Tuesday, 17 Jan 2017

Written Answers Nos. 300-319

Tax Code

Ceisteanna (300)

Joan Burton

Ceist:

300. Deputy Joan Burton asked the Minister for Finance his proposed plans for reforming the current tax arrangements for the self-employed; and if he will make a statement on the matter. [1675/17]

Freagraí scríofa

Minister for Finance

The Deputy will be aware that there is a commitment in the Programme for a Partnership Government to increase the Earned Income Credit (EIC) to €1,650, and the Budget 2017 increase of €400 to the existing €550 credit introduced last year is a significant step in this direction. This is available to self-employed individuals who have an active trade or profession, and who do not have access to the PAYE credit. This will be a significant benefit to small business-owners right across the country including small retailers, publicans, farmers and tradesmen.

The Programme for Government also committed to introduce a PRSI scheme for the self-employed, and in Budget 2017 the Government announced the extension of access to Invalidity Pensions to the self-employed. Invalidity Pension is a pension payment for people who cannot work because of a long-term illness or disability. When someone develops a long-term illness it can cause serious financial repercussions. Gaining access to Invalidity Pension will provide the self-employed with a much stronger safety net to protect them in the event of injury or disablement. The self-employed will gain access to Invalidity Pension on the same basis as employees from December 2017.

Also announced in Budget 2017, is the extension of Treatment Benefits to the self-employed on the same basis as employees. The Treatment Benefit Scheme provides partial dental, optical and aural services to those who have made the required contributions. This extension will come into effect from March 2017. Treatment Benefit entitlements will be extended further from October 2017, providing additional dental and optical benefits.

In addition, jobseekers taking up self-employment will be able to access the Back to Work Enterprise Allowance after 9 months, down from 12 months. Minister Varadkar, the Minister for Social Protection, can provide further information in respect of the above initiatives if required.

I accept that differences remain between the taxation of employees and the self-employed. However it must also be acknowledged that some of these differences are to the benefit of the self-employed. For instance, there are significant timing benefits, depending on the accounting period used by the taxpayer, which are available to the self-assessed but which are not available to PAYE workers. The self-employed also continue to benefit from a broader expense deduction regime than that available to employees.

The Deputy will also be aware that my Department published an Income Tax Reform Plan, in July last year, providing a detailed overview of relevant policy considerations, including the necessity to maintain the breadth of our income tax base, and retain appropriate levels of taxation for high earners. The taxation of the self-employed is considered in some detail in the plan, and the issues outlined therein will be borne in mind when deciding future reform of the income tax system as it relates to the self-employed.

The purpose of this Income Tax Reform Plan was to inform all members of the Oireachtas of the issues and options which will underpin future income tax reform, and it is my hope that all members of the Oireachtas will engage constructively in debating options for future reform in this area. In this regard the scope for change will be dependent on the level of available fiscal resources.

Fiscal Data

Ceisteanna (301)

Joan Burton

Ceist:

301. Deputy Joan Burton asked the Minister for Finance the status of the proposed development of alternative models for forecasting medium-term potential growth, as has been suggested by the Irish Fiscal Advisory Council as an additional safeguard for detecting overheating in the economy. [1676/17]

Freagraí scríofa

Minister for Finance

Ensuring the plausibility of potential output estimates remains a key priority for my Department, especially given their relevance in the fiscal surveillance process and calculation of fiscal space. The shortcomings of the EU's harmonised methodology have been previously highlighted by my Department. 

As the Deputy is aware, substantial efforts have been undertaken by my Department to develop alternative models for estimating potential output for Ireland. Significant work has also been undertaken aimed at ensuring the rigour and stability of the alternative set of estimates. Progress on this work had been delayed by the distortions in the 2015 national accounts revisions. The intention is to detail this work in a forthcoming Department of Finance technical paper.

Notwithstanding this progress on the development of alternative models, the harmonised methodology remains the binding methodology in the context of EU fiscal surveillance. However, progress also continues to be made at technical level - with participation in the relevant working group of all Member States - on improving this harmonised methodology, and Ireland continues to actively contribute on this front. Indeed, recognising the importance of this work from an Irish perspective, the relevant working group at a European level is chaired by a senior official in my Department.

Finally, I would stress that, in the assessment of the cyclical position of the economy, my Department takes into consideration a wide range of indicators, in addition to supply-side estimates.

