Written Answers Nos. 87 to 97
87. Deputy Bernard J. Durkan asked the Tánaiste and Minister for Social Protection when the one-parent family payment will be restored to a person (details supplied) in County Kildare; and if she will make a statement on the matter. [43422/15]
Amharc ar fhreagraThe person concerned has been in receipt of One Parent Family allowance payment since March, 2011. Upon review, the payment was suspended as the Department was unable to contact the person concerned. When contact was established the person concerned has been asked to supply documentation, to support her continued entitlement to the payment, which remains outstanding.
The person concerned can, if she wishes, apply for supplementary welfare allowance. Her entitlement to that payment will be examined by a Departmental official.
88. Deputy Bernard J. Durkan asked the Tánaiste and Minister for Social Protection if the rent support of a person (details supplied) in County Kildare who is now homeless will be affected if that person joins with another person who has a child and has independent housing status and rent support, given that the new situation would provide rent support for two adults, both unemployed and one with a child [43424/15]
Amharc ar fhreagraAll changes in circumstances should be immediately notified to the Department. The client concerned should contact their local Social Protection office to advise them of same. An assessment on the other clients continued entitlement cannot be made without their details being submitted to the Department. Should there be a change to this clients family composition and weekly income, they should submit an updated Rent Supplement application form, outlining same in order for their entitlement to be re-assessed.
89. Deputy Bernard J. Durkan asked the Tánaiste and Minister for Social Protection when child benefit will be granted in respect of a second child to a person (details supplied) in County Kildare who is an Irish citizen and who already receives child benefit for the first child; and if she will make a statement on the matter. [43427/15]
Amharc ar fhreagraA claim for child benefit was received in respect of the child concerned from his mother in October 2015 which stated that the child arrived in the State in July 2015. Documentation was requested in support of the claim.
Documentation has been provided confirming the child’s presence in the State from September 2015 and child benefit has been awarded accordingly. Payment of child benefit including arrears will be lodged to the nominated bank account on the next payment date on 5 January 2015.
90. Deputy Bernard J. Durkan asked the Tánaiste and Minister for Social Protection if and when an application under the disability allowance scheme by a person (details supplied) in County Kildare will be processed; and if she will make a statement on the matter. [43428/15]
Amharc ar fhreagraAccording to the Department’s records there is no application for disability allowance registered by the person concerned. A jobseeker’s benefit application was registered on 27 November 2015 and is currently being processed. The person concerned will be notified of the decision in due course.
91. Deputy Robert Troy asked the Minister for Finance the person responsible for an apartment block (details supplied) in County Longford; and if he will make a statement on the matter. [43258/15]
Amharc ar fhreagraAs Minister for Finance, I do not have details on who has responsibility for the properties you reference in your question.
I am advised that loans secured by a number of the properties in this development were sold as part of NAMA's Project Eagle portfolio. However, once this transaction was completed, NAMA no longer had a role regarding those properties.
I would advise the Deputy to contact the Property Registration Authority via their website, www.prai.ie for relevant information. The Property Registration Authority (PRA) is the State organisation responsible for the registration of property transactions in Ireland. Their role is to provide a system of registration of title (ownership) to land, which is comprehensive and readily accessible. The PRA manages and controls the Land Registry and the Registry of Deeds and also operates the Ground Rents Purchase Scheme. The PRA website also provides a useful search facility available at www.landdirect.ie where it is possible to view details of specific properties.
The PRA describes the Irish Land Register as one of the most advanced land registers in Europe. The Register is fully computerised and all registered land parcels are digitised. The Register consists of textual and spatial information (folios and maps). The registered land in each county is divided into folios, one for each individual ownership or title. The Register provides conclusive evidence of title to property and any right, privilege, appurtenance or burden appearing thereon. The PRA further states that the title shown on the folio is guaranteed by the State which is bound to indemnify any person who suffers loss through a mistake made by the Land Registry.
I would encourage the Deputy to access this service to secure ownership information for the properties in question.
The relevant local authority for the area in question may also be in a position to provide further information to the extent any of these properties may constitute an unfinished estate.
92. Deputy Denis Naughten asked the Minister for Finance the steps he and his European Union colleagues are taking to ensure better regulation of commodity future markets; and if he will make a statement on the matter. [43357/15]
Amharc ar fhreagraIn recent years and in response to G20 commitments on commodity derivative trading, the European Commission introduced a number of legislative measures aimed at improving the regulation, functioning and transparency of financial and commodity markets to address excessive commodity price volatility.
