Written Answers Nos. 175-194
175. Deputy Shay Brennan asked the Tánaiste and Minister for Finance if a review can be conducted of the primary medical certificate criteria to include children with severe intellectual/behavioural or safety-related mobility issues. [8778/26]
View answerThe Deputy should note that my Department and I share concerns that the Disabled Drivers and Disabled Passengers Scheme or DDS is no longer fit-for-purpose and believe it should be replaced with a needs-based, grant-led approach for necessary vehicle adaptations that could serve to improve the functional mobility of the individual.
Under the aegis of the Department of the Taoiseach, the sub-group convened to progress the National Disability Inclusion Strategy proposals for a needs-based, grant-aided, modern vehicle adaptation supports to replace the DDS, generated a report that was submitted to the Department of the Taoiseach. In considering this report, it has been proposed that a new grant-based scheme be developed and led by the Department of Transport.
The Department of Transport is beginning the development of this new scheme. The existing DDS remains with the Department of Finance and will continue to be reviewed in the context of new scheme developments by the Department of Transport.
As the Deputy will be aware, when this government took office, we committed to a step change in the delivery of supports and services for people with disability and their families.
Budget 2026 is the first step in delivering on this ambition, providing some €3.83 billion to specialist disability services next year, an unprecedented increase of €618 million, or almost 20%.
This funding will be vital in delivering the National Human Rights Strategy for Disabled People. The commitment to develop a new scheme by the Department of Transport, and in this context review the Disabled Drivers and Disabled Passengers Scheme, are strong commitments in this strategy.
176. Deputy Louis O'Hara asked the Tánaiste and Minister for Finance if there is an Oireachtas liaison contact for the NewERA division of the National Treasury Management Agency; and if he will make a statement on the matter. [8992/26]
View answerThe NTMA have informed me that the contact email address for Oireachtas members wishing to contact the NTMA is OireachtasQuery@ntma.ie. When performing its functions regarding the provision of financial and commercial advisory services to Government Ministers in relation to certain State-owned entities, the NTMA is known as the New Economy and Recovery Authority (“NewERA").
177. Deputy Shay Brennan asked the Tánaiste and Minister for Finance the current processes in relation to emergency taxation; and if he will address related issues raised in correspondence (details supplied). [8830/26]
View answerI am advised by Revenue in the absence of details of the individual concerned it cannot provide a specific answer to this question.
Revenue have informed me that income tax is calculated for all taxpayers using a progressive system with two main rate bands, a 20% standard rate up to a specific threshold known as the standard rate band and a 40% higher rate on the balance. The standard rate band for a single person for the 2026 year of assessment is €44,000. Total tax due is determined by applying these rates and having deducted tax credits and reliefs depending on the personal circumstances of the individual.
Emergency Tax is the basis of tax deduction which happens in circumstances where an employer is unable to obtain a Revenue Payroll Notification (RPN) or when a new job is not registered with Revenue. Income Tax and Universal Social Charge (USC) are deducted from an individual’s pay at the Emergency Tax rates by their employer. To avoid paying emergency tax an individual needs to give his /her Personal Public Services Number (PPSN) to the employer and ensure the job is registered with Revenue. If this is an individual’s first job, they need to register the job on My Account, Revenue’s single access point for secure online services for individuals. Once registered for My Account the individual can register the job by clicking ‘Add Job’ under the PAYE Services ‘ tab. In most cases, other than a first employment, the employer will register the job with Revenue, however the individual must provide the employer with their PPSN.
Employees need to do this as soon as possible so that an employer can request a RPN before the first pay day. If an individual does not have a PPSN they should contact the Department of Social protection to get one. Once Revenue issues an RPN to the employer, the employer can then make the correct tax deductions from the pay and take the individual off Emergency Tax. Overpayments will then be refunded by the employer in the next pay check.
Revenue have further informed me, in advance of each tax year a Tax Credit Certificate issues to all PAYE workers outlining the allocations of their tax credit and rate band entitlements. Revenue advises that all PAYE employees should regularly check their Tax Credit Certificates to ensure their allocations are appropriately assigned to their respective employments.
Revenue has detailed guidance on emergency tax on its website at: www.revenue.ie/en/jobs-and-pensions/emergency-tax/index.aspx.
Revenue has a comprehensive list of the different rate bands and personal tax credits available on its website at: www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/tax-relief-charts/index.aspx.
