Results 14,161-14,180 of 34,135 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Mortgage Arrears Rate (13 Nov 2019)

Paschal Donohoe: I have been advised by the Central Bank of Ireland (the Central Bank) that they have recently concluded an investigation into the practice of charging costs associated with the legal process, including third party costs (the costs) to borrowers in mortgage arrears and charging of interest on those costs. In summary, their investigation concluded that: 1. Applying the costs prior to the...

Written Answers — Department of Finance: Insurance Costs (13 Nov 2019)

Paschal Donohoe: Introducing greater transparency into the insurance sector is a priority of the Cost of Insurance Working Group (CIWG) and much work has been done on this front to date. For example, on 1st November the Central Bank introduced new rules in relation to transparency in motor insurance costs. The new rules require insurers to provide policyholders with details of the prior year’s...

Written Answers — Department of Finance: Mortgage Lending (13 Nov 2019)

Paschal Donohoe: The Central Bank carries out an annual review of the mortgage measures, including the key parameters of the LTV and LTI limits and the allowances allowed above these limits. The 2019 review is currently underway and the results will be announced in early December. The annual review considers whether the measures continue to meet the objectives of strengthening bank and borrower resilience and...

Written Answers — Department of Finance: Financial Services and Pensions Ombudsman (13 Nov 2019)

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. As the Deputy will be aware the Financial Services and Pensions Ombudsman Act 2017 which commenced on 1 January 2018 established the Office of the...

Written Answers — Department of Finance: Tax Code (13 Nov 2019)

Paschal Donohoe: I am aware of the points raised by the Deputy in her Parliamentary Question of 26 September, 2019 and in her correspondence which has been received in my Department with regard to the operation of Capital Acquisitions Tax. For the purposes of Capital Acquisitions Tax, the relationship between the person who provides the gift or inheritance and the person who receives the gift or...

Written Answers — Department of Finance: Tax Reliefs Availability (13 Nov 2019)

Paschal Donohoe: I understand that the Deputy is proposing that income tax relief, similar to that which is provided for under Section 644 TCA 1997, would apply where landlords provide long-term leases of residential properties. As the Deputy will be aware, decisions by me in relation to the Tax Acts are made in the context of the annual Budget and Finance Bill process. However, bearing in mind the issues...

Written Answers — Department of Finance: Tax Collection Forecasts (13 Nov 2019)

Paschal Donohoe: My Department periodically reviews its approach to tax forecasting, with the most recent full review published in 2008. A new review group has been established with a mandate to review and assess tax forecasting methodology over the past decade. The Tax Forecasting Methodology Review Group is composed of members of various institutions, both domestic and international, engaged in tax...

Written Answers — Department of Finance: EU Budget Contribution (13 Nov 2019)

Paschal Donohoe: The contributions of each Member State to the EU Budget include Traditional Own Resources (Customs Duties) and a portion of VAT, with the remainder coming from Gross National Income (GNI). The following table outlines the Irish contribution to the EU Budget for each of the 2015 to 2018 and to date in 2019. These figures include Traditional Own Resources. Year Payments...

Written Answers — Department of Finance: Banking Sector (13 Nov 2019)

Paschal Donohoe: The Central Bank of Ireland has an overall and independent responsibility to promote and protect financial stability and the mortgage lending measures introduced in 2015 are an important tool available to the Bank for that purpose. In that context, the Central Bank carries out an annual review of the mortgage measures, including the key parameters of the LTV and LTI limits and the...

Written Answers — Department of Finance: Tax Code (13 Nov 2019)

Paschal Donohoe: As part of a joint research programme between the Department of Finance, the Revenue Commissioners and the Economic and Social Research Institute (ESRI), the ESRI published research on the impacts of increases in the carbon tax, including distributional impacts. This research paper can be accessed at:  . In June 2019, the ESRI published a special article, Carbon...

