Written Answers Nos. 243-262
243. Deputy Fergus O'Dowd asked the Tánaiste and Minister for Social Protection the capital cost of recent improvement works to her Department facilities in County Louth by location; and if she will make a statement on the matter. [13302/15]
Amharc ar fhreagraThe Department in conjunction with the OPW has recently completed the delivery of two new Intreo centres in Dundalk and Drogheda that will provide an integrated service to DSP clients in Louth. The details are as follows:
|
Location |
Capital Costs* |
|
Dundalk Intreo, Government Buildings, St Alphonsus Road, Dundalk. |
€214,073 |
|
Drogheda Intreo, Custom House Quay, Drogheda, Co. Louth & Unit 2, Adelphi Court, Drogheda, Co. Louth |
€679,312 |
* Capital costs include signage and furniture costs
The delivery of the Drogheda Intreo involved a bi-location solution in the town which involved a complete refurbishment of the two premises whereas the scale of work for the Dundalk Intreo Centre was less significant.
244. Deputy Charlie McConalogue asked the Tánaiste and Minister for Social Protection the number of schools availing of funding from her Department for the provision of school meals that have run out of funding for this academic year and have had to stop providing school meals to children as a result; and if she will make a statement on the matter. [13304/15]
Amharc ar fhreagraThe school meals programme provides funding towards the provision of food services to some 1,600 schools and organisations which benefits over 205,000 children through two schemes. The first is the statutory urban school meals scheme, operated by local authorities and part-financed by the Department. The second is the school meals local projects scheme through which funding is provided directly to participating schools and local and voluntary community groups who run their own school meals projects.
Schools participating in the scheme are advised each academic year of their allocation and are expected to work within this allocation. However, the Department is aware of one school that has a shortfall in funding for this academic year and is engaging with the school principal to resolve the matter.
246. Deputy Denis Naughten asked the Tánaiste and Minister for Social Protection further to Parliamentary Questions Nos. 223, 227, 230 and 247 of 24 March 2015, if she will ensure that all pensioners contacted in the initial mailing will be informed that the original correspondence was misleading and that it is correctly pointed out that many local banks now limit manual cash withdrawals to particular days of the week; the implications for the sub-post office network of the new An Post transaction account; and if she will make a statement on the matter. [13318/15]
Amharc ar fhreagraThe letters recently issued by my Department to recipients of State Pension Contributory and Non Contributory were part of a very small trial to determine the best means of communicating with people about their payment options. Customers were asked to consider whether they would like to consider receiving their payment directly into an account in a bank, building society, certain credit union accounts or An Post given the considerable benefits available. Customer engagement was entirely voluntary with no negative consequences for customers who chose not to respond or engage. All existing payment options remain in place as heretofore.
The implications of any new product being offered by An Post for its network or parts thereof is a matter for An Post and my colleague the Minister for Communications, Energy and Natural Resources in the first instance, bearing in mind that An Post must continue to meet the agreed service level standards with this Department for contracted services.
While this small trial was a once off exercise, and no further letters will be issued, the Department may consider further communications of this nature when An Post launches its new transaction account.
247. Deputy Brian Walsh asked the Tánaiste and Minister for Social Protection if consideration will be provided to the extension of the JobsPlus scheme to incorporate apprenticeships; and if she will make a statement on the matter. [13338/15]
Amharc ar fhreagraJobsPlus provides a direct monthly financial incentive to employers who recruit employees from the Live Register and those transitioning into employment. It provides employers with two levels of payment - €7,500 or €10,000 over two years - paid in monthly instalments provided the employment is maintained. The rate of payment depends on the length of time the person is unemployed.
In March, the Department disbursed some €1.69 million to 3,279 employers in respect of 4424 employees being supported by JobsPlus.
In establishing JobsPlus, the Government’s priority was to engage and support employers to consider the long-term unemployed in their recruitment plans. In keeping with this priority, work of a part-time, seasonal, or short-tern nature is not supported by the initiative nor is employment of a training or work placement nature, including the provision of a subsidy to employers under apprentice schemes.
