Results 14,181-14,200 of 32,960 for speaker:Paschal Donohoe

Ceisteanna ar Reachtaíocht a Gealladh - Questions on Promised Legislation (10 Jul 2019)

Paschal Donohoe: I will deal with that matter as the figures to which Deputy Howlin refers were published in the summer economic statement and referred to again by the Tánaiste yesterday. It is worthwhile making it clear that the same document highlights that we will still have over 2.1 million people at work in the economy. Of course, as the Deputy said correctly, the loss of any job presents a great...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (10 Jul 2019)

Paschal Donohoe: The Disabled Drivers and Disabled Passengers (Tax Concessions) Scheme provides relief from VAT and VRT (up to a certain limit) 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. To qualify for the Scheme an applicant must be in possession of a Primary Medical...

Written Answers — Department of Finance: Budget 2020 (10 Jul 2019)

Paschal Donohoe: As I have stated on many occasions, an undue focus on the concept of fiscal space, which is calculated based on “one size fits all” European rules, is not appropriate for Ireland. Government budgetary policy is correctly formulated based on what is right for the economy given our position in the economic cycle, rather than a narrow, literal interpretation of what is legally...

Written Answers — Department of Finance: Economic Policy (10 Jul 2019)

Paschal Donohoe: Firstly, let me emphasise the important role which automatic stabilisers play in smoothing the economic cycle. In the absence of discretionary policy intervention, the fixed level of welfare payments, for example, means that the welfare system stimulates aggregate demand within the economy relatively more during a downturn than during a period of expansion. This effect is what is known as an...

Written Answers — Department of Finance: Help-To-Buy Scheme (10 Jul 2019)

Paschal Donohoe: The Help to Buy incentive (HTB) is scheduled to expire on 31 December 2019. This is provided for in Section 477C of the Taxes Consolidation Act 1997. As is normal practice, the role and operation of the incentive is due to be examined in the context of the forthcoming Budget and Finance Bill process. It would be premature to anticipate the outcome of such an examination.

Written Answers — Department of Finance: Mortgage Lending (10 Jul 2019)

Paschal Donohoe: Subject to compliance with all relevant legal and regulatory requirements governing the provision of mortgage credit to consumers (including the requirements in relation to 'Knowing the Consumer and Suitability' and to make a thorough assessment of the consumer's creditworthiness and to calculate the market value of the residential property which will act as security for a mortgage loan), the...

Written Answers — Department of Finance: Departmental Shareholdings (10 Jul 2019)

Paschal Donohoe: The following are Irish companies in which I, as Minister for Finance, am a shareholder: Allied Irish Bank - 71% of ordinary shares in issue Bank of Ireland - 14% of ordinary shares in issue Permanent TSB - 75% of ordinary shares in issue IBRC – 100% of all preference and ordinary shares Home Building Finance Ireland – 100% of all shares in issue Strategic Banking Corporation of...

Written Answers — Department of Finance: Departmental Contracts Data (10 Jul 2019)

Paschal Donohoe: In response to the Deputy’s question, my Department has not engaged in the contracting of security services in respect of buildings occupied by staff. 12 of the 17 bodies under the aegis of my Department are not engaged in contracts for the provision of security services. These are the Credit Review Office, the Credit Union Advisory Committee, the Credit Union Restructuring Board,...

Written Answers — Department of Finance: Insurance Industry Regulation (10 Jul 2019)

Paschal Donohoe: At the outset, the Deputy should note that I am responsible for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept....

Written Answers — Department of Finance: Government Expenditure (10 Jul 2019)

Paschal Donohoe: I can advise the Deputy that the additional resources for commitment to spending increases or taxation reductions available in Budget 2020, if the projected 0.4% General Government Balance surplus was reduced to nil, would be c. €1.2 billion (as outlined in Table 10 of the Stability Programme Update 2019). The subsequent estimated impact on the structural deficit would be a...

