, which found that
“A relatively small number of SMEs (16%) claim to have purchased property using bank debt since 2005. This is similar to the number seen in the previous wave.
At the same time even fewer SME Directors (8%) have purchased property financed by bank debt, secured on the business, since 2005.”
However, it is the case that, in his past reports on the adherence by Bank of Ireland and AIB to the lending targets, the Credit Reviewer has highlighted the property debt overhang as a potentially constraining issue for SMEs. Some of these debt issues may be addressed in the context of the Personal Insolvency arrangements which are coming into force shortly for those debts held by insolvent business holders in a personal capacity. Where the debt overhang is a core debt in the business itself, the debt may be reviewed in the context of restructuring strategies for SME debts which are being implemented by the financial institutions with the oversight of the Central Bank.
During the first quarter of 2013, the Central Bank of Ireland formally advised the covered banks of the specific Key Performance Indicators and metrics for the SME Distressed portfolios that they are required to submit on a quarterly basis. By the end of June 2013, the Central Bank will set quarterly institution-specific performance targets for covered banks to move distressed borrowers onto longer-term solutions. The targets set will reflect the banks’ capacity, processes and systems.
All of the actions taken by my Department to ensure credit availability for SMEs such as the lending targets, the establishment of the Credit Review Office and the work of the State Bodies Group apply to all SMEs, including those who may have property related debt. The Temporary Partial Credit Guarantee scheme which addresses the situation where the SME is outside the risk appetite of the banks may also be relevant to property related debt.
Credit Availability
Ceisteanna (163, 302)
Peadar Tóibín
Ceist:163. Deputy Peadar Tóibín asked the Minister for Finance if he will detail the occasions when he has raised directly with the banks their failure to deal with lending to the small and medium enterprise sector; and if he has provided advice to the economic management group to direct the banks to increase lending to SMEs. [18611/13]
Amharc ar fhreagra
Bernard Durkan
Ceist:302. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which he continues to receive ongoing reports from the lending sector with regard to the responsibility of the lending institutions to meet the credit requirements of businesses; and if he will make a statement on the matter. [24397/13]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 163 and 302 together.
The pillar banks are required to submit their lending plans to the Department and the Credit Review Office (CRO) at the beginning of each year, outlining how they intend to achieve their lending targets. The banks have submitted their lending plans for 2013 to my Department. My Department, in conjunction with the CRO, has analysed the plans and has met with the banks to discuss them. The banks also meet with the Department of Finance and the CRO on a quarterly basis to discuss progress. The monthly management meetings with the pillar banks also provide a forum for the issue of SME lending to be raised by the Department.
The Economic Management Council meets the banks on a regular basis and discusses the key issues pertaining to SME credit. I should stress that the interaction which EMC and the Government have with the banks is governed by the Relationship Frameworks, precluding the State from intervening in the day-to-day operations of the banks or their management decisions including with respect to pricing and lending decisions. These frameworks are published on my Department’s website at http://banking.finance.gov.ie/presentations-and-latest-documents/.
I have met the boards of each of the pillar banks twice since the start of this year. At these meetings, I have emphasised the importance of access to credit for SMEs and the need for an adequate flow of finance to be available to viable small businesses in Ireland.
Small and Medium Enterprise Sector
Ceisteanna (164, 182)
Peadar Tóibín
Ceist:164. Deputy Peadar Tóibín asked the Minister for Finance the initiatives that his Department has put in place in order to assist businesses who are among those with €25 billion worth of impaired loans. [19132/13]
Amharc ar fhreagraPeadar Tóibín
Ceist:182. Deputy Peadar Tóibín asked the Minister for Finance the steps taken to ensure that all enterprises have access to affordable credit. [18626/13]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 164 and 182 together.
I am informed by the Central Bank that the main SME lenders in the Irish economy have SME exposures of greater than €50bn in aggregate, c.50% of which are classified as in “distress”. For the avoidance of doubt, the Central Bank has indicated to me that these c. €25 billion of loans are ‘distressed’ loans which relates to loans that are graded as ‘Watch’/ ‘Vulnerable’ or Impaired based on the banks’ internal credit grading system - i.e. not all are impaired.
During the first half of 2012, the Central Bank of Ireland commissioned a review by external consultants of the distressed SME operations in BOI and AIB. This review examined areas such as organisational structure, staffing (skills & resources), work-out strategy and execution ability.
Following the outcome of this review the Central Bank commenced a project in the second half of 2012 to drive the effective and timely resolution of the SME distressed loan portfolios through improved bank management of distressed loans and appropriate workout strategies. The priority is to ensure that the banks implement longer term resolution strategies on a case-by-case basis. This also incorporates property debt overhang.
