Written Answers Nos. 392-411
392. Deputy Niamh Smyth asked the Tánaiste and Minister for Finance if he will review correspondence (details supplied); if he will address the concerns raised; and if he will make a statement on the matter. [3582/26]
View answer396. Deputy Richard Boyd Barrett asked the Tánaiste and Minister for Finance to respond to concerns that a bank selling non-performing mortgages is inducing homelessness (details supplied). [3653/26]
View answer404. Deputy Mairéad Farrell asked the Tánaiste and Minister for Finance if his attention has been drawn to the continued injustice caused as a result of Project Glas, as the State prepares to exit ownership of Permanent TSB; if he could provide clarity on how legally binding consumer protections are being enforced in practice, how regulatory delays are permitted to continue while enforcement proceeds, and what accountability exists for the ongoing consequences of Project Glas and similar sales; and if he will make a statement on the matter. [4234/26]
View answerI propose to take Questions Nos. 392, 396 and 404 together.
As Minister for Finance, it would not be appropriate for me to comment on, or intervene in, individual cases.
In relation to the general points raised, it should be noted that creditors have the general right to assign, or sell the benefits and rights, under a credit agreement to another creditor.
When a creditor's benefits under a credit agreement are sold to another entity, the debtor's obligations and rights do not change. The terms of the agreement at the time of the assignment remain in place.
The entity which acquires the legal rights of a creditor under a credit contract with a consumer, or which services such an agreement, is within the regulatory remit of the Central Bank of Ireland. Accordingly, the Central Bank's consumer protection codes, including the Code of Conduct on Mortgage Arrears, continue to apply in the same way.
If a consumer is not satisfied with the way a regulated firm is dealing with them, or if the firm is not complying with regulatory requirements, the consumer should make a formal complaint directly to the regulated firm.
If the consumer remains unsatisfied, they can then refer the complaint to the Financial Services and Pensions Ombudsman (FSPO).
393. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance if he is aware of the challenges faced by workers in the North in relation to positions which offer remote or hybrid working options to employees resident in the South; if he will provide an update on the work that is being done by his Department and any interactions that have occurred with the British Government in relation to taxation issues for cross-Border workers; and if he will make a statement on the matter. [3608/26]
View answer394. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance if he is aware of the challenges faced by workers in the North in relation to positions which offer remote or hybrid working options to employees resident in the South; if he has requested the Labour Employer Economic Forum, Shared Island Working Group to examine this issue; and if he will make a statement on the matter. [3609/26]
View answerI propose to take Questions Nos. 393 and 394 together.
The tax treatment associated with cross-border working has been subject to ongoing discussions in recent years, particularly given the increase in remote working as a result of the Covid-19 pandemic. However, cross-border working gives rise to complex issues involving shared taxing rights between different jurisdictions.
It should be noted that workers who reside in Northern Ireland and work in the State are not precluded from working from home. The availability of remote working is primarily a matter between the employer and the employee. An employer may allow an employee to work remotely in Northern Ireland, however, such arrangements may result in implications for the employer from a UK tax perspective. As such, any potential implications that may arise from such arrangements are outside the scope of my direct remit and that of my Department.
As cross-border working and the availability of remote working options have potential tax implications not only on an island of Ireland basis, but also internationally, it is important that the wide range of policy considerations that arise are fully understood and considered.
My Department is continuing to engage on this matter, which includes the below steps:
1. Obtain Better Data
There was a general acceptance that data in relation to the nature and extent of cross-border working could be improved. In this regard, my Department commissioned the ESRI to undertake a research project in this area. In June 2024, the ESRI published its report entitled ‘A Study of Cross-Border Working on the Island of Ireland’. This paper estimates the number of cross-border workers, as well as providing an overview of the profile and characteristics of cross-border workers.
2. Minimise Administrative Burden
Revenue has looked at ways to minimise and simplify the administrative burden insofar as possible. Revenue has published guidance in this regard which will be of assistance to employers and employees.
3. International Discussions
My Department is actively engaging in international discussions on the policy implications of cross-border working, including at both EU and OECD level. The OECD has commenced its work on global mobility and my officials are continuing to engage on this matter, and also remain open to engaging bilaterally with other jurisdictions as appropriate to the circumstance.
