Results 5,481-5,500 of 34,779 for speaker:Seán Fleming
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)
Seán Fleming: I just do not understand the figure. If approximately €500 million is to be collected this year and €10 million has been collected, that is just 2%. However, Ms Feehily has told us that 200,000 people have already paid for 2014.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)
Seán Fleming: That is fine. With regard to the lead-in time for people who want to use a credit or debit card, we had the same issue last summer. People complained in May, but they paid the tax using their cards. Therefore, we knew about the issue. Therefore, there is no doubt that everybody involved in the Department of Finance and the Government could not but have known that a similar problem would...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)
Seán Fleming: The Revenue Commissioners are putting a big emphasis on encouraging people to sign up to a phased payment, by way of deduction from wages or by direct debit. In the booklet issued to every house last year, it was stated the Revenue will advise the pension provider or relevant Department of the amount to be collected. Revenue wants to get a lot of people onto the phased payment method,...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)
Seán Fleming: I understand the nodding of the head, but the person recording this might not.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)
Seán Fleming: Local authorities can increase the rate by 15%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)
Seán Fleming: Yes, but there is provision in the legislation to increase it by 15% from next September, and this becomes effective in those counties or local authority areas from 1 January 2015.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)
Seán Fleming: People who are paying by direct debit, salary deduction or through deductions from social welfare payments will have an increased amount taken out of their account from January 2015-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)
Seán Fleming: There is a lot of talking going on.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)
Seán Fleming: I am making one net point. The logical consequence of the legislation is that when Revenue seeks payment by direct debit, people will think that they can pay one twelfth of their liability each month, but if the local authorities increase the total amount by 15%, the Revenue will be taking that extra money out of people's account by way of direct debit. Based on the legislation, the Revenue...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)
Seán Fleming: Ms Feehily will notify those people.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)
Seán Fleming: In accordance with the legislation.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Local Property Tax: Discussion with Revenue (7 Nov 2013)
Seán Fleming: I want to ask a supplementary question based on what Ms Feehily just said. She said that some of the service providers accept debit but not credit cards. The three service providers, as I understand it, are An Post, Payzone and Omnivend. Will Ms Feehily tell the public today, because I do not think many would know, which of the three service providers accept debit cards and which do not?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: I thank Mr. Carrigan and the officials for attending. If the resolution fund was in place, would that in any way lessen capital ratio requirements under Basel II because at least it would be a level of protection with a resolution fund in place in the event of a resolution being required? It is an insurance policy for people who have deposits. If the resolution fund was not in place there...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: I am sure those rules were drawn up before this resolution process was drawn up.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: Mr. Carrigan can understand the concern that some people might have because they feel at least the ultimate damage to their depositors would be less knowing there is a resolution fund in place. I get his point. There is a question of moral hazard and that is subjective, and that is what the supervisory mechanism is there to ensure does not happen. That leads me on to my next question. ...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: They will have resolution responsibility but would they have any supervisory responsibility?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: The resolution fund.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: Only after the problem has occurred.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: We will essentially have two supervisory mechanisms in place, one carried out by the single supervisory mechanism and probably a lighter version carried out directly by the European Central Bank through its agent in each of the countries at a lighter level. Will there be heavy supervision and light supervision, depending on whether one is a significant institution?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: I ask the question from the perspective of a layman.