Results 9,101-9,120 of 32,864 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Insurance Costs (20 Jun 2017)

Paschal Donohoe: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  Neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept.  This...

Written Answers — Department of Finance: Tax Reliefs Application (20 Jun 2017)

Paschal Donohoe: I am advised by Revenue that there are two forms of relief from Capital Acquisitions Tax (CAT) that are relevant in the circumstances outlined by the Deputy. The first, known as ‘agricultural relief’, may apply to reduce the taxable value of a gift or inheritance of agricultural property, including land, by 90% once certain conditions are satisfied. The second, referred to...

Written Answers — Department of Finance: Departmental Schemes (20 Jun 2017)

Paschal Donohoe: I propose to take Questions Nos. 302 and 304 together. The Living over the Shop (LOTS) incentive was introduced in 2001 in the five city boroughs of Cork, Dublin, Galway, Limerick and Waterford. It provided relief of 100 per cent for eligible expenditure on the refurbishment or conversion of under-utilised space for residential accommodation at a rate of 10 per cent per annum over 10...

Written Answers — Department of Finance: Housing Issues (20 Jun 2017)

Paschal Donohoe: The NTMA have confirmed to my officials that it has not been possible to meet the deadline for the Rebuilding Ireland Action. Despite this in the social and affordable market, in line with Rebuilding Ireland commitments, the Ireland Strategic Investment Fund (ISIF) and a number of key Government Departments are continuing to examine the feasibility of establishing a funding vehicle,...

Written Answers — Department of Finance: Tax Exemptions (20 Jun 2017)

Paschal Donohoe: Finance Act 2016 contained a number of measures in relation to IREFs, including Stamp Duty exemptions intended to facilitate the transfer of a business out of an IREF and into a legal structure in which it would be more normal to see such a business conducted.  These Stamp Duty exemptions are: - Section 739V (5) of the Taxes Consolidation Act (TCA) 1997, in respect of a transfer of the...

Written Answers — Department of Finance: Tax Exemptions (20 Jun 2017)

Paschal Donohoe: I am informed by the Revenue Commissioners that the information furnished on VAT returns does not require the yield from particular trades or activities to be separately identified, the VAT incurred on property management fees is not readily identifiable. Therefore, it is not possible to provide the cost of exempting IREF funds from VAT on property management fees. The Deputy may wish to...

Written Answers — Department of Finance: Banking Sector (20 Jun 2017)

Paschal Donohoe: I propose to take Questions Nos. 307 and 308 together. As the Deputy will be aware, on 12 June, the price range was announced for the sale of AIB shares by way of an Initial Public Offering on the Irish and London stock exchanges. The expected price range for the offer has been set at between €3.90 and €4.90 per Ordinary Share, implying a market capitalisation for AIB on...

Written Answers — Department of Finance: State Banking Sector (20 Jun 2017)

Paschal Donohoe: The Deputy should be aware that in line with the State agreements with AIB, all fees incurred by the State in relation to an IPO transaction will be paid by the bank. Fees are only payable to the selling syndicate of nine investment banks on the completion of a successful transaction, and are proportional to the value of the transaction. As such it is not possible to provide an...

Written Answers — Department of Finance: Financial Services Sector (20 Jun 2017)

Paschal Donohoe: I am aware of the matters relating to certain property investment funds that the Deputy has raised, which my officials will continue to monitor. However, as litigation relating to a number of funds, including those identified by the Deputy, are currently before the courts, it would be inappropriate for me to comment at this time.

Written Answers — Department of Finance: Tax Reliefs Data (20 Jun 2017)

Paschal Donohoe: I am advised by Revenue that prior to 2015, the Film Relief scheme, provided for by Section 481 Taxes Consolidation Act (TCA) 1997, operated by giving relief to individuals and companies investing in the film industry. The information in respect of the tax cost and number of investors who claimed relief under section 481 for the years 2004 to 2014 is available on the Revenue Commissioners...