My Department has recently initiated engagement with HM Treasury and HMRC to facilitate an exchange of views and sharing of experiences on this issue. This engagement will continue into 2026.
Regarding the Labour Employer Economic Forum (LEEF), a Plenary meeting of the LEEF on 4 April last discussed the potential to strengthen the all-island labour market for the benefit of employers and workers on the entire island. It was agreed that LEEF would put a sustained focus on this issue. The LEEF Shared Island working group, which is chaired by the Department of the Taoiseach, is consulting with a number of Government Departments, including my Department.
395. Deputy Ciarán Ahern asked the Tánaiste and Minister for Finance to list the roles within public or semi-State organisations under his Department that are excluded from the single public service pension scheme; the number of people employed in those roles, in tabular form; and if he will make a statement on the matter. [3617/26]
View answerI am advised that there is no role that is exempted from the Single Public Service Pension Scheme within any of the public or semi-State organisations under my Department.
The following comments have been provided by the bodies under my Department.
The Central Bank Ireland (CBI)
The Central Bank and Financial Services Authority of Ireland Superannuation Scheme 2008, “CBI Pension Scheme”, was established under Statutory Instrument 99 of 2008 as a “funded” scheme, separate to the Irish Civil Service pension schemes but mirroring the pension scheme rules of those schemes. The Central Bank is not a “relevant authority” for the purposes of the Public Service Pensions (Single Scheme and Other Provisions) Act 2012 but the CBI Pension Scheme does have a section that closely mirrors the Single Public Service Pension Scheme (“Strand 6”).
Credit Review Office (CRO)
The CRO has no direct employees, all are seconded and all have pensions through their parent agencies/departments.
Financial Services and Pensions Ombudsman (FSPO)
The FSPO operates the Single Scheme and Model Scheme.
National Treasury Management Agency (NTMA)
NTMA employees are not members of the single public service pension scheme. Superannuation entitlements of NTMA employees are conferred under a defined benefit superannuation scheme established under section 8 of the National Treasury Management Agency Act, 1990. The NTMA assigns staff to Home Building Finance Ireland (HBFI), the National Asset Management Agency (NAMA) and the Strategic Banking Corporation of Ireland (SBCI).
Investor Compensation Company DAC (ICCL)
ICCL does not operate a pension scheme as all staff are employees of the Central Bank of Ireland and members of the Central Bank of Ireland operated pension scheme(s).
Irish Financial Services Appeals Tribunal (IFSAT)
IFSAT has no employees.
Irish Fiscal Advisory Council (IFAC)
IFAC does not have any current employees who are excluded from the single public service pension scheme.
Office of the Comptroller & Auditor General (OCAG)
The OCAG does not have any roles that are excluded from the single public service pension scheme.
Tax Appeals Commission (TAC)
There is no role in TAC which is specifically exempted from the Single Scheme.
397. Deputy Malcolm Byrne asked the Tánaiste and Minister for Finance the impact of the Women in Finance Charter; if it has applicability in other sectors; and if he will make a statement on the matter. [3686/26]
View answerIreland’s Women in Finance Charter is an industry-led, government supported initiative which seeks to improve female representation in financial services firms operating in Ireland.
This initiative is led by Banking and Payments Federation Ireland, Financial Services Ireland, Insurance Ireland and Irish Funds, with support from the Department of Finance, the Department of Enterprise, Tourism and Employment, and Enterprise Ireland as part of the Ireland for Finance strategy. There are now 104 signatory firms who have both signed the Charter and completed a baseline reporting survey. These firms employ over 72,000 workers representing 56 per cent of the Irish financial sector. Progress made by these firms therefore has the potential to significantly influence the opportunities and outcomes for women in the Irish financial sector.
Since its launch in 2022, female representation at senior levels of signatory firms has improved significantly:
• At Board level, average female representation is 36.3%, up from 30.3%
• At Senior management 43.4%, up from 36.2%
• At CEO level 22.6%, compared to 19.4% when firms first signed up, and
• At executive committee level representation went from 28.4% to 32.1%.