248. Deputy Jonathan O'Brien asked the Tánaiste and Minister for Social Protection further to Parliamentary Question No. 348 of 15 April 2014, if she will be reviewing policies regarding the domiciliary care allowance in view of the High Court judgment referred to in the previous parliamentary question; if her Department will be contacting persons who were unsuccessful in their application, and notifying them of the ability to reapply; the number it will be contacting; the timeframe for same; the number of persons her Department has contacted notifying them that they could re-apply; and if she will make a statement on the matter. [13343/15]
Amharc ar fhreagraThe High Court ruling of 1 April 2014, to which the Deputy refers, involved a challenge to the process involved in determining eligibility on a claim for domiciliary care allowance (DCA). While the Judge found in favour of the person concerned and ordered that the decision in this individual claim be returned to the Department for reconsideration, he also put a stay on the order to 28 April, thus providing time to the Department to consider the detailed judgement, along with any implications it may have for decision making.
The Department has appealed the judgement to the Court of Appeal and has requested a priority hearing. Notwithstanding this appeal, the Department has implemented revised arrangements in cases involving Medical Assessors opinions to demonstrate that it complies fully with the governing legislation.
The Department has not contacted any parent in relation to this and does not plan to do so.
However, it is open to any person to apply or re-apply for DCA at any time if they consider that they and their child satisfy the qualifying conditions for the scheme.
249. Deputy Jack Wall asked the Tánaiste and Minister for Social Protection the position regarding an appeal in respect of a carer's allowance for a person (details supplied) in County Kildare; and if she will make a statement on the matter. [13374/15]
Amharc ar fhreagraThe Social Welfare Appeals Office has advised me that an appeal by the person concerned was referred to an Appeals Officer on 10 March 2015, who will make a summary decision on the appeal based on the documentary evidence presented or, if required, hold an oral hearing.
The Social Welfare Appeals Office functions independently of the Minister for Social Protection and of the Department and is responsible for determining appeals against decisions in relation to social welfare entitlements.
251. Deputy Willie Penrose asked the Tánaiste and Minister for Social Protection the position regarding a social welfare appeal regarding a carer's allowance in respect of a person (details supplied) in County Longford; and if she will make a statement on the matter. [13413/15]
Amharc ar fhreagraThe Social Welfare Appeals Office has advised me that an appeal by the person concerned was referred to an Appeals Officer on 11 March 2015, who will make a summary decision on the appeal based on the documentary evidence presented or, if required, hold an oral hearing.
The Social Welfare Appeals Office functions independently of the Minister for Social Protection and of the Department and is responsible for determining appeals against decisions in relation to social welfare entitlements.
252. Deputy Aengus Ó Snodaigh asked the Minister for Finance if the social welfare card is acceptable proof of identity when opening post office or bank accounts for the purposes of receiving social welfare payments. [12903/15]
Amharc ar fhreagraFirstly, I must confirm to the Deputy that it is not appropriate for me, as Minister for Finance, to comment on or become involved in the detailed position of consumers opening post office or bank accounts. The National Treasury Management Agency has informed me that a social welfare card does not contain a photograph.
When opening a bank account the standard documentation which may be used for the purpose of verifying identity is one item of photographic ID (typically to verify name and date of birth) and one item of non-photographic IDs (typically to verify address). Depending on the risk assessment of the customer additional ID verification may be required. This does not prevent the use of two documents under the heading "Photographic ID" for the identification of name, date of birth and address. A social welfare card by itself may not be accepted to prove identity but could be used in combination with other documents to confirm identity.
Guidelines on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing are available on my Department's website at http://www.finance.gov.ie/sites/default/files/Criminaljustice2012.pdf. Appendix 2 of these guidelines is a non-exhaustive and non-mandatory list of alternative documents that can be used to verify identity in circumstances where a prospective customer cannot, for justifiable reasons, meet the standard identification and verification requirements, or has experienced difficulties in the past when seeking to open accounts.
On the issue more generally, it is a matter of good commercial practice that any firm should know its customers. It is particularly important that a financial institution confirms the identity of their customers because financial institutions often undertake high value transactions on behalf of their customers. In addition, EU directives require that financial institutions ascertain the identities of their customers in order to prevent the use of the financial system for the purpose of money laundering and terrorist financing.
