Results 12,061-12,080 of 32,924 for speaker:Paschal Donohoe

Other Questions: Property Tax (30 Jan 2018)

Paschal Donohoe: Of course, I am aware of the status of the local property tax, LPT, the proposed changes and the debate that is ensuing regarding it. This is why I recently announced a review of the LPT which will look in particular at the impact on LPT liabilities of property price developments. It will include an examination of the outstanding recommendations of the 2015 Thornhill review of the LPT. It...

Other Questions: Property Tax (30 Jan 2018)

Paschal Donohoe: The Deputy opened up by quoting Karl Marx. I think it was Marx who said that history repeats itself first as tragedy and then as farce. It is a relevant point in the debate we are having here regarding tax policy. In the last Dáil, many of the inquiries that were put in place to look at how we ended up in a place of multiple economic crises - all at the same time - pointed to the fact...

Other Questions: Property Tax (30 Jan 2018)

Paschal Donohoe: Deputy Boyd Barrett proposes that we introduce some form of landlord's tax. Let us play that out. Let us play out what would happen if we were to increase taxation on landlords to find the additional revenue to offset the elimination of the local property tax, as Deputy Boyd Barrett proposes. In order to do that we would need to find an additional €500 million of tax revenue from the...

Other Questions: Property Tax (30 Jan 2018)

Paschal Donohoe: I am glad the Deputy thinks it is a good idea. However, he has failed to acknowledge that his definition of wealth is somebody else's roof under which they are sleeping at the moment. I will not put in place any kind of tax measure as the Deputy is proposing that has the risk of incentivising further landlords to leave the rental sector and exacerbating the kinds of difficulties to which...

Other Questions: Property Tax (30 Jan 2018)

Paschal Donohoe: That risk would be there if we took such action. In response to Deputy Broughan, I am aware of the work of the parliamentary body on the future of LPT. I am also aware of the debate in the Committee on Budgetary Oversight afterwards where it proved very difficult to find consensus on what the new tax model should be. Some members of the committee said we should move to floor-area basis...

Other Questions: National Debt Servicing (30 Jan 2018)

Paschal Donohoe: NAMA was established in December 2009 and its debts of nearly €32 billion represented a substantial contingent liability to the State. The State recapitalised the domestic banking system at a gross cost of €64 billion, adding around 40% of national income to national debt. As a result of this, as well as the mismanagement of the public finances, total Government debt now stands...

Other Questions: National Debt Servicing (30 Jan 2018)

Paschal Donohoe: We are in constant engagement with the European Commission on how we define a structural reform. To date it has been my view that such gains should be used to reduce our debt. However, if we look at where we are in the economic cycle, our national debt is now far higher than it was before we entered into the last crisis, which means that were we to find ourselves facing similar difficulties...

Other Questions: National Debt Servicing (30 Jan 2018)

Paschal Donohoe: There is ample imagination in the Department of Finance when it comes to dealing with these kinds of matters. That is why this morning the Cabinet agreed to move forward with the concept of House Building Finance Ireland, which will have personnel from NAMA but will not be of NAMA because we have to avoid any potential conflicts of interest. We will fund that through money that is currently...

Other Questions: Common Consolidated Corporate Tax Base Proposals (30 Jan 2018)

Paschal Donohoe: No. The Deputy points to miserable failure. I point to the fact that, over recent years, we have been successful in protecting our corporate tax policy. As the Deputy will know, the level of corporation tax receipts that we collect has moved from €4 billion to €8 billion which does not meet any definition of miserable failure. More broadly, any tax directive at EU level...

Other Questions: Common Consolidated Corporate Tax Base Proposals (30 Jan 2018)

Paschal Donohoe: The only instruction I give to our officials is to participate fully in all discussions about issues that affect Ireland and to represent our national interest, which they do. I will not agree to any proposals that undermine our decision-making rights on the future of taxation in Ireland or undermine the legitimate use of corporate tax policy to retain and attract jobs to our country.

