1. - Finance.gov.ie · D, N'r x!,r 1n I 'trx,r Executive Board Meeting No. 26 Yeat 2017 Executive Board Minutes Meeting loth Julv 2017 Attendance: Derek Moran (Chair), Gary Tobin,

Oepanmenr ol finan.( Executive Board Meeting No. 25

Yeat 2OlT

Executive Board Minutes Meeting 03'd July 2017

Attendance: Derek Moran (Chair), Ann Nolan, Gary Tobin, Aidan Carrigan, Des Carville, Nicholas

O'Brien, John McCarthy, Niall O'Ceallaigh, Derek Tierney (Secretary).

Item 3.5 only: The Executive Board were.loined by Ambassador to OECD Dermot Nolan & Mary

Dalton

Apologies: John Hogan, PaulRyan, Deborah sweeney, Stephen Lynam.

1. Statement of lnterest

Nil

2. Communications & Topical Matters Diary, Minutes of Previous Meeting, Matters Arising &

Freedom of lnformation Update,

ln addition to the Communications & Topical Matters diary, the following was discussed:

The Minister will attend the Cabinet meeting on Tuesday and will be accompanied by senior

officials at the Finance, Public Expenditure and Reform, and Taoiseach (Joint) Committee on Pre-

Ecofin Council Engagement. The Minister of State has a number of IFS and lnsurance related

meetings scheduled, and will also attend the Seanad Stage ofthe Financial Services and Pensions

Ombudsman Bill 2017. The end June Exchequer Returns will be published tomorrow, Tuesday,

4th July 20]7 , at 4.30 p.m. to coincide with the end-Qua rter 2 press conference.

Minutes and matters arising from the previous Executive Board 26rh June 2017 were approved

3.0 Strategic Matters

3.1 Weekly Dashboards

The Weekly Dashboards were noted.

3.2 Brexit Update

Members noted the recent announcement by the UK Government that it is withdrawing from the

1964 London Fisheries Convention. The Convention grants rights to neighbouring countries to fish

in each other's 6 to 12 miles fishing zones based on historic fishing activity. Members also noted

recent media reports that a City of London delegation will head to Brussels this week to discuss a

post-Brexit free trade deal on financial services.

3.3 Exchequer Returns

Members noted that the end-June Exchequer Returns will be published tomorrow, Tuesday, 4th

July 2017, at 4.30 p.m. to coincide with the end-Quarter 2 press conference. An Exchequer surplus

of €2,485 million was recorded at end-June 2017. This compares to a deficit of €L,L42 million in

the same period last year. Tax revenues for the month ofJune were up €158 million (4.1%) on the

monthly target. This was primarily due to a very strong over-performance in corporation tax

receipts. ln addition, .,une tax receipts were 9.2o/. l€34L million) higher when compared to the

corresponding month last year. As a result, the cumulative tax revenue shortfall has been reduced

to 0.5% or €110 million against profile, which represents a solid year-on-year increase of 4.0% or

€892 million when compared to same period in 2016. Excluding large one-off income tax

payments, the underlying position is showing an overall year-on-year increase of 4.4% or €992

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Doparlrnent ol Finan.eExecutive Board Meeting No. 25

Yea( 20t7

3.4 NED/SES

Members discussed the recent National Economic Oialogue with acknowledgement ofthe work

by all concerned. The Summer Economic Statement (SES) is also being considered in the context

of matters arising from the Dialogue and it is expected that it will be brought to Cabinet by the

M inister next week.

3.5 OECD Update

Members were provided with a briefing and update on the role of OECD Economic & Financial

Counsellor including the context of the post, level of engagement in the roles with OECD

Directorates, current and potential work programmes including cross-cutting OECD lssues.

3,6 Corporation Tax Review

Members noted the work by Mr. Seamus Coffey as independent expert to carry out a review of

the corporation tax code agreed by the Government in September 2015. Since that time, Mr.

Coffey has been carrying out work on the review, including meeting key Revenue and Finance

officials, meeting a number of key stakeholders, a nd undertaking desk-based research. As per the

terms of reference of the review, Mr. Coffey will shortly bring recommendations to the Minister,

3,7 History Project

As part of the ongoing History project, the committee is scheduled to meet to develop a scopingpaper and options on publishing an updated history ofthe Department.

4. Matters for Decision

4.1 Stakeholder Communications Strategy (Fol)

Members discussed the merits of publication of Fol Decisions for the Department and agreed nochange to existing policy in this regard.

5. Corporate

5.1 Public Accounts Committee

Mem bers noted arrangements are u nderway for the u pcoming appearance at the public AccountsCommittee.

5,2 Compliance Obligations July 2017

Members reviewed a status report of compriance obrigations due in Jury 2017 arising fromrecent testing by the Compliance Unit.

6.0 AOB

embers were u pdated in relation to the Finance Attach6 in the Embassy of lreland, Berlin

{-^,qf,Q- \44*

Derek Moran

Secretary General

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million. Total net voted expenditure to end-June 2Ol7, al €2L,826 million, was 7.4% o( €3L5

million below profile, but up €1,043 million (5.0%) in year-on-year terms.

D, N'r x!,r 1n I 'trx,r

Executive Board Meeting No. 26

Yeat 2017

Executive Board Minutes Meeting loth Julv 2017

Attendance: Derek Moran (Chair), Gary Tobin, Aidan Carri8an, John Mccarthy, Stephen Lynam,

Mary Mccarthy (Secretary).

Apologies: Ann Nolan, Nicholas O'Brien, John Hogan, Niall O'Ceallaigh, Des Carville, Paul Ryan,

Derek Tierney


Nil

2. Communications & Topical Matters Diary, Minutes of Previous Meetint & Matters Arising,

Government Memos, & Weekly Oireachtas Schedule

Members were provided with an update on the Departmental history pro.,ect. A number of

academics/historians are being consulted on the project, particularly in determining the time

period to be covered in the publication. The Departmental od hoc Hislory Committee will meet

this week, following which a state-of-play note will be provided to the Secretary General.

On the Archives Project, members noted that while the backlog is being reduced quickly, space is

becoming a problem in the storage facility in Finglas. A number of the Compensation files are

damaged, and require careful handling in order to progress. Training is being provided to the

Archive Unlt by staff from the National Archives.

Members noted that the Summer Economic statement (SES) will be published on Wednesday 12th

July, following discussion at a special cabinet meeting that morning. A Press Conference will be

held afterthe Cabinet meeting. Ddil statements on the SES willtake place on Thursday morning.

The Nationa I Accounts will be published by the CSO on Friday

Members noted the weekly schedule of business for the Oireachtas including Oireachtas

Committees, Private Members Motions, Deil and the Seanad schedule.

Minutes and matters arising from the previous Executive Board 3rd )uly 2OL7 were approved.

