Written Answers Nos. 215-234
215. Deputy Brian Brennan asked the Tánaiste and Minister for Finance if he will consider establishing a State-led insurance scheme to assist householders who cannot avail of home insurance due to prior flooding events; and if he will make a statement on the matter. [10085/26]
View answerAt the outset, I wish to acknowledge the serious damage caused by recent flooding events, and the impact they have had on families, communities, and businesses across Ireland.
The Government remains committed to protecting Ireland’s present and future generations by investing in climate adaptation measures to manage the impacts of extreme weather. Accordingly, €1.3 billion has been committed to the delivery of flood relief schemes over the lifetime of the National Development Plan (NDP) to 2030. This will protect approximately 23,000 properties across various communities from river and coastal flood risk.
In terms of flood insurance, the Central Bank of Ireland has undertaken extensive research into the nature and scale of the Flood Protection Gap in Ireland. They found that 1 in 20 buildings (approximately 5%) have limited access to flood insurance; and that 54% of this gap is concentrated in Dublin, Cork, Louth, Clare, and Kildare. However, our recent experiences demonstrate that the impacts of flooding are not solely limited to those counties. The Central Bank Report also notes that no single solution exists to address the flood protection gap.
Building on the work carried out by the Central Bank, the Action Plan for Insurance Reform 2025-2029 includes 4 specific actions on flood and climate protection. With respect to Action 17 of the Action Plan, the Department of Finance is currently engaging with multiple stakeholders on the development of a long-term strategic approach to the provision of flood insurance, to consider potential solutions, specific to Ireland, to increase the availability and affordability of flood insurance. An update will be provided at the next Cabinet Sub-Group on Insurance Reform.
My officials will also continue to monitor developments at EU and international level and assess flood insurance matters, including through participation in the OPW and Insurance Ireland Working Group. These matters remain a priority for this Government and efforts continue to be made to encourage a responsive approach from the insurance industry.
216. Deputy Willie O'Dea asked the Tánaiste and Minister for Finance if he will provide a breakdown of credit unions who have invested in the Credit Union Approved Housing Body fund since its inception; the amounts invested; the total number of housing units delivered; and if he will make a statement on the matter. [9532/26]
View answerInvestment in Approved Housing Bodies (AHBs) is permitted under credit union regulations, introduced by the Central Bank of Ireland in March 2018. Under these regulations, over €1 billion can be invested by credit unions in the Credit Union AHB Fund ("the Fund"), who in turn lend this money to AHBs for the purpose of investment in social housing units.
The Fund is a Central Bank regulated fund established by credit unions, that all credit unions can invest their members savings in.
It is important to note however, that the Fund is operated privately, and neither I, nor the Minister of State have any role in the operation of the Fund, and as such I do not have access to complete or verified data.
Based on recent information provided to me by the Fund, 32 credit unions from a total of 172 have invested. Collectively, these credit unions have invested €47m that has financed approximately 200 homes in following counties; Dublin, Cork, Wicklow and Galway.
217. Deputy Paul Murphy asked the Tánaiste and Minister for Finance if he will make the rent tax credit available to HAP tenants; and if he will make a statement on the matter. [9558/26]
View answerThe Rent Tax Credit (RTC) was introduced by the Finance Act 2022 and may be claimed by taxpayer units in respect of qualifying rent paid in 2022 and subsequent years to end of 2028. 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.
The value of the credit for 2022 and 2023 was €500 for a singly assessed individual and €1,000 for a jointly assessed couple. For later years, the value of the credit increased to €1,000 for a singly assessed individual and €2,000 for a jointly assessed couple.
The measure is intended to assist those who do not get any other housing supports from the State. This was stated in the Budget 2023 address, and it is also the position approved by the Oireachtas.
Section 473B(6) of the Taxes Consolidation Act 1997 (TCA), provides that the claimant must not be a ‘supported tenant’.
Section 473B(1) TCA provides that a 'supported tenant' means, in relation to a tenancy, an individual who is in receipt of:
• payment of a supplement towards the amount of rent payable by the individual in respect of his or her residence payable in accordance with regulations made under section 198 of the Social Welfare Consolidation Act 2005,
• housing assistance, within the meaning of Part 4 of the Housing (Miscellaneous Provisions) Act 2014, or
• social housing support, within the meaning of the Housing (Miscellaneous Provisions) Act 2009,
or an individual who is residing in a residential property which has been designated as a cost rental dwelling within the meaning of Part 3 of the Affordable Housing Act 2021.
