Results 15,181-15,200 of 32,961 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Insurance Levy (8 May 2019)

Paschal Donohoe: The purpose of the Insurance Compensation Fund (ICF) is to provide a means to compensate policyholders in a situation where an insurer goes into liquidation or is put in administration.  The ICF is funded by advances from the Minister for Finance which are refunded by levies which are placed on all non-life insurers except for health policies.  Currently there is a 2% levy on gross...

Written Answers — Department of Finance: Financial Services Sector (8 May 2019)

Paschal Donohoe: The European Communities (Consumer Credit Agreements) Regulations 2010 provide a framework within which lenders in the European Union must operate.  The evaluation of a credit application by a lender must include an assessment of the consumer’s creditworthiness on the basis of sufficient information. However, the extension of credit by lenders to potential customers remains a...

Written Answers — Department of Finance: Motor Insurance Costs (8 May 2019)

Paschal Donohoe: As the Deputy is aware, the Cost of Insurance Working Group was established in July 2016 and undertook an examination of the factors contributing to the increasing cost of insurance in order to identify what short, medium and long-term measures could be introduced to help reduce the cost of insurance for consumers and businesses.  The initial focus of the Working Group was the issue of...

Written Answers — Department of Finance: Vehicle Registration Data (8 May 2019)

Paschal Donohoe: I am advised by Revenue that the number of persons fined by the courts for VRT offences in each of the past five years is provided in the table below. Year Number of persons fined 2014 13 2015 15 2016 11 2017 8 2018 10 The total number of VRT Seizures and Compromise Penalties paid (dealt with administratively) in each of the past five years is provided in the table below. 2014 1,054...

Written Answers — Department of Finance: Code of Conduct on Mortgage Arrears Breaches (8 May 2019)

Paschal Donohoe: The Code of Conduct on Mortgage Arrears 2013 (CCMA) provides a strong consumer protection framework, aimed specifically at the process to be followed by relevant firms, to ensure borrowers in arrears or pre-arrears in respect of a mortgage loan secured on a primary residence are treated in a timely, transparent and fair manner. Banks, retail credit firms and credit servicing firms are all...

Written Answers — Department of Finance: Code of Conduct on Mortgage Arrears Data (8 May 2019)

Paschal Donohoe: As the Deputy will be aware, the Central Bank collects detailed consumer data and information in relation to aspects of the Code of Conduct on Mortgage Arrears (CCMA) is part of this Conduct of Business Reporting (COBR). The COBR is collected from selected principal credit institutions and retail credit firms holding personal residential mortgages.  I have been informed by the Central...

Written Answers — Department of Finance: Mortgage Interest Relief Application (8 May 2019)

Paschal Donohoe: The legislation governing mortgage interest relief is contained in Section 244 Taxes Consolidation Act 1997, as amended.  “Qualifying interest” for the purpose of entitlement to mortgage interest relief is defined in that section as “the amount of interest paid by the individual in the year of assessment in respect of a qualifying loan”. The effect of...

Written Answers — Department of Finance: Banking Sector (8 May 2019)

Paschal Donohoe: As the Deputy will be aware, AIB is an independent company with listings on the Irish and London Stock Exchanges. Decisions in regards to contracting are the sole responsibility of the board and management of AIB which must be run on an independent and commercial basis. The bank's independence is protected by a Relationship Framework which is a legally binding document that cannot...

Written Answers — Department of Finance: Insurance Industry (8 May 2019)

Paschal Donohoe: I propose to take Questions Nos. 142 and 143 together. At the outset, the Deputy will be aware that as Minister for Finance, I am responsible for the development of the legal framework governing financial regulation, and neither I nor the Central Bank of Ireland can interfere in the pricing or provision of insurance products, as these are matters of a commercial nature, and are determined...

Written Answers — Department of Finance: Tax Code (8 May 2019)

Paschal Donohoe: I am advised by Revenue that the meeting scheduled for 17 April 2019 with the organisation concerned took place. I am further advised that in the course of the meeting Revenue confirmed its position that the rules and limits in relation to increases in pensions in payment as set out in the Revenue Pensions Manual does not restrict pension annuity providers paying out on historic policies...

