Michael McGrath
Ceist:91. Deputy Michael McGrath asked the Minister for Finance the total monthly betting duty yield in 2014 and to date in 2015; and if he will make a statement on the matter. [32630/15]
Amharc ar fhreagraTax Yield
Ceisteanna (91)
Freagraí scríofa
I am advised by the Revenue Commissioners that the monthly Betting Duty yield in 2014 and for the period January to August 2015 is shown in the following table.
|
- |
2014 €m |
2015 €m |
|
Jan |
5.3 |
5.6 |
|
Feb |
0.6 |
0.3 |
|
Mar |
0.5 |
0.3 |
|
Apr |
5.6 |
6.3 |
|
May |
0.4 |
0.4 |
|
Jun |
0.2 |
0.2 |
|
Jul |
6.2 |
6.3 |
|
Aug |
1.0 |
0.4 |
|
Sep |
-0.1 |
- |
|
Oct |
6.1 |
- |
|
Nov |
0.2 |
- |
|
Dec |
0.2 |
- |
|
Total |
26.2 |
19.8 |
NAMA Expenditure
Ceisteanna (92)
Michael McGrath
Ceist:92. Deputy Michael McGrath asked the Minister for Finance the number of National Asset Management Agency borrowers who have been advanced further loans to complete projects to date; the total sum involved; and if he will make a statement on the matter. [32631/15]
Amharc ar fhreagraFreagraí scríofa
I am advised by NAMA that, to date, it has advanced €2.5 billion in new development funding to debtors and receivers across a range of commercially viable residential and commercial property development projects. I am further advised that development funding has been advanced to, in total, 265 debtor connections.
NAMA Operations
Ceisteanna (93)
Michael McGrath
Ceist:93. Deputy Michael McGrath asked the Minister for Finance his plans to review the role and remit of the National Asset Management Agency, as it enters its final stage of operation; and if he will make a statement on the matter. [32632/15]
Amharc ar fhreagraFreagraí scríofa
Section 227(3) of the NAMA Act requires as soon as may be after 31 December 2012 and every 5 years after that while NAMA continues to be in existence, the Minister shall assess the extent to which NAMA has made progress toward achieving its overall objectives, and decide whether continuation of NAMA is necessary having regard to the purposes of this Act.
As has been referred to in numerous responses to Parliamentary Questions, my officials have produced a special report on NAMA's activities in compliance with Section 227, subsection 3, of the NAMA Act. This report was published and laid before the Houses of the Oireachtas on 16th July 2014.
Following the completion of the report, and taking into account what NAMA has achieved to date, my officials concluded that:
- NAMA has made significant progress in achieving its overall objectives.
- Based on NAMA's performance to date and its financial projections in light of the strength of current investor interest in Ireland, NAMA is well positioned to achieve its objectives.
- As a result, NAMA's continuation is necessary to achieve these objectives.
Following the completion of the Section 227 Report in July 2014, the NAMA Board also committed to two initiatives in addition to their debt redemption objectives.
The first is to ensure the timely and coherent delivery of key Grade A office, retail and residential space within the Dublin Docklands Strategic Developments Zone (SDZ) and Dublin's Central Business District. NAMA holds an interest in 75% of the 22 hectares of developable land within the Dublin Docklands SDZ and estimate that up to 3.8 million sq. ft. of commercial space and 1,950 apartments could be delivered in all the sites in the Dublin Docklands SDZ in which NAMA has an interest.
The second is to maximise the delivery of residential housing units in areas of most need, specifically through the commitment to deliver 4,500 residential units in Dublin by the end of 2016. NAMA is on course to meet this target and, since 2014, has funded the delivery of more than 1,700 new housing units across 39 sites in the Greater Dublin Area. This activity has resulted in NAMA funding the delivery of 40% of new housing units in Dublin in 2014 and 50% in the first half of 2015. The Agency has also indicated they will facilitate delivery of new homes elsewhere in the country in line with demand over this period.
These initiatives are entirely consistent with NAMA's core mandate of maximising the return to the taxpayer. Furthermore the oversight provisions, contained in the Act, also allow me to regularly monitor NAMA's activity, role, and performance towards meetings its objectives.
For example NAMA's Annual Report and Financial Statements are laid before the Houses of the Oireachtas. The level of disclosure in NAMA's Annual Report and Financial Statements is comprehensive and professional. I would encourage anyone interested in the workings and performance of NAMA who have not yet read these reports to take the time to do so as they are a rich source of information regarding NAMA's performance.
In addition, under Section 53 of the NAMA Act, NAMA is also required to submit to me an Annual Statement by 30 September each year setting out its proposed objectives for the following financial year, the scope of activities to be undertaken, its strategies and policies and its proposed use of resources.