Government Memos were discussed and Members noted that the Ddil rises on Friday for the

Summer Recess,



The Weekly Dashboards were noted

3.2 Brexit Update

There was a short up-date on the Brexit process. Attendance has yet to be confirmed for the

annual bilateral meeting with the UK Treasury in London next week.

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ln addition to the Communications & TopicalMatters diary, the following was discussed:

3.3 SES

Members were informed that the Summer Economic statement will be published on Wednesday.

Fiscal Space for nert year in advance of Budget 2018 is expected to remain unchanged (from

Budget 2017) at €1.2bn. A discussion on the Rainy Day Fund on Morning lreland was noted.

3.5 CT Review - Coffey Report

Members noted that the report was recently submitted to the Minister. Overall, it is positive

regarding Corporation Tax, and includes recommendations on transfer pricing and reverting to

80% capital allowances for lP.

5. Corporate & Operational matters for information.

5.1 lnternal Audit: Audit of Central Fund Management

Executive Board members noted the Audit's 2 findings with Minor control weaknesses identified

and the substantial assurance provided by the IAU to management. There were no

obs/comments and members agreed that the report can be signed off.

6.0 AOB

on internal management, the secretary General informed the Board that Mr carrigan is leaving

the Department in August to take up a position with the world Bank, with an interim reportingstructure to be in place until late october when he will be replaced by the return of Mr McGrath.Executive Board members discussed the mid-August closing date for the position of Financial

Attach6 in the lrish Embassy in Berlin, concluding that it should possibly be extended to the firstweek of September.

The Board was informed of the need for remedial work on the roof of south Block and the needto strengthen security in South Block. Each ofthese works will commence later in the year, afterthe Budget.

Derek Moran

Secretary General


Yeat 2077

3.4 TSG

subject to confirmation, the Tax Strategy Papers will be published on 24th July.

5.2 lnternal Audit Recommendations Tracker

Members noted the contents of the lA Recommendations Tracker and agreed that (i) the names

of owners of open recommendations are to be included going forward and (ii) only open

recommendations are to be included. ThetrackeristobeincludedontheagendaforthefirstEB

meeting in September.

E^J.

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Yeat 2OlT

Executive Board Minutes Meeting 17th July 2017

Attendance: Derek Moran (Chair), Ann Nolan, Nicholas O'Brien, Niall O'Ceallaigh, Gary Tobin,

Aidan Carrigan, John Mccarthy, Paul Ryan, Stephen Lynam, Derek Tierney (Secretary).

Apologies: John Hogan, Des Carville


Nil

2. Communications & Topical Matters Diary, Minutes of Previous Meeting & Matters Arising,


ln addition to the Communications & Topical Matters diary, the following was discussed

The Minister will present at the 37th Annual Maccill Summer School and also attend at the

Committee on Budgetary Oversight later in the week. The Minister of State has a number of IFS

and lnsurance related engagements scheduled over the week. Senior Officials will travel to

London later in the week to attend the annual bilateral meeting with the UK Treasury. Members

noted the weekly schedule of business for the Oireachtas including Oireachtas Committees,

Private Members Motions, D6il and the Seanad schedule.

Minutes and matters arising from the previous Executive Board Loth July 20Ll were approved.

Government Memos were discussed.

3.0 Stratetic Matters



3.2 Brexit Update

Members were provided with an up-date on the Brexit process noting that David Davis, the Brexit

secretary and Michel Barnier, the EU's chief Brexit negotiator, meet in Brussels today forthe first

of four days of talks on Britain's withdrawal from the European Union. Members discussed the

Minister's recent visit to London, involving an interview with Bloomberg and also to meet with

the UK Chancellor of the Exchequer, Philip Hammond. This visit builds on previous constructive

enBagements including bilateral meetings in London and Dublin respectively. Members discussed

the upcoming annual bilateral meeting with the UK Treasury in London later in the week.

3.3 Quarterly National Accounts Full year 2016 and quarter 1 2017 & 3.4 GNI+ (taken together)

Members discussed the Quarterly National Accounts Full year 2016 and Quarter 12017 release

by the CSO. Members noted that for the full year 2016, GDP rose by 5.1 per cent last year, in line

withtheinitial estimateof5.2percent.GNProseby9.6percentlastyear. Thenational accounts

incorporate data revisions which raise the level of last year's nominal GDP by nearly €10 billion.

The CSO also published an alternative measure of activity called "modified" GNI (GNl*). ln 2016

GNI* is estimated at €189.2 billion (GDP is €275.6 billion). Debt/GNl* is 106 per cent. Work is

underway on the consideration of statistical aggregates on a GNI* basis.

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D.prdnrnr ol frnan({Executive Board Meeting No. 27

Yeat 2Ol7

ln the first quarter of 2017, the level of GDP fell by 2.5 per cent relative to the previous quarter

(on a seasonally adjusted basis). This fall reflects the surge (+5.8 per cent q-o-q) in the previous

quarter. As a result, GDP was 6.1 per cent higher year-on-year (GNP was 7.9 per cent higher) in

the first quarter. All components of GDP recorded annual growth in the first quarter.

Consumption (1.8 per cent) and export (3.2 per cent) growth remained solid while investment

(26.6 per cent) recorded another quarter ofvery strong a nnual growth.

Overall, these numbers provide clear evidence of continued momentum in the economy and are

consistent with rising tax receipts and strong employment growth. Members were also advised

that a report on the Balance of Payments Current Account will be published at the end of H2. The

EB requested a note on UK economic developments be prepared for early September.

Action:

UK economic developments for early September - Mr Mccarth

3,5 Budgetary Process Update

Members discussed the recent budget process milestones comprising the National Economic

Dialogue and the publication of the Summer Economic Statement. The Tax Strategy Group (TSG)

meets next week followed by publication of the TSG papers that will present options by officials

to the Minister for consideration.

This week will see publication of the M id-Yea r Expenditure Report (MYER) for 2017. lt is intended

that the main results of the Spending Review 2017 that commenced in January of this year, will

be published in advance of Budget 2018. The Capital Plan is also being reviewed to ensure that

capital spending remains aligned with national economic and social priorities with

recommendations to Government in Q3 2017, to inform final decisions by Government on revised

capital allocations. These will be announced in the context of Budget 2018, and feed into a longer

term Capital Plan in support of the forthcoming National Planning Framework.

Officials will a lso have a series of roundtable meetings with the M inister over the month of August

to discuss themes for Budget 2018. All these considerations will feed into work that is underway

to produce the next set of official forecasts that will be published with Budget 2018 in October.

Consideration is also being given by this Department and the Department of Public Expenditure

and Reform who offer a service to political parties whereby the Departments cost their budget

proposals.

3.5 Legislative Update

Members noted the work underway by the lnternational Finance Division to progress the

Financial Services and Pensions Ombudsman Bill 2017 and the Asian lnfrastructure lnvestment

Bank Bill 2017.

