Minister’s Brief

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2016, on the margins of Ecofin. This meeting may also present an opportunity for the Minister to have an early, bilateral, meeting with EIB President Hoyer. Ireland is represented on the EIB Board of Directors, which meets approximately 10 times per year, by John Moran, (former Secretary General of the Department of Finance) until mid- 2018; and as Alternate Director by Nico Petris (former Department of Finance official) until May, 2016. Ireland is part of an EIB Constituency with Denmark, Greece and Romania, within which the posts of Alternate Director (x 2), Audit Committee member and Vice President are shared under a Constituency Agreement (which is currently being renewed, with negotiations near conclusion). A nomination to the full-time position of EIB Vice-President and Member of the Management Committee will fall to be made by Ireland for commencement on 1 August, 2016, for four years. The nomination process has a series of procedural steps (including confirmation by the Boards of Directors and Governors) and needs to be made in good time to allow these steps to be completed in advance of the August start date. A separate, detailed, submission will be provided to the Minister on this matter. Ireland is a significant recipient of EIB funding. In 2014, Ireland secured a record level €1.44 billion in loans from the EIB, to both public and private sector projects. These loans were made to a broad range of sectors, including Broadband, Energy, Transport, Water, Education, SMEs, Social Housing and Roads PPPs, with a broad geographic spread. A separate submission will be provided to the Minister setting out in detail our engagement with the EIB in relation to investment in Ireland. Following the most recent capital increase of €10bn in 2013, Ireland’s share in the Bank’s subscribed capital stands at €1.375bn. Ireland’s contribution to the 2013 capital increase was €56.737m, paid in three instalments over 2013-2015. The portion of Ireland’s paid-in capital increased as result from 5% to 8.92% per cent of total subscribed capital. World Bank Group (WBG) The mandate of the World Bank is to promote long-term economic development and poverty reduction by providing technical and financial support to help countries reform particular sectors or implement specific projects. The World Bank Group comprises five institutions, the principal ones being the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA) and the International Finance Corporation (IFC). The IBRD aims to reduce poverty in middle-income and creditworthy poorer countries by promoting sustainable and equitable development through loans, guarantees, risk management products, and (non-lending) analytical and advisory services. IDA provides concessional financial assistance to the poorest of the developing countries and is the world’s largest source of concessional financial Page 158 of 184
assistance to the developing world. IDA is funded largely by contributions from the governments of its richer member countries including Ireland. The Minister for Finance is Ireland’s representative on the Board of Governors at the World Bank Group and this mirrors the position of Ministers from other countries represented at the World Bank. Ireland is represented at the World Bank by two officials (nominated by the Minister for Finance and shared between this Department and the Central Bank: Mary O’Dea (Senior Advisor) and Mr Alex Lalor (Advisor)) in the Constituency Office which we share with Canada and eleven Caribbean States. Ireland holds 6,404 shares in the World Bank Group’s primary institution, the International Bank for Reconstruction and Development. This represents a share of 0.33% of the IBRD’s total shareholding. Ireland’s total monetary subscription to the IBRD is €700 million ($772.5 million), of which €41 million ($45.3 million) has been paid-in. The Doing Business Report is a flagship publication of the World Bank which is published on an annual basis and which assesses regulations and the ease of doing business in 189 economies. In Doing Business 2016 (published in October 2015), Ireland performed strongly and was ranked 4th in the Euro Area and 7th in the EU overall. The Department of Finance engages closely with the Doing Business Report Team, as well as with the relevant stakeholders in Ireland, in order to highlight reforms to the business environment in Ireland and will continue to do so in preparation for Doing Business 2017. A Development Finance Forum will take place in Dublin from 18-19 May, 2016. This event will be held by the World Bank and will focus on mechanisms which could leverage private sector involvement to complement public sector finance to assist developing countries. This underpins recent developments such as the Sustainable Development Goals (SDGs), the Financing For Development UN Agenda and the Climate Change commitments from the Paris COP 21 conference in December of 2015.Additionally, the IFC, the private investment institution at the World Bank Group, will hold an investment event in Dublin in September 2016, with the aim of increasing investment opportunities for Irish businesses in developing countries. As mentioned above, IDA is the World Bank institution which provides concessional financial assistance to the poorest developing countries. Ireland is currently contributing €90 million to IDA-17, the current replenishment process. IDA is replenished on a three-yearly cycle and negotiations are currently ongoing on the next cycle, IDA-18, which will become effective in January, 2017. Ireland is involved in these negotiations and a proposal on Ireland’s contribution to IDA will be made once negotiations have progressed to the pledging stage. The World Bank is currently undertaking a review of its role in the international financial architecture and development agenda, and will produce a ‘Forward Look’ report. This report Page 159 of 184
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Minister’s Brief 2016 s Page 1 of
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3.2.1.1 Policies on Mortgage Arrear
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1. Introduction For the purposes of
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2.1 Economic and Fiscal Directorate
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2.2 Finance and Banking Directorate
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3. Detailed Briefing Page 11 of 184
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3.1.2 Economic Division Description
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Detail: Economic Outlook Pr
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3.1.2.2 Microeconomic analysis unde
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changes in the relevant tax base) a
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3.1.2.3 Economic coordination inclu
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3.1.2.4 Budgetary/fiscal policy, go
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Assessment of compliance with SGP o
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was a deviation from the fiscal rul
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tax, followed by personal income ta
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Tax Strategy Group - What Does It D
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Detail: Income Tax Policy Income Ta
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Credit in 2014 - that credit was of
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INCOME TAX INCENTIVES Agri-Taxation
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Marine taxation In Budget 2016, a r
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Detail: Indirect Tax Policy Tax Hea
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outcomes, then it was proportionate
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More fundamental threats to tobacco
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3.1.3.4 Finance Bill co-ordination,
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ise in both equity markets and prop
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Tax Head 2007 (€m) 2013 (€m) 20
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3.1.3.5 International taxations, co
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fully in line with the new OECD req
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3.1.5.1 EU Economic Governance issu
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At EU level, the Governance section
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3.1.5.2 EU-IMF Post Programme Monit
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2. EU Funding Mechanisms/ Programme
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Detail: The EU Strategy Unit manage
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3.1.5.4 International Relations Uni
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3.1.5.5 Permanent Representation of
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3.2 Finance and Banking Directorate
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3.2.1.1 Policies on Mortgage Arrear
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available is €1.8 million. Initia
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3.2.1.2 Policies on Central Bank po
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deemed necessary, it may be prefera
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Detail: Key Initiatives to achieve
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5. Majority of credit requests cont
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3.2.2 Financial Services Division D
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A further group is reviewing the re
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financing would be available to cov
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o Cumulative impact of financial le
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3.2.2.2 National and EU policy and
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Securities The draft EU Prospectus
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In addition a full view of the fina
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"packaging", wrapping or bundling t
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3.2.3 Shareholding Management Unit
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Page 110 and 111: 3.2.3.2 State’s shareholding in A
Page 112: sheet continues to contract, albeit
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Page 147 and 148: 3.2.4.1 Liaison with the Attorney G
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Page 157: with the delegation led by Second S
Page 161 and 162: In addition to capital contribution
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Page 167 and 168: supported by OPW and a number of ex
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Page 173 and 174: ability of both electronic files an
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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
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Minister’s Brief

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