218. Deputy John Connolly asked the Tánaiste and Minister for Finance the number of rent tax credits claimed in Galway during the past year for which full year data is available; the number of the credits that were claimed in relation to student accommodation; and if he will make a statement on the matter. [9556/26]
View answerThe Rent Tax Credit (RTC) was introduced by the Finance Act 2022 and may be claimed by taxpayer units in respect of qualifying rent paid in 2022 and subsequent years to end of 2028. 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.
The value of the credit for 2022 and 2023 was €500 for a singly assessed individual and €1,000 for a jointly assessed couple. For later years, the value of the credit increased to €1,000 for a singly assessed individual and €2,000 for a jointly assessed couple.
A claim for a student child is allowed where the child is in qualifying third level education and the child’s residence in the property facilitates his or her attendance at or participation in an approved course.
2023 is the most recent tax year for which tax returns for both self-employed taxpayers and PAYE individuals are available. I am advised by Revenue that it is not, yet, possible to provide comprehensive data for 2024. The self-assessed filing deadline for tax year 2024 was November 2025, these returns are being processed and data is expected to be available for analysis in early Q3 of this year. Data for 2025 are not available as the filing deadline in relation to self-assessed taxpayers has not yet passed.
I am further advised by Revenue that the table below shows the total number of taxpayer units who claimed the tax credit in 2023 in respect of properties located in Co. Galway, and the number of these where it was indicated that the credit was claimed in relation to a student child.
|
Year |
Number of Taxpayer Units who claimed the RTC in respect of a property in Co. Galway |
Number of Taxpayer Units who claimed the RTC in respect of a property in Co. Galway and indicated the claim was in relation a student child |
|
2023 |
23,090 |
2,520 |
219. Deputy Ruairí Ó Murchú asked the Tánaiste and Minister for Finance the reason taxpayers in the South are not able to claim tax relief for their child's student accommodation costs incurred at universities in the North; if consideration will be given to including student accommodation costs in the North in the scheme; and if he will make a statement on the matter. [9940/26]
View answerThe Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 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-2028.
In relation to parents paying for their children who are studying abroad and in a tenancy outside the State, the purpose behind the Rent Tax Credit is to assist as part of the overall response to the accommodation shortage in the private rented residential sector in the State. More specifically, the aim is to provide some financial assistance to renters in that particular sector who may face high rental costs and who do not receive any other housing supports from the State. As such, the eligibility criteria for the credit specify that the rental property concerned must be a residential property located in the State.
Finally, and as the Deputy will appreciate, proposals for the introduction of new tax measures or the amendment of existing tax reliefs, are made in the context of the annual Budget and Finance Bill processes, at the appropriate time, and having regard to the sound management of the public finances and my Department's Tax Expenditure Guidelines.
220. Deputy Erin McGreehan asked the Tánaiste and Minister for Finance when the Living City Initiative expansion for Dundalk and Drogheda will be operational; and if he will make a statement on the matter. [9739/26]
View answerThe Living City Initiative is a targeted measure which is aimed at specific areas in need of regeneration. It offers income or corporation tax relief for qualifying expenditure incurred in the refurbishment and conversion of qualifying residential and commercial buildings located within Special Regeneration Areas (SRAs) of Cork, Dublin, Galway, Kilkenny, Limerick and Waterford.
Budget 2026 announced a number of enhancements to the Living City Initiative to strengthen the scheme, with the changes provided for in Finance Act 2025. It was also announced that the scheme would be extended to the five regional centres as set out in the National Planning Framework, namely, Athlone, Drogheda, Dundalk, Letterkenny and Sligo.
The cities and towns in which Special Regeneration Areas may be located are not specified in primary legislation. Instead, the existing areas were designated following consultation with the relevant city councils and an independent review by a third-party adviser. Criteria were set down in respect of the areas which should be included within the remit of the Living City Initiative which were required to be taken into account by the relevant councils when putting forward the proposed area for each city.
For the scheme to start to apply in the five new towns, including Dundalk and Drogheda, Special Regeneration Areas in each town must first be identified and designated.
My Department has recently received draft Special Regeneration Areas maps for each of the five towns from the relevant Local Authorities.