Aligned with Programme for Government commitments, direct funding support of €50,000 for the data partner for Ireland’s Women in Finance Charter was announced in January 2026. This funding underscores government commitment to continued progress in this area and a procurement process is currently underway for a data partner.
Broader work across the public sector in relation to gender equality initiatives includes:
• the independent, business-led, Balance for Better Business review group, supported by the Department of Enterprise, Trade and Employment;
• Enterprise Ireland’s Women in Business activity; and
• The National Strategy for Women and Girls 2025-2030, which includes a focus on ensuring women can pursue their ambition and achieve their potential in any field.
Over the last number of years, in their role as the data partner, the ESRI produced an annual Charter report for 2022, 2023 and 2024. This may be of interest to wider industry bodies who wish to deepen their understanding of the Charter and potential applicability to their own sector.
398. Deputy Carol Nolan asked the Tánaiste and Minister for Finance the increase in cents per litre on unleaded and diesel in each budget from 2008 to date in 2026; and the total revenue raised on excise duty on unleaded and diesel in each year from 2008 to date in 2026. [3702/26]
View answerPetrol and auto-diesel are subject to excise duty in the form of Mineral Oil Tax (MOT). Up to November 2008 different MOT rates applied to three categories of petrol - leaded, unleaded and super unleaded. Differentiated MOT rates also applied to two categories of auto-diesel based on sulphur content. From 1 November 2008, one MOT rate has applied to all types of petrol and one MOT rate has applied to all types of auto-diesel. Carbon taxation on auto-fuels was introduced in December 2009 and since then MOT has comprised a carbon and a non-carbon component.
The table below shows the current MOT rates for petrol and auto-diesel (including their carbon and non-carbon components) that came into effect at the time of the most recent Budget in October 2025, along with the MOT rates on unleaded petrol and low sulphur auto-diesel immediately prior to Budget increases that came into effect in October 2008. While MOT rates are legislated per 1,000 litres, for ease of reference the table shows the applicable rates on a per litre basis.
|
- |
Petrol from 8 October 2025 |
Petrol pre-October 2008 |
Auto-diesel from 8 October 2025 |
Auto-diesel pre-October 2008 |
|
MOT rate per litre |
70.614 c |
44.268 c |
61.576 c |
36.805 c |
|
of which - |
|
|
|
|
|
Carbon component |
16.430 c |
n/a |
19.004 c |
n/a |
|
Non-carbon component |
54.184 c |
44.268 c |
42.572 c |
36.805 c |
n/a = not applicable
The MOT rate on petrol has been increased by just over 26.3 cents per litre in the period from the beginning of October 2008 until the present and the MOT rate on auto-diesel has increased by almost 24.8 cents per litre, in that period.
Budget increases to MOT rates on auto-fuels are generally applied from Budget night. In line with the 2020 Programme For Government approach to carbon tax policy, legislation was introduced in Finance Act 2020 to provide for a long term trajectory of gradual annual increases in the carbon tax rate bringing the rate to €100 per tonne of carbon dioxide by 2030. These increases are legislated to impact on petrol and auto-diesel in October each year. Other changes to MOT rates on petrol and auto-diesel were also made in recent years; in March 2022, in response to the global energy crisis, the Government introduced temporary reductions in the rate of MOT applying to petrol and diesel. These temporary reductions were extended until August 2024 with a gradual restoration of rates taking place on dates between 1 June 2023 and 1 August 2024.
I am advised by Revenue that all MOT rates in place since 2008 are set out in the Energy Products and Electricity Taxes Excise Duty Rates Tax and Duty Manual published on Revenue’s website at www.revenue.ie/en/tax-professionals/tdm/excise/excise-duty-rates/energy-excise-duty-rates.pdf. This manual includes tables for each date on which an MOT rate change was implemented. It covers all Budget related rate changes, rate increases arising from the carbon tax trajectory, and rate changes related to the 2022 emergency cuts.