3.7 FMU

Members were provided with an update on discussions with OPW to progress refurbishment and

upgrade works in South Block and 7/9 Merrion Row and provision of additional accommodation

in M iesian Plaza.

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Progress report on Balance of Payments for publication at the end of H2 and no," on I


5.1 Office of the Comptroller and Auditor General: Review of effectiveness of internal audit in

central government

Members noted the report by the C & AG that presents an assessment of the Effectiveness of

lnternal Audit in Central Government and the Department of Finance and the ongoing good work

by lnternal Audit in this regard.

5.0 AOB

Members were updated on arrangements under consideration to develop the elements of

lreland's formal offer for Dublin to host the European Banking Authority upon the UK's exit from

the EU and a Memorandum for Government seeking approval of the proposed EBA offer.

Members considered items proposed by the Department for the next Government meetings.

a <_-.-a

Derek Moran

Secretary General

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Yeat 2077

OeDnrtnenr ol fin.n.r Executive Board Meeting No. 28

Yeat 2017

Executive Board Minut Meetins 24th.lulv 2017

Attendance: Derek Moran (Chair), Ann Nolan, John Hogan, John Mccarthy, Gary Tobin, Des

Carville, Paul Ryan, Aidan Carrigan, Mary Carrick (Secretary)

Apologies: Nicholas O'Brien, Niall O'Ceallaigh, Stephen Lynam, Deborah Sweeney (Press Officer)


Nil

2. Communications & Topical Matters Diary, Minutes of Previous Meeting & Matters Arisint,



The secretary General provided an overview of his meeting with the Taoiseach and the secretary

General of the Department of the Taoiseach which took place after the all-day Cabinet meeting

on the 19th lu ly.

Members noted the proposals on mortgage arrears in relation to the buy to let sector made at a

recent meeting between the Department and Mr. iohn Mccuinness T.D., Chair of the Finance,

Public Expenditure and Reform, and Taoiseach Committee.

The Secretary requested a paper to be drafted for presentation to the Policy Committee on

"Customs" issues impacted by Brexit. He noted that it would follow the two papers; "the tax

implications of Brexit" and a paper on "own resources" and would be informative in preparation

for discussions with the Minister. The Central Bank Statistics are due out on Tuesday. An inter-

departmental Group which the Department of Finance is contributing to in relation to White

Collar crime, chaired by the Department of Enterprise has been established. The Tax Strategy

Group will meet on Tuesday.

Members noted the weekly schedule of business for the Oireachtas including oireachtas

Committees, Private Members Motions, Diiil and the Seanad schedule. The Oireachtas summer

recess commenced.

Minutes and matters arising from the previous Executive Board 17th July were approved.

Government Memos were discussed. The Board noted that commencement orders are being

prepared in relation to two Bills, AllB Bill, 2017 and the Financial Services and Pensions

Ombudsman Bill 2017, which completed their passage through both Houses of the Oireachtas last

week.

Action:

Prepare a scoping paper by mid-August for NAMA'S next s227 statutory review - Mr

Carville

Develop Paper for Policy Committee on Customs issues impacted by Brexit - M r. Hogan

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Yeat 2O!7




3.2 Brexit Update

Agenda item 3.6 was discussed in conjunction 3.2. Members were provided with an up-date on

the Brexit process in con.,unction with an update on the visit the previous week by senior officials

to the UK Treasury. The visit was positive and the discussion included the preparation of the UK

in relation to the exit from the EU. A further bilateral meeting is planned for later this year in

Oct/Nov.

3.3 Second Progress Report - Cost of lnsurance Working Group

Members were provided with an update on the published Report. All 17 recommendations have

been met and the Department's first Data Report along with the Central Bank of Ireland lnsurance

Report have also been published. Members noted the cost of car insurance is balancing out,

welcomed the positive media reaction and commended the insurance team for a job well done.

3.4 lFS2020 q1 2017 Progress Report

Members were updated on the progress of the 1FS2020. The overall objective of the Strategy

aims to increase the employment level from 35,000 to 45,000 jobs by 2020 and we are

currently on target to achieve this groMh level with over 2,000 net new IFS jobs created in

2016 and 2,500 net new jobs created in 2015. The 2017 Action Plan is divided into two

sections. Section 1 is a contextual piece outlining the development of the Strategy with a

strong focus on Brexit. Section 2 contains a suite of 40 individual measures to be actioned in

2017 under the lFS2020 strategic priorities. The Department has met all of the 17 measures

scheduled for Ql by the due dates. Work is cu rrently in progress on the Q3 measu res and the

Action Plan for 2018. For 2018, there will be a specific focus on the regional dimension of

lFS2020 with an aim to increase the current proportion of jobs based outside Dublin from

30%.

3.5 Shareholding Update

Members were updated on the lrish banks as PTSB, AIB and Bol are due to report their interim

results for the six months ended 30 June 2017 on Wednesday, Thursday and Friday respectively

this week. The key considerations from the market's perspective for each bank was discussed. A

further update will be provided at next week's meeting.

3.6 Annual Bi-lateral UK Treasury Update

See item 3.2

3.7. Risk Committee Update

Members noted the update which highlighted the good engagement of Divisions on the Risk

process in the lead-up to the recent Q2 Risk Committee meeting. Useful papers on the

potential impact of Artificial lntelligence on the economy and issues relating to cyber security

in the Department were presented.

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6.0 AOB

Members were updated on the state aid and recovery process underway.

.*.

Depadm.ni oi fin.f(.


5.1 Resource Review

Members noted the Resource Review


Yea( 2077

\*",,ra K*r"--Derek Moran

Secretary General

3lPage

Oepartmeni ol Finan(e Executive Board Meeting No. 29

Year 2017

Executive Board Mi[utes !Leqt!!4311!!If201Z

Attendance: Aidan carrigan (Chair), John Hogan, John Mccarthy, Gary Tobin, Des Carville, Niall

O'ceallaigh, Deborah Sweeney, Derek Tierney (Secretary)

Apologies: Derek Moran, Nicholas O'Brien, Paul Ryan, Stephen Lynam.


Nil

2, Communications & Topical Matters Diary Minutes of Previous Meeting & Matters Arising,



The M inister of State will travel to Clonakilty and Killorglin to meet with regionally-based financial

services companies with a number of insurance related meetings also planned later in the week.

The Department will publish TSG papers following the meeting of the TSG members last week.

The endJuly 20L7 Exchequer Returns will be releases on Wednesday with a press briefing in the

usual way. Tax revenue, net voted and gross voted expenditure will be published in the monthly

Fiscal Monitor, incorporating the Exchequer Statement. The Analytical Exchequer Statement,

which separates the main non-general government impacting transactions from the day-to-day

receipts and expenditure will also be included in this publication.

Mr. Carville noted his upcoming meeting with ILCU re8arding social housing.

Minutes and matters arisinB from the previous Executive Board 24th July were approved.