An independent review of the draft maps will now be undertaken to ensure the maps' consistency with the criteria for Special Regeneration Areas. My officials are currently working on appointing an expert for the purposes of the review.
Upon the satisfactory conclusion of the review, it will fall to me, as Minister for Finance, to designate the Special Regeneration Areas by an order made in accordance with section 372AAA of the Taxes Consolidation Act 1997. I anticipate that the areas will have been designated by the end of quarter one.
Following the designation of the new Special Regeneration Areas, the relevant Local Authorities will be in a position to implement the scheme in each of the five towns. The exact timing of that implementation process, following the designation of the Special Regeneration Areas, is a matter for each of the Local Authorities themselves, but I expect that applications in respect of all of the new Special Regeneration Areas will be open by June at the latest.
221. Deputy Colm Burke asked the Tánaiste and Minister for Finance the total 2025 tax receipts in income tax, VAT and corporation tax; the way in which these compare to 2024; and if he will make a statement on the matter. [9957/26]
View answerAt a headline level, tax receipts of €107.4 billion were collected in 2025. This is down by €0.6 billion on 2024. However, the 2024 receipts were boosted by a larger tranche of once-off receipts arising from the Court of Justice of the European Union (CJEU) ruling of September 2024. When these one-off proceeds are excluded, underlying tax receipts of €105.7 billion for 2025 were ahead of 2024 by €8.6 billion or 8.9 per cent. The growth was driven by income tax, VAT and corporation tax receipts.
Income tax receipts amounted to €36.6 billion in 2025, ahead of 2024 by €1.5 billion or 4.3 per cent, reflecting continued employment and wage growth in the economy.
VAT receipts in 2025 came to €22.9 billion, an increase of €1.1 billion or just over 5 per cent, demonstrating the resilience in consumption.
Of course, the most notable feature of 2025 was the performance of corporation tax receipts, with underlying receipts (excluding the CJEU revenues) amounting to €32.9 billion, an increase of €4.8 billion or 17.2 per cent on 2025. Corporation tax receipts now account for almost one-third of all tax revenues collected by the State.
Tax revenues closed the year broadly in line with expectations. Income tax and VAT receipts exceeded their Budget 2026 target by 0.2 per cent and 0.6 per cent. Corporation tax, largely due to a strong December, closed the year just over €800 million ahead of its Budget 2026 projection.
222. Deputy Aisling Dempsey asked the Tánaiste and Minister for Finance if he plans to launch a transparency code as included in the Action Plan on Insurance Reform as the first priority action; and if he will make a statement on the matter. [9551/26]
View answerThe Transparency Code is a priority action under the Government’s Action Plan for Insurance Reform 2025–2029, aimed at improving transparency, fairness, and consumer understanding in Ireland’s private motor insurance market.
My Department, working with the Central Bank of Ireland and the insurance sector, is currently finalising the Code. The Code’s primary objective is to improve fairness, clarity, and accountability across the motor insurance market. It's aim is to establish clear standards for how insurers and intermediaries present information to customers, ensuring the use of plain English, standardised definitions, and accessible explanations of how premiums are calculated.
Work to date has focused on providing consistency in how insurers communicate premium information, aligning industry practices with wider consumer protection reforms, and preparing the sector for implementation. When implemented, the Code will help consumers better understand the key factors influencing their motor premiums, support more informed decision making, and strengthen trust in pricing practices. It will also enhance transparency around rating factors, fees, discounts, and the general reasons an application may be declined. By promoting more consistent communication, the Code will support the Government’s broader goal of a transparent, competitive, and consumer-focused insurance sector.
It is my expectation that the Code will be finalised shortly. Once operational, the Code will ensure that the insurance market operates with integrity, build trust, and ensure that consumers are empowered to make informed decisions.
The Government remains fully committed to the continued reform of the insurance sector and will continue to monitor the progress of measures to enhance transparency, affordability and availability of insurance via the Cabinet Sub Group on Insurance Reform and work to secure a fair and transparent insurance market in Ireland.
223. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance the steps he is taking to ensure that the Government and the Central Bank are acting in accordance with the recommendations set out in the Oireachtas Joint Committee on Finance, Public Expenditure, Public Services Reform and Digitalisation, and Taoiseach’s Report on the Israeli Bond Programme; and if he will make a statement on the matter. [10055/26]
View answerThe Joint Committee on Finance, Public Expenditure, Public Services Reform and Digitalisation, and Taoiseach, published their report on the Israeli Bond Programme on their website on 5 August 2025 and in that report it made a number of recommendations.