I am advised by Revenue that the total revenue raised from MOT on petrol and auto-diesel in each year from 2008 to 2025 is shown in the following table.
|
Year |
Petrol €m |
Auto-diesel €m |
|
2008 |
1,047 |
1,052 |
|
2009 |
1,075 |
1,060 |
|
2010 |
1,047 |
1,138 |
|
2011 |
1,053 |
1,176 |
|
2012 |
979 |
1,202 |
|
2013 |
920 |
1,271 |
|
2014 |
865 |
1,326 |
|
2015 |
831 |
1,466 |
|
2016 |
780 |
1,579 |
|
2017 |
681 |
1,582 |
|
2018 |
646 |
1,704 |
|
2019 |
616 |
1,743 |
|
2020 |
471 |
1,555 |
|
2021 |
507 |
1,722 |
|
2022 |
469 |
1,530 |
|
2023 |
520 |
1,596 |
|
2024 |
668 |
1,886 |
|
2025* |
764 |
1,973 |
*Provisional
399. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance if Irish citizens returning to live in the State from abroad are entitled to an import exemption on construction tools brought with them; and the criteria and conditions that apply. [3795/26]
View answerI am informed by Revenue that there is no tax payable on the tools, if the tools are being brought into Ireland from another EU Member State. If the tools are being imported into the state from a non-EU country, then Customs Duty and VAT may be chargeable on the tools. However, there are two reliefs in EU law that may allow the import of tools by an individual into the EU/Ireland without Customs Duty or VAT being charged on them.
There is a relief from Customs Duty and VAT associated with ‘Transfer of Business’ relief which, in certain circumstances, can apply to tools of the trade. To qualify for this relief, a tradesperson must have ceased activity outside the EU and moved to Ireland to carry out a similar activity here. A new sole trader activity must be set up in Ireland. Proofs of registration both outside the EU and on return to Ireland will be required to avail of the relief.
If ‘Transfer of Business’ relief is applicable, the individual must complete a ‘Transfer of Business Activities’ (C-and-E-1078.pdf ) www.revenue.ie/en/customs/individuals/customs/c-and-e-1078.pdf form and present it to Revenue.
Proof of the transfer of business activities to the European Union (EU) is required, as follows:
• Proof from the Revenue Authorities in the non-EU country where the business was established, confirming that the person / business has ceased trading there.
• Proof of details of sole trader commencement in Ireland.
• Provide evidence that the goods in question have been used in the business for a period of at least 12 months e.g. sales invoices, receipts of purchase.
Please see attached link for further information on Transfer of Business. (www.revenue.ie/en/customs/individuals/transfer-business/index.aspx)
There is also another relief called Returned Goods Relief (RGR) which provides relief from Customs Duty and VAT when goods are re-imported into an EU Member State from a non-EU country. This relief is applicable where the tools being returned to Ireland have been exported from Ireland in the first place by the tradesperson. The following proofs are required to be eligible to claim RGR on personal tools:
• Proof that the tools were exported from Ireland in the first instance i.e. an export declaration.
• Proof that the export from Ireland and re-importation into Ireland is happening within a 3 year period.
• Proof that the person bringing the tools back into Ireland is the same person who brought them out of Ireland is required to claim relief from VAT.
• Proof that the tools are being returned in the same state that they were originally in when brought out of the EU, i.e. the goods are unaltered.
Further information on both these reliefs is available on the Revenue website www.revenue.ie.
400. Deputy Ciarán Ahern asked the Tánaiste and Minister for Finance to provide an up-to-date contact list for queries from Oireachtas members to agencies under his Department, in tabular form. [3871/26]
View answerCircular 25/2016 states that State Bodies under the aegis of Government Departments must provide and maintain a dedicated email address for Oireachtas members. The Circular does not apply to the Credit Union Advisory Committee (CUAC), the Disabled Drivers Medical Board of Appeal (DDMBA) and the Credit Union Restructuring Board (ReBo).
CUAC is a committee set up to advise the Minister for Finance on credit union issues. The DDMBA is a board of medical practitioners appointed by the Minister of Finance from a body of interested registered medical practitioners, on the recommendation of the Minister of Health and is contactable through the National Rehabilitation Hospital. ReBo was operationally wound down in 2017 and is awaiting formal dissolution.