Written Answers — Department of Finance: Irish Real Estate Fund (8 May 2019)

Paschal Donohoe: I propose to take Questions Nos. 145, 148, and 151 to 153, inclusive, together. The Irish Real Estate Fund (IREF) regime was introduced by Finance Act 2016 and is effective for accounting periods starting on or after 1 January 2017. Under the regime, a fund is classified as an IREF if it derives 25% or more of its value from Irish land and buildings. The section was introduced to address...

Written Answers — Department of Finance: Real Estate Investment Trusts (8 May 2019)

Paschal Donohoe: I propose to take Questions Nos. 146, 149 and 150 together. Finance Act 2013 introduced the regime for the operation of Real Estate Investment Trusts (REITs) in Ireland. The function of the REIT framework is not to provide an overall tax exemption, but rather to facilitate collective investment in rental property by removing a double layer of taxation which would otherwise apply to...

Written Answers — Department of Finance: Economic Data (8 May 2019)

Paschal Donohoe: I have outlined previously that a disproportionate focus on the concept of fiscal space risks encouraging a profligate fiscal policy that could jeopardise the sustainability of our public finances. In formulating budgetary policy the Government must be guided by what is right for the economy at this point in the cycle, not by what is technically permissible within the limits of the fiscal...

Written Answers — Department of Finance: Budget Measures (8 May 2019)

Paschal Donohoe: The estimated yield from non-indexation for Budget 2020, will not be finalised until the Office of the Revenue Commissioners has completed and published its Pre-Budget 2020 Income Tax Ready Reckoner, which is expected to be published in Quarter 3 2019. This sets out the cost to the Exchequer of indexing various income tax components by 1%.  In addition, the updated Budget 2020...

Written Answers — Department of Finance: Standard Bank Account (8 May 2019)

Paschal Donohoe: I am not aware of any reason why a joint account between two spouses would be frozen in the event of one of the spouses dying. I assume that the Deputy has a particular case in mind. I would advise such a person who clearly is not satisfied with the actions of the particular bank to make a complaint to the bank's internal complaint resolution process. If they are not satisfied with...

Written Answers — Department of Finance: VAT Rebates (8 May 2019)

Paschal Donohoe: The VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In accordance with the EU VAT Directive, defibrillators, other than implantable defibrillators, are liable to VAT at the 23% standard VAT rate. The installation of defibrillators is also liable to VAT at the standard rate. Generally, businesses that are registered for VAT, including...

Written Answers — Department of Finance: Home Renovation Incentive Scheme (8 May 2019)

Paschal Donohoe: The Home Renovation Incentive (HRI) was introduced by Section 477B of the Taxes Consolidation Act 1997 in 2014.  I currently have no plans to re-open the scheme which terminated in accordance with its sunset clause on 31 December 2018. Under my Department's Tax Expenditure Guidelines, the introduction of new tax incentive measures should only be considered in...

Written Answers — Department of Finance: IBRC Operations (8 May 2019)

Paschal Donohoe: The Joint Special Liquidators of IBRC announced in December 2018 that they would pay all outstanding amounts owed to admitted unsecured creditors of IBRC. As part of this final 50% dividend payment to admitted unsecured creditors the State received c. €593 million from its claims. This brings to c.€1.19 billion that has been returned to the State to date. The Joint Special...

Written Answers — Department of Finance: NAMA Accounts (8 May 2019)

Paschal Donohoe: I wish to advise the Deputy that NAMA’s currently projected surplus of €3.5 billion is expected to be available for return to the State when the Agency substantially completes its work in 2020/2021. NAMA is on track to have repaid all its subordinated debt and to have reimbursed the private shareholders in the NAMA Investment DAC by that time. It is important to note that...

Written Answers — Department of Finance: State Banking Sector (8 May 2019)

Paschal Donohoe: The Deputy is aware that the Government does not see itself as a long-term investor in the banking sector. The funds used to make these investments are a diversion of taxpayer resources that could be put to better use. Equity investments are also risky and this particularly applies to bank shares as this country knows to its cost. Accordingly, the Government’s policy is to...