Financial services is a devolved competency and any recommendation to amend the Prospectus Regulation is a matter for the European Commission. On 21 October the European Commission published its 2026 work programme, and this does not include a review of the Prospectus Regulation.
With regard to the recommendation that the Ireland Strategic Investment Fund (ISIF) conduct a risk assessment, including their obligations under international law. I am informed that as part of its wider Sustainability and Responsible Investment (SRI) Strategy, ISIF pursues an Active Ownership strategy, this is facilitated by its engagement manager, "EOS at Federated Hermes". Active Ownership emphasises responsible wealth creation through active engagement on ESG priorities.
In relation to the recommendations in the Committee’s Report that were addressed to the Central Bank of Ireland, they have informed my officials that they reviewed the recommendations in the report issued by the Committee; that they have had various correspondences with the Committee; and the Bank at senior level have set out their position both in writing and at various public sessions of the Committee.
In accordance with the provisions of the Prospectus Regulation concerning ‘Home Member States’ and the transfer of approval (Article 20(8)), the competent authority of Luxembourg (CSSF) approved a new prospectus for the State of Israel on 1 September 2025 (the 2025 Prospectus). The Central Bank has indicated that, while they approved the transfer of the prospectus approval to Luxembourg, they had no role in the review and approval of the 2025 prospectus for the State of Israel.
Central Bank officials have also confirmed to my Department that they continued to keep under review the compliance of the 2024 Prospectus with the applicable legal and regulatory framework until that prospectus expired on 1 September 2025.
The Central Bank indicate that they could not give effect to some of the recommendations of the Report as they related to the 2025 Prospectus as it had no role in the review and approval of that prospectus. The CSSF acted independently in that capacity.
By way of more general background, my officials have been informed by the Central Bank that following the Central Bank’s attendance at the Joint Committee in October 2024, the Central Bank carried out an internal review of the process relating to the approval of 2024 Prospectus. The Central Bank wrote to the Joint Committee in December 2024 with regard to that review.
The Central Bank subsequently appeared before the Joint Committee in June 2025 to answer additional questions with regard to its role as competent authority in Ireland with regard to the EU Prospectus Regulation. After that meeting, the Central Bank followed up with additional correspondence to the Joint Committee in relation to this matter.
Through these engagements the Central Bank has, on more than one occasion, disclosed relevant information with regard to its role as a competent authority under the EU Prospectus Regulation in relation to the 2024 Prospectus.
During this period, and up to 1 September 2025, the Central Bank has kept under review the compliance of the 2024 Prospectus with EU law, national law and international law. It is the Central Bank’s assessment, taking into account legal advice, that it did not have a legal basis to refuse to approve or suspend any offers under the 2024 Prospectus.
Finally, the Central Bank has on a number of occasions pointed out that it is restricted by way of professional secrecy obligations from providing confidential information with regard to specific supervisory matters.
224. Deputy Shay Brennan asked the Tánaiste and Minister for Finance for an update on his preparations for Ireland’s EU Presidency; the way in which he plans to oversee budgetary discussions on the next Multiannual Financial Framework post-2027 in a manner that will safeguard Ireland’s fiscal interests; and if he will make a statement on the matter. [9727/26]
View answerA critical focus for us this year will be holding the Presidency of the Council of the European Union from July. It represents an important opportunity for Ireland to shape and lead on European policy priorities, including the EU’s economic and financial agenda.
Ireland’s preparations for our Presidency are well underway across both policy and operations dimensions. The specific priorities of Ireland’s EU Presidency will be prepared in line with the EU Strategic Agenda for 2024-29 and will depend on the progress made during the Cyprus Presidency. We will take stock of this and the views of stakeholders before we publish our own Presidency Policy Programme in June. However, driving progress on the post-2027 Multiannual Financial Framework will be an important focus for our Presidency.
The Minister for Foreign Affairs and Trade and I jointly lead the development of Ireland’s positions on the Multiannual Financial Framework. This involves close cooperation with other Government colleagues.
Negotiations on the MFF are advanced through the General Affairs Council.
The Economic and Financial Affairs Council, which I will chair during Ireland's Presidency, focuses on the revenue side of the EU budget (own resources), and the management of the annual EU budget process.