Banking Sector

Ceisteanna (302)

Joan Burton

Ceist:

302. Deputy Joan Burton asked the Minister for Finance if he has asked the Central Bank to procure an independent assessment of the arrears and negative equity loan books of the banks, as per the recent programme for Government commitment; when this process will begin and conclude; and if he will make a statement on the matter. [1677/17]

Freagraí scríofa

Minister for Finance

The Deputy will be aware that the Central Bank has an ongoing role in monitoring the level of arrears and negative equity on mortgage and other loan assets. The Programme for a Partnership Government contains a range of commitments in the broad housing and banking area and my Department regularly engages with the Central Bank on all the Programme for Government Commitments which will impact on the Central Bank and its role in relation to mortgages.

In this context, the Central Bank has recently produced a report on mortgage arrears following my request to the Governor. This report provides a detailed assessment of mortgage arrears in banks and non-bank entities and includes analysis on mortgage restructuring activity and the range of solutions offered that may affect borrowers' capacity to remain in their primary residence. This report was published on 16th December 2016 and is available on http://www.finance.gov.ie/what-we-do/banking-financial-services/publications/reports-research/report-mortgage-arrears-2016 . The report notes that progress on mortgage arrears is well established and clearly moving in the right direction.

Furthermore, the Central Bank publishes quarterly statistics on Residential Mortgage Arrears and Repossessions. In addition, the Central Bank's Household Credit Market Report contains data on negative equity. The latest report is available at http://www.centralbank.ie/publications/Documents/Household%20Credit%20Market%20Report%202016H2.pdf and table 7 in the report presents the percentage of loans in negative equity split by default status. The data in the Household Credit Market Report are for 2015 and do not reflect changes to loan balances and house prices since December 2015. The Central Bank estimates that 15 per cent of PDH loans and 26 per cent of BTL loans were in negative equity at end December 2015 of which 10 per cent of PDH and 14 per cent of BTL loans were deemed to be performing. The numbers in negative equity have been reducing and this has important implications for the wider economy such as improving mobility amongst those affected, potential greater spend on home improvements and maintenance, and increased consumption via the wealth effect.

Public Interest Directors

Ceisteanna (303)

Joan Burton

Ceist:

303. Deputy Joan Burton asked the Minister for Finance if he has ceased appointing new public interest directors to the banks; the reform of the procedures for the appointment of bank directors by the State currently being considered; and if he will make a statement on the matter. [1678/17]

Freagraí scríofa

Minister for Finance

In the Programme for a Partnership Government ('PPG') the Government has committed to, "Cease to appoint new Public Interest Directors to the banks, and reform the procedures for the appointment of bank directors by the State, with a view to increasing transparency in the process". 

As the Deputy will be aware, the rights for the State to appoint public interest directors to the boards of the Covered Institutions were derived from the terms of the guarantee schemes introduced in 2008 and last for the period of the guarantee. The last of the guaranteed liabilities are due to mature between now and Spring 2018 and as such I do not expect to make any new appointments of Public Interest Directors to the board of the banks. Going forward however the State will have the ability to appoint directors to the banks in which it has large equity ownership positions. So in line with the commitment in the PPG, my officials have commenced a process to develop new procedures for any future appointments to bank boards.

Any new appointment procedures for bank directors needs to have due regard to the distinct differences which exist relative to appointments to State boards. These include the fact that the State is not the only shareholder in these banks, the requirements of the Central Bank/SSM Fitness and Probity Regime and the requirement to have a broad set of expertise relevant to large regulated entities in an ever more complex regulatory environment.

Question No. 304 answered with Question No. 214.

Tax Code

Ceisteanna (305)

Joan Burton

Ceist:

305. Deputy Joan Burton asked the Minister for Finance when he expects a new tax on sugar drinks will be introduced; the estimated annual yield from such a tax; the rate at which he expects the new tax should be set and the types of drinks included within its scope; the preparation currently being undertaken by his Department in this regard; and if he will make a statement on the matter. [1680/17]

Freagraí scríofa

Minister for Finance

The Programme for a Partnership Government commits to the introduction of a tax on sugar-sweetened drinks (SSDs). The tax will contribute towards important public health goals, as well as providing a new source of revenue for public spending. The Department of Health has also supported the introduction of a tax on SSDs in order to reduce added-sugar in diets, particularly the diets of children and young people. The proposed tax on SSDs is seen as just one measure in the Department of Health's comprehensive plan to tackle obesity in Ireland.  