3.0 Stratetic Matters



3.2 Brexit Update

Members noted ongoing developments in relation to Brexit

3.3 Shareholding Update

Members were updated on the interim results published by AlB, Bank of lreland and PTSB last

week and the associated market reaction. The banks continue to make good progress in overall

terms but face different individual challenges.

Members were updated on the Dowling et al litigation against the State and PTSB as the High

court issued a judgement dismissing a long running challenge against the July 2011 Direction

Order. The High Court has upheld the validity of July 2011 Direction Order and held that the

Minister acted reasonably in seeking the Direction Order. This is a particularly important

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Deparlmenl ol rinan(e

.judgement in the context of a suite of litigation initiated by Piotr Skoczylas relating to the

recapitalisation of PTSB. The Department will carefully consider this judgement with its legal

advisers to ascertain the impact on the myriad of associated litigation still outstanding.


Nil.


5.1 Compliance Oblitations Aug 2017

Executive Board members discussed the report, acknowledging good engagement between the

Compliance Officer and Divisions. Of the 2 obligations due for August, both are in compliance.

The June and July updates were discussed and members noted that the technical drafting of the

MiFiD Regulations is expected to be signed off by the draftsman allowing the transposition of the

Directive.

5.0 AOB

Members were updated in relation to making arrangements to facilitate Culture Night scheduled

for September.

Ai rrigan

Assistant S

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Yeat 2017

Oepanmenr ol Frnan(eExecutive Board Meeting No.30

Yeat 2017

Executive Board Minutes MeetinE O8rh Ausust 2017

Attendance: Aidan Carrigan (Chair), John Hogan, Gary Tobin, Des Carville, Niall O'Ceallaigh, Derek

Tierney (Secretary).

Apologies: Derek Moran, Nicholas O'Brien, John Mccarthy, Paul Ryan, Stephen Lynam, Deborah

Sweeney.


Nil

2. Communications & Topical Matters Diary, Minutes of Previous Meeting & Matters Arising

and Freedom of lnformation Report

ln addition to the communications & Topical Matters diary, the following was discussed:

Members noted that this Thursday the Minister is on the Ministerial Roster for the Taoiseach

Minutes and matters arising from the previous Executive Board 31't July were approved.

The monthly Freedom of lnformation Report was noted.


3.2 Brexit Update

Members noted ongoing developments in relation to Brexit


Members discussed the endJuly 2017 Exchequer Returns published the previous Wednesday. An

Exchequer surplus of €3,365 million was recorded at end-July 2017. This compares to a surplus

of €862 million in the same period last year. This year-on-year improvement of €2,505 million is

primarily due to the recent sale of over 28% of the State's Shareholding in AlB. lt was pointed out

that there was a significant one-off transaction (c. €1.6 billion from the AIB Coco's) in the

comparable period in 2015. Excluding these, the underlying Exchequer position is showing a year-

on-year improvement of €671 million on the back of increased tax revenue and reduced interest

expenditure, albeit somewhat offset by increases in voted expenditure. Tax revenues for the

month of July closed the month 2.6% or €lLg million below target. The under-performance was

driven by weaker than expected VAT receipts, which were 6.40A or €L29 million below the

monthly target. ln year-on-year terms, July tax receipts were 7.6Yo (€309 million) higher. As a

result, the cumulative tax revenue shortfall is now 0.8% or €230 million against profile, which

represents a solid year-on-year increase of 4.5% ot €L,20L million when compared to same period

in 2015.

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Depanme.t ol Finan.. Executive Board Meeting No. 30

Yeat 2OlT

Total net voted expenditure to end-July 2017, at €25,507 million, was 0.9% or €244 million below

profile, but up €1,138 million (4.7%) in yearon-year terms.

3.4 Policy Committee Update

Members noted a quarterly update on the recent meetings of the Policy Committee that

discussed the following topics: Evaluation of lreland's Potential Membership of the African

Development Bank, Brexit lmpact on the EU Budget, Brexit - FinancialServices Negotiating lssues,

Brexit: Trade Exposures of Sectors of the lrish Economy in an European Context and Overview

and Update on Risk Reduction Measures.

3.5 Legal Programme Update

Members noted that the Chief Whip's Office are in the process of compiling the Government's

Legislative Programme for the Autumn/Winter 2017 session under the headings Priority

Legislation for Publication in the Autumn session, Bills to Undergo Pre-Legislative Scrutiny (PLS)

in the Autumn session (this may include bills listed under the previous heading), All Other

Legislation (to include all remaining pieces of legislation under your Departments remit).

Members discussed the Departments priorities that will form the basis of regular legislative

reporting to D/Taoiseach and Senior Management in the Autumn/Winter session denoting the

status for each milestone.


NiI,


5.1 Department Website

Members discussed the project underway to refresh the existing website so that it meets theneeds of a modern website. content is being finalised and the new site will be launched in thecoming weeks.

6.0 AOB

Members noted the review of syndicate research and monitoring of any share price reactionfollowing the recent sale of a stake in Allied trish Banks.

Members discussed applications being developed to meet the closing date for the upcoming civilSe ce lnnovation and Excellence Awards

Aid Carrigaan

Assistant S ary

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Depanment of financeExecutive Board Meeting No.31

Year 2017

Executive Board Minutes Meetilg 21st Aqgust.eQ!Z

Attendance: Derek Moran (Chair), John Hogan, Nicholas O'Brien, Des Carville, Niall O'Ceallaigh,

Derek Tierney (Secretary).

Apologies: Gary Tobin John Mccarthy, Paul Ryan, Stephen Lynam, Deborah Sweeney



The Communications & Topical Matters diary was noted.

Minutes and matters arising from the previous Executive Board OSth August were approved


3.1 weekly Dashboards


3.2 Brexit Update

Members noted ongoing developments in relation to Brexit and discussed the latest UK

position paper on the future of the customs and trading relationships between the UK a nd EU.

3.3 Budget Preparation

Members noted that officials have met with the Minister to discuss and agree Budget themes and

Finance Bill items. Members were updated on the State Aid Recovery Process. Members were

also advised of arrangements in hand to publish and consult on the "coffey" review of the

corporation tax code, as part of the Update on lreland's lnternational Tax Strategy that is

published as pan of the Budget Day Strategy suite of papers.

3.4 Emerging lssues (Q3/Q4 2017)

Members discussed upcoming priorities, key milestones and deliverables across the Department

to the yearend noting that arrangements are being considered to develop the next three year

strategy due to be published later in the year.


Nil


5.1 lnternal Audit Reports


Nil

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Oepa.tm€.t of Frnan<e

5.1.1 Audit of staff Performan€e Management Framework

This item was deferred to the next meeting.

5.2 Q1 and Q2 2017 tegal & Consultancy Costs


5.3 Q1 2017 Purchase Order over €20000


6.0 AOB

Members discussed applications being developed to meet the

Service lnnovation and Excellence Awards.

