Michael Healy-Rae
Ceist:265. Deputy Michael Healy-Rae asked the Minister for Finance if he will address a matter in relation to the squeezed middle (details supplied); and if he will make a statement on the matter. [49620/22]
Amharc ar fhreagraBudget 2023
Ceisteanna (265)
Freagraí scríofa
Budget 2023 included a significant personal tax package with an estimated cost next year of over €1.13 billion. The Standard Rate Cut-Off Point, which is the entry point for the higher rate of income tax, is being increased by €3,200 from €36,800 to €40,000 for a single individual (8.7% increase), with commensurate increases in the bands applying to married persons and persons in civil partnerships. The main personal tax credits (personal credit, employee tax credit and earned income credit) are also being increased by €75 from €1,700 to €1,775 (4.4% increase). The married tax credit is being increased by €150 from €3,400 to €3,550 (4.4% increase). The home carer tax credit is also being increased €100 from €1,600 to €1,700 (6.3% increase).
Furthermore, the 2% rate band ceiling for USC will also be increased in line with the increase in the national minimum wage to ensure that a full-time adult worker who benefits from the increase in the hourly minimum wage rate of €10.50 to €11.30 will remain outside the top rates of USC.
I will bring forward legislative amendments in Finance Bill 2022 to give effect to the above changes from 1 January 2023. The measures will apply to all taxpayers, including married couples, as appropriate to their individual circumstances and income levels.
In the absence of further information regarding the couple's personal situation, such as a breakdown of the individual earnings and how they choose to be treated for tax purposes (for example, joint assessment, separate assessment or single assessment), it is not possible to provide a definitive answer to the Deputy’s question from the perspective of the personal income tax system.
The Tax Policy Changes document published on my Department’s website contains distributional analysis and illustrative examples of the Budget 2023 tax measures - www.gov.ie/en/publication/ccc22-budget-2023-taxation-measures/
With regard to cost of living increases, the Government is acutely aware of the cost pressures currently facing households and businesses and has responded to help alleviate some of this burden. A Budget package of €6.9 billion was recently announced, as well €4.1 billion of one-off measures, which included, for example, the provision of energy credits for all households. This is in addition to €3 billion of measures that were implemented before the recent Budget.
Budget 2023
Ceisteanna (266)
Niamh Smyth
Ceist:266. Deputy Niamh Smyth asked the Minister for Finance if he will review correspondence in relation to the proposed concrete block levy (details supplied); and if he will make a statement on the matter. [49621/22]
Amharc ar fhreagraFreagraí scríofa
As was announced in my Budget 2023 speech I propose to introduce a levy on pouring concrete, concrete blocks and certain other concrete products, which are used in the construction of buildings. The full range of in scope products was detailed in Annex C the Budget Day publication “Budget 2023: Tax Policy Changes” which is available at www.gov.ie/en/publication/ccc22-budget-2023-taxation-measures/.
This levy will be set at a rate of 10% on the price of the concrete product, and will apply at the point of first supply of the product in the State. The levy will be applied from 03 April 2022.
In line with a Government Decision taken in November 2021, the target revenue of €80 million per annum generated from this levy is to contribute towards offsetting the cost to the Exchequer, and so the tax-payer, of the Redress Scheme which was put in place to support affected households.
Further detail on the levy, and in particular on how it is to be applied will be set out in the Finance Bill 2022 when that is published on 20 October.
In terms of products sourced from outside the State, it is intended that they levy will apply to them once they are supplied here, as it is intended that the levy will apply at the “point of first supply” in the State.
Budget 2023
Ceisteanna (267)
Paul Kehoe
Ceist:267. Deputy Paul Kehoe asked the Minister for Finance the timescale for the introduction of a levy (details supplied); and if he will make a statement on the matter. [49656/22]
Amharc ar fhreagraFreagraí scríofa
As was announced in my Budget 2023 speech I propose to introduce a levy on pouring concrete, concrete blocks and certain other concrete products, which are used in the construction of buildings. The full range of in scope products was detailed in Annex C the Budget Day publication “Budget 2023: Tax Policy Changes” which is available at www.gov.ie/en/publication/ccc22-budget-2023-taxation-measures/.
This levy will be set at a rate of 10% on the price of the concrete product, and will apply at the point of first supply of the product in the State. The levy will be applied from 03 April 2022.
In line with a Government Decision taken in November 2021, the target revenue of €80 million per annum generated from this levy is to contribute towards offsetting the cost to the tax-payer of the Redress Scheme which was put in place to support affected households.
