Michael Healy-Rae
Question:90. Deputy Michael Healy-Rae asked the Minister for Transport when an increase to a pension (details supplied) can be expected; and if he will make a statement on the matter. [38755/24]
View answerCóras Iompair Éireann
Questions (90)
Written answers
From the outset I would like to clarify that I, as Minister for Transport, have responsibility for policy and overall funding in relation to public transport. Issues in relation to CIÉ pension schemes are primarily a matter for the trustees of the pension schemes, the CIÉ, Group and their employees.
Concerning pension increases for CIÉ pensioners, it is understood that an increase for pensioners would only be possible when the respective Schemes are capable of sustaining such increases. For the first time in many years both CIÉ pension Schemes now meet the Pensions Authority’s Minimum Funding Standard (MFS), but the scheme deficits are still significant. The MFS indicates both schemes ability to ‘wind-up’ as it currently stands, as opposed to the ability to fund an increase in pension benefits.
The CIÉ Board has been advised by the respective Scheme Actuary that the current MFS position does not create sufficient headroom to grant pension increases at this time, as such a move would put the Schemes at risk of having a deficit on an MFS basis again. In line with industry norms, and in order to achieve stability and security for all members, a MFS funding level (including the Risk Reserve) of materially in excess of 100% is required to give the Schemes sufficient resources to withstand the investment losses that could result from investment market falls.
Any proposal to increase pension benefits would be dependent on the advice of the Schemes Actuary at the time an increase is proposed and must be done in agreement with the Trustees of the Schemes. Awarding discretionary pension increases remains a goal of the CIÉ Group, but it is not envisaged that any such increases can be awarded from the Schemes in the near term.
Accordingly, I have forwarded the Deputy's question to CIÉ for direct reply. Please advise my private office if you do not receive a reply within ten working days.
Bus Éireann
Questions (91)
Matt Shanahan
Question:91. Deputy Matt Shanahan asked the Minister for Transport to examine the scheduled Bus Éireann service from Waterford to Rosslare Ferry, which is scheduled to arrive at Rosslare Port five minutes after the Ferry sails, without offering any opportunity for passengers to present 30 minutes prior to departure, as required; and if he will make a statement on the matter. [38789/24]
View answerWritten answers
As Minister for Transport, I have responsibility for policy and overall funding in relation to public transport; however, I am not involved in the day-to-day operations of public transport.
The query raised by the Deputy is an operational matter for Bus Éireann. I have, therefore, referred the Deputy's question to the company for direct reply. Please advise my private office if you do not receive a reply within ten working days.
A referred reply was forwarded to the Deputy under Standing Order 51.
Rail Network
Questions (92)
Steven Matthews
Question:92. Deputy Steven Matthews asked the Minister for Transport his plans regarding the provision of secure bike lockers at commuter rail stations; if he will consider creating a ringfenced budget allocation for the National Transport Authority to complete a national rollout of lockers; and if he will make a statement on the matter. [38846/24]
View answerWritten answers
As the Deputy may be aware, the National Transport Authority (NTA) has responsibility for the planning and development of public transport infrastructure, including, in consultation with Iarnród Éireann, bike lockers at train stations.
Noting the NTA's responsibility in this matter and the specific issues raised by the Deputy, I have referred the Deputy's question to the NTA for a more detailed reply. Please contact my private office if you do not receive a reply within 10 days.
Bus Services
Questions (93)
Seán Sherlock
Question:93. Deputy Sean Sherlock asked the Minister for Transport the up-to-date position with a new rural link service in County Kildare (details supplied); the expected timeframe involved; and if he will make a statement on the matter. [38865/24]
View answerWritten answers
As Minister for Transport, I have responsibility for policy and overall funding in relation to public transport.
The National Transport Authority (NTA) has statutory responsibility for securing the provision of public passenger transport services nationally. The NTA also has national responsibility for integrated local and rural transport, including delivering the Connecting Ireland Rural Mobility Plan and New Town Services.
The rollout of transport services in County Kildare under the Connecting Ireland Rural Mobility Plan is dependent on the annual Estimates process.
In light of the NTA's responsibilities for the rollout of new and enhanced services, including in County Kildare, I have referred your question to the NTA for direct reply to you. Please advise my private office if you do not receive a reply within ten working days.
