Results 23,541-23,560 of 33,175 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Banking Sector (25 Mar 2021)

Paschal Donohoe: I propose to take Questions Nos. 47 and 48 together. NatWest's decision to withdraw Ulster Bank from the Irish market and the decision by Bank of Ireland to close 88 branches in the Republic of Ireland are regrettable and they represent unfavourable developments for the Irish banking market. However, I welcome that NatWest confirmed that it is negotiations with Permanent TSB...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Financial Services Regulation (31 Mar 2021)

Paschal Donohoe: As the Deputy is very well aware, the Central Bank has recently reprimanded Ulster Bank and Davy for regulatory breaches that resulted in substantial fines being issued. I wish to recognise the extensive work undertaken by the Central Bank in achieving those results. The bank already has extensive regulatory powers to investigate and impose sanctions where there are breaches of financial...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Financial Services Regulation (31 Mar 2021)

Paschal Donohoe: The party of which I am a member is the one which introduced, with its colleagues in government at the time, the Central Bank regulations of 2014 and there is sufficient legislation available to the Central Bank to allow it take action against individuals if it believes a case is merited. The inference of the Deputy is that legislation is not in place to allow action be taken against...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Financial Services Regulation (31 Mar 2021)

Paschal Donohoe: We are giving it priority. Fines have been levied against companies for unacceptable behaviour. Action has been taken, for example, by the National Treasury Management Agency in dealing with the Davy matter and it demonstrates the seriousness with which the State has taken such matters, including the behaviour I condemned and which has been the subject of very heavy fines from the Central...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Covid-19 Pandemic Supports (31 Mar 2021)

Paschal Donohoe: As the Deputy is aware, the Government has introduced a series of supports to help businesses deal with the impact of the Covid-19 pandemic. These measures are specifically targeted at supporting businesses negatively affected by the pandemic in retaining their employees on payroll and include the employment wage subsidy scheme and its predecessor, the temporary scheme. With regard to...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Covid-19 Pandemic Supports (31 Mar 2021)

Paschal Donohoe: We are absolutely committed to the roll-out of the national broadband plan and I accept the Deputy's point that one of the very big questions undermining the ability of those who now must work from home in doing that work is the matter of broadband speed and connectivity. We are working hard to deliver that plan. Of course, the main issue we have is public health guidance that prevents some...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Covid-19 Pandemic Supports (31 Mar 2021)

Paschal Donohoe: In a lot of instances, I think the Deputy is right that these matters are better dealt with through the use of grants or payments rather than through our tax code. The difficulty of doing it through our tax code is if somebody has a low level of income and, therefore, pays a low level of tax, the ability of the State to help with expense can be weakened because they are not paying a lot of...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Insurance Industry Regulation (31 Mar 2021)

Paschal Donohoe: The Government is committed to bringing about meaningful insurance reform, as is reflected in the programme for Government. The action plan for insurance reform contains 66 actions across several departmental policy areas. Its implementation is overseen by a Cabinet subgroup on insurance reform, which met last week. Achievements to date include the adoption of personal injury guidelines by...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Insurance Industry Regulation (31 Mar 2021)

Paschal Donohoe: The Government put such effort into the passage of the guidelines and gaining agreement to their implementation because of the commitment the Government has to reducing the award levels. We expect this, in turn, to have a significant effect on premiums and costs, which we accept are critical and difficult issues for many holders of private insurance policies and, in particular, employers at...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Insurance Industry Regulation (31 Mar 2021)

Paschal Donohoe: The Deputy is standing up here and one of the main things he is thinking about is how he can generate accusations about me and imply the Government is not taking this seriously. We brought in this legislation and made these changes. We welcome the fact that the Judicial Council has issued guidelines that are consistent with the Government's aim of reducing the level of awards made in our...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Covid-19 Pandemic (31 Mar 2021)

Paschal Donohoe: It is the pandemic that is causing the harm the Deputy refers to, not the Government. We are acutely aware that the pandemic and the necessary public health measures introduced to control the spread of the virus have had a huge impact on our economy and society. Recognising this, the Government has acted decisively and on an unprecedented scale. Almost €38 billion in fiscal support...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Covid-19 Pandemic (31 Mar 2021)

Paschal Donohoe: What other countries have proved that the use of public health measures and the restrictions on mobility and businesses opening do not work? What countries have proved they have alternative ways of tackling this disease? Name them. I heard him say a moment ago that the WHO said lockdowns do not work. I would love to hear the Deputy's argument for that in a moment, given that the WHO...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Covid-19 Pandemic (31 Mar 2021)

Paschal Donohoe: Other countries have exited lockdown after being in lockdown for periods as well. Those are the facts. I asked the Deputy if he could give me an example of a country that has not used lockdown measures to suppress the disease. I did not hear the answer in the statement he made back to me. I do not know what the Deputy is suggesting regarding what agenda he feels I may have. The only...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Banking Sector Remuneration (31 Mar 2021)

Paschal Donohoe: I believe this is a positive outcome for the Irish economy. It is important have a competitive and vibrant stockbroking sector in our country to help to ensure Irish companies and employers can access the funding they need to finance their future growth plans and employ more people in Ireland, particularly as we exit from Covid-19. It is also a particularly welcome use for Fexco, which...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Banking Sector Remuneration (31 Mar 2021)

Paschal Donohoe: This is about the future of three Irish companies, namely, AIB, Fexco and Goodbody. This is a transaction that is good for a large employer and financial service provider in our country. For Fexco, the original owners of Goodbody, this is a transaction that is important and beneficial for its future. The future of Irish companies matters to me. The Deputy referred to the fact that we...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Banking Sector Remuneration (31 Mar 2021)

Paschal Donohoe: Bonuses paid to Goodbody were paid by a company that the State at that point did not own. What I am doing here is allowing remuneration in Goodbody to continue as it was in the past. I am allowing AIB to continue to be subject to the policy in place relating to bankers' pay. It is really clear what is happening. I do not have available to me now the information regarding the level of...

Ceisteanna Eile - Other Questions: Banking Sector (31 Mar 2021)

Paschal Donohoe: As the Deputy will be aware, decisions with regard to staff and the management of branch networks are the responsibility of the board and management of individual banks, which are run on an independent and commercial basis. As Minister for Finance, I do not have a role in these commercial decisions. The withdrawal of Ulster Bank from the market and the decision by Bank of Ireland to...

Ceisteanna Eile - Other Questions: Banking Sector (31 Mar 2021)

Paschal Donohoe: It is only very recently that I have ever heard Deputy Barry talk about the people who work in the banks. Any time he stood up all he had were words of harsh criticism for banks, which at times I understand, but I have never heard him make any reference to the people who work in the banks in any exchange with me until recent weeks. I welcome his new-found interest in the people who work for...

Ceisteanna Eile - Other Questions: Banking Sector (31 Mar 2021)

Paschal Donohoe: I am well aware of the responsibilities I have. It is interesting to hear the Deputy refer to the interest he appears to have had for many decades in the people who work for those banks. I stand by the comment I made. The first time he ever raised this matter with me was in recent weeks. I am of course aware of the challenges many big employers face within our country, but many of them...

Ceisteanna Eile - Other Questions: Tax Code (31 Mar 2021)

Paschal Donohoe: Ireland’s excise duty treatment of fuel used for motor and heating purposes is based on European Union law as set out in Directive 2003/96/EC on the taxation of energy products and electricity, commonly known as the energy tax directive. Mineral oil tax is an excise duty comprised of carbon and non-carbon components. The carbon component is often referred to as carbon tax, but it...