If an individual is not happy with the way that a regulated financial institution has treated them, they can make a complaint to the institution. If they are not happy with the outcome of the complaint made they can refer the matter to the Financial Services Ombudsman (FSO). Further information on how to make a complaint to the FSO is available at www.financialombudsman.ie. The FSO can investigate, mediate and adjudicate on complaints made about the conduct of regulated financial service providers involving a failure or refusal to provide a service.
253. Deputy Pearse Doherty asked the Minister for Finance his views on the appropriateness of his ownership of Portuguese Government bonds, in view of his membership of the Eurogroup and the Economic and Financial Affairs Council, ECOFIN; and if he will make a statement on the matter. [12671/15]
Amharc ar fhreagraIn response to the Deputy's question I have furnished a statement of my registerable interests to the Standards Commission in line with the disclosure requirements for Office holders and Oireachtas members as is appropriate and required.
254. Deputy Pearse Doherty asked the Minister for Finance the reason previous members of a credit union (details supplied) have had their death benefit insurance cancelled, despite a commitment that their existing conditions were to be respected by Permanent TSB; and if he will make a statement on the matter. [12693/15]
Amharc ar fhreagraOn 10 November 2013, following an application by the Central Bank of Ireland the High Court approved the transfer of Newbridge Credit Union to Permanent TSB. The ownership and management of the assets and liabilities of the credit union, with the exception of the premises, transferred from Newbridge Credit Union Limited to Permanent TSB under the High Court order dated 10 November 2013. All questions regarding those assets and liabilities as well as queries in relation to ongoing customer products and services, can and should be addressed to Permanent TSB in the first instance.
I have been informed by the Central Bank that Permanent TSB wrote to the former members of Newbridge Credit Union in December 2014 to state its intention to fully integrate the business of the credit union into the local branch of Permanent TSB. This correspondence included details of Permanent TSB's approach for life insurance on deposits and loan protection insurance, which was a commercial decision taken by Permanent TSB.
To ensure that credit union services are available to people in the Newbridge area, the Central Bank approved in February 2015 the extension of the common bond of Naas Credit Union to incorporate a number of other areas including Newbridge.
255. Deputy Robert Dowds asked the Minister for Finance when the pension levy on private pensions will be removed; and if he will make a statement on the matter. [12720/15]
Amharc ar fhreagraThe pension fund levy was introduced in 2011 to fund the Jobs Initiative, which has been very successful in both helping to create and to maintain employment in this economy. The levy has applied at a rate of 0.6% for the years 2011 to 2013, at an aggregate rate of 0.75% for 2014 and will apply at a reduced rate of 0.15% for this year. In accordance with the provisions in section 125B of the Stamp Duties Consolidation Act 1999, the stamp duty levy on pension fund assets will end after 2015.
256. Deputy Pearse Doherty asked the Minister for Finance if he will provide a list of all levies currently in place on the financial sector; the amount each levy raised in 2014; if he will indicate in each case whether the levy is intended to be borne by the industry directly or can be passed onto the consumer; and if he will make a statement on the matter. [12762/15]
Amharc ar fhreagraThe following response outlines levies imposed relating to bodies which are under the remit of the Department of Finance only.
Central Bank
On an annual basis the Central Bank publishes a Guide to the Industry Funding Levy which includes a comprehensive list of the levy rates applicable for the year in question. The Guide to Industry Funding Regulations 2014 is available on the Central Bank website www.centralbank.ie
Under 32D and 32E of the Central bank Act 1942, I have a role in approving the Central Bank regulations providing for fees and levies for the regulation of financial services providers, but the levels of those fees and levies is in the first instance a matter for the Central Bank. Under the current funding model, the objective of the regulations is to raise approximately 50 per cent of the cost of financial regulation directly from the regulated financial service providers. There are some exceptions where credit institutions fund 100 per cent of the cost of their regulation. For example, Irish authorised credit institutions admitted to the ELG Scheme 2009. In addition, credit institutions directly and indirectly supervised by the Single Supervisory Mechanism (SSM) will be required to fund 100 per cent of the budgeted costs of SSM-related activities incurred by the ECB.
A review of the current funding model is underway. A joint Working Group led by my Department with representatives from the Central Bank has been established to examine the introduction of a funding model that moves from the current partial funding model to a model that covers the full cost of regulation.
