Written Answers Nos. 441-462
441. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance the share of the ISIF directed portfolio that is currently stored in Irish sovereign debt instruments; the annual interest rate on the debt instruments; and if he will make a statement on the matter. [38967/26]
View answerThe end 2024 value of ISIF’s Directed Portfolio was €7.7bn and the unaudited end 2025 value of the Directed Portfolio was €6.4bn. Since the end of 2025 the value of the portfolio has been further reduced due to drawdowns to the Exchequer on foot of Directions from the Minister for Finance.
Following the disposals of the state’s holdings in AIB the majority of the Directed Portfolio is held in Exchequer Notes.
ISIF discloses the Directed Portfolio's total interest income in its financial statements but it does not disclose the terms of individual investments. As set out in the 2024 Financial Statements, the interest income earned during 2024 on the Directed Portfolio was €126 million.
The end 2025 position will be disclosed in the 2025 Financial Statements which will be published in the coming months.
442. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance further to Parliamentary Question No. 258 of 14 May 2026, the criteria necessary for a financial institution to qualify as a monetary policy counterparty with the Central Bank. [38996/26]
View answerThe Central Bank of Ireland has provided me with the following information on the matter.
"Article 55 of the Central Bank of Ireland’s Documentation on Monetary Policy Instruments and Procedures
(www.centralbank.ie/docs/default-source/monetary-policy/policy-implementation/monetary-policy-instruments-and-procedures.pdf?sfvrsn=b444601a_14) sets out the eligibility criteria for participation in Eurosystem monetary policy operations.
Article 55a sets out the assessment of the financial soundness of institutions required to become an eligible monetary policy counterparty.
Article 55 Eligibility criteria for participation in Eurosystem monetary policy operations
With regard to Eurosystem monetary policy operations, subject to Article 57, the Eurosystem shall only allow participation by institutions that fulfil the following criteria:
(a) They shall be subject to the Eurosystem’s minimum reserve system pursuant to Article 19.1 of the Statute of the ESCB and shall not have been granted an exemption from their obligations under the Eurosystem’s minimum reserve system pursuant to Regulation (EC) No 2531/98 and Regulation (EU) 2021/378 (ECB/2021/1)
(b) They shall be one of the following:
(i) subject to at least one form of harmonised Union/EEA supervision by competent authorities in accordance with Directive 2013/36/EU and Regulation (EU) No 575/2013;
(ii) publicly-owned credit institutions, within the meaning of Article 123(2) of the Treaty, subject to supervision of a standard comparable to supervision by competent authorities under Directive 2013/36/EU and Regulation (EU) No 575/2013;
(iii) institutions subject to non-harmonised supervision by competent authorities of a standard comparable to harmonised Union/EEA supervision by competent authorities under Directive 2013/36/EU and Regulation (EU) No 575/2013, e.g. branches established in Member States whose currency is the euro of institutions incorporated outside the EEA. For the purpose of assessing an institution’s eligibility to participate in Eurosystem monetary policy operations, as a rule, non-harmonised supervision shall be considered to be of a standard comparable to harmonised Union/EEA supervision by competent authorities under Directive 2013/36/EU and Regulation (EU) No 575/2013, if the relevant Basel III standards adopted by the Basel Committee on Banking Supervision are considered to have been implemented in the supervisory regime of a given jurisdiction.
(c) They must be financially sound within the meaning of Article 55a;
(d)They shall fulfil all operational requirements specified in the contractual or regulatory arrangements applied by the Bank or the ECB in respect of the specific instrument or operation. The Bank’s operational requirements include:
(i) a requirement that counterparties execute the MPIPs Agreement;
(ii) a requirement that counterparties execute any collateral mobilisation agreement that is relevant for the purposes of a specific instrument or operation; Documentation on Monetary Policy Instruments and Procedures – 30 March 2026 Central Bank of Ireland Page 51
(iii) a requirement that counterparties must have access to an account in TARGET enabling it to conduct transactions with the Bank; and
(iv) any other requirements that may be notified to counterparties in this Document from time to time.
Article 55a Assessment of the financial soundness of institutions
In its assessment of the financial soundness of individual institutions for the purposes of this Article, the Eurosystem may take into account the following prudential information: (a) quarterly information on capital, leverage and liquidity ratios reported under Regulation (EU) No 575/2013 on an individual and consolidated basis, in accordance with the supervisory requirements; or (b) where applicable, prudential information of a standard comparable to information under point (a).
If such prudential information is not made available to the Bank and the ECB by the institutions’s supervisor, either the Bank or the ECB may require the institution to make such information available. When such information is provided directly by an institution, the institution shall also submit an assessment of the information carried out by the relevant supervisor. An additional certification from an external auditor may also be required.
