Results 19,801-19,820 of 32,999 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Insurance Industry (2 May 2018)

Paschal Donohoe: Both I and the Government are very conscious of the difficulties that increased insurance costs are having on the business sector. Consequently, following the publication of its Report on the Cost of Motor Insurance in January 2017, the Cost of Insurance Working Group undertook an examination of the Employer Liability and Public Liability insurance sectors in its second phase of work. While...

Written Answers — Department of Finance: Bank Branch Closures (2 May 2018)

Paschal Donohoe: The Deputy will be aware that, as Minister for Finance, I have no direct function in the day-to-day commercial decisions made by Bank of Ireland. Decisions taken by Bank of Ireland in this regard, and the manner in which it conducts its day-to-day operations, are matters for the board and management of the bank. Although the State has a minority shareholding in Bank of Ireland, I must ensure...

Written Answers — Department of Finance: Central Bank of Ireland Supervision (2 May 2018)

Paschal Donohoe: From a prudential perspective, historically the Central Bank of Ireland has had overall responsibility for the authorisation and supervision of credit institutions operating in Ireland. From 4 November 2014 this changed with a number of supervisory responsibilities and decision making powers moving to the European Central Bank (ECB) through the establishment of the Single Supervisory...

Written Answers — Department of Public Expenditure and Reform: Pension Provisions (2 May 2018)

Paschal Donohoe: Irish Airlines Pensions has advised this Department that as a result of the deficit that exists on the Irish Airlines Superannuation Scheme (IASS) pension fund, it is not in a position to fully fund transfers effected through the Public Sector Transfer Network (PSTN). The rules of the PSTN require a full transfer of pension entitlements. In the case of funded pension schemes, this means...

Written Answers — Department of Finance: Revenue Commissioners Staff (1 May 2018)

Paschal Donohoe: I am advised by Revenue that it is available to attend meetings of Joint Policing Committees (JPC) to address concerns regarding the importation of narcotics and has already attended a meeting of the Mayo JPC following an invitation from Mayo County Council. Revenue has not been invited to, or notified of, any other such meetings in the North West area. Revenue has confirmed that it will...

Written Answers — Department of Finance: Banking Sector Remuneration (1 May 2018)

Paschal Donohoe: It is assumed that the reference to “certain benefit in kind issues” is a reference to preferential loans to bank employees, including where the employee has left the bank’s employment. Section 122(3) of the Taxes Consolidation Act (TCA) 1997 provides that where a loan is made by an employer to an employee and the loan, or any interest due on that loan, is written...

Written Answers — Department of Finance: Mortgage Applications Approvals (1 May 2018)

Paschal Donohoe: The Deputy may be aware that, as Minister for Finance, I have no direct function in the relationship between banks and their customers. Decisions taken by banks in this regard, and the manner in which they conduct their day-to-day operations, are matters for the board and management of the respective banks. Notwithstanding the fact that the State has shareholdings in some of the banks, I...

Written Answers — Department of Finance: Knowledge Development Box (1 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 79 to 81, inclusive, together. The Knowledge Development Box (KDB) was introduced by the Finance Act 2015. It provides for relief from tax on the profits earned from the exploitation of patents, copyrighted software and IP for small companies, provided that IP was developed through R&D carried out in Ireland. The potential cost of the KDB was...

Written Answers — Department of Finance: Banking Sector Regulation (1 May 2018)

Paschal Donohoe: Firstly, I must point out that the Financial Services and Pensions Ombudsman is independent in the performance of his statutory functions. I have no role in the day to day workings of the office. As the Deputy will be aware the Financial Services and Pensions Ombudsman (FSPO) was established on 1 January 2018 under the Financial Services and Pensions Ombudsman Act 2017. I have been advised...

