Written Answers Nos. 103 - 119
103. Deputy Pearse Doherty asked the Minister for Finance the number of times Irish banks or their offshore offices refused to provide data or information requested by the Revenue Commissioners; if the requests were eventually acceded to; and if he will make a statement on the matter. [47620/17]
Amharc ar fhreagraI am advised by Revenue that, as part of its offshore investigations, Irish financial institutions and their Irish registered subsidiaries were required on up to 40 occasions to provide information and data to Revenue usually on foot of a High Court Order.
The type of information covered by these Orders included-
- information, explanations and particulars, where such information was known to the financial institutions or subsidiaries concerned, and
- copies of books, records and other documents in the power, possession or procurement of the financial institutions or subsidiaries concerned,
in relation to transfers of funds made to, or from, offshore accounts and investments in offshore products.
The financial institutions and subsidiaries concerned complied with the terms of the High Court Orders and supplied the information required by the Orders.
As respects foreign registered subsidiaries of Irish financial institutions, as these were companies registered and located in another jurisdiction, Revenue has no power to compel them to provide any information or documentation in respect of records relating to their account-holders or investors.
In one case, following a process of engagement with Revenue, an Irish financial institution sought to pass a resolution in a foreign jurisdiction to require its foreign registered subsidiary to provide information on its account-holders holding an address in the State. The Directors of the subsidiary concerned challenged the matter and the Court in that jurisdiction held that it would be against public policy for the Court to exercise its discretion to compel the Directors of that foreign registered subsidiary to disclose the information.
The international environment has changed significantly in recent years, with the emergence of closer cooperation between tax authorities worldwide aimed at those who hide their profits or gains offshore. Initiatives such as OECD’s Common Reporting Standard are now helping to ensure that tax administrations have greater visibility in respect of the offshore assets and income of their residents.
104. Deputy Pearse Doherty asked the Minister for Finance the knowledge his office had of the existence of a company (details supplied) since a bank was nationalised; the oversight applied to this branch of the bank; and if he will make a statement on the matter. [47621/17]
Amharc ar fhreagraThe Deputy is aware that the Minister for Finance has no direct function in strategic or operational decisions made by the banks in which the State is a shareholder. Decisions in this regard are the responsibility of the board and management of each institution, under the supervision of their regulator and equivalent authorities in the jurisdictions relevant to their operations.
The Minister must ensure that the bank is run on a commercial and independent basis and in this regard a relationship framework has been specified that defines the nature of the relationship between the Minister for Finance and the bank. These frameworks can be found on the Department of Finance website.
In carrying out its role in monitoring the performance of the banks in which we have a shareholding, officials in my Department meet the senior executives of each of the banks on a monthly basis and have access to monthly board papers.
AIB have advised me that post nationalisation of the Bank on the 23rd of December 2010 the businesses continued to be regulated by the Isle of Man Financial Services Authority and the Jersey Financial Services Commission and was governed by an independent Board in line with Group policy.
AIB have commented that:
"Arising from the recapitalisation and restructuring of AIB, and the European Commission decision on State Aid, it was decided to wind down AIB ISL Limited and AIB CI Limited in 2012. They ceased operations on 31st December 2013.
As a result, the banking licence of both companies was terminated and the administration of both, which is a legal and regulatory requirement as part of the orderly wind down of the banking operations, was migrated to and continues to be carried out by two companies, Estera Trust (Isle of Man) Limited and Estera Trust (Jersey) Limited trading as Estera."
105. Deputy Pearse Doherty asked the Minister for Finance the number of new and existing customers of a company (details supplied) in each year since the bank was nationalised; the value of assets held by the company in each year; and if he will make a statement on the matter. [47622/17]
Amharc ar fhreagraAs the Deputy is aware, I, as Minister for Finance have no direct function in strategic or operational decisions made by the banks in which the state is a shareholder, and decisions in this regard are solely the responsibility of the board and management of each institution, under the supervision of their regulator and equivalent authorities in the jurisdictions relevant to their operations. I requested a response to the Deputy's question from AIB and received the following information:
AIB p.l.c is not in a position to provide historic customer numbers. Arising from the recapitalisation and restructuring of AIB, and the European Commission decision on State Aid, it was decided to wind down AIB ISL Limited and AIB CI Limited in 2012. They ceased operations on 31st December 2013. No new customers have been acquired since the announcement of the closure of the business in April 2012, residual customer numbers and balances are outlined below:
|
Year End |
AIB CI Scheme |
|
AIB ISL Scheme |
|
|
|
GBP £ |
Customer Numbers |
GBP £ |
Customer Numbers |
|
2013 |
20.4 m |
440 |
2.6m |
70 |
|
2014 |
17.4m |
396 |
1.7m |
62 |
|
2015 |
12.8m |
374 |
1.5m |
58 |
|
2016 |
12.1m |
363 |
1.5m |
57 |
106. Deputy Michael McGrath asked the Minister for Finance the number of vacancies in each functional area of the Central Bank; the percentage that vacancy rate represents of the staffing allocation for that function in tabular form for each vacancy; the date from which the position has been vacant; and if he will make a statement on the matter. [47640/17]
Amharc ar fhreagraI am informed by the Central Bank that there are currently 152 active roles being recruited within the Central Bank.