178. Deputy Máire Devine asked the Tánaiste and Minister for Finance the incoming phone call procedures of Revenue during high call volume periods, as some people are persistently receiving a recorded message that Revenue cannot take their call and to try again later then the line disconnects; and if he will make a statement on the matter. [8850/26]
View answerI am informed by Revenue that it continuously reviews its service channels and deploys its resources on an agile basis to meet demand ensuring optimum support to taxpayers throughout the year. Revenue allocates resources to best meet the demand of the various services provided.
The current arrangement is that the phone service operates from 9:30am to 1:30pm each day providing optimum allocation of available resources to deal with the volume of submissions through post and online as well as through the phone service.
During peak periods, queuing times can lengthen. To mitigate this, Revenue operates a callback facility on many helplines. This service offers customers the option of a callback when they do not wish to wait any longer in the helpline queue. Their place is held in the queue and once their place has been reached, they receive a call back from the system within 20 minutes, thus improving the customer experience. This measure helps to prevent excessively long wait times, ensuring that those who do connect can receive effective and timely assistance.
As the Deputy may be aware, the early months of each year place the highest demand on Revenue’s PAYE Services as taxpayers submit their income tax returns for the previous year, claim refunds or reliefs to which they may be entitled, and review tax credits for the current year. From 1 January to close of business on 29 January 2026, Revenue have advised me that the PAYE Helpline staff have answered over 63,611 calls (National PAYE Helpline & Carer’s Helpline) and processed over 92,070 items of correspondence received through its online services and postal system. Additionally, to date in 2026, Revenue have processed 599,559 PAYE Income tax returns, issued 629,067 Statements of Liability (SOLs), resulting in gross refunds of €472.4 million.
It is also worth noting that Revenue’s secure online MyEnquiries system, is available 24 hours a day 7 days a week and is user friendly.
Revenue have confirmed they are satisfied that its current deployment of resources provides an efficient and cost-effective service which meets taxpayer demands, across all its service channels.
179. Deputy Roderic O'Gorman asked the Tánaiste and Minister for Finance whether there is an appointment of a new Governor of the Central Bank and if a process for this appointment has been designed yet; if so, the details of this process; and if he will make a statement on the matter. [9049/26]
View answerAs the Deputy will be aware, the appointment of the current Governor of the Central Bank, Mr Gabriel Makhlouf, was made in accordance with section 19(1) of the Central Bank Act 1942 (as amended). The President appointed Mr Makhlouf as Governor on the recommendation of the then Government. He commenced his seven-year term on 1 September 2019, and this term is due to conclude on 31 August 2026.
In accordance with section 19(4) of the Central Bank Act 1942 (as amended), the President on the advice of the Government may appoint the person holding office as Governor for a further term of 7 years.
Alternatively, Section 19(1) of the Central Bank Act 1942 (as amended) provides for an individual to be appointed as Governor by the President on advice from the Government. A rigorous and comprehensive recruitment process to select a new candidate would be required, as was undertaken when selecting the current Governor.
I will bring forward a Memorandum for decision to Government in due course in respect of this issue.
180. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether the Central Bank of Ireland requires regulated financial institutions to notify it where multiple legal claims involving materially similar facts or customer cohorts are settled on a confidential basis; if so, the notification mechanism and thresholds which applied; and if not, the way in which the Central Bank is assured that such settlements do not mask ongoing or systemic consumer detriment. [9060/26]
View answerThe Central Bank of Ireland has provided me with the following information on the matter:
The Central Bank continues to monitor the outcomes of any complaints, appeals and court cases through information reported by lenders to the Central Bank on a periodic basis on such outcomes including any settlements. The Central Bank has also clearly communicated to lenders its expectation that if any individual outcomes arise that have the potential to impact customers more widely, they then must address this broader impact and inform the Central Bank accordingly. Through this monitoring, the Central Bank has ensured that if settlements arise that have a broader impact for other customers, lenders provide the same benefit to similarly affected customers.
As an example of the approach adopted by the Central Bank, I would refer to the Tracker Mortgage Investigation (TME) and the follow-up that has occurred since that investigation.
The aim of the TME was to put in place a framework that ensured lenders identified and put impacted customers back in the position they would have been in if the lenders’ failings had not occurred, as promptly as possible.
The TME was specifically designed by the Central Bank to ensure that the interests of affected customers were prioritised and protected and included:
• Stopping the harm for potentially affected customers by requiring lenders to cease ongoing proceedings against affected customers;
• Providing for the payment of redress and compensation to put customers back in the position they would have been in if the lenders’ failings had not occurred;
• Ensuring that there was a robust independent appeals process for customers who were not satisfied with their offers of redress and compensation, which protected that offer of redress notwithstanding the appeal.