Bus Services
Questions (94)
Seán Sherlock
Question:94. Deputy Sean Sherlock asked the Minister for Transport the current position with a new bus service in County Kildare (details supplied); the expected start date; and if he will make a statement on the matter. [38866/24]
View answerWritten answers
As Minister for Transport, I have responsibility for policy and overall funding in relation to public transport.
The National Transport Authority (NTA) has statutory responsibility for securing the provision of public passenger transport services nationally. The NTA also has national responsibility for integrated local and rural transport, including delivering the Connecting Ireland Rural Mobility Plan and New Town Services.
The rollout of transport services in County Kildare under the Connecting Ireland Rural Mobility Plan is dependent on the annual Estimates process.
In light of the NTA's responsibilities for the rollout of new and enhanced services, including in County Kildare, I have referred your question to the NTA for direct reply to you. Please advise my private office if you do not receive a reply within ten working days.
Public Transport
Questions (95)
Jim O'Callaghan
Question:95. Deputy Jim O'Callaghan asked the Minister for Transport the estimated annual cost to the Exchequer of providing free public transport for all third level students. [38899/24]
View answerWritten answers
As Minister for Transport, I have responsibility for policy and overall funding in relation to public transport. However, I am not involved in the day-to-day operations of public transport. The National Transport Authority (NTA) has responsibility for the regulation of fares charged to passengers in respect of public transport services provided under public service obligation (PSO) contracts.
In light of the NTA’s responsibility in this area, I have forwarded the Deputy's question to the NTA for direct reply. Please advise my private office if you do not receive a response within ten working days.
Bus Services
Questions (96)
John Lahart
Question:96. Deputy John Lahart asked the Minister for Transport if he will request the National Transport Authority to address the irregularity of the No. 9 bus service on St. James Road, Greenhills, Dublin 12, given there are persons, for example, attending hospital appointments and find the irregularity of this bus service frustrating. [38924/24]
View answerWritten answers
As Minister for Transport, I have responsibility for policy and overall funding in relation to public transport; however, I am not involved in the day-to-day operations of public transport.
The query raised by the Deputy is an operational matter for Dublin Bus I have, therefore, referred the Deputy's question to the company for direct reply. Please advise my private office if you do not receive a reply within ten working days.
A referred reply was forwarded to the Deputy under Standing Order 51.
Public Transport
Questions (97)
Seán Canney
Question:97. Deputy Seán Canney asked the Minister for Transport for an update on talks between the National Transport Authority and Local Link to provide improved public transport connectivity in the evening between Galway and Loughrea; when the project will be put to tender; if he will provide a timeline as to when the services will be in place; and if he will make a statement on the matter. [38930/24]
View answerWritten answers
As Minister for Transport, I have responsibility for policy and overall funding in relation to public transport.
The National Transport Authority (NTA) has statutory responsibility for securing the provision of public passenger transport services nationally. The NTA also has national responsibility for integrated local and rural transport, including delivering the Connecting Ireland Rural Mobility Plan and New Town Services.
The rollout of transport services in County Galway under the Connecting Ireland Rural Mobility Plan is dependent on the annual Estimates process.
In light of the NTA's responsibilities for the rollout of new and enhanced services, including in County Galway, I have referred your question to the NTA for direct reply to you. Please advise my private office if you do not receive a reply within ten working days.
Rail Network
Questions (98)
Bernard Durkan
Question:98. Deputy Bernard J. Durkan asked the Minister for Transport the reason for the reduction in the direct services on the Grand Canal Dock to Hazelhatch-Celbridge at rush hour times; if the previous direct services that were in place and working well will be reinstated given the growing population along this line using these services; if an examination will be carried out into the reason there are now up to ten-minute delays to this service in both directions at rush hour, in view of the unreliability of services since recent changes were made which are having a disastrous effect on commuters and their journey time; and if he will make a statement on the matter. [38941/24]
View answerWritten answers
As Minister for Transport, I have responsibility for policy, overall funding in relation to public transport, and corporate governance of transport operators including Irish Rail.The issues raised by the Deputy are a matter for Irish Rail in conjunction with the National Transport Authority. Therefore, I have referred the Deputy's question to Irish Rail and the National Transport Authority for direct response to the Deputy.
Please advise my private office if you do not receive a reply within ten working days.
A referred reply was forwarded to the Deputy under Standing Order 51.