The relevant information in respect of the remaining Bodies is set out in the table below.
|
Body under aegis of the Department of Finance |
Oireachtas contact details |
|
Central Bank of Ireland |
parliamentaryaffairs@centralbank.ie |
|
Credit Review Office |
oireachtas@creditreview.ie |
|
Financial Services and Pensions Ombudsman |
oireachtas@fspo.ie |
|
Home Building Finance Ireland |
oireachtas@hbfi.ie |
|
Investor Compensation Company DAC |
parliamentaryaffairs@centralbank.ie |
|
Irish Bank Resolution Corporation |
ibrcqueries@interpath.com |
|
Irish Financial Services Appeals Tribunal |
registrar@ifsat.ie |
|
Irish Fiscal Advisory Council |
oireachtas.queries@fiscalcouncil.ie |
|
National Asset Management Agency |
oir@nama.ie |
|
National Treasury Management Agency |
OireachtasQuery@ntma.ie |
|
Office of the Revenue Commissioners |
chairmansoffice@revenue.ie |
|
Office of the Comptroller & Auditor General |
pq@audit.gov.ie |
|
Strategic Banking Corporation of Ireland |
oireachtas@sbci.gov.ie |
|
Tax Appeals Commission |
oireachtas@taxappeals.ie |
401. Deputy Aidan Farrelly asked the Tánaiste and Minister for Finance his plans to extend the help-to-buy scheme to second hand homes; and if he has commissioned research into the broadening of the scheme. [4048/26]
View answerThe Help to Buy (HTB) incentive, is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. It also aims to encourage additional supply of new houses.
HTB provides a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to limits outlined in the legislation.
The level of support available to first time buyers under the HTB scheme, is whichever is the lesser of:
• €30,000; or
• 10 per cent of the purchase price of the new property; or,
• the amount of Income Tax and DIRT paid in the four years before application for the relief.
In relation to second-hand properties, an increase in the supply of new housing remains a priority aim of Government policy. As mentioned, the HTB scheme is specifically designed to encourage an increase in demand for affordable new build homes in order to encourage the construction of an additional supply of such properties.
In addition to the conditions laid down in section 477C Taxes Consolidation Act 1997 (TCA), including that the property is occupied as the sole or main residence of a first time purchaser, section 477C(2) defines a ‘qualifying residence’. The legislation is specific as to the definition of a qualifying residence. It must be a new building which was not, at any time, used or suitable for use as a dwelling. If the property was non-residential, but has been converted for residential use, it may qualify for HTB. Renovation or refurbishment of old houses to either upgrade or reinstate them for habitation does not qualify for HTB.
As the Deputy will appreciate, the Programme for Government commits to the "retention and revision" of the HTB scheme. Any revisions to the scheme would have to be considered as part of the annual Budget and Finance Bill processes and take into account the effective operation of the scheme and the impact any proposed changes would have on the broader housing market.
403. Deputy Roderic O'Gorman asked the Tánaiste and Minister for Finance the reason a State-owned facility is being permitted to ignore the National Payments Strategy (details supplied) by not accepting cash payments; the way this strategy is generally monitored by his Department; and if he will make a statement on the matter. [4093/26]
View answerThe National Payments Strategy (NPS) recognises that cash continues to be an important means of payment and store of value for many people. The Strategy is clear that there is a need to ensure that cash can be accepted as a means of payment where appropriate.
The NPS recommended that all Government departments and bodies under their aegis accept a range of electronic and non-electronic payments, including cash. If a body cannot accept cash directly it should arrange immediately for the facilitation of cash payments via a third party. In November 2024, the Secretary General of the Department of Finance wrote to all other Secretaries General notifying them of this recommendation. Government departments and bodies under their aegis will be required to confirm compliance in their annual reports from 2026 onwards.
There are limitations to any legislative action the Government may take with regards to cash acceptance, with the ability to propose legislation for euro cash acceptance exclusively being a European Commission competency. On 28 June 2023, the European Commission published a proposal for a Regulation on the legal tender of euro banknotes and coins, as part of the Single Currency Package. The Regulation will enshrine the principle of mandatory cash acceptance in the EU, including for State bodies. The Danish Presidency reached Council agreement on the Single Currency Package in December 2025, with trilogue negotiations expected to begin later this year.