In the case of branches, the information reported under paragraph 1 shall relate to the institution to which the branch belongs.
As regards the assessment of the financial soundness of institutions that have been subject to in kind recapitalisation with public debt instruments, the Eurosystem may take into account the methods used for and the role played by such in-kind recapitalisations, including the type and liquidity of such instruments and the market access of the issuer of such instruments, in ensuring the fulfilment of the capital ratios reported under Regulation (EU) No 575/2013.
A wind-down entity shall not be eligible to access Eurosystem monetary policy operations.
Question No. 447 answered with Question No. 211.
448. Deputy John Lahart asked the Tánaiste and Minister for Finance to outline the amount of tax relief the State has provided for electric vehicles in the years 2022-2025, in tabular form; and if he will make a statement on the matter. [39355/26]
View answer487. Deputy John Lahart asked the Tánaiste and Minister for Finance the total State contribution to the purchase of electric vehicles in 2024 and 2025, in tabular form; and if he will make a statement on the matter. [40259/26]
View answerI propose to take Questions Nos. 448 and 487 together.
I am advised by Revenue that the cost of this relief for 2024 and prior years is available in Revenue’s Cost of Tax Expenditures publication, which can be found on the Revenue website at [www.revenue.ie/en/corporate/information-about-revenue/statistics/tax-expenditures/costs-expenditures.aspx].
Data for 2025 will be made available at the same location on the Revenue website in the coming months.
Non tax supports for electric vehicle purchases are also available in the form of ZEVI grants administered by the SEAI. This is a matter for the Minister for Climate, Environment and Energy and Minister for Transport, Darragh O'Brien TD.
449. Deputy John Lahart asked the Tánaiste and Minister for Finance the amount of tax relief for the bike-to-work scheme that has been provided for the years 2022-2025 inclusive, in tabular form; and if he will make a statement on the matter. [39356/26]
View answer488. Deputy John Lahart asked the Tánaiste and Minister for Finance the cost to the State of the bike-to-work scheme for each of the years 2020 to 2025, in tabular form; and if he will make a statement on the matter. [40260/26]
View answerI propose to take Questions Nos. 449 and 488 together.
As the Deputy may be aware, section 118(5G) of the Taxes Consolidation Act 1997 provides for the Bike-to-Work Scheme. This scheme offers an exemption from Benefit-in-kind where an employer purchases a bicycle and/or associated safety equipment for one of their employees (or directors) to use, in whole or in part, to travel to work.
The scheme was introduced as an incentive to increase the number of people commuting to work by bicycle.
The scheme operates on a self-administration basis, and relief is automatically available provided the employer is satisfied that the conditions of their particular scheme meet the requirements of the legislation. The scheme operates on this basis to reduce administrative burden for employers and employees.
As the scheme does not require any notification or application procedure, there are no data centrally available on the number of people availing of the scheme, the types of bicycles or equipment purchased, or a county-by-county breakdown of the recipients.
However, the Department of Finance produce estimates of the costs and number of recipients annually, as part of the annual Tax Expenditures in Ireland report, and the annual publication of the Tax Expenditure Passports. Both of these publications are available on my Department’s website, at: www.gov.ie/en/department-of-finance/collections/annual-tax-expenditure-reports-and-tax-expenditure-passports/.
I anticipate that data for 2025 will be available shortly.
The latest published estimates of the cost and number of claims under the scheme are set out in tabular format below.
|
- |
2020 |
2021 |
2022 |
2023 |
2024 |
|
No. of claims |
22,000 |
25,000 |
25,000 |
25,400 |
25,400 |
|
Exchequer cost (€M) |
4.5 |
5.5 |
5.5 |
5.8 |
5.8 |
450. Deputy Louis O'Hara asked the Tánaiste and Minister for Finance the actions his Department is undertaking to improve transparency for motor insurance customers to understand how a motor insurance company calculates their motor insurance premium; and if he will make a statement on the matter. [39437/26]
View answerThe Government is firmly committed to delivering measures to improve transparency for motor insurance customers. This commitment is being progressed through the Action Plan for Insurance Reform 2025–2029. The Action Plan sets out a number of priority actions, focused on areas where the greatest impact on transparency, affordability and availability of insurance can be achieved.
As part of this, a new Motor Insurance Transparency Code was launched on 2 March 2026. The Code is designed to enhance trust, clarity, transparency, and understanding in how motor insurance premiums are communicated to consumers.
