Results 11,401-11,420 of 32,864 for speaker:Paschal Donohoe

Ceisteanna - Questions - Priority Questions: Stamp Duty (30 Nov 2017)

Paschal Donohoe: I will neither wave nor dab back but I hope they have a good visit and that one of them will be down here at some point in the future. 11 o’clock In my Budget Statement I announced an increase in the stamp duty rate for all non-residential property transactions, including agricultural land, from 2% to 6%. An economic rationale for this stamp duty increase was published on budget...

Ceisteanna - Questions - Priority Questions: Stamp Duty (30 Nov 2017)

Paschal Donohoe: The revenue property-related transaction taxes are generating for the Exchequer will be approximately 3% of the total tax take for next year, which is well below where it was in the period leading up to the crash. Regarding developments in terms of non-housing building and construction, my Department forecasts that this sector accounts for 8% of national income which would rise to 10% in the...

Ceisteanna - Questions - Priority Questions: Stamp Duty (30 Nov 2017)

Paschal Donohoe: I have introduced measures to deal with the issue of consolidation. We made a further change to the Finance Bill to deal with the specific issue so as to ensure the incentives to allow farmers to consolidate their farm holdings would remain in place. I introduced a stamp duty rate of 1%-----

Ceisteanna - Questions - Priority Questions: Stamp Duty (30 Nov 2017)

Paschal Donohoe: -----which is consistent with what we have done in the case of consanguinity relief.

Ceisteanna - Questions - Priority Questions: Stamp Duty (30 Nov 2017)

Paschal Donohoe: On the recovery in the commercial property market, commercial property values have risen by 75% since 2013.

Ceisteanna - Questions - Priority Questions: Stamp Duty (30 Nov 2017)

Paschal Donohoe: These are national figures.

Ceisteanna - Questions - Priority Questions: Stamp Duty (30 Nov 2017)

Paschal Donohoe: Values are up by 75%. If we do not use opportunities such as this to reset tax rates after that level of growth, we will be back on the path to having a narrow tax base that will not help to sustain the public services. It is the right measure. I faced a challenge. If I had redefined the definition of non-residential commercial property in the Finance Bill to remove a particular category...

Ceisteanna - Questions - Priority Questions: Local Authority Funding (30 Nov 2017)

Paschal Donohoe: The Department of Finance engaged Dr. Don Thornhill in 2015 to conduct a review to consider and make recommendations on the operation of local proerty tax, LPT, in particular any impact on LPT liabilities owing to property price developments. Dr. Thornhill made a number of recommendations in his report. His central recommendation was for a revised system whereby a minimum level of LPT...

Ceisteanna - Questions - Priority Questions: Local Authority Funding (30 Nov 2017)

Paschal Donohoe: We will consider the baseline issue in the context of the review that will start in the new year but we have made no decisions in respect of how the tax will be structured beyond the dates I have indicated. We will put the group in place to make recommendations to me and I will decide on what to do well in advance of the decision point for 2019. My objective is to ensure stability in regard...

Ceisteanna - Questions - Priority Questions: Local Authority Funding (30 Nov 2017)

Paschal Donohoe: It is not a fundamental flaw in the structure. The structure is as it is because it has a historical link. When the fund was being organised and the structure for the LPT was being put in place, the Department looked back at funding that was previously received by local authorities, through the local government fund, by means of a general purpose grant. I then considered the level of...

Other Questions: Strategic Banking Corporation of Ireland (30 Nov 2017)

Paschal Donohoe: The SBCI's purpose is to facilitate access to more flexible, appropriately priced finance with better terms to SMEs as well as promoting the economic development of rural and regional SMEs. It does this by delivering effective financial support to Irish SMEs and addressing failures in the Irish credit market while also encouraging competition and innovation. It began lending in March...

Other Questions: Strategic Banking Corporation of Ireland (30 Nov 2017)

Paschal Donohoe: In response to the Deputy's two points about the availability of credit for SMEs outside Dublin I reiterate the point I made, that 85% of the funding available to the Strategic Banking Corporation of Ireland for lending is made available through its intermediaries to SMEs located outside the capital city. This points to the fact that it has been successful in supporting SMEs in rural Ireland...

Other Questions: Strategic Banking Corporation of Ireland (30 Nov 2017)

Paschal Donohoe: I was asked several questions. If I did not answer the questions put to me, the Deputy would say I was not answering her questions.

Other Questions: Strategic Banking Corporation of Ireland (30 Nov 2017)

Paschal Donohoe: Briefly, that is why we are setting up home building finance Ireland early next year to provide funding for the kind of projects to which the Deputy referred.

Other Questions: Strategic Banking Corporation of Ireland (30 Nov 2017)

Paschal Donohoe: Home building finance Ireland will not be lending through the pillar banks or intermediaries. It will lend directly to companies that can provide a viable business plan, that are deserving of funding and that need funding. They will not do it through intermediaries for the reason identified by the Deputy. Those involved in running home building finance Ireland and those who will be making...

Other Questions: Strategic Banking Corporation of Ireland (30 Nov 2017)

Paschal Donohoe: They are the same question and I am happy for them to be taken together.

Other Questions: Banking Sector Regulation (30 Nov 2017)

Paschal Donohoe: I propose to take Questions Nos. 7 and 32 together. I am informed by the Central Bank that, while it cannot generally comment on interactions with regulated firms, the Ulster Bank Ireland designated activity company is engaging with the bank in relation to this matter.  As the Deputy is aware, in November 2016, RBS announced a new complaints review process overseen by an independent...

Other Questions: Banking Sector Regulation (30 Nov 2017)

Paschal Donohoe: I confirm that the Central Bank of Ireland is now engaged in this matter. It would not be appropriate for me to indicate what the status of this engagement is, nor can I do so, because the bank is leading that work as the independent Central Bank of Ireland. The Deputy will be aware of the legal protections in place for firms which have been affected by this issue. They include the...

Other Questions: Banking Sector Regulation (30 Nov 2017)

Paschal Donohoe: No, I have not discussed this matter with Ulster Bank. The reason is that this matter and the work being done on it are being handled by the Central Bank. I must recognise the authority and role of the Central Bank in the matter. Given its seriousness, I first want the Central Bank to conclude the work under way before I make any further comment.

Other Questions: Banking Sector Regulation (30 Nov 2017)

Paschal Donohoe: I am aware of the Deputies' views on this matter and the way in which the issue has unfolded and been dealt with in the United Kingdom. I am also aware of the consequences for many of the companies and firms that dealt with the group. There may be a point in the future at which I or the Central Bank can say more about the work the bank is doing, but I cannot do so while the work is ongoing....