The following table outlines the Net Annual Funding Requirement (nAFR) for regulated financial services entities for 2014.
|
Category |
Description |
2014 nAFR (€'000) |
|
A1a |
Irish authorised Credit Institutions admitted to the ELG Scheme 2009 and their subsidiaries |
13,543 |
|
A4 |
Supplementary Levy for Credit Institutions |
21,793 |
|
A1b/A2 |
Irish authorised Credit Institutions not in A1a/EEA Branches |
8,022 |
|
B |
Insurance Undertakings |
12,167 |
|
C |
Intermediaries |
2,519 |
|
D/E2 |
Securities & Investment Firms and Investment Fund Service Providers |
9,498 |
|
E1 |
Investment Funds |
2,974 |
|
F |
Credit Unions |
1,400 |
|
G |
Moneylenders |
293 |
|
H |
Approved Professional Bodies |
11 |
|
J |
Bureaux de Change |
16 |
|
M |
Retail Credit/Home Reversion Firms |
98 |
|
N |
Payment Institutions & E-Money Institutions |
540 |
|
Total |
72,874 |
There are a number of exceptions to the 50% funding model as follows:
- Credit Institutions: Credit Institutions admitted to the Eligible Liabilities Guarantee Scheme 2009 are required to fund 100 per cent of supervisory costs. Where appropriate, individual credit institutions are also required to fully fund costs incurred by the Central Bank in carrying out any external review of the institution.
- Credit Unions: The amount of the levy payable by a credit union is currently capped at 0.01per cent of their total assets as at 30 September in the previous year. As a result, credit unions currently contribute approximately 8% to the cost of their regulation.
- Securities Market Supervision Costs: The excess of costs
- incurred by the Central Bank in performing its responsibilities under the Prospectus, Transparency, Market Abuse, Short Selling, Securities Financing Transaction Regulation Directives together with the European Markets Infrastructure Regulation over
- Transparency fees and Prospectus Approval and related fees is currently funded by the Central Bank by way of subvention.
Credit Union Restructuring Board (ReBo)
- Stabilisation Levy
Credit unions have to pay a stabilisation levy for the purpose of building up a fund that can be used, in certain circumstances and subject to certain conditions, to assist credit unions that have fallen below their statutory reserve requirement but are otherwise considered viable. 2015 is the first year in which credit unions are required to pay this levy. Hence it did not raise any money in 2014. The stabilisation levy contributions that individual credit unions have to pay are based on a percentage of their total assets.
- ReBo Levy
For the year 2014, a ReBo levy of €1.4 million was provided for by Statutory Instrument. This has been charged to credit unions and €1,354,586 had been collected by late-March of 2015. The purpose of the levy is to finance the performance of ReBo of its functions under the Credit Union and Co-Operation with Overseas Regulators Act 2012. The levy is borne by credit unions.
Financial Services Ombudsman
Financial service providers are liable to pay a levy where they are registered with the Central Bank. The Financial Services Ombudsman Bureau is funded by financial service providers. The levy amounts are prescribed by the Financial Services Ombudsman Council with the consent of the Minister for Finance.
The Financial Services Ombudsman Bureau is 100% funded by issuing an annual levy on all regulated financial service providers.
The following is a table of the funding allocation for the Financial Services Ombudsman Bureau for 2014.
|
Funding Allocation |
2014 (€) |
|
Life Assurance |
1,613,234 |
|
General Insurance |
1,759,936 |
|
Credit Institutions |
1,357,586 |
|
Credit Unions |
585,791 |
|
Stockbrokers |
164,472 |
|
Other Regulated Entities |
412,460 |
|
Total |
5,893,479 |
Investor Compensation Company Limited (ICCL)
The ICCL applies a single levy per annum - the Annual levy for the Investor Compensation Scheme. This levy is to be borne by the industry participant. The levy raised in their financial year ending 31/07/2014 came to €4.072m from their Fund A and €1.484m from their Fund B.
Revenue Commissioners
I am informed by the Revenue Commissioners that the following levies are currently payable by financial institutions:
- Stamp duty Levy on cash cards, debit cards and combined cash/debit cards under Section 123B of the Stamp Duties Consolidation Act 1999. The yield from this levy in 2014 was €18.76m million. The levy is payable by the financial institution, but the legislation provides that it may be passed on to the cardholder.
