Written Answers Nos. 121-140
121. Deputy Stephen S. Donnelly asked the Minister for Finance further to the recent publication by the National Asset Management Agency of its management accounts for the fourth quarter of 2013, if he will provide an explanation for the €2.9 million expenses incurred in Q4 2013, dubbed other income or expense without further explanation in the accounts, at the NAMA subsidiary National Asset Sarasota LLC. [28066/14]
Amharc ar fhreagraI have been informed by NAMA that National Asset Sarasota LLC (NASLLC) was established by NAMA in August 2013 as a Special Purpose Vehicle in the US to acquire a property asset located in the US, in settlement of debt, owed to NAMA. Details of NAMA's Group structure including details in respect of NASLLC are disclosed on pages 10 to 12 of the Q4 Report and Accounts. As disclosed in note 18 (page 32) of the Accounts the related property was valued at $38.5m (€29.0m) at acquisition and subsequently revalued to $36m (€26.1m) in Q4 2013, following receipt of an updated valuation. The €2.9m write down is accounted for in other income/ expenses, which is disclosed in Note 5 to the Accounts.
122. Deputy Stephen S. Donnelly asked the Minister for Finance further to the recent announcement by the National Asset Management Agency that it had concluded the sale of the Project Eagle portfolio of assets linked to Northern Irish borrowers, if the sale price was agreed in sterling or euro, and if in sterling, if NAMA hedged the euro equivalent of the sterling price that was agreed at the end of March 2014-start of April 2014. [28067/14]
Amharc ar fhreagraI am advised by NAMA that the sale price for the recent Project Eagle portfolio of assets was agreed in sterling. NAMA has had foreign exchange hedging in place against these sterling assets since acquisition and, on completion of the sale, this hedging was unwound.
123. Deputy Stephen S. Donnelly asked the Minister for Finance further to Parliamentary Question No. 44 of 4 March 2014, when he stated the cost of capital at the National Asset Management Agency was 2%, if he will confirm the annual cost of NAMA hedging the interest rate on its senior bonds; if he will confirm if this cost is approximately €200 million greater than the actual interest rate attached to NAMA's senior bonds; if he will identify the person providing treasury and hedging advice to NAMA; and if he is concerned by the hedging premium incurred at NAMA; and if he will make a statement on the matter. [28068/14]
Amharc ar fhreagraI am advised by NAMA that its interest expense is detailed in note 6 of its 2013 Annual Report. It notes that NAMA Group interest on senior debt securities in issue was €126m for the financial year 2013 and that the interest expense on derivatives used to hedge a proportion of the senior bonds in issue was €232m. NAMA's policy as regards its interest rate exposure is determined by its Board and takes into account a number of factors including the current low cost of hedging its interest rate exposures and its view as to the appropriate level of balance sheet risk. NAMA has entered into interest rate hedging as an insurance mechanism to protect against interest rate increases over its projected lifetime.
NAMA has its own in-house treasury function and it also receives treasury risk management services from the NTMA. NAMA's organisational structure and the activities of each business division are described in NAMA's 2013 Annual Report.
124. Deputy Stephen S. Donnelly asked the Minister for Finance further to Parliamentary Question No. 201 of 17 June 2014 when he stated the banks are highlighting the lack of supply of houses in particular urban areas as a contributing factor in the lack of drawdown of approved mortgage facilities, if this statement has been tested by his Department; if so, how; and if he believes fresh intervention and new measures are required directly with the banks to help restore mortgage lending to normal levels. [28069/14]
Amharc ar fhreagraThe emerging constraints on housing supply in urban areas have been highlighted in a number of ways. The low level of construction and lack of mobility in the housing market as well as statistics on the disparity between mortgage approvals and drawdowns combine to illustrate housing market supply issues in urban areas particularly in the Dublin region. My Department monitors and reviews these, and other, indicators on a regular basis. As referred to in my previous response of 17 June, the Government's Construction Strategy includes, within the broad policy framework, a desire for a return to sustainable levels of mortgage lending as part of a healthy market. A key aspect is to ensure that sufficient confidence is in place to facilitate development and that customers will be capable of accessing finance to purchase new build homes. This means mortgage products being available to potential purchasers with an ability to support repayments but mortgage lending decisions must be taken on a sustainable and prudent basis by the financial institutions conforming fully to regulatory requirements both in relation to the lending institution and also having regard to the safeguarding of the borrower's interests.
