Results 22,641-22,660 of 33,118 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Mortgage Interest Rates (26 Nov 2020)

Paschal Donohoe: I am aware that the general level of lending interest rates in Ireland are higher than is the case in many other European countries, though it should also be noted that recent trends indicate that rates have been falling. For example, interest rates on new fixed rate mortgages (excluding renegotiations) have fallen from 4.11% in December 2014 to 2.64% in September of this year. ...

Written Answers — Department of Finance: Inflation Rate (26 Nov 2020)

Paschal Donohoe: To date, the net impact of the Covid-19 shock has been deflationary. On an annual basis, the Harmonised Index of Consumer Prices (HICP) has been negative since April. This phenomenon is not unique to Ireland, with many advanced economies, including the euro area, experiencing weaker inflation as a result of the pandemic. In October, headline HICP declined by -1.5 per cent on an annual...

Written Answers — Department of Finance: Insurance Industry (26 Nov 2020)

Paschal Donohoe: At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing of insurance products, as this is a commercial matter, nor can we compel any insurer operating in the Irish market to provide cover. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive) which expressly prohibits Member States from...

Written Answers — Department of Finance: Mortgage Resolution Processes (26 Nov 2020)

Paschal Donohoe: I propose to take Questions Nos. 225 and 226 together. The financial services legal and regulatory framework provides a significant range of protections and supports for consumers and other borrowers. All Central Bank regulated firms, including banks, retail credit firms (RCFs) and credit servicing firms (CSFs) are obliged to comply with the applicable consumer protection and other...

Written Answers — Department of Finance: Mortgage Resolution Processes (26 Nov 2020)

Paschal Donohoe: The information which the Deputy has requested is not data which is ordinarily collected by either my Department or the Central Bank. However, I would refer the Deputy to the latest Central Bank publication for Residential Mortgage Arrears and Repossessions Statistics: Q2 2020 which includes, inter alia, includes data on mortgage restructuring arrangements (). The latest release shows that...

Written Answers — Department of Finance: Banking Sector (26 Nov 2020)

Paschal Donohoe: I propose to take Questions Nos. 228 to 230, inclusive, together. As the Deputy will be aware, I met with representatives of Ulster Bank on the 21 of October. I outlined that I expected that staff, customers and other stakeholders would be informed promptly about any decisions being made. News of the review is, of course, unsettling for all stakeholders, especially the staff and customers. I...

Written Answers — Department of Finance: Economic Competitiveness (26 Nov 2020)

Paschal Donohoe: The Covid-19 restrictions introduced to suppress the spread of the virus in the second quarter of this year resulted in a significant contraction in economic activity. All sectors of the economy recorded declines apart from the foreign dominated multinational industry sector, which includes pharmaceutical manufacturing. This sector has proven to be resilient, growing by 16 per cent in the...

Written Answers — Department of Finance: Credit Unions (26 Nov 2020)

Paschal Donohoe: I have been informed by the Central Bank that it has not imposed a €25,000 savings or deposit limit on credit unions. The Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 (the 2016 Regulations) set an individual savings limit of €100,000 that applies on a per member basis. Individual credit unions could apply to the Central Bank to retain individual...

Written Answers — Department of Finance: Ireland Strategic Investment Fund (1 Dec 2020)

Paschal Donohoe: The Ireland Strategic Investment Fund (ISIF) has informed me that many of the questions raised by the Deputy are commercial matters relating to Activate Capital, therefore it is not appropriate for me to comment on them as Minister for Finance. However, I am happy to say that the ISIF has committed €450m to Activate Capital, a senior lending platform which funds residential development...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (1 Dec 2020)

Paschal Donohoe: I propose to take Questions Nos. 202, 213, 214, 216 and 238 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: (www.revenue.ie/en/corporate/press-office/budget-information...

Written Answers — Department of Finance: Drug Seizures (1 Dec 2020)

Paschal Donohoe: I am advised by Revenue that, under the Criminal Justice (Psychoactive Substances) Act 2010, it has the power to detain and seize psychoactive substances, even where that substance is not prohibited, if it has reasonable grounds for believing that it will not be used for legitimate purposes and is intended for human consumption. The Criminal Justice (Psychoactive Substances) Act, 2010 is...

Written Answers — Department of Finance: Tax Code (1 Dec 2020)

Paschal Donohoe: Section 127B of the Taxes Consolidation Act (TCA), 1997 provides that income arising to an individual from an employment exercised aboard an aircraft that is operated in international traffic shall be chargeable to tax in Ireland where the aircraft is operated by an enterprise that has its place of effective management in the State. This charge to Irish tax applies to such workers in...

Written Answers — Department of Finance: Company Liquidations (1 Dec 2020)

Paschal Donohoe: The Deputy will be aware that under Section 851A of the Taxes Consolidation Act 1997, Revenue is precluded by reason of its taxpayer confidentiality obligations, from providing any details in relation to the company in question. Therefore, I am unable to provide the data requested.

Written Answers — Department of Finance: Financial Services and Pensions Ombudsman (1 Dec 2020)

Paschal Donohoe: Firstly, I must point out that the Financial Services and Pensions Ombudsman (FSPO) is independent in the performance of his statutory functions. I have no role in the day to day workings of the office or in the decisions which he takes. I am advised that where a complaint is made to the FSPO concerning a joint account or a joint policy, the FSPO must recognise that all parties to the...

Written Answers — Department of Finance: Tax Code (1 Dec 2020)

Paschal Donohoe: I am informed by Revenue that for inheritance tax purposes, the relationship between the deceased person (i.e. the disponer) and the person who receives the gift or inheritance (i.e. the beneficiary) determines the maximum amount, known as the “Group threshold”, below which inheritance tax does not arise. The Group A threshold (currently €335,000) applies, inter alia,...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (1 Dec 2020)

Paschal Donohoe: As the Deputy will appreciate, the operation of support measures for third level students is a matter for the Minister for Further and Higher Education, Research, Innovation and Science. Generally speaking, all payments to individuals are taxable in the hands of the recipient unless specifically exempted. However, the basis on which the payment is made is a determining factor in the...

Written Answers — Department of Finance: Value Added Tax (1 Dec 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: Student Assistance Fund (1 Dec 2020)

Paschal Donohoe: As the Deputy will appreciate, the operation of support measures for third level students is a matter for the Minister for Further and Higher Education, Research, Innovation and Science. However, I understand that the Deputy's question refers to the Student Assistance Fund which, through the HEA and individual institutions, provides financial support to full or part-time students who are...

Written Answers — Department of Finance: Corporation Tax (1 Dec 2020)

Paschal Donohoe: I would like to advise the Deputy that I am not in a position to comment on the activities of individual taxpayers. The examination of accounts and tax returns submitted by taxpayers is a matter for Revenue and, in monitoring tax compliance, Revenue can scrutinise returns received to ensure they comply with legislative provisions. While I cannot comment on a specific taxpayer, I can give...

Written Answers — Department of Finance: Value Added Tax (1 Dec 2020)

Paschal Donohoe: As the Deputy will be aware, the VAT rate applied to Tourism and Hospitality related goods and services has been temporarily reduced from 13.5% to 9%, from 1 November 2020 to 31 December 2021, in recognition of the unprecedented challenges facing the sector. This change will apply to restaurant supplies, tourist accommodation, cinemas, theatres, museums, historic houses, open farms, amusement...