The NPS also recommends that all Government departments and agencies will engage with those under their remit about their future obligations arising from the EU legislation, and encourage such organisations to commence their work in this area as soon as practicable in advance of the legal requirements of the Regulation.
405. Deputy Mairéad Farrell asked the Tánaiste and Minister for Finance the number of frontier management enforcement staff at Dublin Airport in each of the years 2019 to 2025, categorised by frontline and non-frontline roles; and if he will make a statement on the matter. [4248/26]
View answerRevenue have provided the following table illustrating the number of frontier management enforcement staff at Dublin Airport in each of the years 2019 to 2025:
|
Dublin Airport |
31/12/2019 |
31/12/2020 |
31/12/2021 |
31/12/2022 |
31/12/2023 |
31/12/2024 |
31/12/2025 |
|
*Enforcement Staff |
79 |
89 |
75 |
79 |
65 |
88 |
92 |
*All enforcement staff are in front-line roles
406. Deputy Mark Wall asked the Tánaiste and Minister for Finance if a loan organisation was correct in its actions in respect of a person in County Kildare (details supplied); and if he will make a statement on the matter. [4325/26]
View answerAs Minister for Finance, it would not be appropriate for me to comment on, or intervene in, individual cases.
In relation to the general points raised, an entity which acquires the legal rights of a creditor under a credit contract with a consumer, or which services such an agreement, is within the regulatory remit of the Central Bank of Ireland.
Accordingly, the Central Bank's consumer protection codes, including the Code of Conduct on Mortgage Arrears (CCMA), continue to apply.
Regulated entities must explore all of the options for Alternative Repayment Arrangements (ARA) in order to determine which ARA, if any, is appropriate and sustainable for a distressed borrower’s individual circumstances.
The CCMA also provides for an appeals mechanism, including where the entity declines to offer an ARA, where the borrower is not willing to enter into the ARA offered, or where the entity classifies the borrower as not co-operating.
Appeals can ultimately be referred to the Financial Services and Pensions Ombudsman (FSPO).
If a consumer is not satisfied with the way a regulated firm is dealing with them, or if the firm is not complying with regulatory requirements, the consumer should make a formal complaint directly to the regulated firm.
If the consumer remains unsatisfied, they can then refer the complaint to the FSPO.
407. Deputy Séamus McGrath asked the Tánaiste and Minister for Finance to consider amending the help-to-buy scheme to reduce the 70% rule whereby a purchaser must be borrowing 70% of the purchase price of the house (details supplied). [4370/26]
View answerThe Help to Buy (HTB) incentive, is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to limits outlined in the legislation.
The level of support available to first time buyers under the HTB scheme, is whichever is the lesser of:
• €30,000; or
• 10 per cent of the purchase price of the new property; or,
• the amount of Income Tax and DIRT paid in the four years before application for the relief.
One condition of the scheme is that a qualifying first-time purchaser (“FTP”) must take out a loan in an amount equal to at least 70 per cent of the purchase value of the property. In the case of a self-build property, the purchase value is the approved valuation of the self-build property, as approved by the lender in accordance with the Central Bank’s macro prudential rules. These rules stipulate the valuation should include the site value.
The HTB scheme, was initially intended to be limited to persons who had mortgages with a minimum Loan to Value ratio (LTV) of 80 per cent. However, Central Bank data indicated that a sizable number of first-time buyers take out a mortgage with a LTV of less than 80 per cent. As such, it was decided to amend the scheme to set the minimum LTV at 70 percent so as to ensure that first-time buyers did not feel compelled to borrow larger amounts than they would have otherwise in order to qualify for the scheme.
Individuals who are in the position of being able to avail of a mortgage at a lower LTV than 70 per cent are considered to have sufficient resources to meet the deposit requirements of the macro prudential rules and thus less in need of assistance from the Exchequer. Lowering the LTV ceiling would therefore only increase deadweight in the scheme. In fact, the independent review of the scheme which took place in 2022 recommended that the LTV be increased to 80 per cent for purchasers availing of HTB.
As the Deputy will appreciate, decisions regarding taxation measures are made in the context of the annual Budget and Finance Bill processes, at the appropriate time, having regard to the sound management of the public finances and the impact any proposed changes would have on the broader housing market.