The European Council, attended by the Taoiseach, provides strategic guidance throughout the negotiations and will ultimately reach political consensus among Member States on the file. The European Parliament also gives it consent to the MFF regulation.
As Presidency, Ireland will act as an honest broker and will lead negotiations in a manner that protects the interests of the EU, as will my colleagues across Government.
227. Deputy Cathy Bennett asked the Tánaiste and Minister for Finance if he will report on his engagement regarding the EU Multiannual Financial Framework post-2027. [10075/26]
View answerBy way of update to my answer in writing on December 18, to the Deputy’s previous question on this matter, EU leaders adopted Council conclusions covering a range of priority issues, including the next MFF, at the December 2025 European Council. The Council noted the draft Negotiating Box developed by the Danish Presidency and looked ahead to work progressing under the Cyprus presidency. The European Council indicated the importance of an agreement on the MFF package before the end of 2026, setting out a clear timeline for negotiations.
On 3 February, I welcomed Commissioner Piotr Serafin, the European Commissioner for Budget and Commissioner Christophe Hansen, the European Commissioner for Agriculture and Food to Dublin. During our constructive meeting, which was also attended by the Minister for Agriculture, Food and the Marine, and the Minister for European Affairs, I outlined Ireland’s priorities and concerns in relation to the MFF proposal as it is currently framed.
These include but are not limited to: a strong and ringfenced Common Agricultural Policy (CAP) and Common Fisheries Policy, the continuation of the PEACEPLUS programme in Northern Ireland and the bordering counties of Ireland, funding for competitiveness and research based on the principle of excellence, sustained support for Ukraine and continued development and humanitarian assistance.
I also emphasised the importance of simplification and the reduction of administrative burden for the beneficiaries of EU funds.
In relation to the financing of the budget, I was clear that the own resources revenue system must be fair, equitable, simple and transparent, based primarily on Gross National Income (GNI).
The meeting provided a welcome opportunity to engage with the European Commission directly, in order to ensure that Ireland’s views are clearly understood as the consideration of the proposal continues.
I will continue to engage actively with the European Commission and with Ministerial counterparts across the EU in the coming months, as will my colleagues in Government.
228. Deputy Aindrias Moynihan asked the Tánaiste and Minister for Finance the up-to-date position on publication of a national financial literacy strategy to support improved financial knowledge and understanding; and if he will make a statement on the matter. [10061/26]
View answerIreland’s first National Financial Literacy Strategy was published in February 2025.
The focus of the five-year Strategy is to improve levels financial literacy by working with Ireland’s financial literacy ecosystem – increasing cooperation, coordination and cohesion among stakeholders – and thereby supporting greater overall financial wellbeing and resilience.
My Department worked closely with a range of public and private sector organisations throughout the Strategy’s development. This included educators, the financial services sector, civil society and Government Departments and agencies. This engagement continues as the Strategy is implemented.
At the same time as the Strategy was published, my Department also launched:
• an Action Plan to support the implementation of the Strategy in 2025;
• a website to provide information about the National Financial Literacy Strategy and relevant research at www.financialliteracy.ie; and
• guidelines for the financial services industry delivering financial education in schools.
Work is underway to review the 2025 Action Plan and to develop a new action plan for 2026/2027. I expect to bring these to Government and publish them in the coming months.
229. Deputy Paul Lawless asked the Tánaiste and Minister for Finance the further measures he intends to introduce in 2026 to support households facing significant increases in mortgage repayments due to interest rate hikes; if he will consider expanding or extending the existing mortgage interest relief scheme; and if he will make a statement on the matter. [10069/26]
View answerThere are a range of regulatory measures in place in order to protect consumers who have or who are taking out a residential mortgage.
The consumer protection framework in place 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. It provides the same protections for borrowers regardless of the regulated entity with whom they are dealing, be that a bank, retail credit firm or credit servicing firm.
In particular, credit servicing firms, which includes entities that service credit agreements, or entities which hold the legal benefits and rights of the creditor under a credit agreement, must be authorised and supervised by the Central Bank, and are therefore subject to the full suite of relevant regulatory requirements and financial services legislation, including the Consumer Protection Code and the Code of Conduct on Mortgage Arrears.
The new Consumer Protection Code will come into effect next month. This will provide for a number of mortgage related enhancements including in relation to mortgage switching. For example, lenders will now have to provide borrowers with a personalised saving estimate alongside each alternative mortgage refinancing option and will also have to provide title deeds in a timely manner.