Written Answers — Department of Finance: Summer Economic Statement (10 Jul 2019)

Paschal Donohoe: Annex 1 of the June 2019 Summer Economic Statement (SES) shows the impact on expenditure benchmark compliance of, ceteris paribas, using the €0.5 billion committed to the Rainy Day Fund for additional expenditure; a deviation of €0.3 billion in 2020. In terms of the structural balance, using the Department of Finance’s GDP-based alternative methodology for calculating the...

Written Answers — Department of Finance: Help-To-Buy Scheme Expenditure (10 Jul 2019)

Paschal Donohoe: The Help to Buy incentive (HTB) was announced in Budget 2017 and backdated to apply from 19 Jul 2016. I am advised by Revenue that the cost of the scheme by each year of its operation is set out in the following table. Year Cost (€M) 2019* 35.4 2018 73.2 2017 50.5 2016 18.4 *to 31 May 2019 At the end of 2017, 5,392 HTB claims had been approved, this includes a number of claims...

Written Answers — Department of Finance: Budget 2018 (10 Jul 2019)

Paschal Donohoe: Budget 2018 in fact provided for the stamp duty on non-residential property to increase from 2 per cent to 6 per cent. It had been reduced to the flat 2 per cent rate in Budget 2012 (with effect from December 2011). I am advised by Revenue that net receipts of Stamp Duty associated with all types of property for 2018 amounted to approximately €660 million, compared to a target of...

Written Answers — Department of Finance: Tax Data (10 Jul 2019)

Paschal Donohoe: It is assumed the Deputy is referring to Capital Gains Tax (CGT) Entrepreneurial Relief as provided for in section 597AA of the Taxes Consolidation Act 1997. This provision was introduced in the Finance Act 2015 and provides relief from Capital Gains Tax for individuals disposing of business investments in certain circumstances. Statistics on the numbers availing of the Relief, and the cost...

Written Answers — Department of Finance: Departmental Programmes (10 Jul 2019)

Paschal Donohoe: Returns for 2019 will not be filed with Revenue until 2020. In addition, options may be exercised for up to 10 years from the date of grant. In relation to the cost of the Key Employee Engagement Programme (KEEP) to date, as no exercises of options have taken place to date, there has been no cost to the Exchequer in this regard. KEEP provides for an exemption from income tax, USC and...

Written Answers — Department of Finance: Tax Yield (10 Jul 2019)

Paschal Donohoe: In each Budget since Budget 2016, I have introduced a series of ‘compliance measures’ among the taxation policy changes. These are specific Revenue programmes or initiatives aimed at raising tax collection through enhanced taxpayer compliance. In each year I have also assigned additional resources to Revenue to help them to deliver these measures. The Budget 2016 compliance...

Written Answers — Department of Finance: General Government Debt (10 Jul 2019)

Paschal Donohoe: I can advise the Deputy that the Exchequer recorded a surplus in 2018 of €0.1 billion, the first underlying surplus achieved since 2006 assisted inter alia by a strong corporation tax performance. Turning to this year, the projected borrowing requirement is -€2.1 billion with the continued expansion of the National Development Plan; the refinancing of Irish Water's commercial...

Written Answers — Department of Finance: General Government Debt (10 Jul 2019)

Paschal Donohoe: As previously stated, my Department does not publish GNI forecasts, it does, however, publish forecasts in respect of nominal GDP and GNI*. Gross and net debt as a percentage of each of these variables are set out in the following table.. It should be noted that for 2018, figures are based on finalised CSO outturns for GDP. However, the CSO has not published finalised figures in respect of...

Written Answers — Department of Finance: Budget Timetable (10 Jul 2019)

Paschal Donohoe: As a member of the European Union, Ireland is subject to the Stability and Growth Pact (SGP). As part of the SGP, the so-called ‘two-pack’ Regulations were introduced in 2013. This included Regulation (EU) No. 473/2013 on ‘common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro...

Written Answers — Department of Finance: State Assets (10 Jul 2019)

Paschal Donohoe: I propose to take Questions Nos. 135 and 136 together. I am advised by the National Treasury Management Agency (NTMA) that the Exchequer cash/liquid asset balances were just over €25 billion at end-June 2019. It is important to give some context to this large balance. The NTMA is continuing with its strategy of pre-funding to meet future redemptions. It adopts a prudent...