Results 19,601-19,620 of 32,999 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Banking Sector Remuneration (16 May 2018)

Paschal Donohoe: As the Deputy is aware Government policy on banking remuneration has remained unchanged since the financial crisis. Extensive restrictions are in place, which, in summary, limit total remuneration for staff in AIB, Bank of Ireland and PTSB to €500,000 (excluding a standard pension contribution). Policy also dictates that bonuses and many other benefits cannot be paid to any staff....

Written Answers — Department of Finance: Summer Economic Statement (16 May 2018)

Paschal Donohoe: The publication of the Summer Economic Statement (SES), forms a key part of the reformed budgetary process designed to complement the Stability Programme Update (SPU). Underpinned by the macroeconomic outlook set out in April as part of the SPU, the SES will broadly set out what the Government believes to be the appropriate fiscal policy for the year to come, taking into account...

Written Answers — Department of Finance: Ministerial Meetings (16 May 2018)

Paschal Donohoe: I met with the Managing Director of the European Stability Mechanism (ESM), Klaus Regling, on Tuesday, 8 May 2018. We had a positive and constructive discussion on a number of issues including the Irish economy and the future of the Economic and Monetary Union, with a focus on the future role of the ESM. Mr. Regling noted that Ireland’s economic recovery since the crisis is...

Written Answers — Department of Finance: Motor Insurance Coverage (16 May 2018)

Paschal Donohoe: I am aware of the concerns raised by the Deputy and have considerable sympathy for them. However, neither the Minister for Finance, nor 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: Fiscal Data (16 May 2018)

Paschal Donohoe: Summer Economic Statement 2018 will update the figures on available parameters for Budget 2019 taking into consideration the publication of the European Commission's Spring Economic Forecast. These parameters will account for all policy changes introduced since Budget 2018. The Stability Programme Update 2018 set out pre-committed expenditure of €2.6 billion for next year. This...

Written Answers — Department of Finance: Ministerial Meetings (16 May 2018)

Paschal Donohoe: As the Deputy is aware I have regular meetings with the CEOs of the banks in which the State has a shareholding in addition to the other non Irish owned retail banks operating in the Irish market. I met formally with the CEO of Bank of Ireland in March of this year and the CEO’s of AIB and PTSB last month during which a broad range of banking matters were...

Written Answers — Department of Finance: EU Budget Contribution (16 May 2018)

Paschal Donohoe: As the Deputy will be aware, the European Commission’s proposal for the Multiannual Financial Framework (MFF) 2021-2027 was published on 2 May 2018. I welcome publication of the proposals which marks the start of an important debate on the future of the EU Budget. The proposals come at a time of great change and adjustment for the EU; with new priorities (migration,...

Written Answers — Department of Finance: Motor Insurance Costs (16 May 2018)

Paschal Donohoe: The Deputy should note that the Minister for Finance is responsible for the development of the legal framework governing financial regulation. Neither he, nor I, nor the Central Bank can interfere in the pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on the risks they are willing to accept. However, it is...

Written Answers — Department of Finance: Tax Data (16 May 2018)

Paschal Donohoe: It is assumed that by SPVs the Deputy is referring to companies who have submitted notifications to Revenue that there are qualifying companies for the purposes of section 110 of the Taxes Consolidation Act 1997 (TCA) (known as “section 110” companies).  Section 110 sets out a regime for the taxation of special purpose companies set up to securitise assets. ...

Written Answers — Department of Finance: Financial Services Regulation (16 May 2018)

Paschal Donohoe: The Deputy has referred to unregulated third parties acting on behalf of lenders and possible plans to ensure that such third parties are obliged to comply with regulations including Codes of Conduct. Government policy has been that the sale of a loan book should not result in a loss of protections for borrowers. The Consumer Protection (Regulation of Credit Servicing Firms) Act 2015...

