Results 29,421-29,440 of 33,214 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: Yes, it does. If the Deputy looks again at the new section 33ARA(1)(c)(i), it refers to "how quickly, effectively and completely the person brought the prescribed contravention to the attention of a regulated financial service provider, the Bank or...[the]...relevant regulatory" body. Failing to do so is as relevant an issue as doing something. The reference is to the "degree of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: The answer to the Deputy's question is "Yes", which is why there is reference to the "degree of co-operation". The lack of co-operation or a low-level of such co-operation is encapsulated in the drafting which refers to "degree".

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: I am confident the matter is dealt with. If the Deputy has a look at the conduct standards, subsection 53E(1)(c)(v), and we are going back to where we were earlier, refers to "not destroying, hiding or putting beyond reach information or records that it is reasonable for the person to expect to be required to be disclosed under financial services legislation".

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: My officials advise me that this matter is dealt with under the drafting of "degree of co-operation". This is why it is captured. I completely understand where the Deputy is coming from, but this is why a consideration articulated in the legislation is the actual conduct of the person during the commission. In the Deputy's scenario, and it is more than hypothetical, unfortunately, what we...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: I will speak to the section. This Bill amends section 33AV of the 1942 Act to provide that the bank may enter into an agreement with an individual or regulated financial services provider to resolve a suspected contravention. It amends the section to provide that such an agreement may not be entered into where there is an admission by the person concerned of committing or participating in a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: I believe it would only be institutions, but I will check to see whether there were individuals. I would imagine it would only be institutions.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: I understand the Deputy’s point. It is exceedingly unlikely that the Central Bank would enter into such an agreement about matters that it would be concerned are of a serious nature. That is exceedingly unlikely, but I do understand the issue that the Deputy is raising and between now and Report Stage I will look at the drafting of this section.

Written Answers — Department of Finance: Sports Funding (13 Dec 2022)

Paschal Donohoe: I propose to take Questions Nos. 234 and 241 together. Details of the new Temporary Business Energy Support Scheme (TBESS) are set out in Finance Bill 2022. The scheme provides support to qualifying businesses in respect of energy costs relating to the period from 1 September 2022 to 28 February 2023 and is available to tax compliant businesses carrying on a trade or profession the profits...

Written Answers — Department of Finance: Departmental Policies (13 Dec 2022)

Paschal Donohoe: Since the formation of the Government on 27 June 2020 the Department of Finance has delivered a number of policy achievements which include; - Budget 2021, 22 and 23 The unforeseen challenges of Ukraine, the ongoing recovery from the pandemic and the continuing fallout from Brexit were addressed from a position of strength with record levels of employment and a budget surplus. - Covid 19...

Written Answers — Department of Finance: Banking Sector (13 Dec 2022)

Paschal Donohoe: The IBRC Ninth Progress Update report was published on 9 September 2022 and provides information on costs incurred in the special liquidation to date, with cost information also provided by workstream and by time period. I am advised by the Special Liquidators that they are precluded from providing the details sought in relation to individual assets, as this is commercially sensitive...

Written Answers — Department of Finance: Consumer Protection (13 Dec 2022)

Paschal Donohoe: Directive 2015/2366/EU on payment services (or “PSD2”) was transposed into Irish law, with effect from 13 January 2018, by the European Union (Payment Services) Regulations, 2018 (S.I. No.6 of 2018, hereafter referred to as the PSRs). The PSRs set out the industry requirements concerning liabilities for unauthorised payment transactions and the applicable security requirements...

Written Answers — Department of Finance: Departmental Schemes (13 Dec 2022)

Paschal Donohoe: As the Deputy is aware, I committed to a comprehensive review of the DDS, of which the fuel grant is a part, under the auspices of a broader review of mobility supports. In order to achieve this objective, Minister O’Gorman agreed in September 2021 that the DDS review should be incorporated into the work of the National Disability Inclusion Strategy (NDIS) Transport Working Group...

Written Answers — Department of Finance: Tax Code (13 Dec 2022)

Paschal Donohoe: I assume that the Deputy has in mind the personal income tax package changes announced in the Budget. Budget 2023 brought forward a significant personal tax package with an estimated cost next year of over €1.13 billion. The Standard Rate Cut-Off Point is being increased by €3,200 from €36,800 to €40,000 for a single individual (8.7% increase), with...

Written Answers — Department of Finance: Tax Code (13 Dec 2022)

Paschal Donohoe: In general, no Government in Ireland has followed a policy of strict indexation of tax credits or rate bands, as this does not allow flexibility to adapt spending as necessary to the level of resources available to the Government for any given Budget. Such a policy could also potentially restrict the ability of the Government to target resources where the need is greatest. However, as the...

Written Answers — Department of Finance: Financial Services (13 Dec 2022)

Paschal Donohoe: The Central Bank of Ireland advises that Pepper Finance Corporation (Ireland) Designated Activity Company, trading as Pepper Money and Pepper Asset Servicing, is authorised by it as a Retail Credit Firm (RCF). RCFs are required to comply with all relevant requirements of financial services legislation, including the regulatory requirements as set out in the Central Bank's existing codes of...

Written Answers — Department of Finance: Revenue Commissioners (13 Dec 2022)

Paschal Donohoe: I am advised by Revenue that it selects cases for compliance intervention based primarily on risk, although a small proportion of random interventions are carried out each year in order to test risk assumptions. Each intervention is intended to be in the form which is most efficient in terms of time and resources, and which imposes the least cost on both the taxpayer and on Revenue, whilst...

Written Answers — Department of Finance: Tax Code (13 Dec 2022)

Paschal Donohoe: Recent Government policy has focused on strengthening the environmental rationale behind company car taxation. Until the changes I brought in as part of the Finance Act 2019, Ireland’s vehicle benefit-in-kind regime was unusual in that there was no overall CO2 rationale in the regime. This is despite a CO2 based vehicle BIK regime being legislated for as far back as 2008 (but never...

Written Answers — Department of Finance: National Asset Management Agency (13 Dec 2022)

Paschal Donohoe: The Special Liquidators have advised me that Goodbody provided sales advisory services to Irish Bank Resolution Corporation Limited (In Special Liquidation) (“IBRC”) in relation to IBRC’s holding of NAMA subordinated bonds in 2014. They were not engaged in 2015 as all of IBRC’s holdings of the bonds were sold in 2014. I am advised by the Special Liquidators that...

Written Answers — Department of Finance: National Asset Management Agency (13 Dec 2022)

Paschal Donohoe: The Special Liquidators have informed me, as Minister for Finance, that the identity of the purchasers of IBRC’s holding of the NAMA subordinated bonds in 2014 is commercially sensitive and confidential.