Results 20,601-20,620 of 33,049 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Inflation Rate (22 Feb 2018)

Paschal Donohoe: Inflation in Ireland and other developed economies has been subdued for a prolonged period. While inflation picked up elsewhere last year, inflation in Ireland remained close to zero. Overall HICP inflation averaged just 0.3 per cent last year, the fifth consecutive year of inflation below 1 per cent. By contrast, inflation in the euro area as a whole, on a HICP basis, averaged 1.5 per cent...

Written Answers — Department of Finance: Economic Policy (22 Feb 2018)

Paschal Donohoe: Although the economic recovery has been much faster than anticipated, developments in the labour market, which is probably the best barometer of the Irish economy given distortions to GDP and GNP, suggest that the economy is not yet operating at full capacity. While unemployment has fallen rapidly to 6.1 per cent in January, from a peak of 16 per cent in 2012, this is still above the level...

Written Answers — Department of Finance: Stability and Growth Pact (22 Feb 2018)

Paschal Donohoe: I propose to take Questions Nos. 53 and 54 together. The level of gross voted capital expenditure for 2018 of €5.8 billion set out in Table 3.1 of the National Development Plan, which is the same as the level set out in the 2018 Revised Estimates Volume, is consistent with the general government expenditure forecasts included in Budget 2018.  Therefore, the forecasts for both...

Written Answers — Department of Finance: Credit Union Lending (22 Feb 2018)

Paschal Donohoe: The Credit Union and Co-Operation with Overseas Regulators Act 2012 introduced changes to the Credit Union Act, 1997 (the 1997 Act). Since 1 January 2016, section 43 of the 1997 Act provides that the Central Bank may prescribe investments in which a credit union may invest its funds. Following engagement with the credit union sector on proposals for credit unions to provide funding...

Written Answers — Department of Finance: Cycle to Work Scheme (22 Feb 2018)

Paschal Donohoe: I propose to take Questions Nos. 56 and 57 together. The Cycle to Work Scheme exempts (from income tax, employee PRSI and USC) the benefit-in-kind (BIK) arising from the provision of a bicycle / cycle safety equipment by an employer to an employee (or director), where the bicycle is used by the employee to cycle to and from work or between workplaces. I have no plans to amend the...

Written Answers — Department of Finance: Loan Books Purchasers (22 Feb 2018)

Paschal Donohoe: Addressing high NPL ratios is one of the key priorities of the Single Supervisory Mechanism (SSM). PTSB’s latest published NPL ratio of 28% is one of the highest in the Eurozone. It is over five times the European average. Therefore, PTSB must deliver a significant reduction in its NPL ratio, and within a timeframe, that meets the expectations of the SSM. Given the volume of...

Written Answers — Department of Finance: Fiscal Policy (22 Feb 2018)

Paschal Donohoe: As the Deputy will recall, on 31 January last I appeared before the Oireachtas Budgetary Oversight Committee to discuss the proposal to establish a Rainy Day Fund. That engagement was part of the consultation between my Department and the Oireachtas, following the publication of my Department’s Rainy Day Fund consultation paper along with Budget 2018 last October. At the...

Written Answers — Department of Finance: Sale of State Assets (22 Feb 2018)

Paschal Donohoe: As the Deputy will be aware, the State currently owns c. 71% of the shares in AIB, 14% of the shares in Bank of Ireland, and c. 75% of the shares in Permanent TSB. Following the IPO of AIB last year all three of our bank investments are now listed on the main markets of the Irish and London stock exchanges, providing...

Written Answers — Department of Finance: Revenue Commissioners Data (22 Feb 2018)

Paschal Donohoe: I am advised by Revenue that the data requested by the Deputy cannot be compiled in the time available. I will write to the Deputy directly in the matter when the available data is provided to me by Revenue. The table sets out the overall tax debt for each of the years 2013 – 2016, as published by Revenue, in its annual report for each of those years. YEAR Total Debt €...