NAMA is also required to report to me on a quarterly basis giving detailed information about its loans, its financing arrangements and its income and expenditure. These reports, which also include other information specified under Section 55 of the NAMA Act, track NAMA's progress on a quarterly basis. For example, the most recent report for Quarter 1 2015 highlighted some key recent achievements on the Dublin Docklands SDZ, Residential, and Social Housing facilitation.
The Chairman and Chief Executive are also accountable to the Committee of Public Accounts (PAC) and other Oireachtas committees and to give evidence to those committees whenever required to do so - and most recently attended the PAC on 9 July 2015. Transcripts of these appearances are available from the Oireachtas website.
NAMA's accounts are also comprehensively audited by the Comptroller and Auditor General. For large parts of the year - typically between September and May - C&AG staff are based in the Agency, performing their audit function, with unrestricted access to all its records and files. The Comptroller and Auditor General has already produced three special reports on NAMA's activities and they have been broadly positive in their assessment of how NAMA is managing its complex business. I note that their upcoming tri-annual review will focus on value for money and will examine some of the Agency's landmark sales processes.
Therefore, given the many oversight provisions already in place, I would not intend to conduct a stand-alone review of NAMA's role and remit prior to the next scheduled Section 227 report, which is due in 2019 - one year prior to NAMA's expected dissolution.
Public Interest Directors
Ceisteanna (94)
Michael McGrath
Ceist:94. Deputy Michael McGrath asked the Minister for Finance when he will appoint an additional public interest director to the board of Bank of Ireland; and if he will make a statement on the matter. [32633/15]
Amharc ar fhreagraFreagraí scríofa
I can confirm for the Deputy that I have notified Bank of Ireland that my current intention is to appoint a replacement director in due course to the board of Bank of Ireland, following the sad loss of Mr. Joe Walsh. I am not in a position at this stage to give a specific date, however.
Bank Restructuring
Ceisteanna (95)
Michael McGrath
Ceist:95. Deputy Michael McGrath asked the Minister for Finance if he will provide an update on Permanent TSB's plans to sell non-performing mortgages; the number, and book value, of mortgages for sale; the current position with regard to the proposed sale; and if he will make a statement on the matter. [32634/15]
Amharc ar fhreagraFreagraí scríofa
The Deputy may be aware that Permanent TSB committed in the Restructuring Plan, details of which were announced by the Group on 9 April 2015, to dispose of the Irish Commercial Real Estate and the UK loan books. On 11 March 2015, the Group announced that it had agreed the sale of €1.5billion of non-core Irish Commercial Real Estate loans, in addition to GBP £2 billion of UK lending assets and the UK subsidiary company, CHL. Both of these transactions have since completed. On 9 July 2015, the Group announced that it had agreed the sale of c.€500 million Irish Commercial Real Estate loans; this transaction is scheduled to complete before the end of October and will conclude the disposal of non-core Irish loans. The sale of residual UK assets is ongoing.
The Group also committed in the Restructuring Plan to reducing the value of defaulted Irish Tracker mortgages through a combination of measures, including cures and asset sales by a pre-determined date and according to a pre-determined schedule. I am advised by Permanent TSB that it is their clear preference that such a reduction would be achieved by way of completed treatments in order to cure the defaulted loans rather than other means. Such an objective provides the best outcome for affected customers. If the target cannot be met through such an approach or by other means, then Permanent TSB would be required by the Restructuring Plan to sell such loans within the pre-determined timelines.
Tax Exemptions
Ceisteanna (96)
Michael McGrath
Ceist:96. Deputy Michael McGrath asked the Minister for Finance the cost of the tax exemption under section 1003 of the Taxes Consolidation Act in 2014 and in 2015; the number of persons who availed of the scheme in each year; if he will provide details of their donations; and if he will make a statement on the matter. [32635/15]
Amharc ar fhreagraFreagraí scríofa
I am advised by the Revenue Commissioners that in 2014 one donation was made under the provisions of Section 1003 of the Taxes Consolidation Act 1997.
The donation consisted of two installations by Willie Doherty, entitled "Remains 2013" and "Ancient Ground 2011". These were valued at €160,000, resulting in a tax credit of €128,000.
I am further advised by the Revenue Commissioners that since 2009 the tax credit available to the donor of heritage items is an amount equal to 80% of the market value of such items.
Details of donations for 2015 will be included in the Revenue Commissioners annual report to the Minister for Finance for that year, in accordance with the provisions of section 1003(12) of the Taxes Consolidation Act 1997.