Further detail on the levy, and in particular on how it is to be applied will be set out in the Finance Bill 2022 when that is published on 20 October.
State Properties
Ceisteanna (268)
Peadar Tóibín
Ceist:268. Deputy Peadar Tóibín asked the Minister for Finance the status of the apartments in Finglas, known as Prospect Hill, that were taken back into possession of Dublin City Council; if they remain in full ownership of the State; if a block of apartments recently sold by the National Asset Management Agency in the same complex were the ones owned by the State; the status of that particular block; and when the apartments will be allocated. [49757/22]
Amharc ar fhreagraFreagraí scríofa
I wish to highlight that, as Minister for Finance, I have no role in respect of NAMA’s commercial operations.
The Deputy will be aware that NAMA does not directly own or sell properties, accordingly NAMA does not and did not own apartments at the referenced property.
The apartments in which NAMA had an interest were owned by a private entity, held as security by NAMA, and controlled by a receiver who was responsible for their management and sale.
I am advised that, following an open market process, a number of apartments were sold by the receiver in February 2022; I am also advised that this sale did not concern any of the apartments in the ownership of Dublin City Council (DCC).
NAMA has no further interest in any of the apartments in the Prospect Hill development; accordingly it has no knowledge of their current status.
I am advised that before the receiver placed the apartments on the open market, NAMA established that DCC had no interest in acquiring the receiver’s units. Neither NAMA, nor the appointed receiver, have a role in determining the acquisition or allocation by local authorities of apartments for social housing.
Tax Collection
Ceisteanna (269)
Willie O'Dea
Ceist:269. Deputy Willie O'Dea asked the Minister for Finance if his attention has been drawn to the fact that the Revenue Commissioners are now demanding that businesses settle tax owed under the debt warehousing scheme (details supplied); his views on whether the insistence by the Revenue Commissioners on the repayment of warehoused debt will lead to bankruptcies; his plans to deal with this situation; and if he will make a statement on the matter. [49808/22]
Amharc ar fhreagraFreagraí scríofa
The Debt Warehousing Scheme has offered valuable and practical liquidity support to individuals and businesses, assisting them with their cash-flow during the difficult trading periods associated with the COVID-19 pandemic. The objective of the scheme is to support the long-term economic viability and survival of the participants/businesses concerned. The Deputy will be aware that, under the scheme, participants can temporarily ‘park’ certain tax debts on an interest free basis until the end of 2022, or until 30 April 2023 for businesses impacted by the public health restrictions introduced in December 2021. To remain eligible for the scheme and to avail of the significantly reduced interest rate of 3% per annum that applies to the repayment of the warehoused debt, returns must be filed for all periods covered by the scheme and current taxes must be paid as they fall due.
I am advised by Revenue that the total debt eligible for the Debt Warehousing Scheme since its introduction is €31.9 billion, and 256,000 businesses have availed of the scheme at various stages during the scheme’s duration. However, as at end August 2022, almost 92% of that debt has been paid, leaving a balance of €2.65 billion currently in the warehouse in respect of approximately 78,600 individual entities.
There is no obligation on businesses to start repaying their warehoused debt until January 2023 (or May 2023 for those entitled to the extension) although, some businesses are paying some or all of the debt as their financial circumstances permit.
Revenue will engage with the majority of businesses who have debt in the warehouse in advance of end December 2022 to agree tailored arrangements appropriate to the individual business circumstances to deal with the debt. For the small number of customers who qualified for the warehouse extension due to the public health restrictions introduced in December 2021, Revenue will engage with these customers in advance of end April 2023.
I know that Revenue fully appreciates the challenge for businesses in paying their outstanding liabilities in a difficult economic and financial climate. Revenue has a strong track record of successfully working with individuals and businesses who engage early to resolve their payment difficulties, and, in most cases, a mutually satisfactory solution is found without resorting to debt collection/enforcement sanctions.
Tax Code
Ceisteanna (270)
Peter Fitzpatrick
Ceist:270. Deputy Peter Fitzpatrick asked the Minister for Finance if he will reconsider the current approach to one member pension arrangements and changes to personal retirement savings accounts in the Finance Bill 2022 in October 2022; if he plans to enforce this PRSA benefit-in-kind, which leaves a benefit taxable liability in the hands of the staff member; and if he will make a statement on the matter. [49821/22]
Amharc ar fhreagraFreagraí scríofa
The Interdepartmental Pensions Reform and Taxations Group (IDPRTG) was established to carry out a number of tasks set out in the Roadmap for Pensions Reform 2018 -2023. The Roadmap set out the need to promote long-term pension saving to address income adequacy in retirement, in particular for low income earners.