Written Answers — Department of Finance: Financial Services Sector (20 Jun 2017)

Paschal Donohoe: I have been informed by the Central Bank that it does not track data relating to unregulated non-bank lenders. However, the SME Credit Demand Survey, conducted on behalf of the Department, monitors the credit requirements of SMEs.  The latest survey indicates that non-bank finance for SMEs is considerably lower than bank finance. For the period April to September 2016, the survey...

Written Answers — Department of Finance: Mortgage Book Sales (20 Jun 2017)

Paschal Donohoe: Significant progress has been made across the Irish banking sector in reducing the level of NPLs since the financial crisis. This has been primarily achieved by customers engaging directly with their banks and agreeing a sustainable payment plan which allows the customer an achievable path out of arrears, as well as protecting the value of the loan for the bank. In the vast majority...

Written Answers — Department of Finance: Fiscal Policy (20 Jun 2017)

Paschal Donohoe: As part of the 2016 Summer Economic Statement, the Government announced its intention to establish a contingency reserve/rainy day fund with effect from 2019.  The crisis years clearly demonstrated that volatility in the economic cycle can be much more pronounced due to the open nature of the Irish economy. As such, the rainy day fund would provide a prudent counter-cyclical buffer,...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (20 Jun 2017)

Paschal Donohoe: The strategic mission of the Strategic Banking Corporation of Ireland (SBCI) is to deliver effective financial supports to Irish SMEs that address failures in the Irish credit market, while driving competition and innovation and ensuring the efficient use of available EU resources. The SBCI achieves this aim through the provision of low cost liquidity and risk sharing activities supporting...

Written Answers — Department of Finance: Mortgage Arrears Proposals (20 Jun 2017)

Paschal Donohoe: The Central Bank publishes updates on the Mortgage Arrears and Repossession figures with a significant amount of detail.  The most recent set of statistics was published on 8 June 2017. While the Central Bank collects some additional breakdown on the up to 90 days in arrears category, these breakdowns can be affected by technical  issues, mainly to do with timing, which can cause...

Written Answers — Department of Finance: Fiscal Compact Treaty (20 Jun 2017)

Paschal Donohoe: I am currently unaware of any review underway or planned by the European Commission on the European Fiscal Rules. Nor have I raised the possibility of such a review with the Council of European Finance Ministers. However, changes are made on a regular basis to both the operation of the fiscal rules and the methodology used to assess compliance, particularly in relation to the...

Written Answers — Department of Finance: Insurance Compensation Fund (20 Jun 2017)

Paschal Donohoe: I am advised that the following represents the current financial position of the Insurance Compensation Fund: - Amount Insurance levy revenue received in 2016 €73.28m Insurance levy revenue received to date in 2017 €20.75m Repayments of amounts advanced under Section 5(1) of the 1964 Insurance Act by the Minister of Finance on the recommendation of the Central Bank in...

Written Answers — Department of Finance: Fiscal Policy (20 Jun 2017)

Paschal Donohoe: My Department prepares and publishes a risk and sensitivity analysis around the macroeconomic and fiscal forecasts on a biannual basis. The most recent sensitivity analysis was published as part of the 2017 Stability Programme Update (SPU) and included two illustrative scenarios: 1. The impact of a 1 per cent decrease in world output 2. The impact of a 1 per cent interest rate increase The...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Eligibility (20 Jun 2017)

Paschal Donohoe: The Home Renovation Incentive (HRI) provides a tax relief by way of an income tax credit on repair, renovation or improvements works on principal private residences or rental properties carried out by tax compliant contractors. HRI came into operation on 25 October 2013, with rental properties being brought within its scope from 15 October 2014. The scheme is scheduled to run until 31...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Funding (20 Jun 2017)

Paschal Donohoe: The Strategic Banking Corporation of Ireland (SBCI) is Ireland’s National Promotional Institution for SMEs and its strategic mission is to deliver effective financial supports to Irish SMEs that address failures in the Irish credit market, while driving competition and innovation and ensuring the efficient use of available EU resources. The SBCI began lending in March 2015 and it...