The Markets in Financial Instruments Directive (MiFID 2) and Regulation (MiFIR) forms the lynchpin of these measures and are designed to improve both oversight and transparency of commodity derivative markets. Agreed in 2014 and with an entry into application date of 3 January 2017, MiFID 2 will:
- Reduce the level of exemptions available, in comparison to MiFID 1, thus meaning that more financial products will be defined as derivative financial instruments and will therefore fall within the scope of MiFID II and other financial legislation such as Market Abuse.
- The number of exemptions available to entities trading commodity derivatives has been reduced which means meaning that certain entities controlling futures trading will require authorisation once MIFID 2 is fully implemented and hence will be subject to supervision by National Competent Authorities.
- MiFID 2 also contains important provisions relating to position management, position limits and product intervention. These provisions are in respect of all financial instruments, including commodity derivatives, and have the purpose of providing regulators with tools to avoid excessive speculation in financial instruments, including commodity derivatives.
Commodity futures are required to be cleared which improves the stability of commodity futures markets. Separately, under the European Markets Infrastructure Regulation (EU 648/2012), the Central Bank has available to it data on transactions and positions of non-financial as well as financial counterparties engaged in commodities future markets, data which is held in various trade repositories.
The MiFID II proposals complement initiatives taken in other financial services files such as Market Abuse Regulation and Benchmarks, and together they are expected to result in a more robust regime for all commodity derivative markets, including food securities, whether traded OTC or through exchanges. This new legislative environment will be much more prescriptive than the current arrangements and will serve to prevent market abuse and to support orderly pricing in commodity derivatives and related commodity markets.
93. Deputy Denis Naughten asked the Minister for Finance when he will publish the commencement orders for the remaining sections of the Credit Union and Co-operation with Overseas Regulators Act 2012; and if he will make a statement on the matter. [43382/15]
Amharc ar fhreagraThe Credit Union and Co-operation with Overseas Regulators Act 2012 (the "2012 Act" ) was signed into law by the President in December 2012.
It was agreed at that time that it would be neither practical nor feasible to commence the 2012 Act in its entirety in one fell swoop. Following on from that, an implementation timetable for the 2012 Act was devised in consultation with stakeholders, including credit union representative bodies.
Commencement of all sections of the 2012 Act has been aligned with the credit union financial year and the introduction of the underpinning Central Bank regulations, with a view to implementation of the 2012 Act in a coherent and cohesive manner. This has provided credit unions with the time necessary to ensure that the required processes and procedures are in place prior to implementation of each tranche.
I have met with the three credit union representative bodies and the perceived impact of the new regulations was discussed. It is my intention to commence the remaining sections of the 2012 Act on 31 December 2015 in line with the introduction of the regulations by the Registrar of Credit Unions. Following commencement the Commencement Order will be published in Iris Oifigiúil. These sections of the 2012 Act, when commenced will replace, amend or supplement existing sections of the 1997 Act.
The Government's priorities remain the protection of members' savings, the financial stability of credit unions and the sector overall and it is absolutely determined to continue to support a strengthened and growing credit union movement.
94. Deputy Michael McGrath asked the Minister for Finance the agencies, other than the National Asset Management Agency and the Central Bank of Ireland, which pay retention or bonus payments to staff; the bonuses or retention payments made in 2014 and in 2015 to date; the numbers of staff receiving these payments; the highest individual payment received at each agency, in tabular form; and if he will make a statement on the matter. [43392/15]
Amharc ar fhreagraIn response to the Deputy's query please find, in tabular form details of retention and bonus payments if any paid to staff; the bonuses or retention payments made in 2014 and in 2015 to date; the numbers of staff receiving these payments; the highest individual payment received at each agency, by bodies under the aegis of the Department of Finance in 2014/2015.
I would ask the Deputy to note that the amounts in relation to the National Treasury Management Agency in the table below relate to performance-related payments and retention payments made in 2014 and in 2015 which were paid in respect of the prior year. The NTMA Annual Report 2014 outlines performance related payments in 2015 in respect of 2014.