Written Answers — Department of Finance: Real Estate Investment Trusts (16 May 2018)

Paschal Donohoe: Real Estate Investment Trusts (REITs) are collective investment vehicles designed to hold rental investment properties in a tax neutral manner. They are focused on long-term holding of income-producing property as opposed to short term speculative gains. The function of the REIT framework is not to provide an overall tax exemption, but rather to facilitate collective investment in rental...

Written Answers — Department of Finance: Revenue Commissioners Data (16 May 2018)

Paschal Donohoe: I am advised by Revenue that tackling shadow economy activity continues to be one of its key priorities.   As part of its compliance programme, Revenue works in co-operation with the Department of Employment Affairs and Social Protection (DEASP) and the Workplace Relations Commission (WRC) to pursue employers engaged in the misclassification of employees as self-employed individuals....

Written Answers — Department of Finance: Corporation Tax Regime (16 May 2018)

Paschal Donohoe: Corporation Tax Loss Relief is provided for by Section 396 of the Taxes Consolidation Act (TCA) 1997.  It allows for losses incurred in the course of business to be accounted for when calculating a business’ tax liabilities. Loss relief for corporation tax is a long standing feature of the Irish Corporate Tax system and is a standard feature of Corporation Tax systems in all...

Written Answers — Department of Finance: NAMA Social Housing Provision (16 May 2018)

Paschal Donohoe: It is important to note that assets often referred to as "NAMA land" or "NAMA properties" are not owned by NAMA.  NAMA owns loans.  Such property is owned by private persons who owe money to NAMA ("NAMA debtors") and serves as collateral for those amounts owed. All borrowers have the right to maximise the value of the property which secures his/her loan.  NAMA cannot force a...

Written Answers — Department of Finance: Stability and Growth Pact (16 May 2018)

Paschal Donohoe: The Department continues to use the EU harmonised methodology to estimate the level of potential output as it is the legally binding reference method used by the Commission for assessment of Member State’s compliance with the Stability and Growth Pact. However, to the extent that the harmonised methodology can be characterised as a “one size fits all” approach for...

Written Answers — Department of Finance: State Claims Agency Data (16 May 2018)

Paschal Donohoe: I am informed by the State Claims Agency (SCA) that as of 4 May 2018, there were 10,447 active claims recorded on the National Incident Management System (NIMS). NIMS is an IT system which is hosted by the SCA for the HSE, other Healthcare enterprises and Delegated State Authorities, and is used to manage and report on incidents and active claims. These 10,447 active claims are broken down...

Written Answers — Department of Finance: Customs and Excise Controls (16 May 2018)

Paschal Donohoe: The precise customs arrangements that will apply after Brexit in all locations, including Rosslare Europort, will depend on the outcome of negotiations between the EU and UK. Similar to other Government agencies and Departments, Revenue is actively engaged in examining a range of scenarios within the context of the Government’s contingency planning, which is being undertaken within...

Written Answers — Department of Finance: Community Banking (16 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 35 and 40 together. The Programme for a Partnership Government contains a commitment to "thoroughly investigate the German Sparkassen model for the development of local public banks that operate within well-defined regions". My Department, along with the Department of Rural and Community Development, are responsible for fulfilling this commitment.  ...

Written Answers — Department of Finance: Tax Yield (16 May 2018)

Paschal Donohoe: Tax revenue was below profile by just 1.2 per cent (€141 million) to end-quarter one 2018, contributed to by some small shortfalls across a number of headings. Furthermore, tax revenues to end-March are showing strong year-on-year growth of 3.5 per cent or €401 million. It is important to point out that it is still too early in the tax collection calendar to discern any...

Written Answers — Department of Finance: Corporation Tax Regime (16 May 2018)

Paschal Donohoe: On the matter of the effective corporate tax rate paid by corporations in Ireland, there have been seemingly conflicting figures and methodologies used in reference to Ireland. In April 2014, my Department prepared and presented a report for the Finance Committee to explain figures which are quoted and attributed to Ireland on this matter. This technical paper, available on the...