Tree Remediation
Questions (99)
Niall Collins
Question:99. Deputy Niall Collins asked the Minister for Transport if he is aware of the number of landowners across the country who have trees which are non-commercial plantations impacted by ash dieback adjacent to public roads; if he has assessed the associated potential risk to road safety; if he would consider a scheme to help landowners with the cost of removal of their impacted trees; and if he will make a statement on the matter. [38982/24]
View answerWritten answers
As Minister for Transport, I have responsibility for overall policy and exchequer funding in relation to the National Roads Programme. Under the Roads Acts 1993-2015 and in line with the National Development Plan (NDP), the operation and management of individual national roads is a matter for Transport Infrastructure Ireland (TII), in conjunction with the local authorities concerned. This is also subject to the Infrastructure Guidelines and the necessary statutory approvals.
Section 70 of the Roads Act 1993 sets out the responsibility of landowners to take all reasonable steps to ensure that trees, hedges and other vegetation growing on their land are not, or could not become, a danger to people using a public road or interfere with the safe use of a public road or the maintenance of a public road. This responsibility includes the 'the preservation, felling, cutting, lopping, trimming or removal of such tree, shrub, hedge or other vegetation' in question.
As such, the implementation of the legislation and the management of hedge cutting operations is a matter for local authorities and landowners. My Department has no plans to grant-aid the cutting or removal of trees infected with ash dieback.
Driver Test
Questions (100)
Matt Carthy
Question:100. Deputy Matt Carthy asked the Minister for Transport the manner in which he can assure that driving tests, either theory or practical, are conducted in line with required standards; if such standards account for the recording of tests; if so, to provide any guidelines relating to such; and if he will make a statement on the matter. [39030/24]
View answerWritten answers
Under the Road Safety Authority Act 2006, the operation of the National Driver Testing Service is the statutory responsibility of the Road Safety Authority (RSA). I have therefore referred the question to the Authority for a more detailed direct reply. I would ask the Deputy to contact my office if a response has not been received within ten days.
Pending this more detailed response, the Deputy may wish to note that driver testing in Ireland is carried out directly by the RSA to a standard that complies with the EU Directive on Driving Licences. The Directive sets minimum driving test standards, training and quality assurance for driver testers. As part of the RSA’s Quality Assurance Policy, the performance of driver testers is monitored to ensure that the quality of test candidates’ assessments is consistent and in line with the Standard Procedures and Marking Guidelines for Conducting a Driving Test.
A referred reply was forwarded to the Deputy under Standing Order 51.
Rail Network
Questions (101)
Jennifer Murnane O'Connor
Question:101. Deputy Jennifer Murnane O'Connor asked the Minister for Transport the current position regarding resumption of catering services onboard Irish Rail intercity services; and when is it expected these services will be fully resumed. [39037/24]
View answerWritten answers
As Minister for Transport, I have responsibility for policy, overall funding in relation to public transport, and corporate governance of transport operators including Irish Rail.The issue raised by the Deputy in relation to catering is a matter for Irish Rail. Therefore, I have referred the Deputy's question to Irish Rail for direct response to the Deputy.
Please advise my private office if you do not receive a reply within ten working days.
A referred reply was forwarded to the Deputy under Standing Order 51.
Rail Network
Questions (102)
Jennifer Murnane O'Connor
Question:102. Deputy Jennifer Murnane O'Connor asked the Minister for Transport the percentage of current Intercity Rail journeys that currently have Irish Rail customer service agents onboard the train; and the estimated cost needed to ensure that there is a customer service agent onboard every Intercity rail journey. [39038/24]
View answerWritten answers
As Minister for Transport, I have responsibility for policy, overall funding in relation to public transport, and corporate governance of transport operators including Irish Rail.The issue raised by the Deputy is a matter for Irish Rail. Therefore, I have referred the Deputy's question to Irish Rail for direct response to the Deputy.
Please advise my private office if you do not receive a reply within ten working days.
A referred reply was forwarded to the Deputy under Standing Order 51.
Bus Services
Questions (103)
Richard Boyd Barrett
Question:103. Deputy Richard Boyd Barrett asked the Minister for Transport the steps he will take in relation to the increasing reports of no-shows of the No. 59 bus (details supplied); if a report on this service over the past two years will be provided, including whether fines have been paid; and if he will make a statement on the matter. [39062/24]
View answerWritten answers
As Minister for Transport, I have responsibility for policy and overall funding in relation to public transport; however, I am not involved in the day-to-day operations of public transport. The National Transport Authority (NTA) has statutory responsibility for securing the provision of public passenger transport services nationally and for the scheduling and timetabling of these services in conjunction with the relevant transport operators.