- Stamp duty levy on credit cards and charge cards under Section 124 of the Stamp Duties Consolidation Act 1999. The yield from this levy in 2014 was €45.85m million. The levy is payable by the financial institution, but the legislation provides that it may be passed on to the cardholder
- Levy on financial institutions under Section 126AA of the Stamp Duties Consolidation Act 1999. The yield from this levy in 2014 was €154 million. The levy is payable by the financial institution and the legislation does not provide for it to be passed on to accountholders. Financial institutions may of course reflect some or all of the levy in any charges they apply to accountholders.
In addition, the following levies are currently payable by insurers:
- Levy on life insurance premiums under Section 124B of the Stamp Duties Consolidation Act 1999. The yield from this levy in 2014 was €27.85 million.
- Levy on general insurance premiums under Section 125 of the Stamp Duties Consolidation Act 1999. The yield from this levy in 2014 was €1.97 million.
- Levy on Health Insurers under Section 125A of the Stamp Duties Consolidation Act 1999. Insurers incur the levy. The yield from this levy in 2014 was €581.71 million.
These insurance levies are payable by the relevant insurers and the legislation does not provide for them to be passed on to the insured persons. Insurers may of course reflect some or all of any levy in the premium they charge to insured persons.
Furthermore, the Deputy may be aware of the pension fund levy under Section 125B of the Stamp Duties Consolidation Act 1999. It is a stamp duty charge that applies to the market value, on the valuation date, of assets under management in pension funds and pension plans approved under Irish tax legislation. The chargeable persons for the levy are the trustees or other persons, including insurance companies, responsible for the management of the assets of the pension schemes or plans. The payment of the levy is treated as a necessary expense of a pension scheme and the trustees or insurer, as appropriate, are entitled where needed to adjust current or prospective benefits payable under a scheme to take account of the levy. In accordance with the provisions in section 125B of the Stamp Duties Consolidation Act 1999, the stamp duty levy on pension fund assets will end after 2015. The yield from this levy in 2014 was €743 million.
257. Deputy Michelle Mulherin asked the Minister for Finance the number of filling stations in each county that have a mineral oil trading licence; the number of licences that have been revoked, extinguished or expired in each county over the past five years; and if he will make a statement on the matter. [12816/15]
Amharc ar fhreagra259. Deputy Michelle Mulherin asked the Minister for Finance the number of consignments, on average, of petrol and diesel per filling station with a mineral oil trading licence in County Mayo being reported per month as received by the filling station operators to the Revenue Commissioners in the past two years; and if he will make a statement on the matter. [12851/15]
Amharc ar fhreagraI propose to take Questions Nos. 257 and 259 together.
I am informed by the Revenue Commissioners that 134 filling stations were closed down since 2011 for breaches of licensing conditions. The Commissioners also inform me that, while no licences were revoked prior to the introduction of the new licensing regime in late 2011, 3 mineral oil traders' licences were revoked in 2013, including 2 in Dublin and 1 in Cork, and 2 mineral oil traders' licences were revoked in 2014, both in Waterford. No licences have been revoked to date in 2015. In addition, Revenue has refused licence applications from mineral oil traders in this period, including 17 applications in 2012, 22 applications in 2013, and 4 licence applications in 2014. To date in 2015, Revenue has refused one licence application. The distribution of refusals on a county basis is not readily available.
The number of premises that are currently licensed per county is set out in the schedule below. The Commissioners advise me that the number of licences that relate specifically to filling stations is not readily available. A register of auto fuel and marked fuel traders' licenses is published on the Revenue website and these details are updated monthly. The data can be accessed by the public at the following links to the relevant webpage:
http://www.revenue.ie/en/tax/excise/mineral-oil-traders/licensed-auto-fuel-traders.xls
http://www.revenue.ie/en/tax/excise/mineral-oil-traders/licensed-marked-fuel-traders.xls
In relation to fuel deliveries to filling stations in Co Mayo, I am advised by the Revenue Commissioners that licensed operators of filling stations are required to submit monthly Returns of Oil Movements (ROM 1) showing the total volume of petrol and diesel delivered to their premises each month. The licensing year for Auto Fuel and Marked Fuel Traders runs from 1st July to 30th June annually. Accordingly, an analysis of data on oil movements is more accurate if confined to that period rather than based on the calendar year, as licence holders may change at the renewal stage and this would distort the data.