Written Answers — Department of Finance: Banking Operations (1 May 2018)

Paschal Donohoe: I have been advised by the Central Bank that it is aware of an issue involving the bank accounts of certain bank customers in recent days. The Central Bank is monitoring the situation and is in contact with the institution in relation to this matter. While the Central Bank cannot comment on individual interactions with regulated entities, Ulster Bank Ireland DAC (Ulster Bank) has been...

Written Answers — Department of Finance: Bank IT Systems (1 May 2018)

Paschal Donohoe: As the Deputy is aware the European Central Bank (ECB) is responsible for all core supervisory responsibilities as defined in the Council Regulation (EU) No. 1024/2013 (SSMR). For Significant Institutions (which includes all the large retail banks in Ireland), a Joint Supervisory Team (JST), led by the ECB, and consisting of both ECB and Central Bank supervisors directly supervise these...

Written Answers — Department of Finance: Insurance Industry Regulation (1 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 85 and 86 together. As Minister for Finance, 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...

Written Answers — Department of Finance: Legislative Measures (1 May 2018)

Paschal Donohoe: On 19 December 2017, the Government approved the General Scheme of the Central Bank (National Claims Information Database) Bill, which was prepared following extensive work on the part of the Data Sub-group of the Cost of Insurance Working Group last year. The Office of the Parliamentary Counsel assigned a drafter to the Bill on 26 January 2017 and officials in my Department are currently...

Written Answers — Department of Finance: Credit Ratings (1 May 2018)

Paschal Donohoe: The Central Bank has advised that the Central Credit Register is being implemented on a phased basis. Phase 1 started on 30 June 2017 and included the submission of information on consumer loans such as credit cards, personal loans, mortgages and overdrafts. The information is provided by lenders to the Central Credit Register on a monthly basis, and represents the position of a loan as at...

Written Answers — Department of Finance: Corporation Tax (1 May 2018)

Paschal Donohoe: I propose to take Questions Nos. 89 and 91 together. The Government does not accept the Commission’s analysis in the Apple State aid Decision and has lodged an appeal in the European Courts. However, we have always been clear that we are fully committed to ensuring that recovery of the alleged Apple State aid takes place and have committed significant resources to ensuring this is...

Written Answers — Department of Finance: Corporation Tax (1 May 2018)

Paschal Donohoe: Notwithstanding the appeal in the Apple State Aid case and the difference in view between Ireland and the Commission on the issue, the Government is committed to complying with the binding legal obligations that the Commission’s Final Decision places on Ireland. Apple therefore must be deprived of the benefit of the alleged aid, which the Commission have estimated will amount to...

Written Answers — Department of Finance: Banking Sector Regulation (1 May 2018)

Paschal Donohoe: While the Central Bank cannot comment on individual interactions with regulated entities, Ulster Bank Ireland DAC (Ulster Bank) has been engaging with the Central Bank in relation to this matter. Customers have a legitimate expectation of high quality, uninterrupted services, whether provided through traditional or online channels. The Central Bank expects all firms to have adequate...

Written Answers — Department of Finance: Tracker Mortgage Examination Data (1 May 2018)

Paschal Donohoe: The Central Bank has advised that, as set out in its recently published April 2018 Tracker Mortgage Examination Progress Report, the total number of impacted customers identified through the Examination to end-March 2018 is c. 30,000 (of which 1,500 remain to be verified by lenders) and that this represents an increase of 3,400 identified customer accounts since the December report. (When...

Written Answers — Department of Finance: Financial Services Regulation (1 May 2018)

Paschal Donohoe: In my role as Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Consequently my Department has no role in collecting the information being sought by the Deputy. In order to address the questions posed, my officials contacted the Central Bank of Ireland on this matter. The Central Bank advised that the information collected...

Written Answers — Department of Finance: Financial Services Regulation (1 May 2018)

Paschal Donohoe: As the Deputy will be aware financial institutions are designated persons under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (“the Act”) and are obliged to comply with the regulatory obligations contained under Part 4. Section 37 of the Act obliges designated persons totake steps to determine whether a customer, or a beneficial owner connected with...