Eric Byrne (Dublin South Central, Labour)
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Question 58: To ask the Minister for Finance in relation to special purposes vehicles set up to take advantage of the provisions of section 110 of the Taxes Consolidation Act 1997, as amended, if he will provide the number of such SPVs known to the Revenue Commissioners; the number of forms S.110 received by the Revenue Commissioners in 2007, 2008, 2009, 2010 and as of 31 March 2011; the numbers of such vehicles audited by Revenue in 2007, 2008, 2009, 2010 and as of 31 March 2011; the estimates of the tax yield arising under each tax head for 2007, 2008, 2009 and 2010; the total value of the underlying assets held in these vehicles which have been securitised; the total number of Revenue staff engaged in the monitoring of securitisation; their grades, the proportion of their time allocated to the work; the Revenue divisions in which they are located and the number of meetings held between Revenue staff and staff in the Financial Regulator's office regarding policing compliance levels with Irish law by these companies. [9954/11]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by the Revenue Commissioners that the information requested by the Deputy, insofar as it is available, is as follows. Total No. of SPVs

Section 110 companies have been obliged to submit Form S110 notifications since 6 February 2003. The number of notifications received from that date is 1694. It is likely that a number of these companies have ceased business in the interim.

No of Forms S 110 received

No. of audits carried out on section 110 vehicles

It is not possible to provide this information. No specific statistical code exists for companies that avail of section 110 TCA 1997. Consequently, it is not possible to separate audits of section 110 companies from other audits carried out by Revenue auditors.

Tax yield from section 110 companies

It is not possible to provide this information. No specific statistical code exists for companies that avail of section 110 TCA 1997.

Value of underlying assets held by qualifying companies

This information is not available.

No. of Revenue Staff engaged in monitoring securitisation companies

A Financial Services Unit in Revenue's Large Cases Division is responsible for monitoring/auditing section 110 companies. While it is not possible to identify a specific resource or time allocation, section 110 companies are overseen by an Assistant Principal and a Higher Executive Officer in that Unit

Meetings held between Revenue and the Financial Regulator

There have been no meetings between the Revenue Commissioners and the Financial Regulator specifically on the issue of policing compliance levels with Irish law by section 110 companies. The Revenue Commissioners and the Financial Regulator police compliance levels with separate facets of Irish law but there is provision for exchange of information in certain defined circumstances under the Central Bank and Financial Services Authority of Ireland Act 2003. Compliance with tax law is a matter for the Revenue Commissioners only.