126. Deputy Stephen S. Donnelly asked the Minister for Finance further to the summit of European leaders in Brussels on 28 June 2012 which concluded with a summit communiqué which included a statement the Eurogroup will examine the situation of the Irish financial sector with the view of further improving the sustainability of the well-performing adjustment programme, if he will confirm the total amount contributed by Ireland to the European Stability Mechanism since that summit in 2012; if he will confirm that these contributions to the ESM have added to the State’s national debt. [28071/14]
Amharc ar fhreagraThe Euro-area Heads of State or Government (HoSG) agreed in June 2012 that "it is imperative to break the vicious circle between banks and sovereigns", and that when a Single Supervisory Mechanism, involving the ECB, is in place and operational, the European Stability Mechanism (ESM) could recapitalise banks directly. It also agreed that the Eurogroup would examine the situation of the Irish financial sector with a view of further improving the sustainability of the well-performing adjustment programme.
The ESM Treaty entered into force on 27 September 2012, in accordance with Article 48.1 of the ESM Treaty, following ratification by euro area Member States representing over 99.8% of its subscribed capital base. The European Stability Mechanism Act 2012 provides for Ireland's membership of the European Stability Mechanism (ESM) and payments into it. The capital structure of the ESM is set out in the ESM Treaty and provides for a total capital subscription of €700 billion, of which €80 billion is paid-in capital.
Ireland's share of this paid in capital is €1.27 billion. This was paid in 5 equal tranches of €254.752 million two tranches were paid in 2012, a further two tranches were paid in 2013, and the final tranche was paid in April of this year.
The ESM has been established as an International Financial Institution and on that basis Ireland's contribution will be treated as a financial transaction and considered as an equity investment for Ireland. This means that payments towards its paid-in capital have no impact on the general government deficit. The payments, however, are included in Ireland's Exchequer Borrowing Requirement and thus add to the National Debt, and the general government debt.
127. Deputy Stephen S. Donnelly asked the Minister for Finance further to the publication by the IMF on 18 June 2014 of its staff report into the Irish economy, and its identification of non-performing commercial real estate loans at Irish banks to be an impediment to economic recovery, if he believes his decision in March 2011 to increase the threshold for eligible loans being acquired by the National Asset Management Agency from Bank of Ireland and Allied Irish Banks, from €5 million to €20 million was, in retrospect, the correct decision; if he has any plans to revisit that decision; and if he will make a statement on the matter. [28072/14]
Amharc ar fhreagraI wish to advise the Deputy that on September 30 2010, my predecessor, announced that the Government had decided, having consulted with the Central Bank, the Financial Regulator, the European Commission and the NAMA Board, that where the total exposure of a debtor is below a €20 million threshold in AIB and Bank of Ireland, that the debtor's loans would not be transferred to NAMA. The threshold had previously been set at €5 million. This change was implemented to ensure that NAMA could operate to the highest level of efficiency and effectiveness in the management of its loan portfolio and allow for the completion of all NAMA transfers by end-year 2010. It was considered at the time that smaller loans below this threshold would be better managed through the banks' branch networks and through local banking relationships. The decision to raise the threshold from €5 million to €20 million for the transfer of loans from AIB and Bank of Ireland to NAMA reduced the total volume of NAMA eligible loans by €6.6 billion. I have no plans to revist this decision at this time.
128. Deputy Stephen S. Donnelly asked the Minister for Finance if his Department has had discussions with representatives of Royal Bank of Scotland and Ulster Bank to consider the future of that bank in the Republic of Ireland; if such discussions have included a consideration of a merger with Permanent TSB or swapping of assets controlled by his Department as a shareholder in Irish banks and the National Asset Management Agency; and if he will make a statement on the matter. [28073/14]
Amharc ar fhreagraIn Autumn 2013, following a review of its operations by the UK Treasury, RBS reaffirmed its commitment to the Irish market. As part of that process, Treasury officials engaged with officials from my Department.
In February 2014, I met with RBS executives to ascertain their outlook for Ulster Bank. RBS is currently reviewing the operations of Ulster Bank in Ireland with a view to creating a sustainable business model and on 27 February 2014 RBS reiterated its commitment to the Irish market. As part of its strategic review process RBS announced plans in late 2013 to accelerate the deleveraging of assets contained in RBS Capital Resolution, a material amount of which are assets held by Ulster Bank.