Derek Moran

Secretary General


Yea( 20L7

date for the upcoming Civil

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Deoartment of FlnanceExecutive Board Meeting No. 32

Yeat 2077

Executive Board Minutes Meetins 28th Aupust 2017

Attendance: Derek Moran (Chair), John Hogan, Gary Tobin, Paul Ryan, Nicholas O'Brien, Des

Carville, Niall O'Ceallaigh, Derek Tierney (Secretary).

Apologies: John Mccarthy, Stephen Lynam, Deborah Sweeney


Nil



ln addition to the Communications & Topical Matters diary, the following was noted

The Minister has a number of planned engagements this week including with the American

Chamber of Commerce, M inister of State Tra nsport, Tourism and Sport with special responsibility

for Tourism and Sport, the CEO NTMA and the UK Chancellor of the Exchequer.

The Minister of State has a number of scheduled meetings related to IFS 2020 Regional

Programme of events in Donegal/Derry. The Chief Economist will attend the EFC alternates

meeting and the EPC meeting in Brussels this week.

Minutes and matters arising from the previous Executive Board 21't August were approved




3.2 Brexit Update

Members noted ongoing developments in relation to Brexit. Members also noted the visit of

the UK Chancellor later in the week The meeting will provide an opportunity for an exchange

of views on Brexit-related issues, as well as the economic outlook and the ongoing cooperation

between the UK Treasury and the Department of Finance. Chancellor Hammond is also

meeting Taoiseach Leo Varadkar T.D. and Minister for Foreign Affairs and Trade Simon

Coveney T.D. during his visit to Dublin..

3.4 Policy Committee

Members noted the recent and upcoming work of the Policy Committee and the requirement

to review the Terms of Reference to which it operates.

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Members noted the ongoing interaction between the Minister and officials to discuss and agree

Budget themes and Finance Bill items.

Oepanment ol FinanceExecutive Board Meeting No. 32

Year 201.7

Action:

Prepare for consideration an annual review of the Terms of Reference of the Policy

Committee by the Executive Board - Mr Tierney.

3.5 NAMA/|S|F Reviews

Members discussed recent discussions with NAMA and the work underway relating to the

Section 227 review. Members also discussed work underway relating to a review of the lreland

Strategic lnvestment Fund's (lslF) lnvestment Strategy that was published in July 2015. The

strategy adhered to lslF's statutory mandate of a double bottom line for investments requiring

(i) a commercial return; and (ii) economic impact. As signalled in the Summer Economic

Statement, the review of lSlF will identify excess funds that the Government could use towards

other priorities within the fiscal rules framework. lt was agreed that this review will be

considered in parallel to the NAMA section 227 rcview.

3.6 State Aid

Members discussed active State Aid matters across the Department and considered the

development of appropriate structures to coordinate arrangements and resources.

Action:

Prepare for consideration those appropriate structures to coordinate and report on

State Aid arrangements by the Executive Board - Mr Tierney.

3.7 Structure, Organisation and Governance

Members discussed the current organisational structure derived from the core job of providing

policy advice for decision to the Minister, the implementation of decisions and the provision of

the infrastructure that is integral to support that role. Given that the structure is not fixed but

changes and evolves according to needs and emerging priorities, members agreed that it was

timely to review arrangements noting the recent departure of senior officials and havinB regard

to the upcoming development of a new 3 year strategy.


5.1 lnternal Audit Reports

5.1.1 Audit of staff Performance Management Framework

Members discussed the recent internal audit of Staff Performance Management Framework

find ings and recommendations.

5.1,2 Audit of Bodies under the Aegis

Members discussed the recent internal audit of Bodies under the Aegis and agreed to carry this

item onto the next week's agenda.

5.1.3 Audit of Shareholding ManaBement Unit

The lnternal Audit Report on the Management of Shareholdings was discussed by members

noting the remaining one "minor'' control weakness recommendation outstanding. The Head of

SFAD assesses staff resignations on a case by case basis to determine the appropriate treatment.

2 P age

oepanment of Finance

lnternal Audit noted that while there is appropriate management and consideration of suitable

treatment in each individual cased the process is not formally documented and is not subject to

formal oversight. lt was agreed to accept the lnternal Audit recommendation to formally

document the policy and ensure that the Secretary General has formal oversight.

5.2 Ql and Q2 2017 Le8al & Consultancy Costs

This pa per was noted.

5.3 Ql 2017 Purchase Order over €20000

This paper was noted.

5,4 Compliance Obligations (September 2017)

Executive Board members discussed the report, acknowledging good engagement between the

Compliance Officer and Divisions and noting the Green RAG Status for those 9 obligations due for

Septem ber.

5.5 Civil Service Excellence & lnnovation Awards

Noting the upcoming closing date for the 2017 Civil Service Excellence and lnnovation Awards

that will take place on the 6th December in the Royal Hospital Kilmainham, Members agreed the

two HR and one SFAD application that will be put forward by the Department.

5.6 Civil Service Employee Engagement Survey 2017

The second Civil Service Employee Engagement Survey (CSEES) will be launched in the

Department on 18th September 2017. The Department had a participation rate of 760/0 in the

2015 CSEES. Members agreed the Communications Plan and initiatives that will be rolled out in

advance of the go live date to encourage a high participation rate.

6.0 AOB

RWC 2023

Members were updated on lreland's bid to host the Rugby World Cup in 2023 and, in particular,

a request from the IRFU to DTTAS to amend certain financial aspects of the commercial

sponsorship element of the bid.

Culture Night

Members were advised that the upcoming culture night, where access to certain areas of the

Department by the General Public will be facilitated, is fully subscribed.

rr,.tn- ['(,Derek Moran

Secretary General

3lPage


Year 2OU

Ocpdn.refr ol f'^an(( Executive Board Meeting No. 33

Yeat 20L7

Attendance: Derek Moran (Chair), John Mccarthy, John Hogan, Gary Tobin, Paul Ryan, Des

Carville, Deborah Sweeney, Derek Tierney (Secretary).

Apologies: Nicholas O'Brien, Niall O'Ceallaigh, Stephen Lynam


Nil

2. Communications & Topical Matters Diary, Minutes of Previous Meeting & Matters Arisint


ln addition to the Communications & Topical Matters diary, the following was noted

ln addition to attending the weekly Government meeting, the Minister has a number of meetings

scheduled with the CEO'S of Banks and pre-budget meetings with key stakeholders. TheMinister

will also deliver the key note speech at the Kennedy Summer School later in the week.

The Minister of State will chair the Cost of lnsurance Working Group and hold a number of IFS

related stakeholder meetings. The Minister of State will also attend Kennedy Summer School

event in New Ross.

The end-August Exchequer Returns will be published later in the day followed by the usual media

briefing.

Members noted Government memoranda and the monthly Freedom of lnformation report.

Members also noted that Oral Parliamentary Questions will continue to be cleared by the

Secretary ceneral while written PQ will be cleared by Assistant Secretaries for issue to the

M inisters Office.

