Written answers
Tuesday, 24 June 2014
Department of Social Protection
Social Insurance Fund Deficit
Tommy Broughan (Dublin North East, Independent)
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310. To ask the Minister for Social Protection the current status of the social insurance fund; and the extent of the deficit, if any, in the fund. [27295/14]
Joan Burton (Dublin West, Labour)
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The Social Insurance Fund (Fund) was established by the Social Welfare Act 1952 (as amended) and operates under the terms of the Social Welfare Consolidation Act (SWCA) 2005. Since 2008 the Fund has incurred an operating deficit and by mid-2010 had exhausted all of its accumulated reserves. Since mid-2010 the Fund in accordance with Section 9 of SWCA 2005 has received state subvention to bridge the gap between its PRSI income and its social insurance related expenditure. The table shows the Fund’s operating surplus/deficit since 2007.
Fund Income and Expenditure 2007-2014
| Year | SIF Income | SIF Expenditure | Operating Surplus/Deficit | Cumulative Surplus at end of year | Exchequer Subvention Requirement |
|---|---|---|---|---|---|
| - | €,000 | €,000 | €,000 | €,000 | €,000 |
| 2007 | 7,834,147 | 7,250,990 | 583,157 | 3,632,298 | - |
| 2008 | 8,144,410 | 8,399,739 | -255,329 | 3,376,969 | - |
| 2009 | 7,297,601 | 9,784,225 | -2,486,624 | 890,345 | - |
| 2010 | 6,709,681 | 9,460,835 | -2,751,154 | 1,477* | -1,862,286 |
| 2011 | 7,543,883 | 9,004,245 | -1,460,362 | 1,477 | -1,460,362 |
| 2012 | 6,785,557 | 8,869,567 | -2,084,010 | 1,477 | -2,084,010 |
| 2013** | 7,317,505 | 8,631,635 | -1,314,130 | 1,477 | -1,314,130 |
| 2014*** | 3,203,942 | 3,520,264 | -316,322 | 1,477 | -316,322 |
*The 2010-2014 cumulative surplus represents the book value of the Departments HQ premises vested in the Minister for Social protection on behalf of the Fund.
**The 2013 deficit is provisional pending completion of the 2013 Statutory audit by the Office of the Comptroller and Auditor General.
** *The 2014 deficit is for the period from 01/01/14 to 31/05/14 and is based on provisional monthly outturn figures.
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