Michael McGrath
Ceist:75. Deputy Michael McGrath asked the Minister for Finance the annual cost to the Exchequer of the use of illegally washed diesel; and if he will make a statement on the matter. [42260/15]
Amharc ar fhreagraFuel Laundering
Ceisteanna (75)
Freagraí scríofa
The Revenue Commissioners advise me that it is inherently difficult to estimate the extent of any illegal activity with confidence and it is not possible, therefore, to put a figure on the cost of diesel laundering to the Exchequer. However, the Commissioners recognised it as a significant problem from early 2011 and implemented a comprehensive strategy to tackle it, based on rigorous supply chain controls, the implementation of a new fuel marker here and in the UK, and rigorous enforcement action. As a result of the strategy, since mid-2011, 147 filling stations have been closed for breaches of licensing conditions, over three million litres of fuel have been seized and 31 oil laundries detected and closed down.
The industry view is that the measures implemented to date have been successful in curtailing fuel laundering in Ireland. This view is supported by a significant increase in tax revenues from road diesel over the past three years. An analysis of long-term consumption trends for road diesel and marked diesel in Ireland undertaken by Revenue also pointed to a significant change in the pattern of consumption following implementation of the measures referred to above.
I am assured by Revenue that they remain very conscious of the threats posed by criminality in the fuel sector, and that action against such activities continues to be a central element of their work.
Tax Data
Ceisteanna (76)
Michael McGrath
Ceist:76. Deputy Michael McGrath asked the Minister for Finance the estimate of the cost for 2015 of each tax expenditure on the statute books; and if he will make a statement on the matter. [42261/15]
Amharc ar fhreagraFreagraí scríofa
I am informed by the Revenue Commissioners that the Revenue statistics website, http://www.revenue.ie/en/about/statistics/index.html, includes detailed information for those tax expenditures where costs are available. These cost estimates are published in the Costs of Tax Expenditures (Credits, Allowances and Reliefs) tables on the website. Updates for later years will be published in due course. I am further advised that there are some other tax expenditures, not included in the above tables, for which estimates of costs are not readily available.
Central Bank of Ireland Investigations
Ceisteanna (77)
Michael McGrath
Ceist:77. Deputy Michael McGrath asked the Minister for Finance the status of the reports completed by McCann Fitzgerald and by Ernst and Young into certain corporate governance matters at the former Irish Nationwide Building Society; if the reports have been referred to An Garda Síochána and to the Office of the Director of Corporate Enforcement; the action being taken on foot of the content of the reports. [42262/15]
Amharc ar fhreagraFreagraí scríofa
As the Deputy is aware, a number of reports were produced by Ernst and Young and McCann FitzGerald at the request of the Irish Nationwide Building Society Board in relation to governance matters in the former Irish Nationwide Building Society. Copies of all of these reports have been provided to the Central Bank of Ireland ( CBI ) under the terms of a protocol for limited disclosure agreed between the parties to preserve legal privilege over the material. IBRC was prohibited from disclosing these reports to anyone without the consent of the CBI, McCann FitzGerald and Ernst & Young.
The Special Liquidators understand that given the ongoing nature of the investigations by the Authorities, including in particular the investigation being conducted under the Central Bank's Administrative Sanctions Procedure into historic lending practices at Irish Nationwide Building Society, the reports cannot legally be published at this time. The Central Bank's investigation is ongoing and publication of the reports may be considered when the investigation is concluded or when any Garda investigation has been finalised (or any proceedings arising from such investigation are concluded). As the Deputy is aware, there are ongoing civil proceedings against former directors of INBS.
No reports about INBS legacy issues were submitted to the Office of the Director of Corporate Enforcement as that office does not have statutory jurisdiction over building societies.
Financial Services Regulation
Ceisteanna (78)
Michael McGrath
Ceist:78. Deputy Michael McGrath asked the Minister for Finance the number of persons who have not passed the Central Bank of Ireland’s fitness and probity regime in the banking and finance industry; and if he will make a statement on the matter. [42263/15]
Amharc ar fhreagraFreagraí scríofa
The Central Bank has informed me that since the introduction of the Fitness and Probity Regime on 1 December 2011, the Central Bank has processed 11,936 pre-approval controlled function applications.
9,997 of these applications were approved, 1,391 were returned as incomplete submissions and 548 applications were withdrawn by either the applicant or proposing entity.
National Pensions Reserve Fund Investments
Ceisteanna (79)
Michael McGrath
Ceist:79. Deputy Michael McGrath asked the Minister for Finance the value of the discretionary portfolio, including cash balances held by the National Pensions Reserve Fund; when the portfolio will be liquidated; and if he will make a statement on the matter. [42264/15]
Amharc ar fhreagraFreagraí scríofa
Following the commencement of the relevant section of the National Treasury Management Agency (Amendment) Act 2014 on 22 December 2014 the assets of the National Pensions Reserve Fund (NPRF) became the assets of the Ireland Strategic Investment Fund (ISIF).
The National Treasury Management Agency (NTMA) has advised that €7.146 billion represents both the final valuation of the Discretionary Portfolio at the termination of the NPRF's investment mandate and the opening valuation of the ISIF's Discretionary Portfolio. Cash & Cash Equivalents amounted to €2.423 billion or 34% of the value of the Discretionary Portfolio. The most recently published value of the ISIF's Discretionary Portfolio is €7.472 billion as at 30 September 2015. This includes Cash and short term investments of €2.894 billion.
The ISIF recently published its Investment Strategy which outlines the transition from the National Pensions Reserve Fund global assets over a 3-5 year period to a Fund focused exclusively on Ireland, subject to commercial investment opportunities being available.
http://www.ntma.ie/business-areas/ireland-strategic-investment-fund/.