Minutes and matters arising from the previous Executive Board 28th August were approved.




3.2 Brexit Update

Members noted ongoing developments in relation to Brexit. Members also noted the visit of

the UK Chancellor last week to exchange views on Brexit-related issues, as well as the

economic outlook and the ongoing cooperation between the UK Treasury and the Department

of Finance. Members also noted the statements by the Minister on the issue of currency

I lPage

Executive Board Minutes Meetins O4th September 2017

Senior Officials will meet their counterparts at the Financial Stability group later in the afternoon.

It was noted that the terms of reference will include the Assistant Secretary Banking as a formal

member and that the Chief Economist will attend future meetings.


Year 2017

changes in recent weeks following the meeting with the UK Chancellor who also met with the

Taoiseach and Minister for Foreign Affairs and Trade.

3.3 Currency Developments

The Chief Economist set out an overview of recent exchange rate developments and the impact

of these developments on the lrish economy. lt was agreed that a paper will be issued circulated

to the Minister capturing these discussions.

3.4 UK Economic lndicators

The Chief Economist set out an overview of recent trends and outlook for the UK economy

highlighting the disappointing dataflow since the beginning of this year, which is mainly a

reflection the lagged impact of the referendum on EU membership in June 2015. lt was agreed

that a paper will be issued circulated to the Minister capturing these discussions.


Members noted that Officials continue to work on Budget and Finance Bill items and submissions.

The CSO are expected to publish the Q2 National Accounts around the 14th of this month. They

are also expected to publish the Quarterly National Household Survey Q2 2015 around the 22nd

September. These and other economic data will feed into the macro-economic projections that

will underpin the Budget figures. Members noted that the lrish Fiscal Advisory Council (IFAC) will

publish its Pre-Budget 2018 Statement in the coming days and the Minister will be briefed in the

usualway.

3.7 IMF Matters

Members discussed arrangements and dialogue underway to repay early and in full lreland's IMF

loan and the bilateral loans from Sweden and Denmark and to replace these loans with lrish

soverei8n debt.

2lP age


Members were briefed on the end-August Exchequer Returns that will be published later in the

day followed by the usual media briefing. An Exchequer surplus of €L,818 million was recorded

at end-August 2017. This compares to a deficit of€329 million in the same period last year. This

year-on-yea r im provement of €2,147 m illion is primarily due to the recent sale of over 28% of the

State's Shareholding in AlB. However, as highlighted in previous notes there was a significant

one-off transaction (c. €1.6 billion from the AIB Coco's) in the comparable period in 2016.

Excluding these transactions, the underlying Exchequer position is showing a year-on-year

improvement of €314 million on the back of increased tax revenue and reduced interest

expenditure, albeit somewhat offset by increases in voted expenditure. lt was noted that August

is not a key tax collection month (smallest of the year). However receipts closed the month 0.8%

or €21 million ahead of the monthly target. This was primarily due to a very strong over-

performance in corporation tax receipts. ln addition, August tax receipts were 9.4% ot €230

million higher when compared to the corresponding month last year. As a result, the cumulative

tax revenue shortfa ll has now been reduced to 0.7% or €209 million against profile, which equates

to a solid year-on-year increase of 4.9% l€l,43L million). Total net voted expenditure to end-

August 2017, at €29,153 million, was 0.8% or €233 million below profile, but up €1,440 million

(5.2%) in year-on-year terms.


Yeat 20L7

4. MATTERS FOR DECISION

4.1 Draft Data Protection Policy

Members discussed the draft Data Protection Policy and Procedures presented to update Office

Notice 05/2010 and agreed to table the following week for approval. lt was agreed that the Data

Protection Officer would continue with arrangements, with the necessary external supports

required, to ensure that policy is ready in advance of the General Data Protection Regulation

(GDPR) that will take effect from May 2018 and with relevant Divisions to reflect any data

agreements with external third parties.


5.1 lnternal Audit Recommendations Status

Members noted the contents of the lA Recommendations Tracker and the recent progress in

closinB actions.

5.2 Employee Engagement - Exit lnterviews

Members discussed a summary of feedback from Exit lnterviews that are undertaken to glean

feedback from staff that are leaving the Department as part of the overall Employee Engagement

Strategy.

5,3 Feedback from Unconscious Bias training

Members discussed the outcomes of the recent Unconscious Bias tra in ing/informat io n sessions

that were held in June 20L7. lt was agreed to arrange Unconscious Bias training/information

sessions for Ql 2018.

5.0 AOB

Planning arrangements for the next Senior Management Review day were discussed

Action;

It was agreed that Mr Hogan, Mr Mccarthy, Mr Tobin and Mr Ryan would develop an agenda

for the next Senior Management Review day to be held before the year end.

The Executive Board acknowledged the good work of the Archives team to process and make

available records available to the public under the 30 year rule. Members also discussed the

impact of the move to the 20 year rule which is being phased in from this year over the next 10

years in certain pilot Departments.

tvt, Lr./QaN'...-.-'/

Derek Moran

Secretary General

\"L

3lPage

It was noted that the Property Sector Subcommitte to the Executive Board will meet in the next

weeks.

oepartment of FinanceExecutive Board Meeting No. 34

Year 2OI7

Attendance: Derek Moran (Chair), John Mccarthy, Nicholas O'Brien, John Hogan, GaryTobin, Paul

Ryan, Des Carville, Derek Tierney (Secretary).

Apologies: Niall O'Ceallaigh, Deborah Sweeney, Stephen Lynam.


Nit



ln addition to the Communications & Topical Matters diary, the following was noted.

ln addition to attending the weekly Government meeting, the Minister will attend a number of

Cabinet Committees and pre-budget meetings with key stakeholders. The Minister and senior

officials will also travel to the Eurogroup and informal Ecofin meetings in Tallinn, Estonia later in

the week.

Members noted key statistics, reports and publications schedule to be released over the week.

Members noted memoranda tabled for the next Government meeting. Minutes and matters

arising from the previous Executive Board O4th September were approved.



3.2 Brexit Update

Members noted ongoing developments in relation to Brexit and that recent development

would be discussed at the Cabinet Committee (European Union including Brexit) later in the

da y.

3.3 Budgetary Preparations

Members noted that officials continue to work on Budget and Finance Bill items and submissions.

Members discussed the Pre-Budget 2018 Statement published by the lrish FiscalAdvisory Council

(IFAC) and noted that the normal engagement with IFAC (relating to the endorsement of the

economic forecast process) in advance of the Budget had begun. The macroeconomic data

prepared for the SES will be updated to take into account the upcoming Q2 National Accounts

and the Quarterly National Household Survey Q2 2016 to be published by the CSO in the coming

weeks. These and other economic data will feed into the macro-economic projections that will

underpin the Budget flgures.