The IDPRTG is chaired by the Department of Finance, and includes representatives from the Department of Public Expenditure and Reform; the Department of Social Protection (DSP); the Office of the Revenue Commissioners; and the Pensions Authority. In 2020 the IDPRTG published a report which set out a number of actions to aid in the harmonisation and simplification of supplemental pensions. Finance Act 2021 introduced a package of measures to give effect to some of the actions set out in the group’s report.
The Group continues its work to implement the actions set out in the Group's Report. Accordingly, a number of proposals from the 2020 Report are currently being worked on, some of which are technical in nature and others which have wider policy implications necessitating careful consideration through the normal policy channels. One of these actions, designed to aid in the harmonisation and simplification of supplemental pensions, is:
‘The differential treatment of the PRSA for funding purposes should be abolished, employer contributions to PRSAs should not be subject to BIK.’
As indicated in this year’s Tax Strategy Group paper www.gov.ie/en/collection/d5b41-budget-2023-tax-strategy-group-papers/ one of the pension policy issues actively being considered is to abolish the differential treatment of the PRSAs for funding purposes.
The IDPRTG focused closely on this issue during the course of 2022, examining a number of methods that could be used to achieve equalisation of the funding options for occupational pension schemes and PRSAs.
As the Deputy is aware, the Finance Bill each year contains a combination of items announced in the Budget and a number additional items which are not included in the Budget for various reasons. It is my intention to publish the Finance Bill on the 20th of October subject to the agreement of the Government in advance of that date.
As the Deputy will appreciate, it would not be appropriate for me to comment on the measures that may be included in the Finance Bill in advance of Government decisions on these measures.
Budget 2023
Ceisteanna (271)
Paul Kehoe
Ceist:271. Deputy Paul Kehoe asked the Minister for Finance if there is any provision for an increase in the tax exemption limit for people over 65 years of age in budget 2023 given the increase in the cost of living; and if he will make a statement on the matter. [49830/22]
Amharc ar fhreagraFreagraí scríofa
As the Deputy will be aware, Budget 2023 included a significant personal tax package with an estimated cost next year of over €1.13 billion. The Standard Rate Cut-Off Point, which is the entry point for the higher rate of income tax, is being increased by €3,200 from €36,800 to €40,000 for a single individual (8.7% increase), with commensurate increases in the bands applying to married persons and persons in civil partnerships. The main personal tax credits (personal credit, employee tax credit and earned income credit) are also being increased by €75 from €1,700 to €1,775 (4.4% increase), and the home carer tax credit is being increased €100 from €1,600 to €1,700 (6.3% increase).
Furthermore, the 2% rate band ceiling for USC will also be increased in line with the increase in the national minimum wage to ensure that a full-time adult worker who benefits from the increase in the hourly minimum wage rate of €10.50 to €11.30 will remain outside the top rates of USC. Further details can be located at the following link - www.gov.ie/en/publication/ccc22-budget-2023-taxation-measures/
I will bring forward legislative amendments in Finance Bill 2022 to give effect to the above measures from 1 January 2023. These measures will apply to all taxpayers, including persons aged over 65, as appropriate to their individual circumstances and income levels.
Separately, there is an income tax age exemption for persons aged over 65 which means that single, widowed or surviving civil partners aged 65 or older do not pay any income tax if they earn less than €18,000 per annum with a threshold of €36,000 in place for a married couple or civil partners where one person is 65 years of age or older. The relevant income thresholds may be increased further if the individual has a qualifying child. The thresholds are increased by €575 in respect of both the first and second child, and €830 in respect of each subsequent child.
Marginal relief may be available where the individual’s or couple’s income exceeds the relevant exemption limit but is less than twice that amount. Where marginal relief applies, the individual or couple is taxed at 40% on all income above the exemption limit to a ceiling of twice the exemption limit. Once the income exceeds twice the exemption limit marginal relief is no longer available and the individual pays tax under the normal tax system.
It should be noted, however, that where the individual’s income is greater than the exemption limit but below twice that limit, the taxpayer is always given the benefit of the more favourable treatment as between the use of marginal relief or the normal tax system of credits and bands.