Sugar-sweetened drinks taxes have been introduced in a number of European countries in recent years. The UK is due to introduce a soft-drinks industry levy from April 2018. On Budget day I said that given the highly integrated production and supply chains which exist in the soft drinks industry between Ireland and the United Kingdom, it would be prudent to align the Irish sugar-sweetened drinks tax with the UK's tax proposal, in terms of time-frame and structure.

I also launched a public consultation process on Budget day to get the views of all stakeholders in order to ensure that, when introduced, the tax is as effective as possible, as fair as possible, and minimises the administrative burden on business. That public consultation period expired on 3 January 2017 and prompted 30 submissions from the health sector, the soft drinks industry and citizens. Officials from my Department and the Revenue Commissioners are currently collating and analysing the responses which will then be taken into consideration when developing the tax, including at which point in the supply chain these products will become liable for tax.

The estimated yield from the tax on SSDs will depend on the eventual design. The General Excises Tax Strategy Group (TSG) paper 2016 examines options around an SSD tax and potential estimated yields. Both the General Excises TSG paper and the Public Consultation paper are available on my Department's website. 

Officials from my Department are engaged in ongoing communication with the soft drinks industry to ensure the tax, when introduced, is effective and implemented in an administratively straightforward manner. It is expected that the underpinning legislation will be introduced in this year's Finance Act.

Central Bank of Ireland

Ceisteanna (306)

Joan Burton

Ceist:

306. Deputy Joan Burton asked the Minister for Finance his views on the recent comments by the Governor of the Central Bank, Professor Philip Lane, that technological innovation may alter the role of central banks in managing the money supply and acting as a lender of last resort in the context of widespread adoption of private sector digital currencies; and if he will make a statement on the matter. [1681/17]

Freagraí scríofa

Minister for Finance

The Governor of the Central Bank made remarks in June of last year on the topic of technological innovation and financial services. I think it is important to be clear on what the Governor said. He said that in addition to the four primary challenges he identified in the regulatory treatment of financial innovations, technological innovation may also alter the role of central banks in managing the money supply and acting as a lender of last resort.

He instanced the growth in electronic forms of payment and said that at one level this growth looks set to reduce the traditional role of notes and coins in the monetary system. He noted that this may have implications for the role of central banks generally in managing the money supply. He also said that, at another level, there is much discussion on the relative merits of more widespread adoption of private-sector digital currencies versus a new role for central banks in the direct issuance and management of publicly-backed digital currencies.

If, in time, there is to be a new role of this kind for central banks in the Euro area, it would have to be agreed at a European level. The Committee on Economic and Monetary Affairs of the European Parliament published a report on virtual currencies in May 2016 which called for the creation of a horizontal taskforce on distributed ledger technology to be set up under the leadership of the European Commission. The Deputy is likely to be aware that the European Commission has published proposals to amend the fourth Anti-Money Laundering Directive including provisions on virtual currencies and negotiations on these proposals are ongoing.

Banking Sector

Ceisteanna (307)

Joan Burton

Ceist:

307. Deputy Joan Burton asked the Minister for Finance if he has reviewed the most recent quarterly bank watch study from ISME on the ability of small and medium firms to get loan approval and access to credit; his views on the refusal rate of 35% for requests for credit; and if he will make a statement on the matter. [1682/17]

Freagraí scríofa

Minister for Finance

The most recent ISME Bank Watch Survey for Quarter 4 2016 noted that 30% of companies who applied for funding in the three months covering September to November 2016 were refused credit by their banks. The figure the Deputy is referring to was reported in the survey results for Quarter 2 2016.

As the Deputy may be aware, my Department conducts a biannual SME Credit Demand Survey. This survey series, currently being conducted by Behaviour & Attitudes, is the most comprehensive survey of SME credit demand in Ireland, covering over 1,500 respondents and involving over 6,000 direct telephone calls to SMEs. SMEs of all sizes trading in all sectors, excluding property development and speculative activities, and in all regions are included. 

I would draw the Deputy's attention to the most recently published Department of Finance SME Credit Demand Survey covering the period April to September 2016 which can be found at www.finance.gov.ie. This latest survey indicates that the majority of credit requests continue to be approved fully with 84% of credit applications (excluding 'still pending') approved or partially approved. The current rate of decline stands at 15% of all applications.

The Central Bank of Ireland's most recent SME Market Report for the first half of 2016 also shows that rejection rates, for credit applications by SMEs, continues to decline and that they are now in line with the euro area average.