Carbon Tax Yield
Ceisteanna (80)
Michael McGrath
Ceist:80. Deputy Michael McGrath asked the Minister for Finance the forecast revenue that will be raised by the carbon levy on each product on which it is applied in 2015; and if he will make a statement on the matter. [42265/15]
Amharc ar fhreagraFreagraí scríofa
I am advised by the Revenue Commissioners that the breakdown for the 2015 forecast for the Carbon Tax levy is shown in the table below.
|
Carbon Tax |
2015 |
|
|
€m |
|
Auto Diesel |
154.31 |
|
Petrol |
65.11 |
|
Aviation Gasoline |
0.02 |
|
Kerosene |
42.46 |
|
MGO |
54.93 |
|
Fuel Oil |
1.77 |
|
LPG (other) |
7.11 |
|
Auto LPG |
0.18 |
|
Natural Gas |
51.67 |
|
Solid Fuel |
37.41 |
|
Total |
414.96 |
Please note that the provisional yield for the period January to October 2015 is €347.3 million, which is €2.1 million ahead of forecast for that period.
Code of Conduct on Mortgage Arrears Breaches
Ceisteanna (81)
Michael McGrath
Ceist:81. Deputy Michael McGrath asked the Minister for Finance the number of complaints that have been made against banks for non-compliance with the code of conduct on mortgage arrears since it was instituted, the number that have been upheld, the sanctions that have been imposed for non-compliance, the maximum sanction that may be handed down; and if he will make a statement on the matter. [42266/15]
Amharc ar fhreagraFreagraí scríofa
I am informed by the Central Bank that it does not publish statistics in relation to the number of complaints against banks for non-compliance with the CCMA.
The Central Bank monitors compliance with the statutory consumer protection requirements through its ongoing engagement with firms, reviews and research, themed inspections, mystery shopping, and advertising monitoring. The Central Bank regularly conducts themed inspections to ensure compliance with all of its codes of conduct, including the CCMA. Details of these themes and the feedback issued can be found at: http://www.centralbank.ie/regulation/processes/consumer-protection-code/compliance-monitoring/Pages/themed-inspection.aspx. Themed inspections examine issues across a sector. Where a specific compliance issue arises with an individual firm, this is addressed directly with the firm and, where appropriate, supervisory action is taken.
I am further informed by the Central Bank that to date it has not imposed a sanction on a mortgage lender in relation to breaches of the CCMA. However, it is important to note that supervisory intervention is not limited to the use of administrative sanctions. Where breaches of any regulatory requirements occur, firms and/or individuals can expect vigorous investigation and follow through by the Central Bank.
In June 2015 the Central Bank completed a themed inspection of compliance with the CCMA. The themed inspection included onsite inspections of a number of regulated mortgage lenders to examine the processes in place around certain provisions of the CCMA and the controls lenders have in place to ensure compliance with those processes and the CCMA. The Central Bank released the findings from this work in June 2015 and further details are included in the Press Release, which is on the Central Bank's website -
http://www.centralbank.ie/press-area/press-releases/Pages/CentralBanksthemedinspectionidentifiesweaknessesinlenderscompliancewiththeCodeofConductonMortgageArrears.aspx.
The Code of Conduct on Mortgage Arrears (the Code) provides a strong consumer protection framework to ensure that borrowers struggling to keep up mortgage repayments are treated in a fair and transparent manner by their lender, and that long-term resolution is sought by lenders with each of their borrowers.
It is important that the Code is fully implemented by all lenders and that borrowers can be confident that any breaches of the Code will be swiftly identified and dealt with by the Regulator. The Central Bank has stated that it has the powers to manage this process effectively and I expect it to take whatever steps are necessary to ensure that all customers are protected.
Banks Recapitalisation
Ceisteanna (82)
Michael McGrath
Ceist:82. Deputy Michael McGrath asked the Minister for Finance the funds currently covered by the eligible liabilities guarantee, the rate at which this will decline; and if he will make a statement on the matter. [42269/15]
Amharc ar fhreagraFreagraí scríofa
On the 26 February 2013, following a decision by the Cabinet, it was announced that the ELG Scheme would end for new liabilities at midnight on 28 March 2013. Liabilities incurred after January 2010 and before midnight on 28 March 2013 remain covered until their next maturity subject to a maximum term of 5 years (28 March 2018).
At the date of ending the Scheme for new liabilities, coverage of the ELG stood at c. €74.6 billion. Since the ending of the scheme the covered liabilities have begun to mature from that date. By end-September 2015 (latest available data), ELG exposure has fallen, following the run-off of maturing deposits and bonds, to c. €3.5 billion. It is expected that the majority of ELG covered liabilities will reduce in 2016, with smaller amounts falling in 2017, and only a residual amount remaining in the first three months of 2018.
Tax Credits
Ceisteanna (83)
Michael McGrath
Ceist:83. Deputy Michael McGrath asked the Minister for Finance the cost and the number of companies that benefited from the research and development tax credit, in each year from 2011 to 2014, in tabular form; and if he will make a statement on the matter. [42271/15]
Amharc ar fhreagraFreagraí scríofa
I am informed by the Revenue Commissioners that the information is as follows:
|
Year |
Exchequer Cost |
Number of companies |
|
2011 |
€261m |
1,409 |
|
2012 |
€282m |
1,543 |
|
2013 |
€421m |
1,576 |
Published statistics regarding the Research and Development tax credit are available on the Revenue Statistics webpage at http://www.revenue.ie/en/about/statistics/costs-tax-expenditures.pdf.
Information for the tax year 2014 is not yet available as the tax returns for this year are still being processed but will be published in due course.