• Ensuring that customers had further access to the Financial Services and Pensions Ombudsman (FSPO), and that normal limitation periods would not be enforced by the lenders; and
• Requiring lenders to assess and apply individual outcomes from the FSPO and the courts where those decisions had a wider beneficial impact for other customers.
The TME was designed so that after affected customers received redress and compensation, they continued to have options to appeal to their lenders’ independent appeals process, to the FSPO and the courts to raise their own individual personal circumstances.
The Examination involved an initial review of more than two million mortgage accounts by lenders to identify the number of in-scope accounts. From the outset, the Central Bank focused on a system wide response to lenders' failures and to ensuring that lenders identified and remediated the detriment they had caused to affected customers as promptly as possible.
While the Central Bank is satisfied that, from a supervisory and legal perspective, it has worked to the limit of its mandate to ensure that where grounds were sufficiently clear and impact was established, all relevant groups have been included, we are aware there is a possibility that individual customer-specific issues may be identified through complaints to lenders and to the FSPO, appeals and court cases.
181. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance the number of occasions since 2019 on which the Central Bank of Ireland has required a regulated financial institution to extend redress beyond individual litigants to a wider customer cohort following the outcome of litigation or confidential settlement; and the statutory or supervisory basis relied upon in each case. [9061/26]
View answerSeparate to the Tracker Mortgage Examination, I have been informed by the Central Bank that it utilises its broad toolkit to ensure the protection of consumer and investor interests, and that it engages with regulated financial service providers where customer detriment has arisen where appropriate.
182. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether the Central Bank of Ireland maintains internal guidance, criteria, or decision-making frameworks to assess when repeated settlements or litigation outcomes indicate a breach of the "stop the harm" principle; and whether he will publish the headline principles of any such framework in the interests of transparency. [9062/26]
View answerThe Central Bank of Ireland has provided me with the following information specifically regarding the Stop the Harm Principles which are relevant to tracker mortgage related issues.
In this regard the Tracker Mortgage Examination (TME) was designed to ensure that the interests of affected customers were prioritised and protected and including principles for stopping the harm for potentially affected customers.
The “Stop the Harm” principles required lenders to implement controls and/or measures to ensure that potentially impacted customers did not lose possession of their properties during the period from when the potentially relevant issue was identified until the lender satisfied itself that potentially impacted accounts were not in fact impacted by the issue or redress and compensation occurred. The principles remain in force in respect of TME issues.
The Stop the Harm principles are set out in the Central Bank’s Framework for lenders and are available at the following link: www.centralbank.ie/docs/default-source/consumer-hub-library/tracker-issues/appendix3-tracker-mortgage-examination-redress-principles.pdf?sfvrsn=4
The Deputy will note existing and updated protections for consumers under the revised Consumer Code issued by the Central Bank in 2025 which will become effective in Q1 2026. In addition, the Bank has produced Guidance on Securing Customers’ Interest which outlines the Bank’s expectations of firms in meeting their obligations under the Standards for Business to secure customers interests and this is available here
www.centralbank.ie/regulation/consumer-protection/consumer-protection-code/guidance-on-consumer-protection-code-2025.
183. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance to provide a sectoral breakdown, for each of the past five years, of anti-money laundering and know-your-customer supervisory inspections carried out by the Central Bank of Ireland, distinguishing between credit institutions, investment funds, fund service providers, and other financial institutions. [9063/26]
View answerI am advised by the Central Bank of Ireland that it implements a risk-based approach to Anti Money Laundering (AML) and Counter Financing of Terrorism (CFT) supervision of credit and financial institutions. Effective risk-based supervision entails identifying money laundering ('ML') and terrorist financing ('TF') risks and supervising firms commensurate with the risks identified and taking necessary action to bring about compliance.
All credit and financial institutions must comply with their statutory obligations and must be able to demonstrate to the Central Bank how they have complied.
The Central Bank conducts on-site inspections and other supervisory engagements across the financial sector to effectively monitor that there is compliance and effective implementation of the relevant statutory obligations.