It is good news that the bank has committed so firmly to the Irish market. Officials in the Department of Finance have been in contact with both RBS and Ulster Bank officials and this will continue as the bank finalises its plans for the future.
With regard to Permanent TSB, the Deputy will recall that a way forward was agreed with the Troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail bank bringing an element of competition to the marketplace which has consolidated significantly since 2008.
While no restructuring plan has been approved, Permanent TSB has made significant progress in delivering key elements of the Restructuring Plan and the business is being managed structurally in the way envisaged in the plan. Permanent TSB continues to work to enhance the value of our investments through the continued delivery of the Restructuring Plan, which will, if delivered, provide the State with more optionality regarding the future structure of Permanent TSB.
During 2013 Permanent TSB grew its presence and activity in the retail market in general and in the current account and deposit markets in particular, as well as in mortgages and term lending; and it launched several new products during the year. Permanent TSB has also made material progress in relation to managing its portfolio of mortgages in arrears.
The strategy for Permanent TSB is to be an independent bank, competing within targeted segments of the retail banking market, and I will continue to support the board and management in the delivery of that strategy.
While I am strongly supportive of Permanent TSB in the delivery of their strategy I cannot discount the possibility that a strategic transaction could arise opportunistically at any time involving Permanent TSB which could be in the best interests of the State. As part of their day-to-day role my officials will consider all credible proposals and develop strategic options relating to our banking investments.
As I have stated previously in addition to the many initiatives the Government is undertaking relating to non-bank credit I would like to see more competition in the domestic banking system to provide the lending required for our growing economy and that as part of that process I would welcome the participation of foreign banks in Ireland, possibly by way of partnership with some of our domestic banks.
Separately a strategic review of NAMA is under way under section 227 of the NAMA Act 2009. As part of this review I am examining and will be discussing with NAMA a range of potential strategic alternatives to take advantage of current market conditions. I intend to lay the report before the Houses of the Oireachtas before the summer recess.
129. Deputy John McGuinness asked the Minister for Finance the reason for the delay by the Revenue Commissioners in deciding a VAT liability issue between two parties (details supplied); and if he will expedite the decision. [28079/14]
Amharc ar fhreagraI am advised by the Revenue Commissioners that decisions can only be made when all relevant information is available and that delays can arise, particularly if information is required from both parties to a taxable transaction, where the transaction is complex in nature and when legal arguments presented by the professional advisers to both parties require careful consideration.
I understand that the Revenue Commissioners have recently finalised their examination of this issue and concluded what the correct VAT treatment is based on this examination. The decision has been advised to the professional advisers of the party liable for VAT on the transactions. I would point out that Revenue practice and tax legislation generally provides a number of mechanisms for a taxable person to appeal a decision by the Revenue Commissions that imposes a liability on that taxable person.
The Deputy will appreciate that I can have no role in expediting a decision in relation to a tax case or transaction.
130. Deputy Timmy Dooley asked the Minister for Finance the reason a couple were refused mortgage interest relief for portions of a loan drawn down in the qualifying period; and if he will make a statement on the matter. [28100/14]
Amharc ar fhreagraI am advised by Revenue that Section 244 of the Taxes Consolidation Act 1997 provides that in order to qualify for mortgage interest relief (MIR), a loan must have been drawn down and used in the purchase, repair or development of an individual's principal private residence on or before 31 December 2012. On this basis any funds drawn down on a date later than 31 December 2012 do not qualify for the relief.
However, Section 9 of the 2013 Finance Act provides for extended entitlement beyond the 31 December deadline in circumstances where all of the required qualifying conditions are met. The qualifying conditions are:
- The loan must have been taken out between 1 January 2012 and 31 December 2012,
- A portion of the loan must have been used to purchase a site in 2012,
- The balance of the loan must be drawn down and used to construct a dwelling on that site in 2012 and 2013.
- Any necessary planning permission must have been in place prior to 31 December 2012.
In regard to the case to which the Deputy refers, Revenue has confirmed to me that the site in question was not purchased by the claimants during 2012, thereby 'disqualifying' the funds drawn down after 31 December 2012 from entitlement to MIR. Revenue has confirmed to me that while the person in question is not entitled to MIR in respect of the portion of the loan drawn down after 31 December 2012, he is in receipt of the relief in respect of the portion of the loan drawn down in December 2012. This entitlement will continue up to 2017 as currently provided for under the legislation.