Implementation of the code is currently underway on a phased basis, supported by staff training, updated consumer documentation, and strengthened governance within firms. There has been very strong industry engagement with the Code to date, with companies representing approximately 98 per cent of the private motor insurance market committing to implementing the Code, bringing over 2 million policyholders within its scope. It is expected that policyholders will begin to see the benefits of the Code, most notably through the Premium Summary Statement and Annual Market Overview Statement, from Q3 2026 onwards.
The Premium Summary Statement is a brief, clear document outlining the current and previous premiums, the change between them, and the main factors influencing that change, such as: driving history, vehicle details, location. The Annual Market Overview Statement will explain in simple terms how broader market factors like repair costs, injury trends, and claims patterns along with risk pooling, influence motor insurance premiums in Ireland. The Central Bank is also looking at how transparency can be further enhanced through the data collected by the National Claims Information Database.
The Department of Finance and the Central Bank will continue to engage closely with industry through the working group to ensure effective implementation and to support the ongoing development of the Code.
451. Deputy Louis O'Hara asked the Tánaiste and Minister for Finance when the recently published Motor Insurance Transparency Code will come into force; whether there are penalties for breaching this code; whether there are ways for members of the public to report breaches of this code; and if he will make a statement on the matter. [39438/26]
View answerThe Motor Insurance Transparency Code was developed by a working group comprising insurers and intermediaries, with the support of the Department of Finance and the Central Bank of Ireland. This working group continues to meet regularly to support implementation and monitor progress.
Implementation is being undertaken on a phased basis, supported by staff training, updated consumer documentation, and strengthened governance within firms. Policyholders are expected to begin experiencing the benefits of the Code, most notably through the Premium Summary Statement and Annual Market Overview Statement from Q3 2026 onwards.
The Code was developed by a working group and represents a collaborative approach rather than a statutory piece of legislation. Accordingly, there are no formal penalties associated with non-compliance with the Code. While not legally binding, it sits under the umbrella of the Central Bank of Ireland’s Consumer Protection Code (CPC), and aligns with relevant disclosure requirements and requirements to inform customers effectively.
The Code was developed by a working group comprising of insurers and intermediaries, with the support of the Department of Finance and the Central Bank of Ireland, to ensure strong alignment with regulatory requirements which will apply to insurers and intermediaries under the Central Bank’s revised Consumer Protection Code (“CPC”). This ensures an appropriate balance between enhancing transparency and safeguarding commercially sensitive information.
If a consumer wishes to make a complaint, they can do so with the insurance company in question. Furthermore, the Central Bank will provide a report to the Minister for Finance within 18 months on their observations on firms’ adherence to the Code, and the effect the Code is having in achieving its objectives, including providing greater transparency for consumers with respect to private motor insurance premiums.
The Department of Finance and the Central Bank will continue to engage closely with industry through the working group to ensure effective implementation and to support the ongoing development of the Code.
452. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance the average cost interest of Irish debt issued each year since 2020; and the interest on any auctioned bonds in 2026. [39442/26]
View answerThe National Treasury Management Agency have informed me that over the six-year period 2020 to 2025, the NTMA issued almost €73bn of benchmark bonds at a weighted average yield of just over 1.1%.
The amount issued and the weighted average yield for each of the years 2020 to 2025 is shown in the table below.
|
Year |
Benchmark Bond Issuance €bn |
Weighted Average Yield % |
|
2020 |
24.6 |
0.21% |
|
2021 |
19.3 |
0.18% |
|
2022 |
7.1 |
1.10% |
|
2023 |
7.4 |
3.19% |
|
2024 |
6.0 |
2.70% |
|
2025 |
8.5 |
3.08% |
So far in 2026, the NTMA has issued €8.25bn of benchmark bonds at a weighted average yield of 3.27%.
Details of the individual bond transactions completed by the NTMA year-to-date in 2026 are shown in the below table.
|
Transaction Type |
Date |
Bond |
Yield |
Total Amount Sold €bn |
|
Syndication |
14-Jan-26 |
3.1% Treasury Bond 2036 |
3.145% |
5.0 |
|
Auction |
12-Mar-26 |
3.1% Treasury Bond 2036 |
3.21% |
1.25 |
|
Syndicated Tap |
13-May-26 |
3.0% Treasury Bond 2043 |
3.64% |
2.0 |
The NTMA publishes information on the outcomes of its bond auctions and syndications on its website on an ongoing basis and also includes information on bond issuance for the year concerned as part of its Annual Report.
453. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance the target or projected rate of return on investment from the Future Ireland Fund. [39443/26]
View answer454. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance the target or projected rate of return on investment from the Infrastructure, Climate, and Nature Fund. [39444/26]
View answerI propose to take Questions Nos. 453 and 454 together.
