Clare Daly (Dublin North, Socialist Party)
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To ask the Minister for Justice and Equality if he will outline the remuneration of the chairman and board members of the Property Services Regulatory Authority; the annual running costs of the authority; and if he will provide a list of their achievements to date. [43938/12]

Alan Shatter (Dublin South, Fine Gael)
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The Chairperson of the Property Services Regulatory Authority is paid a fee of €8,978 per annum and ten ordinary members of the Authority are paid a fee of € 5,975 per annum.

The cost of the Authority in 2012 is estimated at €738,000. It should, however, be noted that under section 25 of the 2011 Act, the Authority is required to be self-financing. It is anticipated that the amount of fees which will be taken in by the Authority in 2012 will more than cover the costs of operation of the Authority.

Since its establishment, just over 6 months ago, the Authority has:

- Introduced a new comprehensive licensing system covering all Property Service Providers (PSPs) with effect from 6 July 2012 and is currently processing over 5,000 licence applications;

- Drafted and introduced a wide range of regulations under the Property Services (Regulation) Act 2011, namely

- Licensing Regulations 2012 (S.I. No. 180 of 2012) - to provide for different classes of licence and rules for the granting of licences;

- Qualifications Regulations 2012 (S.I. No. 181 of 2012) - to specify the minimum qualifications and experience necessary to obtain a PSP licence;

- Professional Indemnity Insurance Regulations 2012 (S.I. No. 182 of 2012) - to specify the terms on which indemnity against losses is to be available to licensees under a policy of indemnity insurance;

- Compensation Fund Regulations 2012 (S.I. No. 183 of 2012) - to provide for the establishment of the PSRA Compensation Fund, the level of contributions to the Fund and the rules governing the payment of compensation;

- Client Account Regulations 2012 (S.I. No. 199 of 2012) - to provide for statutory rules for the keeping and preservation of client accounts.

- Established a system for the investigation and adjudication of complaints against PSPs;

- Established the Property Services Compensation Fund;

- Established and published the Residential Property Prices Register;

- Published a "Guide to becoming a Licensed Property Service Provider".

The Authority is also currently working on the establishment of a Commercial Leases Database; the establishment of a public Register of Licensees; the production of a Code of Practice for Property Service Providers; and the production of guidance material for the industry and the public.