Accordingly, a sectoral breakdown of inspections for each of the last five years is provided in the attached spread sheet.
|
- |
2021 |
|
Sector |
Count |
|
Credit Instituions |
12 |
|
Investment firms |
2 |
|
Fund Service Providers |
5 |
|
Other Financial Institutions |
15 |
|
Total |
34 |
|
- |
2022 |
|
Sector |
Count |
|
Credit Institutions |
7 |
|
Investment Firms |
3 |
|
Fund Service Providers |
3 |
|
Other Financial Institutions |
13 |
|
Total |
26 |
|
- |
2023 |
|
Sector |
Count |
|
Credit Institutions |
9 |
|
Investment Firms |
0 |
|
Fund Service Providers |
3 |
|
Other Financial Institutions |
20 |
|
Total |
32 |
|
- |
2024 |
|
Sector |
Count |
|
Credit Institutions |
8 |
|
Investment Firms |
1 |
|
Fund Service Providers |
1 |
|
Other Financial Institutions |
15 |
|
Total |
25 |
|
- |
2025 |
|
Sector |
Count |
|
Credit Institutions |
7 |
|
Investment Firms |
3 |
|
Fund Service Providers |
2 |
|
Other Financial Institutions |
11 |
|
Total |
23 |
184. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance the number of supervisory findings, remedial directions, or enforcement actions issued by the Central Bank of Ireland since 2019 which involved deficiencies in the identification or verification of ultimate beneficial owners; and whether such deficiencies arose more frequently in any particular sector. [9064/26]
View answerI am advised by the Central Bank of Ireland that the breakdown of the remedial actions issued to firms since 2019 which have a Customer Due Diligence (“CDD”) nexus is as follows:
|
Sector |
Count |
|
Credit Institutions |
119 |
|
Investment Firms |
6 |
|
Fund Service Providers |
13 |
|
Other Financial Institutions |
176 |
|
Total |
314 |
CBI notes that these figures are overall figures for CDD-related findings and not specifically in respect of the identification and verification of ultimate beneficial owners.
The Central Bank implements a risk-based approach to AML/CFT supervision of credit and financial institutions. This means that higher intensity measures are used to monitor firms that are higher risk from a ML/TF perspective. As such, the figures below are not necessarily an indication that certain sectors have weaker CDD control measures than others and the figures should not be interpreted as such.
185. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether the Central Bank of Ireland collects or analyses data on the frequency with which regulated firms rely on third-party customer due diligence under section 40 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010; and whether any supervisory concerns have arisen regarding delayed, incomplete, or inaccessible underlying beneficial ownership documentation. [9065/26]
View answerI am advised by the Central Bank of Ireland that supervisory concerns have not arisen regarding delayed, incomplete, or inaccessible underlying beneficial ownership documentation.
186. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether the Central Bank of Ireland requires firms relying on third parties for customer due diligence to conduct periodic assurance testing to confirm that full underlying documentation can be produced without delay; and how compliance with this requirement is monitored at supervisory level. [9066/26]
View answerThe Central Bank of Ireland has informed me that section 40(3) of the Criminal Justice Act (CJA) 2010, provides that firms can rely on certain relevant third parties (“Third Party” or “Third Parties”) as set out under Section 40 subsections (1) (a) to (d) of the CJA 2010 to complete customer due diligence (CDD) measures required under Section 33 or 35(1) of the CJA 2010.
Section 40(4) of the CJA 2010 provides that firms may rely on a Third Party to apply the measures under Section 33 or 35(1) of the CJA 2010 only if:
• there is an arrangement in place between the firm and the Third Party confirming that the Third Party accepts being relied upon; and
• the firm is satisfied, that the Third Party is a person that is supervised or monitored for compliance with the requirements specified under the Fourth Anti-Money Laundering Directive (4AMLD), or requirements equivalent to those under 4AMLD, and on the basis of the arrangement, the Third Party will forward to the firm, as soon as practicable after a request from the firm, any customer due diligence documents or information, including any information from relevant trust services as set out in the eIDAS Regulation, relating to the customer obtained by the Third Party.
Section 40(5) of the CJA 2010 further provides that firms that rely on a Third Party to apply measures under Section 33 or 35(1) of the CJA 2010 remain liable for any failure to apply the measure. Failure to comply with the requirements of section 33 or 35 is an offence under the relevant section.
When placing reliance on Third Parties to undertake CDD, the Central Bank expects that the firm conducts regular assurance testing to ensure documentation can be retrieved without undue delay, and that the quality of the underlying documents obtained is sufficient.
The Central Bank has also informed me that firms placing reliance on a Third Party in accordance with Section 40(3) of the CJA 2010 does not include a situation where a firm has appointed another entity to apply the necessary measures as an outsourcing service provider, intermediary, or an agent of the firm.