The National Treasury Management Agency (NTMA) has developed long-term investment strategies for the Future Ireland Fund (FIF) and the Infrastructure, Climate and Nature Fund (ICNF). These strategies were subject to consultation with both the Minister for Finance and Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation, as required under the Future Ireland Fund and Infrastructure, Climate and Nature Fund Act 2024.
Each of these strategies is designed to meet the particular fund's legislative objectives, and therefore shall be invested on a commercial basis, so as to seek to secure the optimal total financial return, having regard to the level of the risk to the assets and the likely timing of payments from each fund.
455. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance to confirm that the Future Ireland Fund and Infrastructure, Climate, and Nature Fund do not hold an Israel sovereign debt. [39445/26]
View answerI wish to advise the Deputy that the Future Ireland Fund (FIF) and the Infrastructure, Climate and Nature Fund (ICNF) disclose details of individual investments on an annual basis in the NTMA Annual Report.
Detailed schedules of investments held by the FIF and ICNF, as at 31 December 2024, are published in the NTMA’s 2024 Annual Report, which is available on the NTMA’s website.
At 31st December 2024, the FIF and ICNF did not hold any Israeli government bonds.
Holdings as at 31 December 2025 will be included in the NTMA’s 2025 Annual Report which will be published in the coming months.
I would note that during 2024 and 2025, the FIF and ICNF were invested in accordance with their respective interim investment strategies which restricted investments to the following permitted euro-denominated assets:
Sovereign debt, limited to debt issued or guaranteed by a central government in the Euro-Area
Quasi-sovereign debt limited to:
• Debt issued by a region, province, state or city
• Debt issued by an international government organisation
• Debt issued by a government agency, or supranational
Cash
In 2025 the NTMA announced that it had divested its holding in Israeli sovereign bonds, alongside those of Egypt and Jordan. I understand the Agency has ceased investing in Israeli sovereign bonds and does not intend to invest in such bonds in the future.
456. Deputy Carol Nolan asked the Tánaiste and Minister for Finance in light of the recent Revenue survey on illegal tobacco consumption and the resulting estimated loss in excise revenue, if his attention has been drawn to continued increases in tobacco excise duties which have the unintended consequence of expanding the illicit market, reducing Exchequer receipts, and increasing the consumption of non-Irish duty paid products; and if he will make a statement on the matter. [39460/26]
View answerFor many years Government health and social policy have consistently focused on reducing the prevalence of smoking, as consumption of tobacco products remains one of the biggest avoidable health risks in our society. Taxation is considered by WHO to be the single most effective lever to drive down smoking rates. A key element of Government policy is our commitment to high taxation of tobacco to encourage people to stop smoking, particularly younger people. Of course, we need to remain conscious that while tax increases have been one of the tools successfully used to disincentivise smoking, continued increases can, over time, also displace some demand towards smuggled products or those which have been taxed in other jurisdictions at lower rates.
I am advised that since 2009, Revenue, in conjunction with the HSE’s National Tobacco Control Office, has commissioned Ipsos B&A to conduct annual independent market research among smokers about the source of their cigarettes. The purpose of this research is to estimate the volume of non-Irish duty paid cigarettes being consumed in Ireland.
I am assured that Revenue is committed to targeting the illicit tobacco trade and uses a range of measures to tackle the sale of illicit cigarettes on the black market. At the core of these measures is identifying and targeting the smuggling of illicit tobacco products into the State, including duty free tobacco in excess of normal allowances, with a view to disrupting the supply chain, seizing the products and, where possible, prosecuting those involved. Revenue’s strategy also involves developing and sharing intelligence on a national, EU and international basis, the use of analytics and detection technologies on cargo and passenger baggage, deployment of the detector dog units and ensuring the optimum deployment of resources on a risk-focused basis.
While Revenue’s primary role is the administration of tax law, the effective enforcement of tobacco duties also supports Ireland’s public health objectives by limiting access to untaxed and lower-cost tobacco products. In this context, new regulations strengthening controls on the quantity of duty-paid tobacco products that individuals may bring into Ireland from another EU Member State came into effect on 9 December 2025. These measures are designed to ensure that Excise Duty reliefs intended for personal use are not misused.
The smuggling of tobacco products has a significant transnational and cross-border dimension. In addition to ongoing cooperation with An Garda Síochána, Revenue works closely with its counterparts in other jurisdictions, including colleagues in Northern Ireland through the Cross-Border Joint Agency Task Force (JATF). This collaboration aims to combat cross-border smuggling and to disrupt and dismantle the organised crime networks involved in the illicit tobacco trade.