The current overall average time to hire is 8.2 weeks.
A full breakdown of the number of vacancies in each functional area is detailed in the first table provided by the Central Bank, with the corresponding average time to hire in the second table.
|
Pillar |
Directorate |
Number of Open Roles |
% of all Pillar Roles |
|
Prudential Regulation |
Credit Institutions |
18 |
3.31% |
|
Prudential Regulation |
Insurance |
8 |
1.47% |
|
Prudential Regulation |
Asset Management Supervision |
5 |
0.92% |
|
Financial Conduct |
Enforcement |
13 |
2.70% |
|
Financial Conduct |
Consumer Protection |
9 |
1.87% |
|
Financial Conduct |
Policy and Risk |
15 |
3.11% |
|
Financial Conduct |
Securities and Market Supervision |
18 |
3.73% |
|
Chief Operations Officer |
COO |
5 |
0.92% |
|
Chief Operations Officer |
Currency and Facilities Management |
2 |
0.37% |
|
Chief Operations Officer |
Information Management and Technology |
17 |
3.13% |
|
Chief Operations Officer |
Human Resources |
3 |
0.55% |
|
Central Banking |
Economics and Statistics |
8 |
1.98% |
|
Central Banking |
Financial Operations |
5 |
1.23% |
|
Central Banking |
Corporate Affairs |
15 |
3.70% |
|
Central Banking |
Financial Stability |
11 |
2.72% |
|
Regulator |
Average time to hire |
|
Prudential Regulation |
8.1 weeks |
|
Financial Conduct |
8.2 weeks |
|
Chief Operations Officer |
8.9 weeks |
|
Central Banking |
7.7 weeks |
107. Deputy Michael McGrath asked the Minister for Finance if the Revenue's Commissioners online Vehicle Registration Tax, VRT, calculator is the subject of an independent audit; if his attention has been drawn to the apparent inconsistencies in the amount of VRT calculated; the recourse a person has in the event he or she is of the view the calculator is incorrect; and if he will make a statement on the matter. [47648/17]
Amharc ar fhreagraI am advised by Revenue that the VRT calculator is not subject to an independent audit. It is however subject to ongoing review by Revenue to ensure that it remains fit for purpose.
I understand from Revenue that the purpose of the VRT calculator is to provide an indication of the likely VRT liability based on the details input by the person using the calculator. The actual VRT liability arising on a vehicle is determined on a case by case basis by Applus when a vehicle is presented at a National Car Testing Service (NCTS) Centre.
I am advised by Revenue that the VRT calculator is considered to be robust and that there is no evidence available to them to suggest there are inconsistencies with the calculator. Where a person is unable to identify the actual model of vehicle in the calculator and cannot therefore obtain an indication of the likely VRT liability they may make a submission to Revenue’s Central Vehicle Office in Rosslare for consideration.
If the Deputy has specific details of inconsistencies in the amount of VRT calculated using the calculator provided by Revenue, I understand that Revenue would be happy to receive such details and they will consider the matter further.
Where a person pays the VRT due on a vehicle but is dissatisfied with the quantum due, that person has a right of appeal to Revenue’s Appeals officer. Addresses for appeals officers can be found at the following link www.revenue.ie/en/importing-vehicles-duty-free-allowances/guide-to-vrt/appeals/appeals-officers-addresses.aspx.
If the person is dissatisfied with the outcome from this appeal there is a further right of appeal to the Tax Appeals Commission by email to info@taxappeals.ie.
More detailed information about VRT appeals, can be found at the following link: VRT appeals - detailed instructions (VRT Manual 6).
