I move amendment No. 51: In page 28, line 16, to delete “(20)” and substitute “(21)”.

I move amendment No. 52: In page 28, line 20, to delete “(21)” and substitute “(22)”.

I move amendment No. 53: In page 28, line 33, to delete “(22)” and substitute “(23)”.

I move amendment No. 54: In page 28, line 37, to delete “(13)” and substitute “(14)”.

I move amendment No. 55: In page 28, line 41, to delete “(23)” and substitute “(24)”.

I move amendment No. 56: In page 29, line 6, to delete “(8)” and substitute “(9)”.

I move amendment No. 57: In page 29, between lines 12 and 13, to insert the following: “(2) Subsection (1) shall be deemed to have come into operation on 13 October 2020.”.

As the Deputy will be aware, I met representatives of Ulster Bank on 21 October. I outlined that I expected that staff, customers and other stakeholders would be informed promptly about any decisions being made. I used that meeting as an opportunity to emphasise my concerns regarding the impact of such a decision on the economy, the banking sector, staff and those who depend on Ulster Bank for both lending and investment. News of the review is unsettling for all stakeholders, especially staff and customers. I outli…

I will continue to engage on this matter both with Ulster Bank and its parent company. As I said, I am well aware of the significance of Ulster Bank as an employer, a provider of competition and a supplier of services in the country, in particular the branches it has located in areas outside Dublin. It is a very important employer and bank. I emphasise that I and the Government do not have a formal role in this review. This is a bank which is owned entirely by another broader parent company. Notwithstanding that ke…

The matters the Deputy referred to regarding whose services NatWest and Ulster Bank are procuring are not matters in which I am involved, as the Deputy knows. This is a bank in which the State does not have a formal stake or role. Who it procures to provide services is not a matter in which I have any role. Where I have a role is in relaying the strong concerns I have about changes that could happen in relation to the future of Ulster Bank. Far from being passive on this matter, as I informed the Deputy, I have alr…

I thank the Deputy. As he is aware, I am not in a position to comment on the activities of individual taxpayers. However, I can give the following overview of section 110 of the Taxes Consolidation Act 1997 as it relates to the securitisation of mortgages. Securitisation allows banks to raise capital and share risk. By providing a repackaging and resale market for corporate debt it lowers the cost of debt financing. It is accepted that having the option of more diversified sources of financing is good for investmen…

In recognition of some of the issues raised by Deputy Boyd Barrett and others, important changes were made in Finance Acts in 2016, 2017 and 2019 to deal with taxation of income and of these vehicles. I am not in a position to comment on any individual transaction but I wish to emphasise that tax liability arises on the distribution of the income to noteholders.

I am commenting generally in my reply. Tax is due when income is distributed to noteholders in section 110 organisations. I want to ensure that the tax laws governing these entities reflect the important role of securitisation in enabling our banks to function and fund themselves efficiently while dealing with issues that have rightly been raised in this House. That is why changes have been made. Tax is not due on transactions inside these units. Liability arises when the income is distributed.

As the Deputy is aware, the National Claims Information Database was a key recommendation of the cost of insurance working group. It is intended to facilitate a more indepth analysis of annual trends in motor insurance claims. The second report, published earlier this month by the Central Bank, confirms that premiums for private motor insurance policies decreased by 9% from their recent peak in 2018 to the end of 2019. This is in line with the downward trend in the consumer price index of the Central Statistics Off…

This is typical of Sinn Féin. Its members come in here and levy accusations about me, my party and the Government being in the pocket of an industry, whereas the truth is that I am focused on trying to ensure, through policies that can make a difference and laws we can implement, that we can deliver lower premiums for businesses, families and motorists over time. The Deputy does not make any reference to the fact that the data set published by the Central Bank shows that motor premiums have fallen. Deputy Doherty k…

The Deputy is not being serious on this matter. He comes in here and roars at me on different matters. I know how important these issues are. If I do not meet the insurance sector to raise the issues of competition and of ensuring that those to whom the sector provides policies are treated fairly, he will come in and roar at me about that as well. He will condemn me for not meeting the insurance sector-----

-----and when I do meet the insurance sector, Deputy Doherty walks in here and roars again. He stands up and gives, as I have said before of him, the single transferable roar, depending on what the issue of the day is. He and other Members of the House, I remember very clearly, called on me to meet the insurance sector in order to raise the issues he and others have raised. Then, when I do so, he comes back in here and accuses me of being in the pocket of the industry.

I am not interested in sound bites on this; I am interested in making progress on an issue I know is very serious. The data the Central Bank has published show the progress that has been made on motor insurance premiums.

The stay-and-spend scheme provides tax relief by means of a tax credit at the rate of 20% on qualifying expenditure of up to €625 per person, or €1,250 for a jointly assessed couple. It opened on 1 October 2020 and is scheduled to run until 30 April 2021. The tax credit is worth a maximum of €125, or €250 for a jointly assessed couple. The purpose of stay-and-spend is to provide targeted support to businesses within the hospitality sector whose operations are likely to be most affected by continued restrictions. As…

I remind the Deputy that, unfortunately, much of the money to which he refers is money that we are borrowing, so if the stay-and-spend scheme ends up costing far less than I expect, much of that will be due to reasons that are beyond my control. This means, in effect, that we are borrowing less and adding further debt onto this generation and generations to come. The scheme's underperformance, for reasons the House will be aware of, is one of the reasons I decided to introduce the lower VAT rate on the hospitality …