Written Answers — Department of Finance: Tax Code (13 Nov 2019)

Paschal Donohoe: The overarching legislative framework for the taxation of aviation fuels used in intra EU and international flights is in EU and international laws. EU Directive 2003/96/EC on the taxation of energy products and electricity, commonly known as the Energy Tax Directive, requires Member States to exempt certain fuels used for commercial aviation purposes from excise duty. The...

Written Answers — Department of Finance: European Central Bank (13 Nov 2019)

Paschal Donohoe: The ECB's mandate is to maintain price stability in the euro area. The Central Bank of Ireland contributes to the formulation of monetary policy at Eurosystem level, and further details of this? are set out in the Bank’s Annual Report. The Treaty on the Functioning of the European Union prohibits the ECB from seeking or taking instructions from EU institutions or bodies, from any...

Written Answers — Department of Finance: Tax Yield (13 Nov 2019)

Paschal Donohoe: In Budget 2020 I announced that all new revenues arising from the increase in the rate of carbon tax would be ring-fenced for climate action purposes. It is estimated that the €6 increase in the rate of carbon tax will raise approximately €90 million additional revenue in 2020.  These funds will be used to protect those most exposed to higher fuel and energy...

Written Answers — Department of Finance: Brexit Issues (13 Nov 2019)

Paschal Donohoe: Since the result of the UK referendum in 2016, Brexit has been embedded in all of the Government’s economic decision-making, and in the management of our economy.  At all times the Government has sought to protect our citizens and support the economy, enterprise and jobs.  Budget 2020 builds on the preparations that have been underway across Government since the UK referendum...

Written Answers — Department of Finance: Currency Exchange (13 Nov 2019)

Paschal Donohoe: Budget 2020, including the macroeconomic outlook which underpins it, was based on the prudent assumption that the UK would leave the EU on 31 October without an agreement. The macroeconomic outlook is set out in the Economic and Fiscal Outlook published with Budget 2020. The euro-sterling exchange rate assumptions underlying Budget 2020, based on exchange rate outturns as of mid-September...

Written Answers — Department of Finance: Eurozone Issues (13 Nov 2019)

Paschal Donohoe: As Minister for Finance, I attend the Economic and Financial Affairs Council of the European Union (ECOFIN) which is responsible for EU policy in a number of areas including economic policy. I also attend meetings of the Eurogroup, where the Ministers of the Euro Area Member States discuss matters concerning their shared responsibilities related to the euro. At both the ECOFIN and...

Written Answers — Department of Finance: Economic Competitiveness (13 Nov 2019)

Paschal Donohoe: Strong economic growth is a sign of our economy’s competitiveness, with GDP up 6½ percent in year-on-year terms in the first half of this year. Although in the Irish context, GDP can be distorted by globalisation factors, other indicators such as modified domestic demand confirm continued growth in our economy. The strength of the economy is most clearly evident in the labour...

Written Answers — Department of Finance: Economic Growth (13 Nov 2019)

Paschal Donohoe: Budget 2020, which was based on the assumption of a no-deal Brexit, projected GDP growth of 5.5 per cent this year and just 0.7 per cent next year, reflecting the Brexit impact and a weakening in the global environment. Growth in modified domestic demand – a better barometer of economic conditions in Ireland – is estimated at 3.2 per cent this year and 1.4 per cent next year. ...

Written Answers — Department of Finance: Eurozone Issues (13 Nov 2019)

Paschal Donohoe: As set out in the Budget 2020, Economic and Fiscal Outlook document, an important milestone is expected to be achieved this year, namely that the debt-to-GDP ratio is projected at below the 60 per cent threshold set out in the Stability and Growth Pact, for the first time in the post crisis era. Ireland’s position in terms of gross general government consolidated debt is below the...

Written Answers — Department of Finance: Brexit Issues (13 Nov 2019)

Paschal Donohoe: Since the result of the UK referendum in 2016, Brexit has been embedded in all of the Government’s economic decision-making, and in the management of our economy. At all times the Government has sought to protect our citizens and support the economy, enterprise and jobs. Dedicated measures were announced in Budgets 2017, 2018 and 2019 including up to €600 million that has been...