Results 22,521-22,540 of 33,175 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Mortgage Lending (24 Nov 2020)

Paschal Donohoe: The Central Bank has advised that the Consumer Protection Code 2012 (the Code) sets out timeframes for assessing a mortgage application. A regulated entity is required to make a decision on a mortgage application within 10 business days of receipt of all documents or items of information necessary to assess the application. If the regulated entity cannot make a decision on whether it will...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (25 Nov 2020)

Paschal Donohoe: I propose to take Questions Nos. 48 to 50, inclusive, together. The Covid Restrictions Support Scheme (CRSS) was announced in the Budget on 13 October 2020. The details are set out in Finance Bill 2020 and guidelines on the operation of the scheme, including the eligibility criteria, are available on the Revenue website: (). The support is available to companies and self-employed...

Written Answers — Department of Finance: Tax Data (25 Nov 2020)

Paschal Donohoe: The total number of persons who have been granted exemptions under section 195 of the Taxes Consolidation Act 1997 (Artists exemption) in each of the years 2015 to 2018, inclusive, and the estimated total amount of tax revenue foregone by the State in each of those years as a result of these exemptions is detailed in the table below. Please note that 2018 is the most recent year for which...

Written Answers — Department of Finance: Banking Sector (25 Nov 2020)

Paschal Donohoe: As Minister for Finance, I am very conscious that many borrowers continue to be impacted by the economic consequences of Covid-19, including GAA clubs and other sporting organisations who ordinarily rely on fundraising and gate receipts to fund their operations and meet their loan repayments. Clubs and their members have played an important role in the community response to Covid-19 and I am...

Written Answers — Department of Finance: Public Procurement Contracts (25 Nov 2020)

Paschal Donohoe: The OGP Information Note ‘Incorporating Social Considerations into Public Procurement’ gives guidance on how public sector bodies can deliver wider social and environmental aims through their procurement processes for example, employment and training opportunities for disadvantaged groups, disability access, promoting social inclusion, or the protection of the environment and...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (25 Nov 2020)

Paschal Donohoe: The Employment Wage Subsidy Scheme (EWSS) is an economy-wide scheme that focuses primarily on business eligibility, delivering a per-head subsidy on a flat rate basis. A subsidy of between €203 and €350 may be claimed by the employer retrospectively for every worker who is paid between €151.50 and €1,462 per week. This is different from the Temporary Wage...

Written Answers — Department of Finance: Value Added Tax (25 Nov 2020)

Paschal Donohoe: The Retail Export Scheme enables visitors that are resident outside the EU benefit from VAT relief on goods purchased in Ireland and subsequently taken outside of the EU. Under existing rules, when the UK becomes a third country, visitors from Britain will be able to avail of the scheme. No minimum threshold currently applies in respect of expenditure on which VAT relief may be claimed. ...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (25 Nov 2020)

Paschal Donohoe: The Covid Restrictions Support Scheme (CRSS) was announced in the Budget on 13 October 2020. The details are set out in Finance Bill 2020 and guidelines on the operation of the scheme, including the eligibility criteria, are available on the Revenue website at: www.revenue.ie/en/corporate/press-office/budget-information/ 2021/crss-guidelines.pdf. The registration system for CRSS was...

Written Answers — Department of Finance: Insurance Industry Regulation (25 Nov 2020)

Paschal Donohoe: The Deputy will be aware that the Insurance Distribution Directive (Directive (EU) 2016/97), or “IDD”, establishes requirements in respect of insurance and reinsurance distribution in the EU. It aims to further enhance consumer protection and ensure a level playing field by extending the scope of the directive to include all sales of insurance products. This Directive was...

Written Answers — Department of Finance: Community Banking (25 Nov 2020)

Paschal Donohoe: In December 2019, the Department of Finance published a report on the Evaluation of Concept of Community Banking in Ireland by Indecon Consultants. This followed on from the publication of a previous report by the Department of Finance on Local Public Banking in July 2018. The Indecon report looked at An Post in the context of community banking in Ireland. The report noted that An Post...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Banking Sector (26 Nov 2020)

Paschal Donohoe: As the Deputy will be aware, I met representatives of Ulster Bank on 21 October. I outlined that I expected that staff, customers and other stakeholders would be informed promptly about any decisions being made. I used that meeting as an opportunity to emphasise my concerns regarding the impact of such a decision on the economy, the banking sector, staff and those who depend on Ulster Bank...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Banking Sector (26 Nov 2020)

Paschal Donohoe: I will continue to engage on this matter both with Ulster Bank and its parent company. As I said, I am well aware of the significance of Ulster Bank as an employer, a provider of competition and a supplier of services in the country, in particular the branches it has located in areas outside Dublin. It is a very important employer and bank. I emphasise that I and the Government do not have...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Banking Sector (26 Nov 2020)

Paschal Donohoe: The matters the Deputy referred to regarding whose services NatWest and Ulster Bank are procuring are not matters in which I am involved, as the Deputy knows. This is a bank in which the State does not have a formal stake or role. Who it procures to provide services is not a matter in which I have any role. Where I have a role is in relaying the strong concerns I have about changes that...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Avoidance (26 Nov 2020)

Paschal Donohoe: I thank the Deputy. As he is aware, I am not in a position to comment on the activities of individual taxpayers. However, I can give the following overview of section 110 of the Taxes Consolidation Act 1997 as it relates to the securitisation of mortgages. Securitisation allows banks to raise capital and share risk. By providing a repackaging and resale market for corporate debt it...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Avoidance (26 Nov 2020)

Paschal Donohoe: In recognition of some of the issues raised by Deputy Boyd Barrett and others, important changes were made in Finance Acts in 2016, 2017 and 2019 to deal with taxation of income and of these vehicles. I am not in a position to comment on any individual transaction but I wish to emphasise that tax liability arises on the distribution of the income to noteholders.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Avoidance (26 Nov 2020)

Paschal Donohoe: I am commenting generally in my reply. Tax is due when income is distributed to noteholders in section 110 organisations. I want to ensure that the tax laws governing these entities reflect the important role of securitisation in enabling our banks to function and fund themselves efficiently while dealing with issues that have rightly been raised in this House. That is why changes have...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Insurance Costs (26 Nov 2020)

Paschal Donohoe: As the Deputy is aware, the National Claims Information Database was a key recommendation of the cost of insurance working group. It is intended to facilitate a more indepth analysis of annual trends in motor insurance claims. The second report, published earlier this month by the Central Bank, confirms that premiums for private motor insurance policies decreased by 9% from their recent...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Insurance Costs (26 Nov 2020)

Paschal Donohoe: This is typical of Sinn Féin. Its members come in here and levy accusations about me, my party and the Government being in the pocket of an industry, whereas the truth is that I am focused on trying to ensure, through policies that can make a difference and laws we can implement, that we can deliver lower premiums for businesses, families and motorists over time. The Deputy does not...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Insurance Costs (26 Nov 2020)

Paschal Donohoe: The Deputy is not being serious on this matter. He comes in here and roars at me on different matters. I know how important these issues are. If I do not meet the insurance sector to raise the issues of competition and of ensuring that those to whom the sector provides policies are treated fairly, he will come in and roar at me about that as well. He will condemn me for not meeting the...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Insurance Costs (26 Nov 2020)

Paschal Donohoe: -----and when I do meet the insurance sector, Deputy Doherty walks in here and roars again. He stands up and gives, as I have said before of him, the single transferable roar, depending on what the issue of the day is. He and other Members of the House, I remember very clearly, called on me to meet the insurance sector in order to raise the issues he and others have raised. Then, when I do...