131. Deputy Pearse Doherty asked the Minister for Finance the price at which an estate (details supplied) in County Tipperary in which the National Asset Management Agency has an interest was sold. [28127/14]
Amharc ar fhreagraAs Minister for Finance I do not have any function in relation to the publication of the purchase price of residential or other property. The Deputy will be aware that the Residential Property Price Register, which is published by the Property Services Regulatory Authority (PSRA), www.propertypriceregister.ie, is a public register of all residential properties purchased in Ireland since 1st January 2010. The register includes the date of sale, price and address of properties purchased since that date. I am advised that, in the case of this property, the sale price registered by the PSRA is incorrect. I understand that the vendor's solicitor has written to the PSRA requesting that the register be amended to reflect the appropriate consideration.
132. Deputy Pearse Doherty asked the Minister for Finance the way complaints about the sales process by unsuccessful bidders on properties in which the National Asset Management Agency has an interest are dealt with and the independent scrutiny of such complaints that exists; and if he will make a statement on the matter. [28128/14]
Amharc ar fhreagraThe Deputy will know that NAMA's role in relation to property is, like a bank, that of a secured lender. The management and sale of property securing NAMA loans are carried out by the owners of that property or, in the case of enforcement, on their behalf by duly appointed receivers. A person with a concern in relation to the sale of property securing NAMA loans should therefore raise that concern in the first instance with the relevant owner or receiver. The Deputy will know that NAMA operates a dedicated email address, info@nama.ie, through which members of the public can also raise matters of concern directly with it, including the conduct of sales by its debtors and receivers. All such complaints received by NAMA are fully investigated by it in the context of its role as a secured lender and by reference to NAMA Board guidelines on the disposal of real estate assets. A copy of these guidelines is available on the NAMA website, www.nama.ie.
133. Deputy Stephen S. Donnelly asked the Minister for Finance if he Central Bank of Ireland have undertaken any form of investigation into Bloxham stockbrokers since 2007; if so if there is a timeline for the completion and or publication of this investigation; and if he will make a statement on the matter. [28136/14]
Amharc ar fhreagraI am informed by the Central Bank that an extensive investigation into financial irregularities at Bloxham Stockbrokers is ongoing and, once concluded, decisions regarding any possible future enforcement proceedings will be made.
I understand that it is the Bank's position that it cannot comment on the specific details of the investigation into affairs at Bloxham under the confidentiality requirements as specified under Section 33AK(8) of the Central Bank Act 1942.
134. Deputy Michael Healy-Rae asked the Minister for Finance that private health insurance payments be fully income tax deductible; and if he will make a statement on the matter. [28164/14]
Amharc ar fhreagraSince 16 October 2013, tax relief for medical insurance premiums has been restricted to the first €1,000 per adult and the first €500 per child insured. Any portion of premium paid in excess of these ceilings no longer qualifies for tax relief. Prior to this, income tax relief for medical insurance premiums was provided at source, at the standard rate of income tax, on the entire premium amount regardless of cost. Therefore, the State was paying 20% of the cost of all private medical insurance premiums.
The cost of Income Tax relief in respect of medical insurance has increased significantly in recent years, estimated at €404 million in 2011, €448 million in 2012 and €500 million in 2013. Despite the increasing cost of the relief, the numbers insured are estimated to have reduced by approximately 170,000 over the same period, while at the same time the level of medical cover has decreased on some policies. Against this background the increase in costs was unsustainable. If the relief had remained unchanged and the trend was to continue, the cost would increase to approximately €1 billion per annum by 2020.
Notwithstanding the recent reform, the tax system is still supporting those who can afford private medical insurance to the tune of around €400 million per annum. Effectively that means that some taxpayers who could never afford private health insurance, or who have had to give up their policies due to personal circumstances, are continuing to provide financial support via the tax system to those individuals who can afford such insurance.
It should be noted that the Commission on Taxation in its 2009 report recommended the retention of medical insurance relief but that it should be limited. The introduction of an upper ceiling on the amount of medical insurance premiums that will qualify for tax relief achieves this recommendation.