108. Deputy Michael McGrath asked the Minister for Finance if his attention has been drawn to the fact that in respect of commercial fleet insurance policies, including for taxis, a person's driving record is not recognised if they are not a named driver on the policy; if his attention has been further drawn to the impact this has for persons; and if he will make a statement on the matter. [47649/17]
Amharc ar fhreagraAs Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept. Nevertheless, I have consulted Insurance Ireland to obtain an understanding of the background to the issue highlighted in the Deputy’s question.
Insurance Ireland indicated that in general named drivers on policies do not earn no claims discounts. Some insurers may offer introductory discounts to named drivers. However whether a named driver, on a taxi policy or commercial fleet policy, receives an introductory discount depends on the length of their driving record and number of years claims free driving they have. I understand that this is considered against the backdrop of each individual insurer’s overall claims experience.
I have been advised that a situation where a person is not a named driver on an employer’s commercial policy might arise where he or she is provided with access to a vehicle with the consent of the employer and is covered under an open driving policy. In such a scenario, Insurance Ireland confirmed that the same principle of not earning a no claims discounts also applies. They indicated that an employer can confirm in a letter to an insurer that such a person has not had an accident which has resulted in a claim being submitted on the policy. However, it would be a matter for the insurer to decide whether to accept such a confirmation as relevant to its risk assessment of whether to provide cover or not and at what price to the person in question.
Finally, you should note that Insurance Ireland operates a free Insurance Information Service for those who have queries, complaints or difficulties in relation to obtaining insurance. Insurance Ireland can be contacted at feedback@insuranceireland.eu or 01-6761914.
109. Deputy Tony McLoughlin asked the Minister for Finance if a company (details supplied) will qualify for the employment and investment incentive; and if he will make a statement on the matter. [47659/17]
Amharc ar fhreagraI am informed by Revenue that due to an increase in both the volume of the correspondence received and complexity of the issues involved in relation to applications for relief under the Employment and Investment Incentive (EII), there has been an unavoidable increase in the time taken to respond to that correspondence. Procedures have been put in place to reduce these backlogs and additional organisational resources have been assigned to process the backlog.
The company referred to by the Deputy applied for EII in the middle of August 2017. Applications received at the start of August are now being processed.
110. Deputy Charlie McConalogue asked the Minister for Finance his plans to revise the VAT rate on the sale of alpaca livestock in order that it is in line with the agricultural VAT rate on other livestock sales; and if he will make a statement on the matter. [47675/17]
Amharc ar fhreagraVAT rating is guided by the EU VAT Directive, with which Irish VAT law must comply. Article 110 of the EU VAT Directive allows Member States to apply a rate of less than 5% to goods and services to which that rate applied on and from 1 January 1991. This is an historical derogation known as a super-reduced VAT rate. Normal reduced VAT rates must be 5% or more.
As Ireland applied a super-reduced rate to the supply of livestock on 1 January 1991 we are entitled to retain that rate but the VAT Directive does not allow any new items to be applied at the super-reduced rate after that date.
For VAT purposes, livestock is defined as meaning live cattle, sheep, goats, pigs, deer, and horses normally intended for use in the preparation of foodstuffs or in agricultural production. As alpacas were not included in the definition of livestock on 1 January 1991 it is not possible to apply the 4.8% super-reduced rate to them now. In this regard the rate of VAT on the importation or supply of alpacas is the standard VAT rate of 23%.
111. Deputy Noel Grealish asked the Minister for Finance if a person can claim back Vehicle Registration Tax, VRT, on a motorhome in cases in which it is sold abroad; and if he will make a statement on the matter. [47745/17]
Amharc ar fhreagraSection 135D of the Finance Act 1992 provides for repayment of Vehicle Registration Tax on passenger vehicles exported from the State. These vehicles are subject to VRT at the category A rate which can be as high as 36% of the value of the vehicle.
Vehicles in category B, which includes commercial vehicles as well as motor caravans, benefit from the lower VRT rate of 13.3%. Given that these vehicles are already in receipt of, in many cases, highly preferential VRT treatment, it is not considered that they should be included in the scheme. Therefore, as Section 135D only provides for passenger vehicles there is no provision for the repayment of VRT in the case of motor homes exported from the State.
112. Deputy Noel Grealish asked the Minister for Finance the reason he has ended the rent tax credit for persons that rent from private landlords; his plans to introduce other tax concessions for persons paying rent; and if he will make a statement on the matter. [47751/17]
Amharc ar fhreagraThe process to abolish the rent tax credit has been under way for many years. The Commission on Taxation reviewed the credit in 2009 and concluded that the net effect of the rent relief was to increase the cost of private rented accommodation, and as a result recommended that the rent relief should be discontinued. In Budget 2011, the process to abolish the credit was commenced on a phased basis. The credit was abolished for new entrants and the credit has been reducing annually for the remaining recipients (persons who were renting on 7 December 2010 and still meet the relevant criteria). The final stage in the phased reduction of the credit will complete on 31 December 2017, after which the credit will cease entirely.