In such cases, the outsourced service provider, intermediary, or agent may actually obtain the appropriate verification evidence in respect of the customer but the firm remains responsible for ensuring compliance with the obligations contained with the CJA 2010.
On an annual basis and as part of a Risk Evaluation Questionnaire, firms have been asked by the Central Bank to confirm whether they have any Third Party Reliance arrangements in place and to confirm that assurance testing is conducted.
The Central Bank will follow up with firms if required where anomalies are noted. In addition, Third Party Reliance arrangements may be examined (where relevant) as part of supervisory engagements.
187. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether the Central Bank of Ireland has identified any instances where reliance on intermediaries or professional advisers has resulted in delayed identification of beneficial owners or incomplete source-of-funds verification; and whether any thematic reviews have been conducted in this area. [9067/26]
View answerI am advised by the Central Bank of Ireland that it has not identified any instances where reliance on intermediaries or professional advisers has resulted in delayed identification of beneficial owners or incomplete source-of-funds verification.
While thematic reviews have not been conducted in this area to date, any risks identified would be addressed in day-to-day supervision with the relevant firms.
188. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department monitors trends in the proportion of complaints to the Financial Services and Pensions Ombudsman which are deemed inadmissible or closed prior to full investigation; and whether any assessment has been made of the impact of such trends on effective consumer access to redress. [9068/26]
View answerThe Financial Services and Pensions Ombudsman (FSPO) provides an independent, fair, impartial, confidential and free service to resolve complaints from consumers against financial service providers and pension providers and is independent in the performance of its statutory functions.
Complaints to the FSPO can be resolved through informal mediation, leading to a potential settlement agreed between the parties, or formal investigation and adjudication, leading to a legally binding decision. The FSPO has indicated that each complaint dealt with through their formal investigation process, which requires a legally binding decision, is adjudicated based on the merits of the complaint.
The proportion of complaints closed at various stages of the FSPO process may not be a useful indicator of effective consumer access to redress. For instance, a single decision by the FSPO can lead to financial service or pension providers taking action resulting in other complaints being resolved much earlier in the process.
Each year the FSPO publishes its?Overview of Complaints?which?provides a comprehensive overview?of the complaints received by the FSPO and?the outcomes.
189. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether, following the 2023 Periodic Critical Review of the Financial Services and Pensions Ombudsman, his Department has considered further evaluation of admissibility thresholds or screening criteria applied to complaints; and if not, to state the basis on which he is satisfied that current arrangements strike an appropriate balance between independence and accessibility. [9069/26]
View answerThe Financial Services and Pensions Ombudsman (FSPO) is independent in the performance of their functions. As Minister for Finance I have no role in the day to day workings of the office or in the decisions which the Ombudsman takes.
The Periodic Critical Review of the FSPO, published in 2023, concluded “that the current model of the FSPO as a State body under the aegis of the Department of Finance is still the most appropriate, that the FSPO plays a vital role within the overall financial architecture, providing an independent, impartial and cost-effective means of complaint resolution for consumers and that its functions are still required.”
The FSPO also publishes an annual Overview of Complaints, which includes a summary of all complaints made to the FSPO, a review of trends and patterns in the making of complaints to the FSPO; a breakdown of the method by which all complaints made to the FSPO were dealt with; and a summary of the outcome of all complaints concluded or terminated.
190. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether the National Risk Assessment currently being finalised includes specific consideration of reputational risk arising from enforcement intensity, settlement practices, or beneficial ownership verification; and when he expects the assessment to be published. [9072/26]
View answerThe update to the money laundering, terrorist financing and proliferation financing National Risk Assessment, currently underway, incorporates reputational risk within its consequence scoring framework, including potential impacts on the financial sector. It also reflects enforcement activity through its appraisal of supervisory actions, prosecutions and regulatory sanctions. While settlement practices are not addressed as a standalone category, enforcement outcomes are considered in assessing vulnerabilities. The National Risk Assessment further notes challenges in verifying beneficial ownership information, which can give rise to transparency and reputational risks. The report is expected to be published in the coming months.
191. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether any concerns regarding Ireland's practical application of anti-money laundering or know-your-customer controls have been raised with his Department by EU institutions or international standard-setting bodies since 2021; and if so, to outline the general nature of those concerns. [9073/26]
View answerAs the Deputy will be aware, the relevant international standard setting body for Anti-Money Laundering is the Financial Action Task Force (FATF). It has not raised such concerns with my Department in the period since 2021.