It is unfair and unsustainable to allow unrestricted tax relief on private medical insurance premiums, particularly at a time when the general population has contributed so much to repairing the public finances. However, the new ceilings ensure continuing support via the tax system for those who purchase medical insurance policies, while reducing Exchequer exposure to more expensive policies.
135. Deputy Michael Healy-Rae asked the Minister for Finance that there will be a reduction of Universal Social Charge for retired persons; and if he will make a statement on the matter. [28166/14]
Amharc ar fhreagraThe Universal Social Charge (USC) was introduced in Budget 2011 to replace the Income Levy and the Health Levy. It was a necessary measure to widen the tax base, remove poverty traps and raise revenue to reduce the budget deficit. It is a more sustainable charge than those it replaced. It is applied at a low rate on a wide base, and the revenues collected play a vital part in meeting the many expenditure demands placed on the Exchequer, including state pensions.
An individual is not liable to pay USC where his or her total income does not exceed €10,036. All State contributory and non-contributory pensions are exempt from the charge. In addition, if a retired person's income (not counting the state pension) is below the exemption threshold, they are not liable for the USC. Furthermore, individuals aged 70 and over, and medical card holders, benefit from a lower rate of USC (provided their total income does not exceed €60,000).
As a result of a review of the USC conducted by my Department in 2011, the Government decided in Budget 2012 to increase the entry point to the Universal Social Charge from €4,004 to €10,036 per annum. It is estimated that this removed almost 330,000 individuals from the charge.
As part of the normal budgetary preparations, my officials will examine potential options for changes to the tax system for my consideration as part of the overall Budget package. However, it should be borne in mind that under the terms of the Stability and Growth Pact, until Ireland has reached its objective of a balanced budget in structural terms, we may not introduce discretionary revenue reductions unless they are matched by other revenue increases or expenditure reductions.
136. Deputy Michael McGrath asked the Minister for Finance if he will address a specific issue raised in correspondence by a person (details supplied) in County Cork regarding the local property tax; and if he will make a statement on the matter. [28174/14]
Amharc ar fhreagraI am advised by Revenue that the Finance (Local Property Tax) Act 2012 (as amended) sets out how a residential property is to be valued for Local Property Tax (LPT) purposes. Specifically, as LPT is a self-assessed tax it is a matter for the property owner to calculate the tax due based on an assessment of the market value of the property.
Revenue has confirmed to me that it published extensive guidelines on how to value a property for the purposes of LPT at the time of the 2013 'bulk issue' of Returns to property owners. The guidelines included the booklet 'Your Guide to Local Property Tax', which was inserted with the Returns that issued. The guidelines clearly stated that LPT as a self-assessed tax required property owners to honestly assess the value of their residential property on the valuation date of 1 May 2013, taking into account issues such as the type and age of the property and its state of repair. Once the valuation of the property was confirmed, the property owner was required to select the Property Valuation Band most applicable to the property and to pay the amount due. The Property Band system removes any requirement to calculate a precise valuation figure and on that basis it was anticipated that for the most part change requests in respect of valuations would not occur.
The valuation, assuming it was made in good faith, is valid up to and including 2016 and is not affected by any increase or decrease in property prices or by any repairs or improvements made to the property during this period. Owners will have the opportunity to re-assess the declared value of the property on the next valuation date, which is 1 November 2016.
Notwithstanding the Property Band system, where a property owner has genuinely over-valued and over-paid LPT, then Section 26 of the 2012 Act (as amended) provides that a claim for a refund of the overpaid tax can be made to Revenue subject to certain conditions being satisfied. The normal conditions require the property owner to make a submission setting out fully the nature of the error or mistake and explaining the circumstances in which the overpayment arose. Any such submission must include relevant supporting documentation such as professional valuations or relevant house price surveys for the area. The property owner should also indicate whether he/she relied on Revenue's valuation guidance for the purposes of the self-assessment.
In regard to the case to which the Deputy refers, I am informed by Revenue that a daughter of the person in question completed the LPT Return on his behalf on 21 May 2013 and clearly indicated Band 4 as the appropriate Valuation Band for the property. The associated Band 4 liability of €202 (half year) was also paid at that time.