An analysis of the data on petrol and road diesel movements to filling stations in Mayo extracted from ROM1 returns has been undertaken for the period 1st July 2013 to 30th June 2014 inclusive (the most recent full licensing year for which such data is available). This analysis reveals that there was an average of 554 inward movements of road diesel per month, amounting to an average delivery of 118,143 litres per month to each filling station. The average amount delivered was 18,349 litres per delivery, with an average of 6.4 deliveries per filling station per month. The average total volume of petrol delivered to filling stations in Mayo during the period amounted to 5,134,555 litres, giving an average of 65,339 litres of petrol delivered to each filling station per month. As licence holders may aggregate their deliveries of petrol on their returns, showing a total monthly figure per supplier, it is not possible to provide data on the number of petrol deliveries or the average volume per delivery.
Schedule
|
Current Mineral Oil Traders' Licences by County at 25th March 2015. |
||
|
County |
Auto Fuel |
Marked Fuel |
|
Carlow |
39 |
22 |
|
Cavan |
80 |
65 |
|
Clare |
94 |
57 |
|
Cork |
267 |
132 |
|
Donegal |
146 |
129 |
|
Dublin |
260 |
92 |
|
Galway |
166 |
135 |
|
Kerry |
109 |
57 |
|
Kildare |
94 |
51 |
|
Kilkenny |
52 |
38 |
|
Laois |
57 |
30 |
|
Leitrim |
28 |
23 |
|
Limerick |
133 |
66 |
|
Longford |
34 |
33 |
|
Louth |
88 |
57 |
|
Mayo |
114 |
102 |
|
Meath |
92 |
47 |
|
Monaghan |
82 |
66 |
|
Offaly |
53 |
29 |
|
Roscommon |
48 |
45 |
|
Sligo |
48 |
44 |
|
Tipperary |
133 |
83 |
|
Waterford |
62 |
29 |
|
Westmeath |
67 |
42 |
|
Wexford |
116 |
79 |
|
Wicklow |
59 |
32 |
|
Totals |
2521 |
1585 |
258. Deputy Michelle Mulherin asked the Minister for Finance further to Parliamentary Question No. 194 of 10 March 2015, the reason there has been such a marked decline in spot checks and the number of samples of petrol and diesel which have been taken from bulk fuel transportation vehicles such that only 24 samples were taken in 2014, notwithstanding widespread complaints by motorists of damage to their vehicles arising out of petrol stretching throughout that year; and if he will make a statement on the matter. [12850/15]
Amharc ar fhreagraI am advised by the Revenue Commissioners, who are responsible for tackling fuel fraud, that acting against illegal activities of this kind is a priority for them. They undertake, on an ongoing basis, an extensive programme of compliance and enforcement actions to ensure adherence to the legal requirements governing the supply and sale of mineral oil and to allow action to be taken against fraud. Among the key elements of this programme are the carrying out of control and compliance inspections at critical points of the fuel supply chain, including visits to mineral oil traders, to check records and take samples, and the checking and inspection of bulk fuel transportation vehicles (involving, from time to time, the taking of fuel samples from such vehicles).
The focus of Revenue's control and compliance actions at a particular point depends on the nature of the issue being addressed. In the case of reported problems with petrol quality, and the suggestions that these problems are attributable to petrol stretching, the priority has been to check out petrol stations about which a complaint was received. I am advised that the Revenue Commissioners are satisfied that this represents the best use of the investigative resources available to them in addressing this particular matter.
The Revenue Commissioners advise me that their activities to combat petrol and fuel fraud are based on risk evaluation and intelligence, and that fuel samples are taken mainly from where fuel is stored, at both wholesale and retail levels. The taking of samples from bulk fuel transportation vehicles is carried out essentially as a backup to other compliance and enforcement activities.
As I indicated in my reply to the Deputy's Question No. 191 of 10 March 2015, all complaints received have been investigated and samples of petrol have been taken from the petrol stations concerned. Some 345 samples, from stations and other sources, have been referred to the State Laboratory.
The scientific analysis required is complex and time-consuming and the State Laboratory has conducted an extensive series of test and re-tests on the samples. Despite this, evidence of the presence of prohibited stretching agents has been found in only two samples, both from one location. The conclusive results received from those tests have resulted in the seizure of the product, and files are being prepared with a view to prosecution.