The performance of all public transport operators is monitored by the NTA as part of the contractual arrangements in place between it and the operators. These contractual arrangements allow for not just the monitoring of performance by the NTA and the publication by it of annual performance reports, but importantly, the contracts also allow for the imposition of financial penalties where performance does not meet the required standard.
In light of the NTA’s responsibility in this area, I have forwarded the Deputy's question to the NTA for direct reply. Please advise my private office if you do not receive a response within ten working days.
Official Engagements
Questions (104)
Matt Carthy
Question:104. Deputy Matt Carthy asked the Minister for Transport the contact he or any Minister in his Department have had with any minister or official in the government of Israel since January 2014; the nature of these contacts, the purpose of these contacts; if a record was kept; and if he will make a statement on the matter. [39081/24]
View answerWritten answers
According to records held by my department the following contact was made with Israeli officials since 2014 -
Minister Paschal Donohue
• 09/12/2014 Minister Donohue received a petition from the former Israeli Ambassador Alon Liel, Ambassador (ret.) Avraham Burg, former speaker of The Knesset and Yehuda Shaul.
Minister Shane Ross
• 20/09/2016 The Israeli Ambassador Mr Ze'ev Boker requested a meeting with Minister Ross to discuss an issue relating to his sports portfolio.
Minister Eamon Ryan
• 10/11/2023 Minister Ryan met with the Israeli Ambassador to Ireland Dana Erlich to discuss the situation in Gaza.
Departmental Consultations
Questions (105)
Catherine Murphy
Question:105. Deputy Catherine Murphy asked the Minister for Transport if he, his special advisory teams, or senior officials have consulted with, received briefings or sought advice from an external communications expert or communications consultancy company, or a public relations or public affairs company, in 2022, 2023 and to date in 2024; the costs associated with those interactions; the names of those that have been engaged with; the subject matter or topics the engagements related to, in tabular form; and if he will make a statement on the matter. [39143/24]
View answerWritten answers
The information requested by the Deputy is being collated and will be forwarded to the Deputy within 10 working days, in line with the Standing Orders.
The following deferred reply was received under Standing Order 51.
The details for all external communications and public relations experts and companies which have advised my Department can be found in the table below, for the years 2022, 2023, and 2024 to date. My Department did not engage the services of any communications or public relations consultants for the year 2022.
|
Year |
Name of Division |
Title of Contract/ Subject matter |
Name of Consultant /Organisation |
Cost |
|
2022 |
- |
- |
- |
- |
|
2023 |
Press and Communications Division |
Strategies for the provision of Market Research and Strategic Communications Planning |
Kay McCarthy Communications |
€135,044.16 |
|
2024 |
Climate Engagement and Governance Division |
The provision of Services for the design of engagement pilot programmes in the transport sector in the context of climate action and sustainable mobility |
Kay McCarthy Communications |
€56,500 |
|
2024 |
Press and Communications Division |
Quant survey rerun of DoT public awareness |
Kay McCarthy Communications |
€3,690.00 |
Driver Test
Questions (106)
Imelda Munster
Question:106. Deputy Imelda Munster asked the Minister for Transport the waiting times, and the number of people on the list, for those seeking to take a driving test in counties Louth and Meath. [39192/24]
View answerWritten answers
Under the Road Safety Authority Act 2006, the operation of the National Driver Testing Service is the statutory responsibility of the Road Safety Authority. I have therefore referred the question to the Authority for direct reply. I would ask the Deputy to contact my office if a response has not been received within ten days.
A referred reply was forwarded to the Deputy under Standing Order 51.
National Car Test
Questions (107)
Imelda Munster
Question:107. Deputy Imelda Munster asked the Minister for Transport the waiting times, and the number of people on the list, for those seeking NCT tests in counties Louth and Meath. [39193/24]
View answerWritten answers
Under the Road Safety Authority Act 2006, the operation of the National Car Testing Service is the statutory responsibility of the Road Safety Authority. I have therefore referred the question to the Authority for direct, detailed reply. I would ask the Deputy to contact my office if a response has not been received within ten days.
A referred reply was forwarded to the Deputy under Standing Order 51.