The person subsequently paid his 2014 liability at a Band 2 rate of €225 (full year) and submitted a request to have the original Band 4 rate decreased to Band 2. As already stated, any such request must be supported with back up documentation and while some additional information was provided it was not adequate to support a reduction of 2 Valuation Bands. I am advised that a member of the LPT team actually discussed this issue with a staff member from the Deputy's office on 13 June. The LPT official specifically confirmed that the proposed reduction from Band 4 to Band 2 would not be reflective of the valuations applied in the general geographic area and that the information supplied by the person supporting such a reduction was not comparing 'like with like'.
However, the Deputy's comment in regard to the person's low income is noted. Given the circumstances, a member of the LPT team will make direct contact with the person in the coming days to discuss the valuation issue and the possibility that he may be entitled to a deferral or partial deferral from LPT depending on his income level.
137. Deputy Jim Daly asked the Minister for Finance the number of mortgage holders of each financial institution operating here whose repayment schedule and interest rate was either aligned to at the time or due to be converted to an ECB tracker rate at a point in the future who have since converted to a variable rate, waived entitlement to a tracker rate for the period of 2008 to date; and if he will make a statement on the matter. [28250/14]
Amharc ar fhreagraAt the outset, I must confirm to the Deputy that the lending institutions in Ireland - including those in which the State has a significant shareholding - are independent commercial entities and, as such, it is a commercial decision for each lender to decide what interest rates to charge customers. The Central Bank has advised me that they do not publish the information requested by the Deputy.
138. Deputy Robert Dowds asked the Minister for Finance if he will consider allowing a person to close their private pension account and use it to pay the outstanding balance on a mortgage; and if he will make a statement on the matter. [28263/14]
Amharc ar fhreagraThere are a number of reasons why, under existing policies, pre-retirement access to the main benefits from pension plans or schemes is not permitted, the principal one being that these arrangements (and the associated tax reliefs on contributions and pension fund growth) are designed to be long term savings vehicles based on the principle that the benefits will be "locked away" to help fund an adequate income in retirement.
Section 782A of the Taxes Consolidation Act 1997 provides members of occupational pension schemes with a once-off opportunity to access their Additional Voluntary Contributions (AVCs), pre-retirement. The option is available for a three year period from 27 March 2013, the date that the Finance Act 2013 was passed into law.
The pre-retirement access to a portion of AVCs which I introduced in Budget and Finance Act 2013 is allowed on a tax-neutral basis; the contributions were tax-relieved at the individual's marginal rate on the way in and are taxed at the individual's marginal rate on withdrawal. The take-up of the measure to date has not been particularly significant. The measure is, however, designed to enable rather than incentivise individuals to access part of their pension savings beyond their regular or compulsory pension contributions. It is important that individuals continue to provide for their retirement and, it would appear, most individuals with AVCs have to date decided to preserve their AVC pension savings. For these various reasons, I have no plans to extend pre-retirement access to pension savings beyond what is provided for in relation to AVCs.
139. Deputy John Halligan asked the Minister for Finance the amount of corporation tax a company (details supplied) in County Waterford has paid to the State in the past five years; the percentage of its overall profit this represents; if he will provide a full year-by-year breakdown; his views on whether corporation tax has been paid at the correct level; and if he will make a statement on the matter. [28273/14]
Amharc ar fhreagraThe tax affairs of a particular company are a matter for the Revenue Commissioners and the company concerned. I am informed by the Revenue Commissioners that their obligation to observe confidentiality in relation to the tax affairs of individual taxpayers or companies (under section 851A of the Taxes Consolidation Act 1997) precludes them from providing the information requested by the Deputy.
140. Deputy Catherine Murphy asked the Minister for Finance the amount that was paid out under the one-parent family tax credit in 2010, 2011, 2012 and 2013; the amount that has been paid out to date under the single parent child carer tax credit; and if he will make a statement on the matter. [28282/14]
Amharc ar fhreagraI am advised by the Revenue Commissioners that the estimated cost for the Exchequer of One Parent Family Tax Credit in 2010, 2011, 2012 and 2013 was €142m, €144m, €147m and €127m respectively. I am further advised that the estimates for 2013 are provisional and will not be finalised until after tax returns for the tax year 2013 are received, the bulk of these returns are not due to be filed until later this year. In Budget 2014, it was estimated that the introduction of the Single Parent Child Carer Credit (SPCCC) would yield a saving to the Exchequer of €18m for 2014. However, it will not be possible to quantify the cost of the SPCCC or the saving for 2014 until next year.