Other Questions: Credit Unions (30 Jan 2018)

Paschal Donohoe: I can advise the Deputy that my Department is aware of the paper from the Centre for Community Finance Europe Limited, CFCFE, on Irish credit union business models which was commissioned by the credit unions that helped found the CFCFE, including a number of Irish credit unions. The paper argues that the traditional, simple business model of credit unions in Ireland needs to change if they...

Other Questions: Credit Unions (30 Jan 2018)

Paschal Donohoe: As I said in my initial response to the question, the credit union advisory committee, CUAC, will focus on this issue in 2018. I believe that is the appropriate way in which this happens. In regard to the various points put to me, it is not the role of the Central Bank to engender activity. Rather, it is the role of the Central Bank to regulate.

Other Questions: Credit Unions (30 Jan 2018)

Paschal Donohoe: I want to see a credit union movement in Ireland that is sustainable, vibrant and meets the level of social and economic need that I know exists within this country. I have met the representative bodies of the credit union movement and I emphasised that point to them. While I am not a decision maker in regard to communication between the Central Bank and the credit union movement I am aware...

Written Answers — Department of Finance: Insurance Costs (30 Jan 2018)

Paschal Donohoe: As the Deputy is aware, the Cost of Insurance Working Group was established in July 2016 to identify and examine the drivers of the cost of insurance and to recommend short, medium and long term measures, legislative and otherwise, to address the issue of increasing insurance costs, taking account of the requirement for the need to ensure a financially stable insurance sector. The Working...

Written Answers — Department of Finance: European Central Bank (30 Jan 2018)

Paschal Donohoe: At the Eurogroup meeting of Eurozone Finance Ministers on 22 January, the Eurogroup President initiated the procedure for the appointment of a new Vice-President of the European Central Bank with a call for candidacies. The term of the incumbent, Vítor Constâncio, ends on 31 May 2018.  Other board member appointment do not arise until 2019. With regard to the position of...

Written Answers — Department of Finance: Motor Insurance Costs (30 Jan 2018)

Paschal Donohoe: I propose to take Questions Nos. 82, 93 and 108 together. The Cost of Insurance Working Group’s Report on the Cost of Motor Insurance was published in January 2017 and makes 33 recommendations with 71 associated actions to be carried out in agreed timeframes, which are set out in an Action Plan.  In line with the commitment to publish quarterly update reports on the...

Written Answers — Department of Finance: State Aid Investigations (30 Jan 2018)

Paschal Donohoe: Notwithstanding the appeal that the Government has lodged in the Apple State Aid case, Ireland is required to comply with the binding articles of the Commission’s Final Decision and to recover the alleged aid from Apple. Irish officials are continuing this work to ensure that the State complies with all our recovery obligations as soon as possible.  The Commission has...

Written Answers — Department of Finance: State Aid Investigations (30 Jan 2018)

Paschal Donohoe: I propose to take Questions Nos. 84 and 94 together. In late 2015, a complaint was submitted to the Competition Directorate of the European Commission (DG Comp) by a small number of property developers - including some former NAMA debtors - alleging that there may be State aid implications to NAMA's providing financing for the development of commercially viable residential...

Written Answers — Department of Finance: Legal Proceedings (30 Jan 2018)

Paschal Donohoe: A plenary summons in the proceedings entitled "David Hall v Minister for Finance, Ireland and the Attorney General" dated 8 December 2017 was received by the Department of Finance on 11 December.  The Chief State Solicitor's Office entered an Appearance for the respondents on 14 December, and has instructed counsel.  The plaintiff's Statement of Claim has not yet been...

Written Answers — Department of Finance: EU Budget Contribution (30 Jan 2018)

Paschal Donohoe: As the Deputy will be aware, the EU negotiating directives have provided for a clear structure and a united EU approach to Brexit negotiations. In practice, there have been six negotiation rounds between the EU and the UK, between June and November 2017. Sufficient progress was made at the European Council meeting held on 15 December 2017, allowing negotiations to proceed to...