Minister’s Brief

Recommendations

Info

Assessment (FTA) Report. The objective of the Report was to help ensure that Ireland’s fiscal reporting is fit for purpose in terms of international standards and investor expectations. The exercise was entirely separate from - and additional to - the engagement with the IMF under the programme for assistance. The report concluded that “Ireland is now approaching best practice in fiscal reporting and forecasting and meets the basic requirements for fiscal risk disclosure under the IMF’s Fiscal Transparency Code.” The Report contained 10 recommendations leading to 34 actions which have been broken down to 105 steps to be carried out over 5 years. The Government established the Fiscal Transparency Project Steering Group to oversee the consideration of and, as appropriate, the implementation of these recommendations. The recommendations have been sub-divided and time-tabled into an action plan. While progress has been made on a number of the recommendations surrounding budget coverage, statistical reports and accelerating the budget timelines, some of the more significant accounting changes are all interdependent on a number of other ongoing projects - the FMSS project, the European Commission’s (EUROSTAT) European Public Sector Accounting Standards project and DPER’s accrual accounting project. The FTA Steering Group is working in conjunction with these projects to ensure that when they are implemented they will be in keeping with the reforms envisaged by the report and will help Ireland reach best practice in fiscal reporting and forecasting. While this Department has a leadership role in respect of the FTA, at this juncture much of the onus for delivery is on DPER. That Department has the legal responsibility, the associated powers and the relationships (with the Departments) in respect of public expenditure. Currently the Departments produce appropriation accounts, with accruals elements, for their Votes. While these conform to the required legal standard they are not fully in line with general accounting standards. Developments is this area are within the remit of DPER – not the Department of Finance. Page 152 of 184
3.2.5 International Financial Institutions Division Description This Division is responsible for managing Ireland’s relationship with International Financial Institutions (IFIs) and for the Department’s role in Climate Change and Climate Finance. The IFIs of which Ireland is a member are: the IMF, World Bank Group, European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB) and the Council of Europe Development Bank (CEB). In addition, Ireland is currently negotiating to join the Asian Infrastructure Investment Bank (AIIB) in 2016, will commence contributions to the Green Climate Fund (GCF) in 2016 and is also considering membership of the African Development Bank (AfDB). Director - Paul Ryan Page 153 of 184
Page 1 and 2:
Minister’s Brief 2016 s Page 1 of
Page 3 and 4:
3.2.1.1 Policies on Mortgage Arrear
Page 5 and 6:
1. Introduction For the purposes of
Page 7 and 8:
2.1 Economic and Fiscal Directorate
Page 9 and 10:
2.2 Finance and Banking Directorate
Page 11 and 12:
3. Detailed Briefing Page 11 of 184
Page 13 and 14:
3.1.2 Economic Division Description
Page 15 and 16:
Detail: Economic Outlook Pr
Page 17 and 18:
3.1.2.2 Microeconomic analysis unde
Page 19 and 20:
changes in the relevant tax base) a
Page 21 and 22:
3.1.2.3 Economic coordination inclu
Page 23 and 24:
3.1.2.4 Budgetary/fiscal policy, go
Page 25 and 26:
Assessment of compliance with SGP o
Page 27 and 28:
was a deviation from the fiscal rul
Page 29 and 30:
tax, followed by personal income ta
Page 31 and 32:
Tax Strategy Group - What Does It D
Page 33 and 34:
Detail: Income Tax Policy Income Ta
Page 35 and 36:
Credit in 2014 - that credit was of
Page 37 and 38:
INCOME TAX INCENTIVES Agri-Taxation
Page 39 and 40:
Marine taxation In Budget 2016, a r
Page 41 and 42:
Detail: Indirect Tax Policy Tax Hea
Page 43 and 44:
outcomes, then it was proportionate
Page 45 and 46:
More fundamental threats to tobacco
Page 47 and 48:
3.1.3.4 Finance Bill co-ordination,
Page 49 and 50:
ise in both equity markets and prop
Page 51 and 52:
Tax Head 2007 (€m) 2013 (€m) 20
Page 53 and 54:
3.1.3.5 International taxations, co
Page 56 and 57:
fully in line with the new OECD req
Page 58 and 59:
3.1.5.1 EU Economic Governance issu
Page 60 and 61:
At EU level, the Governance section
Page 62 and 63:
3.1.5.2 EU-IMF Post Programme Monit
Page 64 and 65:
2. EU Funding Mechanisms/ Programme
Page 66 and 67:
Detail: The EU Strategy Unit manage
Page 68 and 69:
3.1.5.4 International Relations Uni
Page 70 and 71:
3.1.5.5 Permanent Representation of
Page 72 and 73:
3.2 Finance and Banking Directorate
Page 74 and 75:
3.2.1.1 Policies on Mortgage Arrear
Page 76 and 77:
available is €1.8 million. Initia
Page 78 and 79:
3.2.1.2 Policies on Central Bank po
Page 81:
deemed necessary, it may be prefera
Page 84 and 85:
Detail: Key Initiatives to achieve
Page 86 and 87:
5. Majority of credit requests cont
Page 88 and 89:
3.2.2 Financial Services Division D
Page 90:
A further group is reviewing the re
Page 93 and 94:
financing would be available to cov
Page 95 and 96:
o Cumulative impact of financial le
Page 97 and 98:
3.2.2.2 National and EU policy and
Page 99 and 100:
Securities The draft EU Prospectus
Page 101 and 102: In addition a full view of the fina
Page 103 and 104: "packaging", wrapping or bundling t
Page 105 and 106: 3.2.3 Shareholding Management Unit
Page 107 and 108: 3.2.3.1 State’s Banking Investmen
Page 110 and 111: 3.2.3.2 State’s shareholding in A
Page 112: sheet continues to contract, albeit
Page 118 and 119: 3.2.3.4 NAMA Specialist - Declan Re
Page 120 and 121: Detail: NAMA Background As part of
Page 123 and 124: 3.2.3.5 IBRC (in special liquidatio
Page 125 and 126: In February 2013 the Irish Bank Res
Page 127 and 128: 3.2.3.6 State’s shareholding in P
Page 129 and 130: PTSB’s return to profitability ha
Page 131: Credit Union Restructuring Board (R
Page 134: 3.2.3.8 Management of all legal mat
Page 137 and 138: 3.2.4.1 Risk and Financial Stabilit
Page 139 and 140: • development and maintenance of
Page 141 and 142: epresented and an Industry Advisory
Page 143 and 144: 3.2.4.1 Management of FoI and PQ pr
Page 145 and 146: Page 145 of 184
Page 147 and 148: 3.2.4.1 Liaison with the Attorney G
Page 149 and 150: 3.2.4.2 Management of the Accountan
Page 151: Future Developments The vote accoun
Page 155 and 156: Key Points: International Monetary
Page 157 and 158: with the delegation led by Second S
Page 159 and 160: assistance to the developing world.
Page 161 and 162: In addition to capital contribution
Page 163 and 164: would be the Minister for Finance o
Page 165 and 166: 3.3 Corporate Page 165 of 184
Page 167 and 168: supported by OPW and a number of ex
Page 169 and 170: 3.3.2. Corporate Affairs Descriptio
Page 171 and 172: member, the Department has a Busine
Page 173 and 174: ability of both electronic files an
Page 175 and 176: 3.3.3. Human Resources Division Des
Page 177 and 178: Detail: 1. Organisational Structure
Page 179 and 180: effectively to improve and deliver
Page 181 and 182: The Department is currently reviewi
Page 183 and 184: Erosion of income tax base did not
show all

Minister’s Brief

Create successful ePaper yourself

Delete template?

Save as template?