Gerald Nash (Louth, Labour)
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286. To ask the Minister for Finance if his Department has received a copy of the terms of reference for the strategic review being undertaken by a bank (details supplied); and if so, if he will publish the terms of reference without delay. [37112/20]

Paschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy is aware as Minister for Finance I have no role in the commercial decisions made by the banks, including any strategic reviews undertaken. This applies equally to the banks in which the State has a shareholding.

Decisions in this regard are the sole responsibility of the board and management of the banks which must be run on an independent and commercial basis. The independence of banks in which the State has a shareholding is protected by Relationship Frameworks which are legally binding documents that cannot be changed unilaterally. These frameworks, which are publicly available, were insisted upon by the European Commission to protect competition in the Irish market. 

In relation to the specific matter raised by the Deputy, I can confirm that my Department has not received a copy of the terms of reference of the strategic review which he has referred to. I note that the bank involved commented at the time of its 2020 H1 results announcement that it would provide an update in this regard when it announces its full year results.

Gerald Nash (Louth, Labour)
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287. To ask the Minister for Finance his plans to broaden the save-as-you-earn scheme out to financial institutions that take deposits but which may not be a bank. [37115/20]

Paschal Donohoe (Dublin Central, Fine Gael)
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Approved Save-As-You-Earn (SAYE) share option schemes were introduced in 1999 and are provided for in Chapter 3 of Part 17 of the Taxes Consolidation Act, 1997 (TCA) and Schedule 12A of that Act. The schemes are designed to foster employee financial participation and provide for relief from Income Tax, PRSI and Levies on share option gains.

As set out in section 519C of the Taxes Consolidated Acts,  to qualify as a savings institution for the purpose of SAYE, a bank/savings institution must be:

- a person who is a holder of a licence granted under section 9 or an authorisation granted under section 9A of the Central Bank Act 1971, or a person who holds a licence or other similar authorisation under the law of an EEA state, other than the State, which corresponds to a licence granted under the said section 9,

- a building society within the meaning of section 256,

- a trustee savings bank within the meaning of the Trustee Savings Banks Act, 1989,

- the Post Office Savings Bank,

- a credit union within the meaning of the Credit Union Act, 1997, or

- such other person as the Minister for Finance may by order prescribe. 

The Deputy will also be aware that I have recently prescribed by order two UK financial institutions - Yorkshire Building Society (YBS) and Barclays - in order to address a potential problem whereby, in the absence of action, in the case of no deal on EU-UK financial passporting rules by 31 December, Irish employees would lose any benefit in the form of tax relief associated with being members of their SAYE schemes. 

I have no plans at present to extend the arrangements for save as you earn schemes beyond the those outlined above.