Results 9,421-9,440 of 32,864 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Insurance Compensation Fund (5 Jul 2017)

Paschal Donohoe: Following on from the Supreme Court decision on Setanta, it is my intention to bring certainty to the structure of the compensation framework in the future, particularly in the event of a liquidation of an insurer that is providing motor insurance in the State.  In order to achieve this certainty, draft Heads of a Bill to amend the Insurance Act have been prepared and will be brought to...

Written Answers — Department of Finance: Corporation Tax Regime (5 Jul 2017)

Paschal Donohoe: Loss relief for corporation tax is a standard measure available through the Irish Corporate Tax system. It allows for losses incurred in the course of business to be accounted for when calculating a business’ tax liabilities. In effect, this recognises that business cycles run over a longer period than a year, and that a business can have substantial profits one year and substantial...

Written Answers — Department of Finance: Motor Insurance Costs (5 Jul 2017)

Paschal Donohoe: I propose to take Questions Nos. 31, 48, 68 and 69 together. The Cost of Insurance Working Group, chaired by former Minister of State Eoghan Murphy T.D., finalised its Report on the Cost of Motor Insurance in December 2016 and it was published on 10 January 2017. The Report makes 33 recommendations with 71 associated actions to be carried out in agreed timeframes, which are clearly set...

Written Answers — Department of Finance: Tax Code (5 Jul 2017)

Paschal Donohoe: I have asked my officials to prepare a paper to examine the policy options with regard to the amalgamation of USC and PRSI, as one of a range of potential policy options for the short and medium term. As we have already discussed here this morning in response to Deputy Doherty’s priority question, our current three-part system of personal taxation is overly complex and can be...

Written Answers — Department of Finance: Budget Consultation Process (5 Jul 2017)

Paschal Donohoe: The Government’s plans to reduce the income tax burden for all taxpayers, with a particular focus on low to middle income earners, were clearly stated in the Programme for Government published in May 2016. The Programme for Government recognises that high personal tax rates in Ireland discourage work and jobs and have a negative impact on our international competitiveness....

Written Answers — Department of Finance: European Banking Sector (5 Jul 2017)

Paschal Donohoe: The EBA is an integral part of the European System of Financial Supervision that was established after the financial crisis. It is key that the Authority can continue its critical work with minimal disruption during the transition to a new location.  The view of the Government is that relocation to Dublin would result in the least amount of disruption for both the Authority and its...

Written Answers — Department of Finance: Insurance Costs (5 Jul 2017)

Paschal Donohoe: The Cost of Insurance Working Group is in its second phase examining the cost of employer liability insurance and public liability insurance and has so far met nine times this year, including this morning (July 5 2017), which is the first meeting that I have chaired as Minister of State.  During this time the Working Group has held extensive consultations with a range of stakeholders and...

Written Answers — Department of Finance: Brexit Issues (5 Jul 2017)

Paschal Donohoe: My Department has incorporated the estimated impact of a “hard” Brexit into the macroeconomic forecasts published in the Stability Programme Update 2017. This shock is projected to reduce GDP growth by approximately 0.7 percentage points on average per annum over the 2019-2021 period (i.e. relative to what would otherwise have been the case). These forecasts were endorsed by...

Written Answers — Department of Finance: European Investment Bank (5 Jul 2017)

Paschal Donohoe: I met the EIB President, EIB Vice President Andrew McDowell and other representatives of the Bank in Luxembourg on 23-24 May in the second formal meeting of the general EIB Ireland Financing Group. There was a wide ranging discussion on the capital and infrastructural needs of the Irish economy and the key issues that arise in trying to address these needs. This discussion included the...

Written Answers — Department of Finance: Help-To-Buy Scheme (5 Jul 2017)

Paschal Donohoe: As the Deputies may be aware, during the Committee Stage debate on Finance Bill 2016, my predecessor agreed to commission an independent impact assessment on the effects of the Help to Buy incentive for completion prior to Budget 2018. Following a competitive tender process, Indecon Economic Consultants were appointed in April to undertake this assessment. This purpose of the...