Rail Network
Questions (108)
Imelda Munster
Question:108. Deputy Imelda Munster asked the Minister for Transport his views on the need for a new train station in north Drogheda; if he has had discussions with the National Transport Authority on this matter; and if he will make a statement on the matter. [39194/24]
View answerWritten answers
As Minister for Transport, I have responsibility for policy and overall funding in relation to public transport. The maintenance, renewal and operation of the rail network and stations on the network, including the proposed station referred to, is a matter for Iarnród Éireann (IÉ) in the first instance.
The National Transport Authority (NTA) has responsibility for the planning and development of public transport infrastructure in the Greater Dublin Area and the regional cities; this does not include north Drogheda or Co Louth.
Noting IÉ's responsibility in relation to the rail network and stations on the network, I have referred the Deputy's question to IÉ for a more detailed reply on the specific issue raised. Please contact my private office if you do not receive a reply within 10 days.
A referred reply was forwarded to the Deputy under Standing Order 51.
Public Transport
Questions (109)
Imelda Munster
Question:109. Deputy Imelda Munster asked the Minister for Transport when Drogheda and east Meath will be included in the reduced fares Dublin commuter zone; and if he will make a statement on the matter. [39195/24]
View answerWritten answers
As Minister for Transport, I have responsibility for policy and overall funding in relation to public transport. However, I am not involved in the day-to-day operations of public transport. The National Transport Authority (NTA) has responsibility for the regulation of fares charged to passengers in respect of public transport services provided under public service obligation (PSO) contracts.
In light of the NTA's responsibility in this area, I have forwarded the Deputy's question to the Authority for direct reply. Please advise my private office if you do not receive a response within ten working days.
Rail Network
Questions (110)
Imelda Munster
Question:110. Deputy Imelda Munster asked the Minister for Transport his views on the reduction of morning rail services from Drogheda to Dublin; and if he will make a statement on the matter. [39196/24]
View answerWritten answers
As Minister for Transport, I have responsibility for policy, overall funding in relation to public transport, and corporate governance of transport operators including Irish Rail.The issue raised by the Deputy is a matter for Irish Rail in conjunction with the National Transport Authority. Therefore, I have referred the Deputy's question to Irish Rail and the National Transport Authority for direct response to the Deputy.
Please advise my private office if you do not receive a reply within ten working days.
A referred reply was forwarded to the Deputy under Standing Order 51.
Tax Credits
Questions (111)
Cian O'Callaghan
Question:111. Deputy Cian O'Callaghan asked the Minister for Finance the estimated number of taxpayers who are eligible to claim the rent tax credit; the number of renters who have claimed the tax credit in each year since its establishment; and if he will make a statement on the matter. [38544/24]
View answerWritten answers
The Rent Tax Credit (RTC), as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by the Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025.
I am informed by Revenue that they are unable to prepare estimates of the numbers of taxpayers who are eligible to claim the RTC, as the data available to Revenue in respect of taxpayers do not include information on rental status or rental payments. However, during the Budget 2023 process my Department estimated that some 400,000 persons may have been eligible to claim the credit.
313,980 taxpayer units claimed the RTC for 2022. The extent to which a claimant benefits from a tax credit, through a reduced tax liability and/or receipt of a refund for overpayment of a tax liability, is determined by their gross tax liability and use of other tax credits and reliefs. These numbers includes both PAYE and self-assessed taxpayer units. A taxpayer unit is either an individual with any personal status who is singly assessed or a couple in a marriage or civil partnership who have elected for joint assessment, in which case they are counted as one taxpayer unit.
I am further informed by Revenue that 273,160 taxpayer units benefited from the RTC for 2022, as set out in Revenue’s ‘Cost of Tax Expenditures’ publication which is available on the Revenue website at www.revenue.ie/en/corporate/information-about-revenue/statistics/tax-expenditures/costs-expenditures.aspx.
It should be noted that tax refunds can be requested within four years after the end of the tax year to which the claim relates. Eligible persons may not claim the RTC in respect of 2022 until 2026, if at all.
In relation to later years, I am advised by Revenue that the RTC statistics provided in the table below refer only to claims by PAYE taxpayers for 2023 and 2024 to-date. The data on claims by self-assessed taxpayers are not yet available for 2023 and 2024. Most claims for credits by PAYE taxpayers take place after the year-end, and it is expected that the bulk of claims for 2024 will not be made until 2025.