The Government remains committed to the SME sector. I can assure the Deputy that my Department, working with other relevant Departments and Agencies such as the Credit Review Office, will continue to advance policies to support and monitor the availability of both bank and non-bank credit so as to ensure that viable Irish SMEs have sufficient access to finance.

Question No. 308 answered with Question No. 262.

Banking Sector

Ceisteanna (309)

Joan Burton

Ceist:

309. Deputy Joan Burton asked the Minister for Finance the status of his Department’s work with the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs in the investigation of the establishment of a public banking system here; and if he will make a statement on the matter. [1684/17]

Freagraí scríofa

Minister for Finance

The Programme for Government contains a commitment to investigate the German Sparkassen model for the development of local public banks that operate within well-defined regions. As the Deputy will be aware, the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs (DAHRRGA) has primary responsibility for this commitment.

Officials from my Department met with officials from DAHRRGA in late 2016 and following this meeting, DAHRRGA are developing a programme of work to examine the feasibility of the Sparkassen model, as well as other models of local public banking. The Department of Finance will provide input, assistance and support to DAHRRGA as it continues to investigate the potential of public banking.

Question No. 310 answered with Question No. 242.

State Aid

Ceisteanna (311)

Joan Burton

Ceist:

311. Deputy Joan Burton asked the Minister for Finance the contact he has had with the EU Competition Commissioner, Ms Margrethe Vestager. [39938/16]

Freagraí scríofa

Minister for Finance

On 30 August 2016, it was announced that the Commission had issued a negative decision in the Apple State Aid case. This concluded the investigation that had been on-going formally since June 2014.

The investigation was a priority matter for the State. Detailed and comprehensive responses were provided to the Commission demonstrating that the appropriate amount of Irish tax was charged in accordance with the relevant legislation, that no selective advantage was given and that there was no State Aid. 

This engagement included meetings both at political and official level, including a meeting between myself and Commissioner Vestager in July 2016, and a discussion that involved the Commissioner at the informal ECOFIN meeting in Bratislava in September 2016.

Ireland does not accept the Commission's analysis in this case, which is why the Government has lodged an application with the General Court of the European Union to annul the whole Decision. This appeal is necessary to defend the integrity of our tax system; to provide tax certainty to business; and to challenge the encroachment of EU state aid rules into the sovereign Member State competence of taxation.

I will also meet Commissioner Vestager when she is in Dublin at the end of January.

European Central Bank

Ceisteanna (312)

Joan Burton

Ceist:

312. Deputy Joan Burton asked the Minister for Finance if he will provide an update on the publication by the European Central Bank, ECB, of its December 2016 purchase of Irish Government debt revealing a decline in its bond purchases month on month and the expected tapering of ECB bond purchases; and if he will make a statement on the matter. [1650/17]

Freagraí scríofa

Minister for Finance

The Central Bank of Ireland inform me that the actual monthly purchase volumes under the Asset Purchase Programmes (APP) respond to reflect seasonal fluctuations in market liquidity. The immediate run-up to year-end is a period of relatively low market activity and this is the primary reason for the reduction in purchases of all government bonds including Irish government bonds in December. 

In early December 2016, the Governing Council of the European Central Bank announced an extension of the APP but with a reduced overall volume of purchases from €80 billion to €60 billion per month. It also announced changes in some of the parameters within which the purchase programmes operate. The Central Bank of Ireland will manage the implementation of the APP as smoothly as possible, taking into account both the extension and the programme parameters.

The term 'tapering' is normally taken to refer to a gradual stepping down of purchase volumes to zero. It is important to clarify that the ECB's Governing Council has not indicated any tapering phase, merely an adjustment of purchase volumes.  Specifically, it has stated that the monthly pace of €60 billion will continue until the end of December 2017, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim. The Governing Council has also stated that if, in the meantime, the outlook becomes less favourable or if financial conditions become inconsistent with further progress towards a sustained adjustment of the path of inflation, it intends to increase the programme in terms of size and/or duration. It is also important to note that the APP is a Eurosystem-wide purchase programme and its impact in any member state will be felt through a range of channels not just through the purchases of government bonds within the particular economy.

Question No. 313 answered with Question No. 234.