NAMA Assets Sale
Ceisteanna (97)
Michael McGrath
Ceist:97. Deputy Michael McGrath asked the Minister for Finance if, further to Parliamentary Question No. 27 of 4 February 2015, he will provide details of further meetings he or his officials have had with operators of private equity funds, including the dates on which these meetings took place; and if he will make a statement on the matter. [32636/15]
Amharc ar fhreagraFreagraí scríofa
Department of Finance records reflect that, since Parliamentary Question No. 27 of 4 February 2015, I have met with one US Private Equity firm, Cerberus, which may have had an interest in the sale of NAMA assets. This meeting was held on 19 March 2015. The meeting was also referenced in my previous response to the Deputy regarding Parliamentary Question No.293 of 13 July 2015.
My officials also held a telephone call with Canyon Capital on 10 February 2015.
I would also wish to make the Deputy aware that in Parliamentary Question No. 293 of 14 July 2015, I stated officials from my Department had met with a named US Private Equity firm (also being Cerberus) on 28 March 2015. This was incorrect and that meeting was in fact held on 28 March 2014. I trust this clarifies the matter for the Deputy.
In addition, both myself and senior Department officials, on occasion, attend group meetings and conferences which are arranged by investment banks and stockbrokers as well as presenting at conferences where representatives of various US Private Equity firms may also be in attendance.
Revenue Commissioners Investigations
Ceisteanna (98)
Michael McGrath
Ceist:98. Deputy Michael McGrath asked the Minister for Finance the amount recovered by the offshore assets group section in the Revenue Commissioners in 2014 and to date in 2015; and if he will make a statement on the matter. [32637/15]
Amharc ar fhreagraFreagraí scríofa
I am advised by the Revenue Commissioners that the remit of their Investigations and Prosecutions Division's Offshore Assets Group is to investigate the use of offshore accounts to evade or avoid tax and to ensure that any moneys owed, including interest and penalties, are recovered. Payments amounting to €9.46 million were received in 2014 as a result of the Group's work, and the amount received to date in 2015 is €4.64 million. Total payments since the inception of the Group are €1,013.73 million.
Departmental Staff Data
Ceisteanna (99)
Michael McGrath
Ceist:99. Deputy Michael McGrath asked the Minister for Finance the position regarding the number of staff due to retire from the Revenue Commissioners in the next five years; the current total number of staff; the average age of staff; and if he will make a statement on the matter. [32640/15]
Amharc ar fhreagraFreagraí scríofa
I am advised by the Revenue Commissioners that they estimate that in the region of 1,300 staff will retire from their organisation over the next five years based on the current age profile.
Revenue's multi-annual pay ceiling for 2015-2017 provides for an annual average whole time equivalent (WTE) staff level of 5,874 while its current whole time equivalent staff number is 5,744 (6,133 headcount). The current average age of staff in Revenue is 48.
Based on current staffing levels and projected retirements Revenue will require to fill critical posts at all grades in the next five years.
Under a delegated sanction received from the Department of Public Expenditure and Reform the Revenue Commissioners are obliged to fill posts in the first instance by reference to the Public Service Resource panel before considering open recruitment.
Revenue has already commenced recruiting staff from Public Appointments Service panels and from existing Revenue open recruitment panels. Using its recruitment licence from the Commission for Public Service Appointments, Revenue also plans to recruit specialist staff at Principal, Assistant Principal, Administrative Officer and Executive Officer levels.
Revenue has recruited a total of 318 staff through open recruitment to date in 2015.
Projected Retirements 2015-2020 (Headcount) 1
|
- |
To end 2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
Total |
|
Projected Retirements |
47 |
204 |
208 |
214 |
273 |
398 |
1,344 |
1 Estimates are based on those staff reaching 60 years.
Tax Yield
Ceisteanna (100)
Michael McGrath
Ceist:100. Deputy Michael McGrath asked the Minister for Finance the number of persons who paid the domicile levy in each year from 2012 to 2014; the total collected in each year; and if he will make a statement on the matter. [32641/15]
Amharc ar fhreagraFreagraí scríofa
I am informed by the Revenue Commissioners that :
In the year 2012, twelve individuals paid domicile levy. The total collected in that year was €2,078,163 and related to returns due for the tax years 2010 and 2011.
In the year 2013, fourteen individuals paid domicile levy. The total collected in that year was €2,419,829 and related to returns due for the tax years 2010 to 2012.
In the year 2014, nineteen individuals paid domicile levy. The total collected in that year was €3,598,537 and related to returns due for the tax years 2010 to 2013.
The domicile levy payment and return filing date for the tax year 2014 is 31 October 2015.