My Department received correspondence in January 2022 regarding Ireland’s practical application of the Fourth Anti-Money Laundering Directive (2015/849), arising from the European Commission’s assessment conducted in 2020-21. This included questions on the following areas: Risk Assessment, Customer Due Diligence (CDD), Financial Intelligence Unit (FIU), Suspicious Transaction Reporting (STR), Supervision, Cooperation and Beneficial Ownership.
Ireland’s official response in September 2022 outlined work underway at that time by AML/CFT supervisors, the FIU and the registers of beneficial ownership information to drive improvements in a number of these areas. Specifically, in relation to customer due diligence/ know-your-customer controls, reference was made to the amendments to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 which were made in 2021. Section 35 of this Act includes strengthened CDD rules by adding an obligation to conduct checks on beneficial ownership before business relationships are formed, while Section 36A introduced closer scrutiny of unusual or high-risk transactions. Furthermore, Section 38A requires additional information to be obtained when dealing with customers from high-risk jurisdictions.
Further work to strengthen Ireland’s framework for combating money laundering and terrorist financing is currently underway via transposition of the 6th Anti-Money Laundering Directive.
192. Deputy Séamus McGrath asked the Tánaiste and Minister for Finance if he will review the disabled drivers and disabled passengers scheme, and an issue that exists when a driver under the scheme changes to a new vehicle and is approved, but is taken off the system, leaving a gap in coverage of their motor insurance before they receive their new vehicle. [9098/26]
View answerI am advised by Revenue that the Drivers and Passengers with Disabilities (DPD) Scheme provides tax relief in respect of one qualifying vehicle at a time for an eligible individual.
Where a customer wishes to change their vehicle, an application is made in respect of the new vehicle. Once a new application is approved, the previously approved vehicle is automatically removed from the Scheme at which point the Department of Transport is notified of the change of vehicle.
Revenue advises customers to submit their application at the point when they are ready to proceed with registering their new vehicle. However, Revenue notes the details provided by the Deputy and has advised me that Revenue that will engage with the Department of Transport on this matter to ensure that there are no consequent motor tax consequences for customers arising from its operation of the DPD scheme.
193. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance the way in which fees applied by the data protection commission are incorporated within revenue projections; if the large volume of outstanding fees are currently contained within revenue projection; and if he will make a statement on the matter. [9114/26]
View answerFines levied by the Data Protection Commission paid to the Exchequer to date are set out in the table below for the Deputy's convenience:
|
€ million |
2020 |
2021 |
2022 |
2023 |
2024 |
2025 |
|
Remitted to the Exchequer |
- |
- |
- |
19 |
1 |
- |
Rounding may affect totals.
A number of cases are currently progressing through the legal process. My Department has not reflected potential revenue arising from such cases in the fiscal projections for 2026 published on Budget Day.
194. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance further to Parliamentary Question No. 230 of 29 January 2026, if he will confirm that neither his Department or the Central Bank collect data on special purpose vehicles whose primary economic activity is purchasing and owning commercial and residential property, as this is not at category in either the statistical publication or the registration guidelines; and if he will make a statement on the matter. [9115/26]
View answerI am advised by the Central Bank of Ireland that it does collect statistical data on special purpose entities whose activities involve purchasing and owning commercial and residential property.
Financial Vehicle Corporations (FVCs) engaged in the securitisation of property-related assets include:
RMBS (Residential Mortgage Backed Securities) – • securities backed by cash flow resulting from mortgage loans that have been secured on residential properties
CMBS (Commercial Mortgage Backed Securities) – • securities backed by cash flow resulting from mortgage loans that have been secured by commercial properties, such as multi-family dwelling, malls, offices, shops, restaurants, etc. CMBS is a considerably smaller category than RMBS.
Other SPEs involved in property ownership include:
Financial Leasing – • vehicles that lease, or sub-lease, an asset on terms by which the risks and rewards of ownership of the leased asset are borne by the lessee. Examples include mortgage financing arrangements, finance/capital leases, and synthetic leases. These represent a small portion of overall Other SPEs activity.
Investment Fund-Linked• – some vehicles in this category hold property on behalf of property funds. While Investment Fund-Linked represents the largest Other SPEs category in Q3 2025, property-fund related vehicles are likely to represent a small subset.
The Deputy will be aware that section 110 of the Taxes Consolidation Act 1997 (TCA 1997) deals with the taxation regime for special purpose vehicles (SPVs) established in Ireland to securitise assets. For completeness, I am advised by Revenue that section 110 companies are not permitted to own Irish property assets (land and buildings) directly.