Economic and Monetary Union

Ceisteanna (314)

Micheál Martin

Ceist:

314. Deputy Micheál Martin asked the Minister for Finance his views on whether the result of the Italian referendum will cause another economic and political crisis in the eurozone. [39413/16]

Freagraí scríofa

Minister for Finance

On Sunday 4th December 2016 Italians voted on proposals for constitutional reform proposed by the then Italian Prime Minister Matteo Renzi. By a majority of 59 per cent to 41 per cent the referendum was defeated. Mr Renzi has subsequently resigned and a new Prime Minster, Mr Paolo Gentiloni has been sworn in. It is expected that Mr Gentiloni, the previous Italian Foreign Minister, can provide the required continuity as the Italian political system will inevitably need some additional time to take stock and agree a way forward.  

It is important to note that this referendum was about internal constitutional reform in Italy, not about support for the European Union. In this sense it is entirely different from the UK referendum in June. The only political parties which took an explicitly anti-EU line during the campaign, and after the results, have no more than 15 per cent of the vote. And the 59 per cent of No voters will certainly have included people who are pro-European but just did not support the proposed constitutional reforms.

I am confident that the euro area is now sufficiently robust to deal with the fallout from the referendum result. In this regard, I note that there was a relatively muted market reaction to the result. For instance, the spread (that is the difference in 10-year yields) between government bonds of Italy and Germany has remained stable at around 1.7 per cent since the referendum result. In other words, from a financial market perspective, a "No" vote had been priced in.

So, in summary, there is little, if any, evidence at this stage to suggest that the outcome of the referendum has had a fall-out for the euro area as a whole.

Revenue Commissioners Legal Cases

Ceisteanna (315)

Martin Ferris

Ceist:

315. Deputy Martin Ferris asked the Minister for Finance if, in the event of the Revenue Commissioners' position being upheld in a test case in relation to patronage shares, he will change the legislation such that tax will not arise until the shares are sold, thus aligning it to the position now intended generally for share based reward in an SME context. [1752/17]

Freagraí scríofa

Minister for Finance

The issue raised by the Deputy relates to Revenue's treatment of patronage shares issued by Kerry Co-operative to certain of its members. Deputies will be aware that Revenue has committed to facilitate the appeals process should a taxpayer raise an appeal to the independent Tax Appeal Commission in relation to this issue. 

In relation to share based remuneration schemes, in general, employees are subject to income tax on share issues where the employer issues such shares and charges the employee less than the market value for them. Income tax is due on the difference in the relevant values and is generally collected via the PAYE system, while income tax due on share options must be returned within 30 days of the exercise of such options. In certain cases the relevant shares may be subject to a clog, restricting the employee from selling such shares for a set period of time. However, notwithstanding this restriction on sale, any income tax due is payable at the time of the share award.

A more favourable treatment may apply under certain Revenue Approved share schemes, but such schemes are subject to a range of restrictions, and are used primarily by larger, quoted companies. Deputies will be aware that I announced my intention to introduce a new, SME focussed share-based remuneration incentive in Budget 2018. This is a complex undertaking, as a focussed scheme of this nature will need to comply with State Aid regulations, and it is likely to require EU approval.

Therefore, in the years in which the patronage scheme was active, employees who received share based remuneration in an SME company would in most cases have been subject to income tax on any value received. As such, there would not appear to be a policy rationale to legislate for different treatment specifically for patronage shares in those years. Furthermore, an amendment of the nature proposed by the Deputy would be retrospective, in that it would change the tax treatment of transactions occurring in the years 2011 to 2013. Retrospective changes undermine the certainty of the tax system for all taxpayers and can be subject to Constitutional challenge in the courts, and would not be appropriate in this instance.

Illicit Trade in Fuel and Tobacco Products

Ceisteanna (316)

Maureen O'Sullivan

Ceist:

316. Deputy Maureen O'Sullivan asked the Minister for Finance his plans to tackle black market smuggling here that a recent report stated cost the State €2.35 billion in 2015 in lost revenue; if his attention has been drawn to hardships faced, in particular, by small retailers; and if he will make a statement on the matter. [1755/17]

Freagraí scríofa

Minister for Finance

I am aware of a number of reports that have presented estimates of the losses to the economy and the Exchequer caused by smuggling and illicit trade. I would point out, however, that estimating the extent of any illicit activity and the losses to which it gives rise is inherently problematic and must, therefore, be approached with caution. Unless a clear and credible methodology is specified for particular estimates of illicit trade and the resulting losses, they must be viewed as speculative.

