Results 9,561-9,580 of 32,864 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Brexit Data (25 Feb 2021)

Paschal Donohoe: I propose to take Questions Nos. 58 and 59 together. My Department has been to the fore in producing and funding a number of assessments of the extent of the economic impact of Brexit, identifying the most exposed sectors and looking at both the short and medium term impact of Brexit in different scenarios. The studies undertaken by my Department, found that negative impacts will be...

Written Answers — Department of Finance: Economic Competitiveness (25 Feb 2021)

Paschal Donohoe: The outbreak of the Covid-19 pandemic last year and the restrictions introduced to suppress the virus led to an unprecedented contraction of global economic activity. Lockdown restrictions saw the Irish economy contract sharply by just over 3 per cent quarter-on-quarter in Q2, followed by a recovery of 11 per cent in Q3 as restrictions eased. Ireland’s quarterly GDP fall in Q2 was...

Written Answers — Department of Finance: Brexit Issues (25 Feb 2021)

Paschal Donohoe: Ireland regrets the UK’s decision to leave the EU, however we have always respected it. As a result of Brexit, many aspects of our relationship with our nearest neighbour have changed fundamentally as we no longer share EU membership. The net impact of Brexit on the policy areas within my remit is negative. The principal negative impact arises from the trade shock, mitigated...

Written Answers — Department of Finance: Brexit Issues (25 Feb 2021)

Paschal Donohoe: The new Trade and Cooperation Agreement between the EU and UK was a positive outcome of the Brexit negotiations. However, the new agreement still represents a break from previously existing arrangements, and thus a permanent shock to the Irish economy. Therefore, Brexit will still have a negative economic impact on the Irish economy and living standards compared to the previous relationship....

Written Answers — Department of Finance: Brexit Issues (25 Feb 2021)

Paschal Donohoe: As the Deputy may be aware, in July 2020, as part of the 2021-2027 Multi-annual Financial Framework negotiations, leaders agreed on a €5 billion Brexit Adjustment Reserve (BAR) to counter unforeseen and adverse consequences in Member States and sectors that are worst affected by the UK’s withdrawal from the EU. Since July 2020, Ireland has taken every opportunity to make its...

Written Answers — Department of Finance: Corporation Tax (25 Feb 2021)

Paschal Donohoe: At 12.5%, Ireland has one of the most competitive headline corporation tax rates in the OECD. This rate is applied to a broad base – a policy which is endorsed by the likes of the OECD as it is good for growth in our economy. Our competitive corporation tax system has been an important part of our industrial policy since the 1950s and has attracted real and substantive operations to...

Written Answers — Department of Finance: Eurozone Issues (25 Feb 2021)

Paschal Donohoe: Continuous developments in distributed ledger and blockchain technologies, like Bitcoin and stablecoins, are being considered at EU level both for the risks that may present, but also the opportunities. Bitcoin is almost 12 years old. The recent interest in this cryptocurrency, and its meteoric and highly volatile increase in value, may have been fuelled by a combination of factors: -...

Written Answers — Department of Finance: Currency Exchange (25 Feb 2021)

Paschal Donohoe: The popularity of Bitcoin has been increasing rapidly in recent months. In February 2020, one Bitcoin could be purchased for $10,000. It is currently priced at c. $47,000, having reached a historical record price of c $57,500 on 21 February 2021. In other words, this represents a change in value of -2% from a few days ago and +465.2% from one year ago. In contrast, the Euro vs USD exchange...

Written Answers — Department of Finance: National Asset Management Agency (25 Feb 2021)

Paschal Donohoe: I am advised that NAMA does not typically own property, rather NAMA acquired a portfolio of loans for which the properties act as security. As set out in NAMA’s most recent Section 55 Quarterly Report and Accounts, NAMA’s assets at 30 September 2020 included i) loans (primarily secured by properties) measured at fair value of €1,039m; and ii) trading properties and...

Written Answers — Department of Finance: National Asset Management Agency (25 Feb 2021)

Paschal Donohoe: NAMA was established with a very specific legal mandate, which was approved by the European Commission in 2010, to deal expeditiously with its acquired loan portfolio and to extract best value from that portfolio. NAMA has been successful in achieving this mandate and has now entered into the final phase of this work. In relation to the delivery of residential housing, it is important to...