The Staff of Strategic Banking Corporation of Ireland are seconded from NTMA. The NTMA advises no performance-related or retention payments were made to staff assigned to SBCI in either 2014 or 2015.
|
Body |
Are retention or bonus payments made to staff |
The bonus or retention payments made in 2014 |
Numbers of staff receiving such payments in 2014 |
Highest individual payment received 2014 |
The bonus or retention payments made in 2015 to date |
Numbers of staff receiving such payments in 2015 to date |
Highest individual payment received 2015 to date |
|
Office of the Appeals Commissioners |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
|
C&AGs |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
|
Credit Reviewer |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
|
Credit Union Advisory Committee |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
|
Credit Union Restructuring Board (ReBo) |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
|
Disabled Drivers Medical Board of Appeal |
No retention or bonus payments |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
|
Financial Services Ombudsman Bureau |
No bonus or retention payments to any staff member in 2014 or 2015 |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
|
Financial Services Ombudsman Council |
No bonus or retention payment made to any Council member in 2014 or 2015 |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
|
Investor Compensation Company Limited |
No retention or bonus payments made to ICCL staff in 2014 or2015 |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
|
Irish Bank Resolution Corporation |
Not applicable to IBRC (in special liquidation) |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
|
Irish Financial Services Appeals Tribunal |
No staff |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
|
Irish Fiscal Advisory Council |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
|
National Treasury Management Agency |
Yes1 |
€136,500 |
12 |
€60,000 |
€189,200 in total |
19 |
€60,000 |
|
Office of the Revenue Commissioners |
Revenue Commissioners did not pay retention or bonus payment to any of their staff in 2014 or 2015 |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
|
Social Finance Foundation |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
|
Strategic Banking Corporation of Ireland |
Staff seconded from NTMA. The NTMA advises no performance-related or retention payments were made to staff assigned to SBCI in either 2014 or 2015 |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
1 The numbers above relate to performance-related payments and retention payments made in 2014 and in 2015 which were paid in respect of the prior year.
The NTMA Annual Report 2014 outlines performance related payments in 2015 in respect of 2014.
The following revision was received from the Department on 11 December 2015:
The National Treasury Management Agency (NTMA) has advised the Minister for Finance of the following correction to the table:
|
Body |
Are retention or bonus payments made to staff |
The bonus or retention payments made in 2014 |
Numbers of staff receiving such payments in 2014 |
Highest individual payment received 2014 |
The bonus or retention payments made in 2015 to date |
Numbers of staff receiving such payments in 2015 to date |
Highest individual payment received 2015 to date |
|
National Treasury Management Agency |
Yes1 |
€136,500 |
12 |
€60,000 |
€199,200 in total |
20 |
€60,000 |
1 The numbers above relate to performance-related payments and retention payments made in 2014 and in 2015. The NTMA Annual Report outlines performance related payments in 2015 in respect of 2014.
95. Deputy Michael McGrath asked the Minister for Finance how much of the announced Ireland Strategic Investment Fund's €500 million home-building finance joint venture with an investment firm (details supplied) has been drawn down as at 30 November 2015; how many housing units will be constructed as a result of the draw-down to date; the average interest rate which applies to the loans drawn-down to date; the interest rate he expects to apply to future draw-downs; when he expects the funding to be fully drawn down; and if he will make a statement on the matter. [43393/15]
Amharc ar fhreagraAs the Deputy will know, Activate Capital (Activate) is a new innovative non-bank financing platform that has been established by the Ireland Strategic Investment Fund (ISIF) and global investment group KKR to invest on a commercial basis in residential development projects in Ireland to help address the current supply shortages in the main urban centres. Activate is focused exclusively on lending to Irish residential projects and will target, in particular, new residential development in Dublin, the greater Dublin area, and Cork, Limerick and Galway which have been identified as the areas of greatest demand.
Activate is a €500 million fund, which is financed through a €325 million loan note provided from ISIF and a €175 million loan note provided from KKR. The €500 million represents the peak funding outlay at any one time but as borrowings are repaid this will create additional lending capacity over and above the original €500 million. Uniquely, Activate will provide up to 90% of project funding and will provide funding for both the acquisition of land and to bring projects through the planning process. The Activate base lending rate is approximately c.10% and, as would be expected for projects of this nature, there is participation in equity upside if projects are successful so that the fund, and by extension taxpayers, share in any gains alongside the project promoter. The pricing for Activate facilities reflects the provision of up to 90% of overall development costs and the fact that it is, in effect, taking a combination of debt and equity risk. Activate also offers the advantages of deliverability and speed of execution. The Activate model is capable of substantially quicker credit turnaround times than average time frames currently in the market place given the requirement, typically, for project promoters to deal with more than one lender, and sometimes multiple lenders.