It is, nevertheless, accepted by all interested parties that smuggling, and shadow economy activities in general, pose a threat to legitimate and compliant businesses and to consumers, as well as depriving the Government of tax revenues. Tackling these illegal activities is, therefore, a key priority and Revenue has implemented wide-ranging programmes of action to combat them.

Revenue's actions against the illicit tobacco trade include a range of measures to identify and target those who are involved in the smuggling, supply or sale of illicit products, with a view to seizing those products and prosecuting the persons involved. This multifaceted strategy also includes ongoing analysis of the nature and extent of the problem, development and sharing of intelligence on a national, EU and international basis, use of analytics and deployment of detection technologies.

Revenue has also implemented a comprehensive strategy to tackle the illegal fuel trade, based on the introduction of strict new supply chain controls underpinned by rigorous enforcement action, as well as the very successful introduction, from April 2015, here and in the UK, of a new fiscal marker for marked fuels sourced in cooperation with the UK authorities.

In the case of alcohol, Revenue's action against illicit trade encompasses the full supply chain for alcohol products and includes measures to confront smuggling, the illicit production of alcohol and the supply or sale of illicit products.

Action taken by Revenue against smuggling is directed also at prevention of the importation of counterfeit goods and medicines and illegal drugs.

Revenue works closely with other agencies in the State, including An Garda Síochána, in acting against illegal activities related to smuggling and illicit trade. The relevant authorities in the State also work closely with their counterparts in Northern Ireland to target the organised crime groups that are responsible for a significant proportion of smuggling and other illegal activities. This work is being supported and facilitated by the Joint Agency Task Force, including Revenue, An Garda Síochána and their Northern Ireland counterparts, that was established in the framework of "A Fresh Start: the Stormont Agreement and Implementation Plan". Under the aegis of this Task Force, a very successful joint initiative between Revenue and HM Revenue and Customs, directed against suspicious movements of substitute fuel with potential for considerable excise and VAT fraud, won the "Outstanding Collaboration" category at the UK Government's Counter Fraud Awards in September 2016. From Revenue's perspective, this award recognises the excellent work and cooperation between Revenue and HM Revenue and Customs on investigations into the illegal movement of suspected substitute fuels.

There is close cooperation also with the relevant authorities in other jurisdictions, European Anti-Fraud Office and other international bodies and agencies in the ongoing programmes of action at international level to combat smuggling and illicit trade.

I am assured by Revenue that combatting smuggling and illicit trade is and will continue to be, a core element of their work. For my part, I have taken action through the Finance Acts over recent years to ensure that Revenue has all the necessary powers to act against these forms of criminal activity and I am satisfied that, as a result, there is a robust legal framework in place that allows effective action to be taken against such crimes.

Question No. 317 answered with Question No. 40.

Mortgage Data

Ceisteanna (318)

Michael McGrath

Ceist:

318. Deputy Michael McGrath asked the Minister for Finance if he will provide a breakdown by loan owner of the 10,007 PDH mortgages owned by unregulated loan owners as quoted in the third quarter of 2016 Central Bank mortgage arrears statistics publication, page 11; and if he will make a statement on the matter. [1840/17]

Freagraí scríofa

Minister for Finance

I am informed by the Central Bank that information collected by it relating to the category 'unregulated loan owners', published in the Central Bank's quarterly statistics on mortgage arrears and repossessions, is subject to a strict confidentiality agreement with the providers of the data. It is, therefore, not possible for the Central Bank to disclose this information.

Mortgage Data

Ceisteanna (319)

Michael McGrath

Ceist:

319. Deputy Michael McGrath asked the Minister for Finance further to the data provided in the third quarter of 2016 Central Bank mortgage arrears statistics publication, page 11, the number of the 2,105 PDH mortgages which have been restructured or were restructured while the loan was actually owned by the unregulated loan owner; the number that had already been restructured at the time the loan was sold onto the unregulated loan owner; and if he will make a statement on the matter. [1841/17]

Freagraí scríofa

Minister for Finance

I am informed by the Central Bank that it is unable to provide this information in the format requested. 

I would however refer the Deputy to the Central Bank's Report on Mortgage Arrears, published on 16th December at http://www.finance.gov.ie/sites/default/files/Mortgage%20Arrears%20Report%20-%20FINAL.pdf, which found that there is a broad range of available restructures offered and delivered by both bank and non-bank entities and there is strong evidence that both banks and non-banks look to exhaust available restructure options before moving to the legal process.