459. Deputy Ruairí Ó Murchú asked the Tánaiste and Minister for Finance if he is aware that the 1% levy on life assurance investment policies further reduces the value of medical negligence or catastrophic personal injury awards annually (details supplied); and if he will make a statement on the matter. [39661/26]
View answer461. Deputy Ruairí Ó Murchú asked the Tánaiste and Minister for Finance if consideration will be given to exempting medical negligence and catastrophic injury awards from the 1% life assurance levy in circumstances where the awards are held solely for the purpose of funding ongoing care and disability supports; and if he will make a statement on the matter. [39663/26]
View answerI propose to take Questions Nos. 459 and 461 together.
I am advised by Revenue that section 124B of the Stamp Duties Consolidation Act 1999 provides for a Stamp Duty levy of 1% to be levied in respect of certain life insurance premiums paid to insurers. The levy is payable by the insurers to Revenue on a quarterly basis. It was introduced in 2009.
The levy is applied to the premiums paid under certain classes of life insurance policies to the extent that the risks to which the policies relate are located in the State. These classes are as follows:
• Class I – Life assurance and contracts to pay annuities on human life;
• Class II – Contracts of insurance to provide a sum on marriage or the birth of a child;
• Class III – Class I policies linked to investment funds
• Class IV – Permanent Health Insurance;
• Class V – Tontines, i.e., associations of subscribers which are established to benefit the beneficiaries of a subscriber on the death of that subscriber; and
• Class VI – Capital redemption operations, i.e., in return for a single (or periodic) payment agreed in advance, the policy holder will have a right to a specified sum for a specified period in the future.
Certain premiums are excluded from the levy, namely:
• premiums received in respect of pension business, as defined in section 706 of the Taxes Consolidation Act 1997, and
• premiums received in the course of or by means of reinsurance.
The Deputy should note that the 1% levy on certain life insurance premiums was examined in the Report of the Funds Sector 2030 (Review) which was carried out by my Department.
The Report is available at: www.gov.ie/en/publication/da341-funds-sector-2030-a-framework-for-open-resilient-and-developing-markets/.
The Programme for Government "Securing Ireland's Future" published on 23 January 2025 includes a commitment to progress and publish an implementation plan for consideration of the Funds Review recommendations. Working with my officials, I will consider the next steps in this regard in due course.
460. Deputy Ruairí Ó Murchú asked the Tánaiste and Minister for Finance if he has engaged with the Minister for Social Protection, the Minister for Health or the Minister for Children, Disability and Equality regarding the treatment of medical negligence or catastrophic personal injury awards by State bodies as assessable savings or means (details supplied); and if he will make a statement on the matter. [39662/26]
View answerI refer to the question raised by the Deputy regarding those who have received medical negligence or catastrophic personal injury awards and the way these are treated as assessable savings or means resulting in some with profound disabilities being excluded from accessing supports including Disability Allowance, Medical Cards, Assistive Living Centres, housing supports, home care supports, and accessing Independent Living Centres and other disability entitlements.
These matters do not fall within the direct remit of my Department, but the Deputy may wish to provide further details.
462. Deputy William Aird asked the Tánaiste and Minister for Finance his assessment of the scope for further cost-of-living measures in budget 2027; the way in which he proposes to balance targeted household supports with the need to maintain medium-term fiscal sustainability; and if he will make a statement on the matter. [39678/26]
View answer472. Deputy Richard Boyd Barrett asked the Tánaiste and Minister for Finance if he is planning to undertake any emergency measures to help people deal with increases in the cost-of-living; and if he will make a statement on the matter. [27661/26]
View answerI propose to take Questions Nos. 462 and 472 together.
As the Deputies will be aware, Government has introduced two packages of supports, worth over €750 million, to help people with the increased cost of living.
This has been a swift, forceful and flexible response. An intervention of this scale has been made possible because of the strong position of our public finances: by running budget surpluses, we have ensured that we had the resources on hand to respond when the energy price shock materialised.
I have been clear that we will continue to monitor the situation closely and reserve the right to adjust our response as appropriate. I have also been clear that the best way to assist with the cost of living is through permanent, sustainable and targeted measures introduced through the annual budgetary process.
Preparation is already underway for Budget 2027. The National Economic Dialogue is scheduled to take place in June, followed by the Summer Economic Statement, when Government will set out the parameters for the Budget. Decisions on permanent fiscal policy will considered as part of the budgetary process and in the context of the balanced fiscal strategy set out in Ireland’s Medium-Term Fiscal and Structural Plan.