Following a series of further tests conducted by the State Laboratory, results were received which indicate the presence of traces of road diesel in several samples taken from a variety of locations. This could indicate that petrol was contaminated with road diesel at some point in time. If the problems that came to light were caused by unintended contamination as a result of diesel being inadvertently mixed with petrol at some point along the supply chain, there would be no Revenue offence involved. However, the Revenue Commissioners are investigating vigorously the possibility of tax fraud being associated with the identified problems. In any instances where the analysis by the State Laboratory indicates the presence of illegal stretching agents in petrol, Revenue will take swift and robust action.
I am satisfied that the Revenue Commissioners are taking all possible steps to identify the problem and challenge any instances of identified fuel fraud, including, where possible, pursuing prosecutions against offenders.
260. Deputy Michael McGrath asked the Minister for Finance if he will provide, in tabular form, the number of investments made by the Ireland Strategic Investment Fund in each county since its inception; the total value of each investment; and if he will make a statement on the matter. [12874/15]
Amharc ar fhreagraThe Ireland Strategic Investment Fund (ISIF) was established on 22 December 2014 with a mandate to invest on a commercial basis to support economic activity and employment in Ireland. The assets of the National Pensions Reserve Fund (NPRF) were transferred into the ISIF on its establishment. The National Treasury Management Agency (NTMA) is responsible for management of the ISIF and the Investment Committee of the NTMA is responsible for making decisions about the acquisition and disposal of assets of the ISIF.
The NTMA is required to report each year on a number of matters including an assessment on a regional basis of the distribution of investments made by the Fund. While it is standard practice that companies report financial information to their investors, the ISIF mandate will also require metrics that can be used to help assess economic impact. Reporting on economic impact therefore requires a completely new data set to be obtained from funds and projects in which ISIF has invested and from underlying companies in which such funds have invested and a data gathering exercise is currently ongoing. The first ISIF economic impact report, which will include an analysis of the regional distribution of investments, is expected to be published in Quarter 2 2015.
261. Deputy Michael McGrath asked the Minister for Finance if the National Treasury Management Agency is considering issuing 50-year bonds to take advantage of current record low interest rates; and if he will make a statement on the matter. [12875/15]
Amharc ar fhreagraAs part of its regular, ongoing funding strategy, the NTMA considers issuance of various maturities subject to market developments and investor appetite. The NTMA announced last December that it plans to issue €12 to €15 billion of long-term bonds over the course of 2015 and has, so far this year, raised €9.5 billion.
Ireland currently has thirteen benchmark bonds with maturities across the yield curve to 2045. This includes a new 30-year benchmark bond, launched in February, at which time the National Treasury Management Agency (NTMA) raised €4 billion. This is the first 30-year benchmark bond issued by Ireland and it is considered by the debt markets to have opened up a new opportunity for Ireland. In addition to the €4 billion raised in February, the NTMA raised a further €1 billion in this long maturity bond at its most recent bond auction on 12 March. This further lengthens the average maturity of the National Debt.
The NTMA has advised that its funding strategy will continue to take account of the quantum of the funding requirement, market conditions, debt servicing implications, and feedback from Ireland's Primary Dealers and investors in Government bonds.
262. Deputy Dessie Ellis asked the Minister for Finance the increases in the cost of life assurance policies that have been made in the past year at State-backed banks; and if he will make a statement on the matter. [12908/15]
Amharc ar fhreagraI have received the following information for the relevant institutions:
AIB
- AIB is a tied agent of Irish Life for Life Assurance products.
- AIB / Irish Life has not increased Life Assurance prices in the past year.
- In fact there was a small price reduction across the protection product range in February 2014
PTSB
Permanent tsb are a tied agent of Irish Life and do not underwrite life assurance risk. Irish life have confirmed that here have been no price or ratings increases for permanent tsb customers over the last number of years.
Bank of Ireland
In the case of Bank Of Ireland, life assurance is provided through its subsidiary New Ireland Assurance Company plc NIAC). Details in relation to all products provided by NIAC can be found on its website at http://www.newireland.ie/about_new_ireland_assurance.aspx