The below table outlines the number of claims by PAYE taxpayers, by year of assessment for 2023 and 2024, as of 24 September 2024.
|
Year |
Number of Claims by PAYE taxpayers |
|
2023 |
268,120 |
|
2024 |
70,580 |
Tax Code
Questions (112)
Catherine Murphy
Question:112. Deputy Catherine Murphy asked the Minister for Finance if he will consider amending the VAT liability on mobility aides (details supplied). [38552/24]
View answerWritten answers
The VAT treatment of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the Directive provides that all goods and services are liable to VAT, and that VAT is paid by the final consumer.
EU law allows for certain historic VAT treatments to be maintained by a Member State under certain strict conditions, including that a historic treatment cannot be widened beyond its existing scope. On this basis, Ireland has retained its application of a relieving provision, the Value Added Tax (Refund of Tax) (No. 15) Order, 1981 (SI No. 428 of 1981).
This VAT Refund Order provides that people with disabilities may apply for a refund of VAT incurred on qualifying goods. The legislation makes the refund available to a person who, as a result of an injury, disease, congenital deformity or physical or mental illness, or defect, suffers from a loss of physical or mental faculty resulting in a specified degree of disablement, as detailed in the Order.
Under the law, the refund is available for goods (other than mechanically propelled road vehicles) which are aids or appliances specially constructed or adapted for use by a disabled person, and goods which, although not so specially constructed or adapted, are of such a kind as might reasonably be treated as such, having regard to the particular disablement of the person. The purchase of a home chair lift for stairs qualifies for a refund of VAT under the refund order.
An application under the Refund Order should be made on Form VAT 61A and submitted to the Central Repayments Office in Limerick. Further information is available on the Revenue website www.revenue.ie/en/vat/repayments-to-unregistered-persons/disabled-persons/reclaim-vat-aids-appliances.aspx
New rules agreed in 2022 allow Member States greater flexibility in the application of reduced and zero rates of VAT. Any changes to the application of VAT are considered on an annual basis as part of the normal budget and finance bill process.
Revenue Commissioners
Questions (113)
Paul Donnelly
Question:113. Deputy Paul Donnelly asked the Minister for Finance the number of compliance interventions made by the large-case high-wealth individuals division of the Revenue Commissioners; and the money recouped as a result of these interventions in 2023 and for first eight months of 2024, in tabular form. [38601/24]
View answerWritten answers
I am advised by Revenue that its Large Cases – High Wealth Individuals Division (LC-HWID) was expanded under internal realignment earlier this year. The division now includes three Financial Services branches and has been renamed High Wealth and Financial Services Division. The statistics in the table refer to the original LC-HWID.
LC-HWID had responsibility for the following business areas:
• Management of the tax affairs of High Wealth Individuals;
• Approval and administration of certain pension schemes; and
• Identification of and challenge to tax avoidance transactions.
The details requested by the Deputy are set out in the table for the range of compliance interventions undertaken by LC-HWID. Data is available to June 2024. The Deputy may wish to note that a compliance intervention may not be initiated and closed in the same year.
Table: Compliance interventions Initiated and closed by LC-HWID and yield*
|
Year |
Initiated |
Closed |
Yield |
|
2023 |
498 |
390 |
€57,647,079 |
|
2024 – end June |
387 |
214 |
€33,142,342 |
* Yield includes tax, interest, penalties and also the tax value of losses restricted.
Middle East
Questions (114)
Patrick Costello
Question:114. Deputy Patrick Costello asked the Minister for Finance the number of Israeli national bonds held by the Central Bank of Ireland; the total value and the yearly breakdown (both purchased in that year and total owned in number of bonds and euro value) for the past ten years, in tabular form. [38637/24]
View answerWritten answers
I have been informed by the Central Bank that they held approximately €17bn of Investment Assets at the end of 2023, mostly invested in government bonds and other high-quality fixed income (bond) instruments issued by multilateral development banks, supranational organisations and government-linked agencies.
The Central Bank of Ireland does not directly invest in Israeli government bonds.
Since 2021, the Central Bank has participated in the US dollar- and euro-denominated green bond investment funds for central banks established by the Bank for International Settlements (BIS). The Central Bank owns a share of some USD 98m equivalent (approximately EUR 88m) in the US dollar fund, which invests in green bonds from qualifying issuers. Overall, the Central Bank’s holdings of the BIS US dollar green bond fund account for around 0.5% of its total Investment Assets. All of the fund’s investments are financing or re-financing eligible projects, with clear environmental or climate-related benefits.
The fund is designed such that investors (such as the Central Bank of Ireland) hold claims on the fund issuer (i.e. the BIS) according to the fund units that they own. Exposure to individual bonds, therefore, is indirect in nature.