Finance Act 2023 introduced Mortgage Interest Tax Relief (MITR). MITR was originally made available for the 2023 year of assessment.
The relief is available to homeowners with an outstanding mortgage balance between €80,000 and €500,000 as of 31 December 2022. The relief extends to a qualifying property located in the State which is the sole or main residence of the individual’s former or separated spouse or civil partner or a dependent relative. Furthermore, the taxpayer must be compliant with Local Property Tax requirements. The relief operates by way of a credit offset against the taxpayer’s income tax liability.
In Finance Act 2024, the relief was extended to include the 2024 tax year. Subsequently, to continue to provide support to mortgage holders who have experienced increased interest rates since 2022, Finance Act 2025 provided for a further two-year extension of the relief.
The relief is available in respect of the increase in interest paid in 2023, 2024 and 2025 over interest paid in 2022. The amount qualifying for relief at the standard rate of tax (20%) is capped at €6,250 per property. This is equivalent to a maximum tax relief of €1,250 per property per annum. However, in acknowledgment of the continued unwinding of ECB interest rate increases, the relief available for the second year of the Finance Act 2025 extension was provided on a tapered basis. Therefore, a reduced level of relief, a maximum of €625, will be available for the increase in interest paid in 2026 over interest paid in 2022, which can be claimed from 2027.
230. Deputy Pádraig O'Sullivan asked the Tánaiste and Minister for Finance if any consideration or investigation is underway since Budget 2026 to assess the appropriateness of a VAT reduction to stimulate the construction sector; and if he will make a statement on the matter. [9540/26]
View answerGiven the centrality of housing to the achievement of Government’s wider societal and economic goals, the Department of Finance closely monitors all aspects of the housing market including building activity, the labour market, costs and prices.
The Deputy may be aware that the Society of Chartered Surveyors Ireland published a report on 9 December titled “The Real Costs of New Apartment Delivery 2025”. Their analysis notes that State interventions are playing a critical role in closing the financial viability gap when it comes to building new apartments.
This report examined six categories of two-bedroom apartments (buy to sell) and found that just two were financially viable before any Government interventions. However, after Government interventions such as the reduction in VAT, together with Croí Cónaithe, it was found that five of the six categories became financially viable.
Department officials will continue to closely monitor developments in the housing market, including in relation to new apartments.
231. Deputy Cathy Bennett asked the Tánaiste and Minister for Finance if he will outline the progress he has made with regard to divesting State monies from companies which derive profits from their activities in the occupied Palestinian territories. [10076/26]
View answerI take it that the Deputy is referring to the Ireland Strategic Investment Fund (ISIF) and to the UN Human Rights Council database (the UN Database) identifying businesses involved in specific activities in the Occupied Palestinian Territories which was first issued in 2020, updated in June 2023 and most recently updated in September 2025 as mandated by the UN Human Rights Council.
In 2024 ISIF took an investment decision to divest from six companies, all of which remain on the updated UN Database, with a total value at the time of the divestment decision of approximately €2.95m. The six companies were Bank Hapoalim BM; Bank Leumi-le Israel BM; Israel Discount Bank Ltd; Mizrahi Tefahot Bank Ltd; First International Bank Ltd and Rami Levi Chain Stores Ltd.
ISIF has, to date, completed several divestment programmes and excluded investments from the Fund. Exclusion is used on a limited basis, reflecting exclusions mandated by legislation including the Fossil Fuel Divestment Act 2018 and the Cluster Munitions and Anti-Personnel Mines Act 2008 and, inter alia, exclusions on sustainable investment grounds including Tobacco and Nuclear Weapons.
I have been informed that ISIF will continue to monitor its holdings to ensure that investments remain aligned with its risk profile and investment parameters but it does not comment on individual investments.
232. Deputy Emer Currie asked the Tánaiste and Minister for Finance if he has examined the potential of schemes to allow savers to invest more of Ireland's substantial household deposit savings into products which directly fund the delivery of major Irish public infrastructure projects; and if he will make a statement on the matter. [10071/26]
View answerThe National Development Plan (NDP) Review published in July 2025 set out €275.4 billion in public capital investment to 2035. This represents the largest ever capital investment programme in the history of the State. As part of this, the allocation of NDP funding prioritised investment in the critical growth-enabling sectors of housing, energy, water and transport.