3.4 Upcoming Statistics

Members noted that the Department of the Taoiseach will be co-ordinating a weekly update of

standard statistics and figures for each Department.

l lPage

Executive Board Minutes Meeting 1lth September 2017

The Minister of State will chair the Cost of lnsurance Working Group and hold a number of lFs

related stakeholder meetings. The Minister of State is also scheduled to attend Cabinet

Committee on the Economy and present the 1F52020 Ql progress report to the Cabinet meeting.


Depanment of tinanceExecutive Board Meeting No. 34

Year 2OL7

3.6 SSM

Members discussed the upcoming meeting in Frankfurt as part of the Department's routine

engagement with the SSM where a delegation will meet with Daniele Nouy, Chair of the

Supervisory Board. The purpose of this meeting is to update Ms Nouy on the progress of the lrish

banking system and the lrish economy, update on the successful IPO ofAlB and discuss any other

matters of releva nce.


4.1 Draft Data Protection Policy

Members reviewed and agreed the draft Data Protection lnternal Policy and Procedures

prepared by the Compliance Unit. This document updates the Department of Finance Office

Notice 05/2010, 'Protecting the confidentiality of Personal Data' document which was issued in

March 2010. The document sets out the requirements of the Data Protection Acts 1988 and

2003, and the 8 Principles of Data Protection, and will assist Department of Finance staff in

developing an und€rstanding of the importance of protecting personal data and that personal

data in the Department's possession is kept safe and secure and that legal respon sibilities are

met. lt was also agreed that the Data Protection Officer would continue with arrangements, with

the necessary externa I supports required. to ensure that policy is ready in advance of the General

Data Protection Regulation (GDPR) that will take effect from May 2018 and with relevant

Divisions to reflect any data agreements with external third parties.


5.1 Employee Engagement - Wellness Report

Members discussed the paper that set out and acknowledged the initiatives, supports and

activities that are available and which relate to 'wellness' within the Department over the past

year.

5.0 AO8

Members were provided with an update on lreland bid for Rugby World cup (RWc) 2023.

Members also noted the high interest in family night and the good work by the Archives section

to prepa re whereby certain areas of the Department will be opened for viewing as a precursor to

Culture Nisht later in the month.

'd *^\.-Derek Moran

Secretary General

2lPage

3.5 Rainy Day Fund

Members noted The 2016 Summer Economic Statement (SES) outlined that, following

achievement of the Medium Term Objective of a balanced budget in 2018, the Government would

establish a contingency reserve which, if not deployed in the event of an unanticipated adverse

shock to the economy, would be remitted to a separate rainy day fund towards the end of the

year. The 2016 SES also committed to the production of a paper for consultation with the

Oireachtas by early 2017. Members discussed outline considerations having regard to the

ongoing lslF review and Section 227 NAMA review and Biven that Government has revised

downwards the amount to be remitted to the contingency reserve / rainy day fund to €500 m illion

per annum (from the €1 billion originally envisaged).


Yeat 2017

Attendance: Derek Moran (Chair), John Mccarthy, Nicholas o'Brien, John Hogan, Gary Tobin, Des

Carville, Deborah Sweeney Derek Tierney (Secretary).

Apologies: PaulRyan, Niall O'Ceallaigh, Stephen Lynam.


Nit




The Minister will attend a pre-budget meeting with the Taoiseach, address the lrish Times PWC

Tax Summit and the Business leaders IBEC National Council at the IBEC Presidents Dinner and is

also scheduled to meet the President of the European central Bank Mario Draghi.

The Minister of State will attend a programme of meetings and events to discuss and promote

lreland's Financial Services and lFS2020 London. The Minister of State will also attend meetings

relating to lreland's bid for the EBA in Copenhagen and Bucharest and he will also address the

lrish Funds Seminar later in the week.

Members noted key statistics, reports and publications schedule to be released over the week.

Members noted memoranda tabled for the next Government meeting. Minutes and matters

arising from the previous Executive Board 11th September were approved.



3.2 Brexit Update

Members noted ongoing developments in relation to Brexit and recent discussions. The

Department is continuing to work across Divisions and engagement with reformed inter-

Departmental structures to inform ne8otiations with members noting recent and upcoming

engagements in this regard. Members were also debriefed following the recent Eurogroup

and ECOFIN meetings in Tallin that also discussed Commission proposals in relation to the

future of EMU and emerging tax proposals.

3.3 Budgetary Preparations & Macro Economic projections

Members noted ongoing work on the Budget and Finance Blll. Macroeconomic forecasts,

updated to take into account data pu blished since the last set of forecast in April, reviewed by

the Executive Board. These may be further iterated once the Quarterly National Household

Survey Q2 2017 is published by the CSO. Members were also advised that a Memorandum for

Government has been prepared to inform the Cabinet of the forecasts before they are

provided to the IFAC. lt was noted that the figures are work-in-progress as the interaction

with the IFAC is an iterative one. ln order to start the process, preliminary forecasts will be

I lPage

Executive Board l4inutes Meetins 18th se

3. Strategic Matters

oeoa,rdenr ol F nan( Executive Board Meeting No.35

Yeat 2Ol7

provided by the Department to the IFAC on 21st September, These will then be presented to

the IFAC secretariat and, subsequently, to the Council on 29th September.

ln previous years, officials have been asked to present the projections to the Budget Oversight

Committee (BOC). lf requested, officials will provide the same presentation that is provided

to the IFAC. Members also noted that the Budgetary Oversight Committee (BOC) has invited

the Ministerto appear before it on 27th September, as is the normal practice, and the Minister

has accepted the invitation.

3.4 NAMA (Housing)

Members discussed outline proposals in relation to any potential role NAMA might play to

support the supply side considerations to provision of housing. While NAMA is currently focussed

on repaying its debts (sen ior debt will be repaid in Q4 2017\, it was noted that in developing any

such proposals that a number of factors are pertinent such as NAMA owns loans, not land or

buildings, funds additional development on projects which increase overall return and is a

secured lender, not a developer, and can only provide additional funding if connected to the loans

it originally acquired. Considering this context, proposals are being considered relating to the

establishment of a residential development fund which would lend to non-NAMA developers on

commercial terms. This would address perceived market funding shortage via additional source

of debt financing. ln this regard NAMA'S existing internal expertise could support such a fund

which would remain a lender and would not be undertaking any development itself. Members

noted that the establishment of such a fu nd would require carefu I consideration of legislative and

DG Comp requ irements.

3.6 White Collar Crime and Corporate Governance

Mem bers recalled that in June the Taoiseach wrote, in coniunction with the Minister for Business,

Enterprise and lnnovation and the Minister for Justice and Equality, to develop a package ofproposals which would tackle white collar crime and enhance corporate Governance. While the

Minister for Business, Enterprise and lnnovation and her officials are taking the lead in the

drafting of the proposed package of measures, as the vast bulk of the reforms underway come

under the aegis of her Department, there is a collective effort among all three Departments in

docu menting reforms recently introduced, reforms already underway or in the drafting stage, and

new measures for consideration by Government over the coming months. This has included

regular engagement among officials up to and including Secretary General level. Members noted

that a current position paper was submitted to the Minister that documents all of the significant

recent reforms under this Department's remit and outlines new proposals which are both

underway and under consideration across the Department.