While individual bond-level allocations within the BIS green bond fund are not made publicly available by the BIS, regional allocations at the latest reporting date (30 August 2024) suggest that most issuers reside in Europe, Asia-Pacific and the Americas or are supranational entities. Exposures to Israel within the BIS green bond fund were part of an allocation of around 2% to ‘Other’ regions.
Revenue Commissioners
Questions (115)
Neasa Hourigan
Question:115. Deputy Neasa Hourigan asked the Minister for Finance the number of investigations and prosecutions undertaken by the Revenue Commissioners in relation to diesel fuel standards from 2022 to 2024 inclusive; and if he will make a statement on the matter. [38713/24]
View answerWritten answers
I am advised by Revenue that a multifaceted approach is taken to tackling the misuse of marked fuels. Under Council Directive 95/60/EC of 27 November 1995 on fiscal marking of gas oils and kerosene, all Member States must apply a common fiscal marker, referred to as the Euromarker, to any gas oil and kerosene to which a reduced rate of excise duty applies. Commission Implementing Decision (EU) 2022/197 of 17 January 2022 establishes ACCUTRACE™ PLUS as the common fiscal marker, also known as the Euromarker, in all Member States for gas oil and kerosene delivered for home consumption at a reduced rate of Mineral Oil Tax. Revenue’s compliance activities in this area include roadside sampling of private and commercial vehicles at checkpoints combined with a risk-based, targeted sampling of suppliers and retailers.
The number of samples of Marked Gas Oil drawn and the consequential detections of misused fuel and vehicles seized for the period 2022 to end of August 2024 are set out in the following table:
|
Year |
Samples Drawn |
Misuse Detections |
Vehicles Seized |
|
2022 |
37,939 |
632 |
131 |
|
2023 |
24,074 |
389 |
96 |
|
End August 2024 |
10,994 |
260 |
73 |
Included in the details above, in 2022 Revenue had 13 commercial seizures of marked fuel totalling 57,793 litres, in 2023 Revenue had 3 commercial seizures of marked fuel totalling 1,800 litres and to the end of August 2024 Revenue had 4 commercial seizures of marked fuel totalling 69,700 litres.
In addition to the above detections and seizures for marked fuel offences, in 2022 Revenue secured 83 summary prosecutions resulting in fines of €220,500 and 1 indictable prosecution resulting in a sentence of 4 years imprisonment with the last 9 months suspended, in 2023 Revenue secured 95 summary prosecutions resulting in fines of €269,500 and 1 indictable prosecution resulting in a fine of €20,000 and a sentence of 2 years imprisonment reduced down to 15 months.
Revenue and An Garda Síochána collaborate closely in acting against cross-border fuel crime and co-operate with their counterparts in Northern Ireland under the framework of the North-South Joint Agency Task Force. This cooperation plays a key role in targeting the organised crime groups who operate across jurisdictions and are responsible for much of this criminal activity. Despite the success in combating the misuse of fuel, I am assured by Revenue that tackling such criminality continues to be a priority.
I am informed by Revenue that they are not involved in the testing of fuel standards.
Departmental Policies
Questions (116)
Robert Troy
Question:116. Deputy Robert Troy asked the Minister for Finance if he will review the threat of vulture funds given their resistance to dealing with the original borrowers in a fair manner; if he will consider eliminating their ability to write off expenditure against any tax; if he will ensure that profits are taxed in Ireland rather than Luxembourg; and if he will introduce an independent intermediary, who will be aware of what the vulture fund paid for the loan, in order to adjudicate what is a fair and reasonable offer. [38764/24]
View answerWritten answers
There is a strong consumer protection framework in place, which is overseen by the Central Bank of Ireland, that seeks to ensure that all regulated entities are transparent and fair in all their dealings with borrowers and that borrowers are protected from the beginning to the end of the mortgage life cycle.
This consumer protection framework applies to entities that provide mortgages to consumers, and also to entities that service such agreements or subsequently acquire the legal title to the rights of a creditor under a mortgage or other credit agreement.
All these mortgage entities must act in accordance with Irish financial services law and with the consumer protection regulatory framework that applies to all Central Bank regulated firms. This means that where a mortgage creditor sells or assigns its legal rights under a credit agreement to another creditor, the consumer protections that were available to borrowers prior to such a transaction remain in place.
