What the Minister for Finance’s briefing notes don’t tell us

The European Commission's probe into Apple's tax affairs, the options for selling off the state's 14 per cent stake in Bank of Ireland and the cost of running the Central Bank are just some of the areas redacted in official briefing notes for the incoming Minister for Finance, Michael Noonan.

The 184 page ministerial briefing notes set out the Department of Finance’s policy priorities for 2016. Some of the redacted areas are as follows:

1) State aid investigation regarding Apple: Discussing the EU Commission's probe into Apple's tax affairs in Ireland, the papers note "We have no firm information on what the Commission's conclusion will be, (two lines are redacted)" while in a "high level" review of the case, including a reiteration that the Government wil challenge a negative decision through the Courts, a further two lines are redacted.

2) Industry funding of the costs of financial regulation: Noting that a public consultation process on the funding of financial regulation and the Central Bank resulted in criticisms from the financial services sector - who would see increased costs if the measures were introduced - the briefing notes appear to agree with some of the industry's concerns.

“The Department would see validity to some of the concerns raised, particularly in relation to the ever increasing cost base of the Bank (about 2 lines are then redacted).”

3) Shareholder functions: Describing the Minister for Finance's role in relation to a number of State companies -including Irish Water - the notes indicate that "the Minster for Finance has consent functions on borrowings by Irish Water and also makes capital available to the utility on the basis of decisions taken by the Government". (3.5 lines are then redacted)

4) Review of the Irish Strategic Investment Fund: A high level review of the operation of the € 7.9bn fund is currently being undertaken. "This review is at an early stage but an update on the review will be submitted to you in due course". ( four lines are then redacted)

5) European Deposit Insurance Scheme: The final pillar in Europe's Banking Union, a European wide deposit insurance scheme will protect savers up to € 100,000 and it is to be funded by contributions raised directly from banks. "The proposal was published in December and was discussed at the December Ecofin. An Ad-Hoc Working Group was established in January to discuss the file in Council. (nine lines are then redacted)

6) State's shareholding in AIB: Noting that there are "a number of IPO workstreams" which are well progressed in terms of disposing of part of the government's stake in the bank, including the choice of listing venue, offer size, retail offering and marketing considerations etc, further details on the Department's thoughts on how a sale might be achieved are fully redacted.

7) State's shareholding in Bank of Ireland: Similarly the document notes that the State has two options to sell down its stake in the bank - but both of these options are fully redacted, about 22 lines.

8) The € 250m Credit Union Fund: "The Credit Union Restructuring Board (ReBo) estimate that only €20 million of the fund will be required due to the fact that credit unions are funding restructuring themselves, (XXX almost 1 line redacted).