I take it that the Deputy is referring to deposits held in commercial banks and their potential use to fund infrastructure across the State.
Any intention to use deposits for infrastructure as proposed by the Deputy would mean the borrowing of such funds by the State from depositors. Such borrowing and whatever rate of interest was applied would ultimately have to be repaid by the State and would in effect form part of the national debt. Furthermore, if the State sought to use such savings, they are likely to be on the same basis as currently applies to State savings products.
The State already borrows from its citizens through Ireland State Savings (ISS). This provides a safe mechanism for citizens to save directly with the Irish Government. Managed by the NTMA, these products are 100% protected by the State and offer the public a variety of Government-backed, secure savings products, including fixed-term bonds, Prize Bonds, and Instalment Savings Schemes.
Most importantly in this context, savings invested in this way are available to the Exchequer to fund Government expenditure including on infrastructure and remain an important and dependable component of the mix of Government borrowing which help fund expenditure by the State. This includes supporting the delivery of housing which, as the Deputy is aware, is funded by the Exchequer and via borrowing, where required.
For context, as published in the NTMA's most recent annual report which relates to 2024, at end-2024, the total amount outstanding in fixed term/fixed rate state savings products and Prize Bonds was €19.6 billion. When Deposit Accounts (POSB) are included, the year-end balance outstanding was €24.3 billion.
Such borrowing forms part of the National Debt and repayment of all Ireland State Savings money is a direct, unconditional obligation of the Irish Government. Finally. It is worth noting that State savings proceeds are fungible and are not sourced or hypothecated for any specific expenditure purpose. Thus, the resources from state savings can be used as required by the State.
233. Deputy Séamus McGrath asked the Tánaiste and Minister for Finance the amount collected in stamp duty for residential properties in 2025; and the proportion of this amount applicable to first-time buyers. [10094/26]
View answerI am advised by Revenue that stamp duty receipts for residential properties up to 2024, the latest full year available, is provided in the ‘Breakdown of Stamp Duty Receipts’ available on the Revenue website at: https://www.revenue.ie/en/corporate/information-about-revenue/statistics/capital-taxes/stamp-duty/receipts.aspx. An update of this publication, which will include 2025 data, will issue in Q2 2026.
Furthermore, I am advised it is not possible to separately identify the amount of stamp duty receipts for residential properties that is applicable to first time buyers in 2025 and in preceding years, as receipts are not captured by Revenue statistical reporting systems at the taxpayer level.
However, the Deputy may wish to note, based on stamp duty returns for 2024, the latest year for which fully analysed data are available, the estimated cost of abolishing stamp duty for first-time buyers is in the order of €60 million. This estimate is arrived at by taking the stamp duty returns for residential property purchases made by persons identifying themselves as first-time buyers, and taking the associated stamp duty liability as the potential cost of exempting them from the duty.
234. Deputy Brian Brennan asked the Tánaiste and Minister for Finance if he will consider introducing tax incentives or reliefs to encourage developers to invest in building hotels in rural Ireland; and if he will make a statement on the matter. [10088/26]
View answerAs the Deputy will be aware tourism accommodation policy is primarily the responsibility of the Minister for Enterprise, Tourism and Employment. That Department recently published the National Tourism Policy Statement which signalled the development of a Tourism Accommodation Strategy in 2026.
There are already a number of reliefs available which could support the construction of hotels. Capital allowances for hotel construction allow for a 4 percent annual tax deduction over 25 years on qualifying capital expenditure for registered hotels. Capital allowances for hotels have been made conditional on the hotel being registered in the appropriate register kept by Fáilte Ireland under the Tourist Traffic Acts.
The Employment Investment Incentive, which is an income tax relief for investment in small and medium enterprises, is available for investors in tourism accommodation following approval by Fáilte Ireland under the Tourist Traffic Acts.
As the Deputy will be aware, the negative impact of previous tax-based interventions incentivising the construction of hotels would have to be considered in the context of any potential tax reliefs.
As a general point, decisions on any potential new tax incentives or reliefs are usually made in the context of the annual Budget and Finance Bill process and at the appropriate time. Such decisions also must have regard to the sound management of the public finances and my Department's Tax Expenditure Guidelines. The guidelines make clear that any policy proposal which involves tax expenditures should only occur in limited circumstances where there are demonstrable market failures, where a tax-based incentive is more appropriate and efficient than a direct expenditure intervention.