408. Deputy Cormac Devlin asked the Tánaiste and Minister for Finance to outline the regulatory, consumer protection and financial oversight safeguards currently in place for companies offering “lifetime loans” and “equity release” products to older persons; and if he will make a statement on the matter. [4379/26]
View answer409. Deputy Cormac Devlin asked the Tánaiste and Minister for Finance the number of licences issued to companies offering equity release and lifetime loan products in the Irish market over the past 15 years; the total number and value of drawdowns approved during that period; and if he will make a statement on the matter. [4380/26]
View answerI propose to take Questions Nos. 408 and 409 together.
The Central Bank of Ireland is responsible for the supervision of all regulated financial service providers. While it does not regulate or authorise firms on a product specific basis, firms which are involved in the general activity of providing credit or other similar type of financial accommodation to consumers, and which includes equity release type financial products such as lifetime mortgages or home reversion agreements, may be authorised as either a credit institution, a credit union, a retail credit firm or a home reversion firm.
The Central Bank’s Registers sets out all the firms that currently have such an authorisation and these are available on the ‘Registers’ section of the Central Bank’s website. These Registers are updated as and when necessary by the Central Bank.
In addition to the Registers, the Central Bank published its inaugural ‘Authorisation and Gatekeeping’ Report in June 2024. This report provides authorisation data for 2023. The second edition was published in May 2025 and provides the authorisation and gatekeeping performance for 2024. The Central Bank advises that this data report will be published on an annual basis.
Prior to this, authorisations data was published as part of the Central Bank’s Annual Report and Annual Performance Statement. In relation to the drawdown data, the Central Bank advises that it does not publish data specifically on the number or value of drawdowns for equity release and lifetime loan products.
In relation to the regulatory framework, any regulated entity which is involved in the business of providing credit to consumers, including entities which provide lifetime mortgages or equity release type financial accommodation, is required to comply with all relevant requirements of financial services legislation, including the regulatory requirements set out in the Central Bank's codes of conduct and regulations. These include:
• the Consumer Protection Code 2012,
• the Code of Conduct for Mortgage Arrears 2013,
• the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) Regulations 2015,
• the Fitness and Probity Regime,
• the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Minimum Competency Regulations 2017, and
• the Minimum Competency Code 2017.
In addition to the general requirements which apply to the provision of credit to consumers, such as those relating to advertising, suitability and the provision of information, it can be noted that there are a number of Consumer Protection Code (CPC) requirements which specifically apply to lifetime mortgages.
In particular, the CPC provides that, prior to offering, recommending, arranging or providing a lifetime mortgage to a personal consumer, a regulated entity must inform the personal consumer of the consequences of purchasing a lifetime mortgage and the consumer must be provided with the following:
• the circumstances in which the loan will have to be repaid,
• details of the interest rate that will be charged,
• an explanation of the impact of the rolling up of the interest over the duration of the loan,
• an indication of the amount required to repay the loan at maturity,
• the effect on an existing mortgage, if any,
• an indication of the likely early redemption costs which would be incurred if the loan was redeemed on the third and fifth anniversary of the loan and at five yearly intervals thereafter.
The CPC also provides that any document received by a consumer, and advertisements for lifetime mortgages, must contain relevant warning statements as outlined in the Code.
Also a regulated entity which is offering a lifetime mortgage agreement to a personal consumer must ensure that the personal consumer is made aware of the importance of seeking independent legal advice regarding the proposed transaction.
These provisions will be continued in the revised and updated Consumer Protection Code which will come into effect on 21 March 2026.
410. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance the State’s role in the oversight of Project Glas; the directions, assurances, or conditions issued to banks regarding the protection of borrowers’ statutory rights under the Code of Conduct on Mortgage Arrears; and if he will make a statement on the matter. [4473/26]
View answer412. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance if he is satisfied that the State, as majority shareholder in Permanent TSB at the time of the Project Glas mortgage sales, discharged its obligations to ensure that legally binding consumer protections were effectively enforced in practice; and if he will make a statement on the matter. [4475/26]
View answer414. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance if the State’s planned exit from Permanent TSB will include a review of the long-term consequences of Project Glas for affected borrowers; and if he will make a statement on the matter. [4477/26]
View answerI propose to take Questions Nos. 410, 412 and 414 together.