To answer the Deputy’s specific question, Budget 2023 did not include an increase to the current thresholds for the age exemption. While I have no plans to change the thresholds in relation to exemptions currently granted to persons aged 65 and over, it must be noted that the current tax arrangements for persons aged 65 or older compare favourably with the tax treatment of the generality of taxpayers.
Persons aged 65 or over may also avail of the age tax credit, which currently amounts to €245 per year for single persons or €490 per year for married couples or civil partners. Reduced rates of USC also apply for persons aged 70 or older where their total income is €60,000 or less.
Additional guidance on the range of tax credits and reliefs that may be available for individuals over 65 years of age can be found in Tax and Duty Manual Part 15-01-26, which can be located at the following link – Tax and Duty Manual: www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-15/15-01-26.pdf.
With regard to cost of living increases, the Government is acutely aware of the cost pressures currently facing households and businesses and has responded to help alleviate some of this burden. A Budget package of €6.9 billion was recently announced, as well €4.1 billion of one-off measures, which included, for example, the provision of energy credits for all households. This is in addition to €3 billion of measures that were implemented before the recent Budget.
Legislative Measures
Ceisteanna (272)
Róisín Shortall
Ceist:272. Deputy Róisín Shortall asked the Minister for Finance the timeline that he is working towards for amending the relevant legislation to incorporate the right to be forgotten for people living beyond cancer, following the recently adopted European Parliament resolution calling for European Union member states to guarantee this right by 2025; the steps that his Department has taken to prepare for this legislative change; and if he will make a statement on the matter. [49847/22]
Amharc ar fhreagraFreagraí scríofa
I note that the Deputy’s question refers to the “Right to be Forgotten” in the context of individuals who have recovered from cancer seeking to access certain financial services. I am aware of this issue, which is a sensitive one for many in our community.
As the Deputy is aware, this important policy matter is being considered at EU level. The European Commission’s 'Europe’s Beating Cancer Plan' includes an initiative for 2021-2023 to “Address fair access for cancer survivors to financial services (including insurance), via a code of conduct and a reflection on long-term solutions”. Earlier this year, the Commission published an exploratory study on ‘Access to financial products for persons with a history of cancer in EU Member States’ as a first step in this process.
Following the publication of this study, the Commission has stated that by the end of 2022, it will launch further work that will gather more evidence and insights on the issue. This will serve as a basis to design a first draft of the EU Code of Conduct, which the Commission plans to discuss with stakeholders, as part of implementing 'Europe’s Beating Cancer Plan'.
It is understood that the EU Code of Conduct is planned to be adopted by early 2024. My Department will continue to monitor any outputs from this work, which represents an important contribution to this issue, and will continue to engage with Insurance Ireland and other stakeholders regarding relevant developments in this area.
Finally, it may interest the Deputy to know that, as regards existing domestic legislation, Section 126 of the Consumer Credit Act 1995 permits lenders here to provide a mortgage in situations where a borrower may be unable to obtain life insurance, or where such insurance is unduly costly compared to that payable by borrowers generally. This is important to note in the context of securing a home loan for individuals who may experience difficulties acquiring mortgage protection insurance, including people who have recovered from cancer.
Question No. 273 answered with Question No. 254.
Revenue Commissioners
Ceisteanna (274)
Darren O'Rourke
Ceist:274. Deputy Darren O'Rourke asked the Minister for Finance the number of vehicles seized by Revenue Commissioners under section 141 of the Finance Act 1992 in 2020, 2021 and to-date in 2022 in tabular form. [49979/22]
Amharc ar fhreagraFreagraí scríofa
I am advised by the Revenue Commissioners that Table 1 below sets out the information requested by the Deputy in respect of the number of vehicles seized by Revenue under Section 141 of the Finance Act, 2001.
Table 1
|
Year |
Total Vehicles |
|
2020 |
498 |
|
2021 |
599 |
|
*2022 |
847 |
* to 30 September 2022
The statistics provided are for vehicles seized for excise offences such as Vehicle Registration Tax, Alcohol Products Tax, Tobacco Products Tax or Mineral Oil Tax offences pursuant to Section 141 of the Finance Act, 2001 and not Section 141 of the Finance Act, 1992, as quoted by the Deputy in his request.
Customs and Excise
Ceisteanna (275)
Darren O'Rourke
Ceist:275. Deputy Darren O'Rourke asked the Minister for Finance if the tendering process for a replacement customs cutter vessel will commence before the end of the year. [49980/22]
Amharc ar fhreagraFreagraí scríofa
Revenue has informed me that the tendering process for the procurement of a replacement customs cutter vessel is well underway. The updated position is that the tender document is in the final stages of drafting, and Revenue expects to issue the tender to the market before the end of October 2022.