Nil


5.1 2018 Estimates

Following a review of the initial budget demands received from Budget Managers, Members

reviewed the outline Budget Estimate for the Department for 2018 prepare by the Finance Unit.

These will be finalised over the coming days and the Finance Unit will submit these to the

Department of Public Expenditure and Reform in the usual way.

2lPage

Oepanm€nl of F nan(

5.2 FMSS Update

Members were provided with an update on the current status of the Financial Management

Shared Services (FMSS) project. lt was agreed that a proposal will be tabled to set out internal

arrangements for the next phase.

5.3 lnternal Audit Bodies under the Aetis

Members discussed the recommendations and actions arising from the recent lnternal Audit

report into the audit of compliance with Bodies under the Aegis Policy.

5.4 Draft IAU 2018 Work programme

The 2018 draft internal audit plan was presented to the Executive Board for discussion. The draft

plan is based on a documented risk assessment by the Department. The Boards considerations

will be fed back to the lnternal Audit Unit and detailed Terms of Reference for each individual

audit assignment will be discussed and agreed with relevant line management in advance of the

commencement of the audit fieldwork. The next step is to present for approval by the Audit

Committee and following that formal approval will be sought from the Secretary Generalthrough

the signing of the IAU SLA for 2018, which will include the final Audit Plan for 2018.

5.5 Senior Manatement Review Day

Members agreed arrangements and programme for the next senior management review day

being scheduled for late November.

5.6 Employee Engagement Survey

Members discussed the 2017 civil service Employee Engagement survey that issued and willencourage all staff to participate as a n im portant exercise which gives a snapshot of the views ofstaff and helps in assessing trends and attitudes.

6.0 AOB

Members discussed Hearth & safety/HR poricies arrangements put in prace over the rast year toequip front Line staff with personar safety awareness training e.g. issued guidance on takingnuisance calls for arl staff, customer service for service officers etc. consideration wiI be given tJreview other needs to augment existing training and awareness.

Members noted theof all involved for the

&r4L,

Derek Moran

Secretary General

high interest in family night preparation and acknowledged the good workupcoming Culture Night.

3lPage

Executive Board Meeting No.35

Year 2017

Oep.irmonr ol tinan<€ Executive Board Meeting No.36

Year 2Ol7

Attendance; Derek Moran (Chair), John Mccarthy, Nicholas O'Brien, John Hogan, Des Carville,

Paul Ryan, Deborah Sweeney, Derek Tierney (Secretary).

Apologies: Gary Tobin, Niall O'Ceallaigh, Stephen Lynam.


Nil

2. communications & Topical Matters Diary, Minutes of Previous Meeting & Matters Arising



The Minister is scheduled to hold a number of pre-Budget bilateral meetings, including meetings

with the Credit Union Development Association and the lrish League of Credit Unions. The

Minister is expected to appear before the Budget oversight Committee and also attend the

NTMA lnaugural lnvestee and Business Leaders' meeting.

The Minister of State will travel to Vilnius, Helsinki, Riga and Stockholm for meetings in

relation to lreland's bid for the EBA. The Minister of State will also attend the third plenary All-

island Civic Dialogue on Brexit and address financial services stakeholders at a British-lrish

chamber of commerce event.

Senior Officials will attend the EFC/EWG meetings in Brussels, EIB lnvestment Facility Committee

Meeting in Luxembourg, and the Council of Europe Development Bank (CEB) Administrative

Council Meeting in Paris.



3,2 Brexit Update

Members noted ongoing developments in relation to Brexit and recent discussions. Members

were also briefed on the outcome of the recent German elections and the upcoming Tallin

Digital summit. The Department is continuing to work across Divisions and engagement with

reformed inter-Departmenta I structu res.

3.3 Budgetary Preparations & Macro Economic Data

Members noted work by officials on various Tax Options for Budget 2018 and Finance Bill 2017

items. Macroeconomic forecasts, used to inform a Memorandum for Government prepared to

inform the Cabinet of the forecasts, will be discussed with the IFAC Secretariat before being

presented to the IFAC Council later in the week. Officials will prepare briefing for the Minister

who is expected to appear before the Budgetary Oversight Committee (BOC) later in the week.

I lPage

Executive Board Minutes Meeting 25th September 2017

Minutes and matters arising from the previous Executive Board 18th September were approved.

3. Strategic Matters

D€p. menl ol Finan.€Executive Board Meeting No. 36

Yeat 20L7

3.4 NAMA (Housing)

Members were briefed on outline proposals relating to the establishment of a residential

development fund which would lend to non-NAMA developers on commercial terms. This would

address perceived market funding shortage via additional source of debt financing. ln this regard

NAMA'S existing internal expertise could support such a fund which would remain a lender and

would not be undertaking any development itself. Members noted that the establishment of such

a fund would require careful consideration of legislative and DG Comp requirements.

3.5 State Aid Co-ordination

Members discussed the paper setting out current State Aid coordination structures and

arrangements in the Department and proposals for consideration.

Consideration to be given to developing capacity and where to locate dedicated

resources (s) in order to fulfil the State Aid coordination ob.,ectives - Mr Hogan, Mr

O'Brien, Mr Carville


Nil


5.1 Update on the Certificate in Economics (ln development)

Members agreed proposals being advanced jointly by the Economic Division and Human

Resources to develop a 'primer type' Economics course. The aim of the course is to give students

a grounding in the fundamental concepts of Economics in order to give them the ability to self-

develop a deeper understanding of policy areas they may already work in or that they will be

assigned to in the future. lt is expected that this course, in conjunction with the Department of

Public Expenditure and Reform, will be rolled out in January 2018 with 12 candidates from each

Department. Consideration will be given to how candidates manage time commitments between

office and personal time, to branding this and other in-house developed programmes and the

process to identify suitable candidates in conjunction with existing courses.

5.2 Procurement: Extension of Financial Panel

Members noted that the Department has exercised its option to extend the term of financial

advisors by another 12 months in line with procurement rules to provide advice across the

Department.

5.3 Health & Safety/HR Policies (Front Line staff Personal Safety Awareness Training)

This items was deferred for a discussion at a future meeting.

6.0 aoB

Members acknowledged the efforts of allthose staff involved who worked to ensured that Family

Night and Culture Night were such a success.

Derek Moran

Secretary General

t\r-^--.-/

2lPage

Action:

Documents

1. - Finance.gov.ie · D, N'r x!,r 1n I 'trx,r Executive Board Meeting No. 26 Yeat 2017 Executive Board Minutes Meeting loth Julv 2017 Attendance: Derek Moran (Chair), Gary Tobin,