Written Answers — Department of Finance: Insurance Costs (5 Jul 2017)

Paschal Donohoe: I am advised by Insurance Ireland that they are not aware of any major increases in the cost insurance for agricultural mart owners. However, if the Deputy is aware of a specific issue facing an individual mart owner, I recommend that he or the mart owner raise it with Insurance Ireland who I understand are happy to discuss the issue as part of their free Insurance Information Service for...

Written Answers — Department of Finance: Budget Deficit (5 Jul 2017)

Paschal Donohoe: I propose to take Questions Nos. 41, 65 and 70 together. 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...

Written Answers — Department of Finance: NAMA Loans Sale (5 Jul 2017)

Paschal Donohoe: I am advised by NAMA that the company structures set up by purchasers for purchasing or managing loans or assets are a matter for the bidder and/or purchaser acting on their own tax and legal advice. NAMA has no role in examining or approving the tax affairs of market counterparties. NAMA operates in accordance with the National Asset Management Agency Act 2009 and has a...

Written Answers — Department of Finance: Universal Social Charge Yield (5 Jul 2017)

Paschal Donohoe: Cumulative Exchequer income tax receipts at end-June 2017, were slightly below profile, by 0.5% or €110 million.  Specifically, in relation to Universal Social Charge receipts at end-June were approximately 4.8% or €83 million below expectations. As the Deputy may be aware, officials from my Department and the Revenue Commissioners have been reviewing the USC...

Written Answers — Department of Finance: Personal Contract Plans (5 Jul 2017)

Paschal Donohoe: Personal Contract Plans (PCP) are a form of Hire Purchase and both the Central Bank and the Competition and Consumer Protection Commission (CCPC) have certain functions and legal powers in relation to the provision of hire-purchase agreements. While hire-purchase providers are not required to be authorised by the Central Bank, they are subject to a number of legislative and...

Written Answers — Department of Finance: NAMA Operations (5 Jul 2017)

Paschal Donohoe: The Deputy will be aware that NAMA was one of a number of additional agencies designated as Freedom of Information bodies, when the Freedom of Information Act 2014 ("FOI" Act") was enacted on October 14, 2014. As set out in the FOI Act, NAMA became subject to the legislation on April 14, 2015. I am advised by NAMA that the Agency complies fully with its...

Written Answers — Department of Finance: NAMA Operations (5 Jul 2017)

Paschal Donohoe: I do not propose to change NAMA’s mandate andI am satisfied that NAMA continues to make a significant contribution to housing provision, where such provision is compatible with NAMA’s overriding commercial objectives in line with the NAMA Act.  It is important to recognise from the outset that NAMA does not own property, rather, NAMA owns loans secured by property...

Written Answers — Department of Finance: Budget 2018 (5 Jul 2017)

Paschal Donohoe: The Programme for Partnership Government recognises the need to invest in public services and capital infrastructure to meet increasing demographic demands; to provide targeted expenditure increases for improvements focusing upon health, housing, education, disability, child care and development. It also recognises that capital investment in key physical and social infrastructure can support...

Written Answers — Department of Finance: National Debt Servicing (5 Jul 2017)

Paschal Donohoe: My Department, in conjunction with the National Treasury Management Agency (NTMA) are constantly looking to avail of any appropriate opportunity for savings on the cost of our EU-IMF Programme loans and the matter is kept under active review. The debt-to-GDP ratio has declined significantly in recent years although we must recognise the limitations of GDP in an Irish context. For a...

Written Answers — Department of Finance: Motor Insurance Costs (5 Jul 2017)

Paschal Donohoe: The former Minister for Finance, Michael Noonan T.D., established the Cost of Insurance Working Group in 2016, in consultation with the Central Bank and other Departments and Agencies. The initial focus of the Working Group was the issue of rising motor insurance and its Report on the Cost of Motor Insurance was published in January 2017.  The Report makes 33...