Tax Code
Ceisteanna (276)
Marian Harkin
Ceist:276. Deputy Marian Harkin asked the Minister for Finance the plans, if any, that are in place to reduce the current 13.5% VAT rate to the beauty industry; and if he will make a statement on the matter. [50114/22]
Amharc ar fhreagraFreagraí scríofa
The VAT rates applying in Ireland are subject to the requirements of EU VAT law with which Irish VAT law must comply. The services consisting of the care of the human body, including beauticians, are subject to the 13.5% rate.
This arises from the fact that many of goods and services to which Ireland applies a reduced rate of VAT, including services related to care of the human body, have their basis under an EU derogation that provides that as Ireland applied a reduced rate to these items on 1 January 1991, we are entitled to continue applying that reduced rate to those items. However, this is conditional on the rate being no less than 12%. These are known as ‘parked’ items. As the services provided by beauticians are part of these parked items, it is not possible for Ireland to apply the rate of 9% to them.
Question No. 277 answered with Question No. 264.
Vehicle Registration Tax
Ceisteanna (278)
Marian Harkin
Ceist:278. Deputy Marian Harkin asked the Minister for Finance if he will consider a matter (details supplied); and if he will make a statement on the matter. [50146/22]
Amharc ar fhreagraFreagraí scríofa
Under the Finance Act 1992, Vehicle Registration Tax (VRT) is assessed on a vehicle at the time of its registration and the way the tax is computed depends on the category of vehicle involved. VRT on Category A vehicles (generally passenger cars and certain Special Utility Vehicles) is assessed based on the value of the vehicle and its emissions levels for carbon dioxide (CO2) and nitrogen oxides (NOx). The VRT on Category B vehicles (generally light commercial vehicles and motor caravans) is assessed at 13.3% of the value of the vehicle. In all cases, a vehicle’s value is determined in accordance with particular provisions in the law. The ownership of the vehicle does not affect the VRT calculation, and the tax law does not restrict company owners from purchasing vehicles.
The appropriate category for a particular vehicle is decided at the time of its registration based on the vehicle’s technical categorisation under EU type approval law, taking account of the documentation presented at the time of registration including its EU Classification.
A category B vehicle is defined in the Finance Act based, in large part, on EU type approval classification N1. It is defined as meaning:
“(a) a category N1 vehicle that has three seats or less,
(b) a category N1 vehicle to which a BE bodywork code has been assigned, or
(c) a motor caravan”
As the Deputy’s query relates to a new five-seater vehicle, the vehicle concerned is unlikely to fulfil the criteria of a Category B vehicle and so, under the legislation would be a category A vehicle.
If the taxpayer concerned wishes to contact Revenue regarding the specific vehicle, they can contact the National VRT Service on the Revenue website via My Enquiries.
Tax Code
Ceisteanna (279)
Jennifer Whitmore
Ceist:279. Deputy Jennifer Whitmore asked the Minister for Finance the limited number of period products that will be reduced to a zero per cent VAT rate from 1 January 2023, as announced in budget 2023; and if he will make a statement on the matter. [50251/22]
Amharc ar fhreagraFreagraí scríofa
The Deputy should note that Ireland is one of the few countries in the EU which applies a zero rate of VAT to most period products. This was the rate that applied in 1991 and we have been able to maintain that rate under the provisions of the EU VAT Directive that allow for a zero rate to be maintained if it applied on and from 1st January 1991.
A very small number of products have a 13.5% rate applied such as menstrual cups, menstrual sponges and menstrual pants.
Changes to the VAT Directive agreed this year now allow for a zero rate to apply to such period products from 1 January 2023.
Question No. 280 answered with Question No. 264.
International Agreements
Ceisteanna (281, 282)
Noel Grealish
Ceist:281. Deputy Noel Grealish asked the Minister for Finance his views on suggestions from the European Commission and some European Union member states that an enhanced cooperation procedure should be used for the implementation in the EU of pillar two of the OECD agreement on international taxation; and if he will make a statement on the matter. [50283/22]
Amharc ar fhreagraNoel Grealish
Ceist:282. Deputy Noel Grealish asked the Minister for Finance if he is concerned that the use of an enhanced cooperation procedure at EU level in the realm of taxation would impinge on the ability of Ireland and other small EU member states to retain their sovereignty over taxation matters; and if he will make a statement on the matter. [50284/22]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 281 and 282 together.