A key focus of the project is to ensure that banks adopt a proactive approach to the management of distressed SME loans via appropriate restructuring on a case by case basis and identifying property debt resolution strategies, where required.
During the first quarter of 2013, the Central Bank of Ireland formally advised the covered banks of the specific Key Performance Indicators and metrics for the SME Distressed portfolios that they are required to submit on a quarterly basis. By the end of June 2013, the Central Bank will set quarterly institution-specific performance targets for covered banks to move distressed borrowers onto longer-term solutions. The targets set will reflect the banks’ capacity, processes and systems.
The Government recognises that SMEs are the lifeblood of the economy and will play a vital role in the recovery of employment growth in our country. It also recognises that businesses with legacy debts may be viable. One of the key priorities of the Programme for Government is to ensure that an adequate pool of credit is available to fund SMEs in the real economy during the restructuring and downsizing programme.
The Government has taken a number of actions, particularly where SMEs have been refused credit, to improve the situation in relation to credit availability to SMEs.
At national level, the Temporary Partial Credit Guarantee scheme addresses the situation where the SME is outside the risk appetite of the banks. This can arise because the SME’s lack of collateral or the banks’ lack of understanding of the business model, the market, the sector or the technology. The three main SME lenders are all participating in the Guarantee scheme. In addition, the Microenterprise Loan Fund Scheme will provide loans of up to €25k to start-up, newly established, or growing microenterprises employing less than 10 people, who have commercially viable proposals that do not meet the conventional risk criteria applied by banks.
The Government has also been active at national and European level to promote and develop non-bank avenues of credit for the SME sector. Enterprise Ireland has a range of initiatives and programmes available for businesses at various stages of the growth cycle. The NPRF has put a number of funds in place to help meet SME financing needs in Ireland:
Details of the schemes can be found on the websites of the relevant bodies, as well as on the Department of Finance website at http://banking.finance.gov.ie/wp-content/uploads/State-Financial-Support-for-SMEs.pdf, a document which consolidates the State supports available for SMEs.
In addition, my Department has produced the first in a series of information newsletters dealing with credit and funding issues for the Small and Medium Enterprise (SME) sector. The newsletter provides information on the various State and private initiatives aimed at increasing the SME sector’s awareness of and access to credit and funding, as well as focusing on positive stories from the sector.
The Government has also led, at European level, efforts to promote and develop non-bank avenues of credit for the SME sector. In December 2012 the Department of Finance hosted a High-Level Workshop on Non Bank Funding of Growth and Jobs in Europe, and the report of this event is now available on the Department’s website. Ireland’s commitment, during its EU Presidency, is to facilitate and encourage the development of an appropriate set of policy options that will support long term financing of growth and employment in Europe, with the provision of capital to SMEs a key aspect of this. In this context the Irish Presidency is fully supportive of the Commission’s work in this area as highlighted by the publication in March of a Green Paper on Long-Term Financing of the European Economy. The Irish Presidency ensured that the issue of long-term financing, including non-bank funding, was discussed at the Informal ECOFIN in Europe. It was agreed at the ECOFIN that the Economic and Financial Committee of the European Council would be asked to progress this issue.
Job Initiatives
Ceisteanna (165)
Peadar Tóibín
Ceist:165. Deputy Peadar Tóibín asked the Minister for Finance the expected impact on job creation in the short to medium term of the proposed €6 billion stimulus package. [19133/13]
Amharc ar fhreagraFreagraí scríofa
I assume that the Deputy is referring to the proposal to establish the Ireland Strategic Investment Fund (ISIF) which will absorb the National Pensions Reserve Fund (NPRF). Officials of my Department are currently preparing the legislation to create the ISIF with an Ireland-focused commercial investment mandate, designed to encourage economic activities and employment through the redeployment of NPRF resources of approximately €6 billion.
As the Deputy will appreciate it is not possible at this time to quantify the expected impact on job creation in the short to medium term of the ISIF investment fund.
Enterprise Support Services Provision
Ceisteanna (166)
Tom Fleming
Ceist:166. Deputy Tom Fleming asked the Minister for Finance if he will examine a business plan in respect of a training centre (details supplied) in County Kerry; if he will provide advice, assistance, grant aid, and so on, to ensure that this major project will accommodate up to 2,500 students and create jobs at the earliest possible date; and if he will make a statement on the matter. [23848/13]
Amharc ar fhreagraFreagraí scríofa
Neither, I as Minister for Finance, nor my Department have any function in relation to the type of project referred to by the Deputy.