Results 821-840 of 33,848 for speaker:Paschal Donohoe

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: In the previous Dáil, much of the Opposition voted against the so-called rainy day fund and setting up the two funds we now have in place. We can see their value now. How we avoid depending on one-off receipts to fund current spending is by running budget surpluses. For the past two years, the Minister, Deputy Chambers, and I have overseen a number of budgets with a surplus of more...

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: The issue I always look at is growth of Government expenditure in comparison with the taxes we collect. It is a valuable barometer. In recent years, the rate of Government expenditure has been a bit ahead of the increase in taxes collected but we have rapidly increased capital investment in the same period. Capital investment has gone up from approximately €4 billion per year in...

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: We have to think about how to support employers in a different way. The past number of years have been characterised by different schemes and one-off support measures. It is not sustainable to continue with that approach. I have never met an employer who set up a business because he or she was in it to maximise access to a scheme. People who set up a company, trade and employ people want...

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: I am sure he will be delighted to hear that.

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: I accept it can be a difficult argument to make but it is important. The reason cost-of-living measures are not merited in the way we had them in the past is that, even though I accept that many people still find it hard to get by, inflation - the rate of price growth - is a fraction of what it was in recent years. When the Minister, Deputy Chambers, and I brought in the various measures in...

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: The Deputy refers to interest. What is that?

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: The Deputy is saying that if we had, for example, saved that money and not had to invest it in the banks, we could have got a rate of return on it and we have lost that.

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: I see. I just wanted to make sure I understood the question. It is quite an achievement to have recouped all the money that we put into the banks. It was terrible to be in a position where that money needed to be put in in the first place. I can well understand the difficulty of that decision but, of course, there are all the costs that imposed on our society as well. The reason we...

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: We will continue to monitor where we are with regard to how economic conditions evolve. The Minister, Deputy Chambers, and I are very much aware of the impact this can have on households and businesses. If there was ever a moment to have the public finances in surplus or good health, it has been in recent years. If we were facing into all of this while borrowing, I would be very concerned...

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: I thank the Deputy and look forward to engaging with him in this committee in the years ahead. The number one contingency plan is running budget surpluses and putting those budget surpluses into the Future Ireland Fund and the Infrastructure, Climate and Nature Fund. That is the main fiscal budgetary insurance policy that we have and the most effective one: to run budget surpluses and...

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: I will get the ball rolling on that. Eoghan Murphy's book is really important for lots of different reasons, which I will not go into because I will take up the Deputy's time. I will deal with the policy issue the Deputy raised. This Government is certainly aware of the high importance of investment in infrastructure in coming years and the need to get that right in an integrated way...

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: I will come in briefly. A member of my team here, Mr. McCarthy, has an important external engagement. I am very happy to stay, but is it okay if he steps out at this point?

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: The Deputy is undoing his fine comment from earlier on now.

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: I want to give that context to the question, because it is important.

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: It is being monitored at the moment. From a national perspective we will assess where we are with the impact of those developments in the preparation of the budget. In a normal year we would have the opportunity to look at this when we publish the annual progress report and when we do the budget in October. They are the two most likely points at which we would still do it. The opportunity...

Committee on Budgetary Oversight: Annual Progress Report 2025: Discussion (24 Jun 2025)

Paschal Donohoe: -----the Social Democrats criticise it.

Written Answers — Department of Finance: Credit Unions (24 Jun 2025)

Paschal Donohoe: I propose to take Questions Nos. 289 and 290 together. The Programme for Government has included a commitment to draft a five-year strategy for the credit union sector. I and the Minister of State intend to co-sponsor a workplan with the credit union sector to determine its Strategic Purpose and Framework. I have instructed my officials to draft a member focussed plan that will be inclusive...

Written Answers — Department of Finance: Credit Unions (24 Jun 2025)

Paschal Donohoe: I thank the Deputy for his question. The Central Bank published Consultation Paper 159 on Proposed Changes to the Credit Union Lending Regulations (www.centralbank.ie/publication/consultation-papers/cp159-co nsultation-on-proposed-changes-to-the-credit-union-lending-r egulations) (CP159) in December 2024 which sought views on proposals for targeted changes to the credit union lending...

Written Answers — Department of Finance: Financial Services (24 Jun 2025)

Paschal Donohoe: I propose to take Questions Nos. 292 and 293 together. The Credit Reporting Act 2013 (the Act) provided for the establishment of a Central Credit Register (CCR) by the Central Bank. The Act places certain obligations on Credit Information Providers (lenders who submit personal and credit information to the Central Credit Register). Under the Act, lenders are obliged to submit information...

Written Answers — Department of Finance: Tax Code (24 Jun 2025)

Paschal Donohoe: I am advised by Revenue that the current VRT rates for Category A and B electric vehicles (EVs) are 7% and 13.3% respectively. Category M motorcycles are exempt from VRT. EVs with an Open Market Selling Price (OMSP) of up to €40,000 are granted VRT relief of up to €5,000 while EVs with an OMSP of greater than €40,000 but less than €50,000 receive a reduced level of...