I am very conscious of the difficulties that tenants are facing in the current rental market, but it is my view that the re-introduction of a tax credit would not be an appropriate tax measure at this time. By their nature, tax credits are of benefit only to individuals with sufficient taxable income to fully utilise them. Furthermore, demand-side supports of this nature can, as identified by the Commission on Taxation, become priced-in to the market, further increasing rental costs.
Instead, this Government has focussed on changes to the regulatory environment to support tenants. Many of these measures are outlined in the final report of the Working Group on the Tax and Fiscal Treatment of Landlords, which was published on my Department’s website on Budget day. These include the establishment of the Residential Tenancies Board to regulate the landlord-tenant relationship in order to protect both tenants and landlords; the introduction of improved minimum Buildings Regulations standards for rented accommodation; increased notice periods for both landlords and tenants; and the increase of rent review periods and the introduction of rent increase limits in Rent Pressure Zones.
The Deputy may also be aware of the ‘Strategy for the Rental Sector’ which was published by the Department of Housing in December 2016. My colleague the Minister for Housing, Planning & Local Government, Eoghan Murphy, T.D., would be able to provide the Deputy with further information on the measures contained in this report.
113. Deputy Pearse Doherty asked the Minister for Finance the groups, persons or companies that he or his officials consulted, had contact with or made submissions regarding a decision (details supplied) made in 2014. [47773/17]
Amharc ar fhreagraThe information requested is being compiled and will be forwarded to the Deputy in accordance with Standing Orders.
114. Deputy Pearse Doherty asked the Minister for Finance when the guaranteed liabilities under the ELG scheme are due to mature for each of the covered institutions; the way in which his powers to appoint public interest directors will be affected in each case; and if he will make a statement on the matter. [47774/17]
Amharc ar fhreagraThe 'Eligible Liabilities Guarantee' (ELG) Scheme will expire by the end of March 2018; eligible liabilities are now at a substantially reduced level and all are expected to mature before this date. The level of Eligible Liabilities for each institution are detailed in their Annual Financial Reports.
The rights for the State to appoint Public Interest Directors to the boards of the Covered Institutions were derived from the terms of the original Credit Institutions (Financial Support) Scheme (CIFS) introduced in 2008 and extend over the period of the guarantee. The scheme with its associated rights, pre-dated the State's acquisition of equity in the banks and given that the last of the guaranteed liabilities will mature between now and next spring, I do not expect to make any new appointments of Public Interest Directors to the boards of the banks.
However, the State has the ability to appoint directors to the banks in which it still has large equity ownership positions. Indeed my officials are working on a new procedure for any future appointments to bank boards, that will address the commitment in the Programme for Partnership Government 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".
Any new appointment procedure will need to have due regard for the distinct differences relative to appointments to other State boards such as 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.
115. Deputy Pearse Doherty asked the Minister for Finance the discussions that have been held or that are due to be held by the Central Bank or the Central Bank Commission regarding the ending of the printing of the euro notes here; and if he will make a statement on the matter. [47787/17]
Amharc ar fhreagraThe Central Bank, as communicated in its Strategic Plan 2016 – 2018, will implement a strategy for banknote production. The strategy objective is to determine how the Bank meets its Eurosystem obligations for allocation of the annual Euro banknote production. The strategic review, which formally commenced in 2015, is in the context of developments with bank note printing across the Eurosystem and is a matter for consideration by the Central Bank Commission. The evaluation of the options considered to date in the review remains under consideration and will be presented to the Central Bank Commission early in the New Year.
116. Deputy Joan Burton asked the Minister for Finance the VAT received by the Revenue Commissioners in respect of electronic services provided to unregistered customers resident in other EU states (details supplied) in 2017, by month, in tabular form; and if he will make a statement on the matter. [47806/17]
Amharc ar fhreagra117. Deputy Joan Burton asked the Minister for Finance the expected gain to the Exchequer in 2018 arising out of the right to retain a proportion of the VAT paid on certain services provided to unregistered customers in other member states which has been assumed in his Department's estimates of tax yield for the year; and if he will make a statement on the matter. [47807/17]
Amharc ar fhreagraI propose to take Questions Nos. 116 and 117 together.