Written Answers — Department of Finance: Interest Rates (25 Feb 2021)

Paschal Donohoe: I am aware that the general level of lending interest rates in Ireland are higher than is the case in many other European countries, though it should also be noted that recent trends indicate that certain mortgage rates have been falling in Ireland. For example, the interest rates on new fixed rate mortgages (excluding renegotiations) have fallen from 4.11% in December 2014 to 2.67% in...

Written Answers — Department of Finance: Economic Policy (25 Feb 2021)

Paschal Donohoe: Prior to the pandemic Irish economic fundamentals were very strong, with robust growth, a labour market close to full employment, and surpluses in the current account and the public finances. The outbreak of the pandemic turned the economy on its head in the space of a few weeks however, with the introduction of Covid-19 restrictions resulting in a sharp contraction in economic activity in...

Written Answers — Department of Finance: Customs and Excise (25 Feb 2021)

Paschal Donohoe: The Deputy will be aware that since 1 January 2021, the UK has been outside the EU Single Market and Customs Union, and the trading relationship between Ireland and Great Britain has changed considerably. Compliance with relevant customs and other regulatory controls such as sanitary and phytosanitary (SPS) measures are now an integral part of trade with Great Britain. As a result, imports...

Written Answers — Department of Finance: Credit Availability (25 Feb 2021)

Paschal Donohoe: While regulated lenders must comply with the various rules within the consumer protection and macroprudential regulatory frameworks, the extension of credit by lenders to potential customers is a commercial decision for the lender themselves. As such, each lender will have its own individual credit lending policies and loan underwriting criteria and it will be a matter for each lender to...

Written Answers — Department of Finance: Public Procurement Contracts (25 Feb 2021)

Paschal Donohoe: I propose to take Questions Nos. 76 and 77 together. I wish to advise the Deputy that the information requested in relation to contracts for Covid-19 related spending in 2020 and 2021 that took place via negotiated procedure without prior publication in my Department is outlined below in tabular form. Number of procurement contracts 1 Total value of...

Written Answers — Department of Finance: Financial Services and Pensions Ombudsman (24 Feb 2021)

Paschal Donohoe: Firstly, I must point out that the Financial Services and Pensions Ombudsman (FSPO) is independent in the performance of his statutory functions. I have no role in the day to day workings of the office or in the decisions which he takes. I am advised that where a complaint is made to the FSPO concerning a joint account or a joint policy, the FSPO must recognise that all parties to the...

Written Answers — Department of Finance: Help-To-Buy Scheme (24 Feb 2021)

Paschal Donohoe: Section 477C of the Taxes Consolidation Act of 1997 provides for The Help to Buy scheme (HTB). HTB was initially announced on 19 July 2016 as part of the ‘Rebuilding Ireland: Action Plan for Housing and Homelessness’. An increase in the supply of new housing is fundamental to resolving the current housing crisis. One of the main aims of the policy underpinning the design of...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (24 Feb 2021)

Paschal Donohoe: I propose to take Questions Nos. 155, 164 and 210 together. The CRSS is a targeted support for businesses significantly impacted by restrictions introduced by the Government under public health regulations to combat the effects of the Covid-19 pandemic. The support is available to companies, self-employed individuals and partnerships who carry on a trade or trading activities, the profits...

Written Answers — Department of Finance: Departmental Offices (24 Feb 2021)

Paschal Donohoe: I wish to advise that my Department does not have any facilities for breastfeeding in its offices.

Written Answers — Department of Finance: Departmental Correspondence (24 Feb 2021)

Paschal Donohoe: I propose to take Questions Nos. 157, 161, 170, 185, 187, 192, 194, 195, 200, 205, 215, 219 and 230 together. As the Deputies are aware, as Minister for Finance I have no role in the day to day operations of any bank operating within the State including banks in which the State has a shareholding. I'm precluded from intervening on behalf of any individual customer in any particular bank....