It is estimated that Activate will, in this way, be capable of financing the construction of over 11,000 new homes in Ireland.
Whilst Activate is only in operation since the beginning of September, and therefore to date no capital has been drawn down, it has an active pipeline of projects and has been well received by the market. Activate is currently in discussions with a number of project promoters on potential opportunities.
96. Deputy Michael McGrath asked the Minister for Finance his views on the performance of the Strategic Banking Corporation of Ireland; the amount of lending it has supported to date; and if he will make a statement on the matter. [43394/15]
Amharc ar fhreagraThe Strategic Banking Corporation of Ireland (SBCI) was incorporated in September 2014 and since then the SBCI has made considerable progress in building relations with lending partners and in constructing the complex operational capability required to bring products to market. These include establishing operational capability with funders and lending partners, building internal systems and business processes and establishing a team to safely and effectively manage the funding provided on behalf of the State.
The Government's aim for the SBCI is to enhance the range and profile of SME finance providers in Ireland. The SBCI is achieving this by working with existing and new providers to develop specific funding products and by supporting new entrants to the SME lending market through allocating funding to a number of non-bank SME finance providers. The SBCI is also pursuing its objective of driving competition within the SME funding market through the provision of funding to a broad range of potential lending partners.
As the Deputy will be aware, the SBCI commenced lending on the 9 March 2015 through both Bank of Ireland and AIB. In addition to these two original lending partners the SBCI has recently signed on lending agreements with two non-bank lenders, Finance Ireland and Merrion Fleet Management.
Up to 30 September 2015, some €110m in SME loans were approved and drawn down by c.3200 SMEs. The loans have been taken up by Irish SMEs for a variety of purposes and across a range of sectors in the economy. The SBCI has continued to see a strong take up of its loans with the pace of drawdown in the six months sustained since then.
At present, the SBCI is actively engaged with other potential lending partners in regards to their operational capability with the ambition to become SBCI lending partners during 2015 thereby providing Irish SMEs with greater choice in securing the most appropriate funding for their business needs. The SBCI is also actively developing and marketing its brand and awareness of its products with SMEs and their representative organisations and advisers.
97. Deputy Michael McGrath asked the Minister for Finance the status of a request from the Central Bank of Ireland to approve an increased levy on financial institutions to deal with a deficit in the Central Bank of Ireland pension scheme; and if he will make a statement on the matter. [43395/15]
Amharc ar fhreagraEvery year, in order to cover the costs of financial regulation, the Central Bank prescribes levies to be paid by entities subject to such regulation. The Central Bank had briefed industry representatives in August that it was proposing significant increases in those levies in 2015. The proposed increases were driven by a proliferation of legislative regulation and corresponding regulatory activity; a need to meet a shortfall from 2014's levies; and an increase in staff pension costs arising from Financial Reporting Standard 17 (which was coupled with prevailing low yields on the bond market).
The Central Bank's original proposals have since been revised to partially mitigate those increases as per a statement of 30 September 2015 published on the Central Bank's website. The revised proposals significantly reduced the increase in pension costs charged to the regulated sector in 2015 which is instead spread over coming years thereby easing the burden on financial services sector firms this year.
It is important to note that a robust regulatory environment benefits the financial services industry by promoting stability, a level playing field and facilitating prudent development and innovation. A well-regulated financial services sector also benefits consumers, industry, and the economy at large. In order to ensure a well regulated financial services sector the Central Bank must be sufficiently resourced, particularly in terms of staff who are key to an effective regulatory regime. Pensions are a standard component in financial regulation costs given their link to staff costs.
Under Section 32D of the Central Bank Act 1942, the Central Bank is required to seek my approval for the Regulations prescribing industry levies. As part of that process officials from my Department met with intermediary industry representatives in order to hear their concerns on the increase in levies payable by their members. Following the publication of the Central Bank's revised proposals, which significantly reduced the pension element of the 2015 levies, I approved the Regulations prescribing the 2015 levies on 7 October last.