On 1 January 2015 new EU VAT rules came into effect changing the place where VAT is chargeable in respect of all supplies of telecommunications, broadcasting and electronic (TBE) services to consumers. VAT on these services is now chargeable where the consumer is located instead of where the supplier is located.
As a result of the change, EU and non-EU businesses are required to register and account for VAT in every Member State in which they supply TBE services to consumers or, alternatively, to avail of the optional special scheme known as the Mini One Stop Shop (MOSS). MOSS is a simplification scheme that allows a business engaged in TBE supplies to register in a single Member State, to file a single quarterly return and pay its VAT liability for all Member States through a web portal in the Member State of registration. This enables suppliers to avoid having to register and account for VAT in all the Member States to which they make TBE supplies. Transitional rules for the period 2015-2018 provide that the Member State of registration may retain a percentage of the VAT collected for other Member States, with the retention percentage being 30% in 2015 and 2016 and 15% for 2017 and 2018. Therefore the final retention fee payment in respect to VAT retained by Ireland from VAT revenues collected in respect of supplies to other Member States through the MOSS system for 2018 will be received in Quarter 1 2019.
In relation to Question No. 116, I am informed by Revenue that the majority of VAT MOSS returns and payments are received on a quarterly basis, in the month following the period where the liability arises. Payments are subsequently submitted to and received from Member States by the 10th of the following month. The following table below provides an overview of the VAT collected, amount retained and the VAT remitted to each Member State from 1 January 2017 to end September 2017. Small variations may be observed between the actual sums collected, retained and remitted due to rounding. Please note that some of these values are provisional and may be subject to future revision.
In relation to Question No. 117, I am informed by Revenue that the gain to the Exchequer in 2018 arising out of the right to retain a proportion of the VAT paid on certain services provided to unregistered customers in other Member States is estimated at €210 million.
|
Gross VAT Received € million |
Amount Retained € million |
VAT remitted € million |
|||||||
|
EU Member State |
Q 1 2017 |
Q 2 2017 |
Q 3 2017 |
Q 1 2017 |
Q 2 2017 |
Q 3 2017 |
Q 1 2017 |
Q 2 2017 |
Q 3 2017 |
|
Austria |
6.7 |
6.7 |
6.4 |
2.0 |
1.0 |
1.0 |
4.7 |
5.7 |
5.4 |
|
Belgium |
8.4 |
8.8 |
8.6 |
2.5 |
1.3 |
1.3 |
5.9 |
7.4 |
7.3 |
|
Bulgaria |
0.5 |
0.6 |
0.6 |
0.2 |
0.1 |
0.1 |
0.4 |
0.5 |
0.5 |
|
Croatia |
0.6 |
0.7 |
0.9 |
0.2 |
0.1 |
0.1 |
0.4 |
0.6 |
0.7 |
|
Cyprus |
0.3 |
0.4 |
0.3 |
0.1 |
0.1 |
0.1 |
0.2 |
0.3 |
0.3 |
|
Czech Republic |
2.1 |
2.3 |
2.3 |
0.6 |
0.3 |
0.3 |
1.5 |
1.9 |
2.0 |
|
Denmark |
12.3 |
13.1 |
13.4 |
3.7 |
2.0 |
2.0 |
8.6 |
11.1 |
11.4 |
|
Estonia |
0.3 |
0.4 |
0.4 |
0.1 |
0.1 |
0.1 |
0.2 |
0.3 |
0.3 |
|
Finland |
4.0 |
4.1 |
4.0 |
1.2 |
0.6 |
0.6 |
2.8 |
3.5 |
3.4 |
|
France |
46.4 |
50.8 |
50.8 |
13.9 |
7.6 |
7.6 |
32.5 |
43.2 |
43.2 |
|
Germany |
58.4 |
59.1 |
56.5 |
17.5 |
8.9 |
8.5 |
40.9 |
50.2 |
48.1 |
|
Greece |
2.3 |
2.3 |
2.5 |
0.7 |
0.3 |
0.4 |
1.6 |
2.0 |
2.1 |
|
Hungary |
1.7 |
1.8 |
1.9 |
0.5 |
0.3 |
0.3 |
1.2 |
1.5 |
1.6 |
|
Italy |
20.9 |
22.7 |
22.4 |
6.3 |
3.4 |
3.4 |
14.6 |
19.3 |
19.0 |
|
Latvia |
0.4 |
0.4 |
0.4 |
0.1 |
0.1 |
0.1 |
0.3 |
0.3 |
0.3 |
|
Lithuania |
0.3 |
0.4 |
0.4 |
0.1 |
0.1 |
0.1 |
0.2 |
0.3 |
0.3 |
|
Luxembourg |