Under the procedures detailed in the 2012 (and amended in 2015) Relationship Framework, PTSB must consult with the Minister regarding any material acquisitions, disposals, investments, realisations, restructurings or other transactions.
The following matters were considered as part of PTSB’s non-performing loan (“NPL”) sale consultation process:
• The Central Bank’s expectation that PTSB incorporates the ECB’s guidance on NPLs
• PTSB’s long-term sustainability is improved by removing the financial impact associated with the capital provisioning relating to NPLs. A sale transaction frees up additional capital to support further new first time buyer mortgage lending
• The extensive customer impact assessment completed by PTSB, ensuring that all customers that may have an exit path from NPL status were identified and removed from a sale portfolio perimeter
• Decisions regarding NPL sales are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis
• All customer loans included in the NPL sale continue to have the same regulatory protections under the Central Bank’s Consumer Protection Code (CPC) and the Code of Conduct on Mortgage Arrears (CCMA) after the sale. The Central Bank is independent in the performance of its regulatory and consumer protection functions. However, it has indicated that it continually monitors regulated firms’ adherence to their regulatory requirements.
Previous NPL sales are not connected with the recent Formal Sale Process (“FSP”) announcement, and so a review of previous NPL sale transactions would not form part of the FSP. The FSP is conducted by PTSB pursuant to the Irish Takeover Panel Act 1997. The process is overseen by the Takeover Panel and is subject to the Irish Takeover Rules.
411. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance if he will provide details of any monitoring undertaken by his Department to ensure that borrowers’ statutory and EU-derived consumer protections were upheld following the sale of loans under Project Glas; and if he will make a statement on the matter. [4474/26]
View answer413. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance the way in which the Central Bank verifies that purchasers of loan portfolios including investment funds and credit servicers are complying with the CCMA and other statutory consumer protection obligations; and if he will make a statement on the matter. [4476/26]
View answerI propose to take Questions Nos. 411 and 413 together.
The Central Bank is responsible for the regulation and supervision of all regulated financial service providers.
The Bank's supervisory and consumer protection framework applies to regulated entities which provide credit to consumers, or who service such agreements or who subsequently acquire the legal rights of a creditor provided for in such agreements. This provides the same protections for borrowers regardless of the regulated entity with whom they are dealing, be that a bank, a retail credit firm or credit servicing firm.
Therefore, any entity which acquires the legal rights of a creditor under a credit contract with a consumer, or which services such an agreement, falls within the regulatory remit of the Central Bank of Ireland and the relevant financial services regulatory framework and it must comply with the Central Bank's consumer protection codes, including the Consumer Protection Code and the Code of Conduct on Mortgage Arrears.
The Central Bank is independent in the performance of its regulatory and consumer protection functions. However, it has indicated that it continually monitors regulated firms’ adherence to their regulatory requirements.
In particular, the protection of mortgage loan borrowers, including those in arrears, is a key priority for the Central Bank. The Central Bank has advised that, from its engagement with firms on long-term mortgage arrears (LTMA), it is continuing to see progress with a sustained reduction in LTMA over the last number of years. However, some challenges remain and the Bank continues to address these by continuing to:
• review and strengthen the regulatory framework to ensure it remains fit for purpose and and that it continues to ensure the protection of all consumers in their dealings with regulated firms, including where loans are sold;
• assertively supervising all regulated firms that deal with borrowers in mortgage arrears, to ensure regulatory requirements and its expectations are fully complied with, which includes targeted supervisory engagements with firms;
• continue to inform the public and stakeholders by generating and sharing economic and statistical insights and information.
If a consumer is not satisfied with the way a regulated firm, including a firm servicing a credit agreement, is dealing with them, or if the firm is not complying with regulatory requirements, the consumer should make a complaint to the regulated firm in the first instance. If the consumer remains unsatisfied with the response of the firm, the consumer can then refer the complaint to the Financial Services and Pensions Ombudsman.
