Minister’s Brief

Recommendations

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and led a High Level Working Group to examine and report on the availability of development finance). Stabilising Rents and Boosting Supply Package This package was put together by the Department of Finance and the Department of Environment Community and Local Government and agreed by Government in November 2015. It includes targeted and time-bound initiatives to increase housing supply and promote rent certainty. Actions in the package intended to increase housing supply include: o A targeted rebate of development contributions for housing supplied under certain price levels (i.e. affordable starter homes) in Dublin and Cork o An agreement by Irish Strategic Investment Fund (ISIF) to examine funding for housing infrastructure on a case-by-case basis o The introduction of New National Apartment Planning Guidelines which should reduce the cost of apartments in Dublin by c€20k per unit o A review of the operation of Strategic Development Zones to enable swifter adjustments that meet market requirements. In terms of the rental market, the measures announced include the extension of the period for rent reviews from 12 to 24 months, a requirement to notify rent increases to the Private Residential Tenancies Board (PRTB), a longer notice period for changes to rent, the provision of information on comparable rents in the area and stronger legal protection for tenants. The package also includes a targeted tax expenditure designed to assist lower-income households in the private rented sector. Executive Board sub-committee on construction and property The Executive Board sub-committee on the construction and property sector was established to ensure a consistent view across the Department on the sector, with a view to advising on appropriate policies, and inputting into external fora, particularly the Construction 2020 Strategy Implementation Group. The Committee which meets on a monthly basis is chaired by the Chief Economist and brings together officials at Assistant Secretary level from the Taxation Policy, Banking, Financial Stability and Risk Divisions. A quarterly report on the work of the sub-committee is provided to the Executive Board and the Minister. Other issues The unit is also involved in providing economic analysis of various proposals for flood insurance provision, with a report due in June. Page 20 of 184
3.1.2.3 Economic coordination including development and monitoring of economic strategy Principal Officer: Brendan O’Connor John McCarthy Chief Economist Brendan O'Connor Principal Officer Research, Productivity and Strategy Donal Smith Assistant Principal Model, Research Vacancy Assistant Principal Strategy, Cross- Departmental issues Key Points: This unit is responsible for providing technical economic support to the wider Department. It undertakes economic research in areas of relevance to the Department, and is involved in developing the econometric model maintained by the ESRI. The productivity unit is housed in this section – productivity is the single most important economic indicator from a longer term perspective. The unit also monitors developments in the monetary area, an increasingly important area given developments in recent years. Detail: This is a newly created unit which has responsibility for providing technical economic support to the wider Department. As part of this role, the macro-econometric model is housed in this area, and economists are involved in joint work with the ESRI in developing and enhancing this model. The model is used inter alia to see how the economy responds to different policies / shocks and also for longer term planning purposes. It is the aim that Page 21 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: changes in the relevant tax base) a
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
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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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3.2.3.1 State’s Banking Investmen
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3.2.3.2 State’s shareholding in A
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sheet continues to contract, albeit
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3.2.3.4 NAMA Specialist - Declan Re
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Detail: NAMA Background As part of
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3.2.3.5 IBRC (in special liquidatio
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In February 2013 the Irish Bank Res
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3.2.3.6 State’s shareholding in P
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PTSB’s return to profitability ha
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Credit Union Restructuring Board (R
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3.2.3.8 Management of all legal mat
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3.2.4.1 Risk and Financial Stabilit
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• development and maintenance of
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epresented and an Industry Advisory
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3.2.4.1 Management of FoI and PQ pr
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3.2.4.1 Liaison with the Attorney G
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3.2.4.2 Management of the Accountan
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Future Developments The vote accoun
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3.2.5 International Financial Insti
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Key Points: International Monetary
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with the delegation led by Second S
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assistance to the developing world.
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In addition to capital contribution
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would be the Minister for Finance o
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3.3 Corporate Page 165 of 184
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supported by OPW and a number of ex
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3.3.2. Corporate Affairs Descriptio
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member, the Department has a Busine
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ability of both electronic files an
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3.3.3. Human Resources Division Des
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Detail: 1. Organisational Structure
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effectively to improve and deliver
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The Department is currently reviewi
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Erosion of income tax base did not
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Minister’s Brief

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