0.2 |
0.6 |
0.9 |
0.1 |
0.1 |
0.1 |
0.2 |
0.5 |
0.7 |
|
Malta |
0.2 |
0.3 |
0.3 |
0.1 |
0.0 |
0.0 |
0.2 |
0.2 |
0.2 |
|
Netherlands |
14.2 |
15.3 |
15.1 |
4.3 |
2.3 |
2.3 |
9.9 |
13.0 |
12.8 |
|
Poland |
3.9 |
4.0 |
4.2 |
1.2 |
0.6 |
0.6 |
2.7 |
3.4 |
3.6 |
|
Portugal |
2.2 |
2.5 |
2.6 |
0.7 |
0.4 |
0.4 |
1.6 |
2.1 |
2.2 |
|
Romania |
1.3 |
1.3 |
1.4 |
0.4 |
0.2 |
0.2 |
0.9 |
1.1 |
1.2 |
|
Slovakia |
0.7 |
0.8 |
0.8 |
0.2 |
0.1 |
0.1 |
0.5 |
0.7 |
0.7 |
|
Slovenia |
0.3 |
0.4 |
0.4 |
0.1 |
0.1 |
0.1 |
0.2 |
0.3 |
0.3 |
|
Spain |
14.7 |
16.4 |
17.0 |
4.4 |
2.5 |
2.5 |
10.3 |
14.0 |
14.4 |
|
Sweden |
15.9 |
16.7 |
16.2 |
4.8 |
2.5 |
2.4 |
11.2 |
14.2 |
13.8 |
|
United Kingdom |
107.8 |
116.2 |
110.9 |
32.4 |
17.5 |
16.6 |
75.5 |
98.7 |
94.3 |
118. Deputy John Lahart asked the Minister for Finance the status of the public interest directors in each of the banks with a substantial State interest; the names of the public interest directors in each bank since 2010; and if he will make a statement on the matter. [47826/17]
Amharc ar fhreagra119. Deputy John Lahart asked the Minister for Finance the way in which the State's public interest directors report to him; if the directors reported to him with regard to the tracker mortgage issue; and if he will make a statement on the matter. [47827/17]
Amharc ar fhreagraI propose to take Questions Nos. 118 and 119 together.
Currently, there is one Public Interest Director on the board of Bank of Ireland.
The date of appointment and date of resignation/cessation of office for each of the public interest directors appointed at AIB, BOI and PTSB are as follows:
|
Bank |
Appointed |
Resignation/cessation |
|
Allied Irish Banks |
|
|
|
Dick Spring |
Jan 09 |
Dec 2014 |
|
Declan Collier |
Jan 09 |
Jun 2012 |
|
Bank of Ireland |
|
|
|
Tom Considine |
Jan 09 |
Serving Director |
|
Joe Walsh* |
Jan 09 |
Nov 2014 |
|
Permanent TSB |
|
|
|
Margaret Hayes |
Dec 08 |
May 2013 |
|
Ray McSharry |
Dec 08 |
May 2013 |
*Joe Walsh ceased to be a director following his death in November 2014.
In addition Dr Michael Somers is a Government Nominee (not a Public Interest Director) appointed to the AIB board on 14 January 2010 under the terms of the NPRFC s Preference Share investment of €3.5bn in AIB of May 2009. Dr Somers was reappointed to the board of AIB in December 2015 for a further two years through the exercise of these same rights.
In terms of reporting, any company director regardless of whether or not they are a State nominated director is subject to the requirements of company law to act in what he or she believes to be the interests of the company to which they are appointed. These are the director’s fiduciary duties which are owed to the company rather than to the appointing shareholder though under the Companies Act 2014 (as amended) there is a provision allowing a nominee director to have regard for the interests of their appointer.
Accordingly, State nominated directors to the banks do not have a formal reporting relationship to the Minister or to the Department of Finance. Over the years there have been contacts between these directors and my Department but I am not aware of any particular approaches in relation to the tracker mortgage issue.
Going forward the State has negotiated the right to appoint directors to banks in which we have a large shareholding. My officials are working on a new procedure for any future appointments to bank boards, that will address the commitment in the Programme for Partnership Government 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".
It is important to note that any new appointment procedure 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.