Therefore, while the level of consideration paid for the sale and purchase of a portfolio of loans is a private commercial matter for the parties to that particular transaction and I have no role in such pricing matters, the new creditor which acquires the contractual rights and benefits of the creditor following such a transaction will do so based on the terms of the existing loan agreement and also based on the regulatory protections available to consumers.
Accordingly, any new creditor will only be able to operate or enforce a credit agreement in accordance with the relevant terms of the particular agreement and in accordance with the relevant consumer protection framework.
This consumer protection framework includes the various Central Bank statutory Codes of Conduct such as the Consumer Protection Code and the Code of Conduct on Mortgage Arrears (CCMA). In particular, the CCMA provides specific protections to borrowers in arrears or facing a prospect of arrears on a loan secured on a primary residence. Under the CCMA all relevant regulated entities must pro-actively encourage borrowers to engage with them about financial difficulties that may prevent the borrower from meeting his/her mortgage repayments. Where a borrower is experiencing repayment difficulty, a regulated entity must explore all of the options for an alternative repayment arrangement (ARA) offered by the entity to determine if a more suitable and sustainable repayment option is available based on the borrower’s individual circumstances.
If a borrower is not satisfied with the options proposed, or if the regulated entity declines to offer an ARA, an appeals mechanism is provided for in the CCMA.
More generally, if a consumer is not satisfied with how a regulated firm is dealing with him/her in relation to the handling of his/her mortgage, or the consumer believes that the regulated firm is not following the requirements of the Central Bank’s codes and regulations or other financial services law, he/she should make a complaint directly to the regulated firm.
If the consumer is still not satisfied with the response from the regulated firm, he/she can refer the complaint to the Financial Services and Pensions Ombudsman.
In relation to the operation of funds and their tax provisions, the Deputy will be aware that a review of the funds regime in Ireland has been underway since mid–2023 and has included an examination of the regimes for certain funds and their role in the property sector, including how they support housing policy objectives.
The review is now complete. A draft report was submitted to me for consideration in recent weeks and, as part of my consideration of the draft report, I will also consider the timing of its publication.
Electric Vehicles
Questions (117)
Patrick Costello
Question:117. Deputy Patrick Costello asked the Minister for Finance if, given the drop in EV car sales and the requirement of carbon reduction under the Climate Action and Low Carbon Development Act 2015, he will in Budget 2025 reinstate the benefit-in-kind exemption on EVs; and if he will make a statement on the matter. [38799/24]
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Finance (No.2) Act 2023 extended the benefit-in-kind (BIK) tapered relief available for electric vehicles (EVs) to 2027. This means that for an electric car/van made available for an employee’s private use during the years 2024 to 2027, the cash equivalent will be calculated based on the actual original market value (OMV) of the vehicle, reduced by:• €35,000 in respect of vehicles made available in the 2024 and 2025 year of assessment;• €20,000 in respect of vehicles made available in the 2026 year of assessment; and• €10,000 in respect of vehicles made available in the 2027 year of assessment.The tapered relief is in addition to the universal temporary €10,000 reduction applied to the OMV of cars in Category A, B, C and D, all vans and EVs (cars and vans) to end-2024. This means that for the purposes of calculating the BIK liability on an employer-provided car, employers can reduce the OMV by €10,000.When the €10,000 reduction above is added to the existing €35,000 reduction, the total OMV reduction for EVs in 2024 is €45,000. Therefore, EVs with an OMV of less than €45,000 have no BIK liability, while those with a higher OMV can reduce the taxable amount by €45,000.In relation to whether any changes to the current BIK taxation situation will be considered, the Deputy will be aware that it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.
Tax Code
Questions (118)
Bernard Durkan
Question:118. Deputy Bernard J. Durkan asked the Minister for Finance if capital acquisitions tax is payable in the case of a person (details supplied); and if he will make a statement on the matter. [38859/24]
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I am advised by Revenue that they were in contact with the person concerned on 20 September 2024 regarding the Capital Acquisitions Tax (CAT) liability arising from their purchase of the family home. The person has been advised to submit a Capital Acquisitions Tax (CAT) Form IT38 to establish the exact CAT liability.
In addition, the person was made aware of the different payment options available for customers to pay their CAT liability. If the person requires any further assistance, they can contact the National CAT Unit at 01 738 3673, or by post to Revenue Commissioners, Capital Acquisitions Tax Unit, 9/15 Upper O’Connell Street, Dublin 1, D01 YT32.