Written Answers — Department of Finance: European Central Bank (22 Feb 2018)

Paschal Donohoe: As Minister for Finance, I nominated the Governor of the Central Bank of Ireland, Professor Philip Lane, earlier this month for the position of Vice-President of the European Central Bank.  This was on the basis that Professor Lane is an exceptionally well-qualified candidate who would make an ideal person to serve on the Executive Board of the European Central Bank.

Written Answers — Department of Finance: Central Bank of Ireland Staff (22 Feb 2018)

Paschal Donohoe: I wish to clarify for the Deputy that where vacancies in the positions of deputy governors and directors of the Central Bank of Ireland arise, open competitions are the usual method of filling the vacancies. The current Governor was also appointed by open competition. The legislative background for filling vacancies for the positions of governor, deputy governors and directors of the Central...

Written Answers — Department of Finance: NAMA Operations (22 Feb 2018)

Paschal Donohoe: I wish to advise the Deputy that it is expected that NAMA will substantially complete its work by 2020. The Agency announced in October 2017 that it had redeemed all of its €30.2bn in Senior Debt which was guaranteed by the State. However, notwithstanding the successful achievement of this primary and important objective, three years ahead of schedule, there is still a significant body...

Written Answers — Department of Finance: Departmental Staff Data (22 Feb 2018)

Paschal Donohoe: One member of staff (adviser) traveled to the launch of the NCP and NPF in County Sligo.  No travel and subsistence claims in relation to this event have been received, at the time of writing.

Written Answers — Department of Finance: Stamp Duty (22 Feb 2018)

Paschal Donohoe: I am advised by Revenue that the transfer of a business and its associated assets within a family constitutes a conveyance on sale for stamp duty purposes. Stamp duty is payable by the person receiving the business assets. Where the business assets are sold or otherwise transferred for less than market value, section 30 Stamp Duties Consolidation Act 1999 imposes a charge to stamp duty at...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (22 Feb 2018)

Paschal Donohoe: As you may be aware, the Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT on the purchase of an adapted car for transport of a person with specific severe and permanent physical disabilities, payment of a fuel grant, and an exemption from Motor Tax. The tax reliefs under the scheme are very significant, with a maximum tax relief in respect of...

Written Answers — Department of Finance: Tax Reliefs Eligibility (22 Feb 2018)

Paschal Donohoe: The review of the appropriate treatment for tax purposes of trade union subscriptions and professional body fees carried out by my Department in 2016 was included in the 2016 report on tax expenditures published on budget day 2016 . The review concluded that “analysis of the scheme using the principles laid down by the Department’s Tax Expenditure Guidelines shows that it fails...

Written Answers — Department of Finance: Mortgage Repayments (22 Feb 2018)

Paschal Donohoe: Most loan agreements include a clause that allows the original lender to sell the loan on to another firm.  The Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (“the 2015 Act”) was introduced to fill the consumer protection gap where loans are sold by the original lender to an unregulated firm. Under the 2015 Act, if the firm who bought loans from the...

Written Answers — Department of Finance: Bond Markets (22 Feb 2018)

Paschal Donohoe: The NTMA have informed me that Schuldschein were issued by Ireland in March 2009, as well as in June and September 2010 with original maturities ranging from fifteen to twenty years. They were issued as a means of diversifying the Exchequer’s sources of funding. They were issued at fixed interest rates, similar to standard fixed-rate Irish government bonds. The weighted average...

Written Answers — Department of Finance: Bond Markets (22 Feb 2018)

Paschal Donohoe: I have been informed by AIB and PTSB that neither bank have outstanding borrowings in Schuldschein bonds.

Written Answers — Department of Public Expenditure and Reform: National Development Plan (22 Feb 2018)

Paschal Donohoe: The ten-year National Development Plan (NDP) has been put in place to underpin the implementation of the National Planning Framework (NPF) to support the development of all counties and regions, both urban and rural areas. The NDP sets out an investment programme of €116 billion, aligned to the ten National Strategic Outcomes (NSOs) detailed in the NPF which are critical to...