Results 33,101-33,120 of 33,289 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Credit Unions (1 Jul 2025)

Paschal Donohoe: In conjunction with the Credit Union (Amendment) Act 2023, a number of non-legislative actions were agreed in order to encourage transparency of regulatory engagement. One of these actions was the development of an Enhanced Engagement Protocol between the Central Bank and the credit union sector. Throughout the Credit Union (Amendment) Act 2023 legislative process the Central Bank has...

Written Answers — Department of Finance: Credit Unions (1 Jul 2025)

Paschal Donohoe: The purpose of the Stabilisation Scheme is to have funds available, if needed, to assist credit unions whose reserves have temporarily fallen below the 10% minimum statutory reserve requirement but are otherwise considered by the Central Bank to be viable. To be eligible for consideration for stabilisation support, a credit union must have reserves of at least 7.5% of total assets but its...

Written Answers — Department of Finance: Credit Unions (1 Jul 2025)

Paschal Donohoe: The purpose of the Credit Institutions Resolution Fund (CIRF) is to provide a source of funding for the resolution of financial instability in, or an imminent serious threat to the financial stability of, a credit union. See below, in tabular format, the amount that has been collected each year by the Resolution Fund since its inception. Data has been extracted from the annual CIRF audited...

Written Answers — Department of Finance: Departmental Regulations (1 Jul 2025)

Paschal Donohoe: I propose to take Questions Nos. 271 and 272 together. The Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 provides that any person whose business, directly or indirectly, provides credit, including credit which is termed as 'buy now pay later' (BNPL) type credit, or hire purchase or consumer hire agreements to consumers now falls within the...

Written Answers — Department of Finance: Credit Unions (1 Jul 2025)

Paschal Donohoe: The following information has been provided by the Central Bank Of Ireland and is extracted from quarterly prudential returns submitted by credit unions to the Central Bank Of Ireland. The credit union financial year runs from 1 October to 31 September. The Deputy has asked for specific information to March each year, hence the information in tabular form below is from 1 October to the 31...

Written Answers — Department of Finance: Banking Sector (1 Jul 2025)

Paschal Donohoe: The formulation and implementation of monetary policy is an independent matter for the European Central Bank (ECB). The ECB increased official interest rates over the course of 2022 and 2023 as it moved to combat excess inflation. However, since last summer it has reduced official interest rates on eight occasions, the most recent of which came into effect from 11 June 2025. These...

Written Answers — Department of Finance: Insurance Industry (1 Jul 2025)

Paschal Donohoe: As Minister for Finance, I have policy responsibility for the development of the legal framework governing financial services regulation, including for the insurance sector. As you will appreciate, I cannot comment on individual cases or intervene in disputes that individuals may have with their bank or insurance provider. In relation to the general issue of mortgages, there is a broad...

Written Answers — Department of Finance: Pensions Reform (1 Jul 2025)

Paschal Donohoe: The Interdepartmental Pensions Reform and Taxation Group (IDPRTG) was established to carry out a number of tasks set out in the Roadmap for Pensions Reform 2018 -2023. The Roadmap set out the need to promote long-term pension saving to address income adequacy in retirement, in particular for low income earners. The IDPRTG is chaired by the Department of Finance, and includes...

Written Answers — Department of Finance: Pensions Reform (1 Jul 2025)

Paschal Donohoe: Prior to 1 January 2023, where the combined contributions by an employer and an employee to the employee’s Personal Retirement Savings Account (PRSA) did not exceed the employee’s annual percentage limit, as set out in section 787E(1) Taxes Consolidation Act 1997 (TCA), the contributions were relieved from tax. The employee’s annual percentage limit is between 15% and 40%...

Written Answers — Department of Finance: Pensions Reform (1 Jul 2025)

Paschal Donohoe: The introduction of the Automatic Enrolment Retirement Savings System, known as AE, is a landmark reform designed to get people to save for their retirement earlier thereby helping them to sustain a reasonable standard of living in their old age. It is also designed to support the long-term sustainability of the pension system more generally. As the Deputy is aware the operation of AE is...

Written Answers — Department of Finance: Pensions Reform (1 Jul 2025)

Paschal Donohoe: While there are differences in the treatment of occupational pension schemes and Personal Retirement Savings Accounts (PRSAs), these differences stem from the nature of the products. I am advised by Revenue that “master trusts” are not currently defined in either pensions or tax legislation. For tax purposes, a master trust is treated as an occupational pension scheme which...

Written Answers — Department of Finance: Insurance Coverage (1 Jul 2025)

Paschal Donohoe: As Minister for Finance, I have policy responsibility for the development of the legal framework governing financial services regulation, including for the insurance sector. Working with stakeholders such as OPW and Insurance Ireland to enhance collaboration and information sharing on the climate protection gap is a key focus of the Government’s policy to develop a sustainable, planned...

Written Answers — Department of Finance: Vehicle Registration Tax (1 Jul 2025)

Paschal Donohoe: It is assumed that the Deputy is referring to the Disabled Drivers and Disabled Passengers Scheme (DDS). The DDS provides relief from VRT and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. The relief from Value Added Tax and Vehicle Registration Tax are generous in nature amounting to up to €10,000, €16,000, €22,000,...

Written Answers — Department of Finance: Tax Reliefs (2 Jul 2025)

Paschal Donohoe: I propose to take Questions Nos. 63 to 66, inclusive, together. The Help to Buy (HTB) incentive, is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. It also has as an aim to encourage additional supply of new houses by supporting demand. HTB provides a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in...

Written Answers — Department of Finance: Tax Credits (2 Jul 2025)

Paschal Donohoe: I propose to take Questions Nos. 67 and 68 together. The Research and Development (R&D) Tax Credit is an important feature of the Irish CT system. It forms part of a suite of corporation tax measures that ensures Ireland remains an attractive location for both domestic and inward investment and building an innovation-driven domestic enterprise sector. The primary policy objective is...

Written Answers — Department of Finance: Tax Reliefs (2 Jul 2025)

Paschal Donohoe: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to limits outlined in the legislation. The legislation governing the HTB scheme is set out in section 477C...

Written Answers — Department of Finance: Tax Exemptions (2 Jul 2025)

Paschal Donohoe: It is assumed that the Deputy is referring to the Disabled Drivers and Disabled Passengers Scheme (DDS). The DDS provides relief from VRT and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. The maximum VRT and VAT reliefs under DDS provisions are set according the nature of the Primary Medical Certificate holder as a disabled driver or a disabled...

Written Answers — Department of Finance: Tax Code (2 Jul 2025)

Paschal Donohoe: Ireland's headline Capital Gains Tax (CGT) rate is 33%. It is paid on the chargeable capital gain made when a person disposes of an asset. The chargeable gain is usually the difference between the price paid for the asset and the price it is disposed of for. CGT is payable by the person making the disposal., The existence of a 33% rate of CGT can help maintain a balance between the...

Ceisteanna ó Cheannairí - Leaders' Questions (3 Jul 2025)

Paschal Donohoe: The brevity of the Deputy's question gives me a moment to outline what Government is already doing to help with student accommodation-----

Ceisteanna ó Cheannairí - Leaders' Questions (3 Jul 2025)

Paschal Donohoe: -----and to make a difference to what we know is a huge cost for many families. The Government is clear in recognising education, particularly higher and further education, allows students to fulfil their potential and plays a vital role in the economic development of our country in creating jobs and culture that is the heart of the progress Ireland is making. Let me outline the supports...