Ireland's position on tax is well known and clear. Direct tax is a Member State competence and tax decisions are taken by unanimity.
Pillar Two of the OECD Agreement seeks to introduce a minimum tax rate for multinational enterprises across the globe. The EU Minimum Tax Directive, which introduces a minimum tax in the EU, will ultimately bring long-term stability and certainty to the international tax framework by ensuring there is a consistent and coordinated application of the minimum tax rules across EU Member States.
Although political agreement has not yet been achieved on the Minimum Tax Directive, I am fully supportive of the Czech Presidency's efforts to resolve this and it remains my belief that the Directive will be agreed by all Member States in the near term.
I am aware that some are frustrated at the pace of progress and would prefer to proceed with this legislation using the enhanced cooperation provision of the EU treaties.
I do not see the merit of pursuing a legislative proposal through enhanced cooperation. It is in everyone’s best interest to have the Directive agreed by all EU Member States. I firmly believe that agreement can be reached by all Member States and I continuing to work towards this achievable goal.
Question No. 282 answered with Question No. 281.
Revenue Commissioners
Ceisteanna (283)
Fergus O'Dowd
Ceist:283. Deputy Fergus O'Dowd asked the Minister for Finance if he will provide the details on the expected timelines for the reopening of the offices of the Revenue Commissioners to facilitate face-to-face engagement with consideration of the significant tax changes that have been announced and the expected increase in queries on PAYE and other revenue-related services; and if he will make a statement on the matter. [50305/22]
Amharc ar fhreagraFreagraí scríofa
Revenue provides a broad range of online services for taxpayers to manage their tax affairs, which are quick, easy to use and fully secure. These services, including an online communications channel through the MyEnquiries, are available 24/7 and, in the vast majority of cases, remove the requirement for taxpayers to attend public offices.
Revenue makes a broad range of information available on its website and this information will be updated to reflect the changes announced in the budget as they become available as part of the Finance Bill process. For the majority of taxpayers, the changes announced will not be complex and a significant increase in contacts with Revenue is not anticipated. For PAYE employees, the changes to their tax credits and rate bands will be reflected in their tax credit certificates for 2023 which will be available through myAccount in early December and will also be made available to employers.
Revenue have confirmed that an in-person appointment service is currently being provided in their offices at Cathedral Street, Dublin 1 and Blackpool, Cork and similar services will be available in Sarsfield House, Limerick and Geata Na Cathrach, Fairgreen Galway offices, from 17 October 2022. Appointments can be booked by calling the Appointment Helpline on 01 738 3660.
The in-person appointment service is in addition to the existing virtual appointment service being provided which largely reduces the need to visit in-person. Virtual appointments can also be booked through the Appointment Helpline.
Civil Service
Ceisteanna (284)
Róisín Shortall
Ceist:284. Deputy Róisín Shortall asked the Minister for Finance the action, if any, which he intends to take in respect of a senior civil servant (details supplied) in light of the findings of a recent report which raises serious public interest questions about this person’s compliance with the Civil Service code of standards and behaviours, especially in respect of Sections 6 and 7, and potentially Section 14; and if he will make a statement on the matter. [50307/22]
Amharc ar fhreagraFreagraí scríofa
On 7 September, the Taoiseach published the Final Report of the Commission of Investigation (IBRC) on the transaction in relation to Siteserv and the principles and policies within IBRC on interest rates. This extensive report outlined the transaction, makes various adverse findings against individuals and made various recommendations.
The Code of Standards and Behaviour for the Irish Civil Service applies to civil servants of the Government, as well as civil servants of the State. I note that the Report refers to an individual who has been working in the Department of Finance since November 2013. Therefore, at the time of the transaction, the individual was not employed within the Irish Civil Service but rater worked in Davy, a financial adviser to Siteserv.
It was a function of the Davy adviser to encourage credible bidders for the company in order to maximise the sale price, thereby minimising losses to IBRC and ultimately to the State. The Commission found that this individual made an unauthorised disclosure of confidential information regarding the sale process, however there is no suggestion that the individual concerned disclosed the information for any personal gain or for any reason other than to enhance the sale process in which he was engaged. Aspects of the confidential information in question were provided to all bidders in the Siteserv sale process, as was always the intention.
The disclosure of confidential information by the Davy adviser to an individual which the Commission states he trusted, and which was subsequently transmitted without his knowledge, does not form part of the findings outlined by the Commission in Chapter 22 regarding the commercial soundness of the Siteserv transaction.