Results 12,861-12,880 of 32,924 for speaker:Paschal Donohoe

Other Questions: Mortgage Book Sales (27 Mar 2018)

Paschal Donohoe: As the Deputy will be aware, the definition of what constitutes an NPL is not determined by me but rather by the relevant accounting standards and regulatory bodies, including the Single Supervisory Mechanism, SSM, and the European Banking Authority. As the question specifically relates to the treatment of restructured loans, I shall repeat the context I provided in respect of this matter...

Other Questions: Mortgage Book Sales (27 Mar 2018)

Paschal Donohoe: It is appalling that anybody who is dealing a family facing such pressures would seek to treat domiciliary care allowance and its payment in the same way as they would other income streams into the home. I am aware that access to that payment is based on severe need. I also know, from ample experience, that the payment is used to help families get by in supporting loved ones that have great...

Other Questions: Mortgage Book Sales (27 Mar 2018)

Paschal Donohoe: Several points have been put to me. First, I am aware of the differing testimonies given by both banks in recent weeks. While there is no need to do so, we will, of course, look at the transcripts. We were aware of what was said during the questions put to the banks by members of the joint committee. I am aware of how this matter was handled by the different banks. I have outlined what we...

Other Questions: Mortgage Book Sales (27 Mar 2018)

Paschal Donohoe: I am well aware of the concerns on this matter. In responding to questions I try to show that we also have to get to a place where the level of non-performing loans that Irish banks have is reduced. There have been several years of economic growth in our economy. People have returned to work, in no small part due to the decisions made by the Government of which the Deputy was a member....

Other Questions: Mortgage Book Sales (27 Mar 2018)

Paschal Donohoe: Customers and citizens have been making agreements with many banks to help get through the grave difficulty in which they were and still are. The Deputy refers to structures. I can mention the personal insolvency legislation and organisations such as Abhaile, all of which have contributed to a massive reduction in mortgage arrears over recent years, for 16 or 17 consecutive quarters. That...

Other Questions: Mortgage Book Sales (27 Mar 2018)

Paschal Donohoe: I believe banks should give as much information as they possibly can to the committee and answer any questions that are put to them. I know that when banks are managing these sales, constraints are generated. I was affected by this myself in respect of what I was able to say about the Permanent TSB disclosure. However, within the constraints that are imposed due to stock market rules, it...

Other Questions: Mortgage Book Sales (27 Mar 2018)

Paschal Donohoe: When I am in front of the committee, while we do differ on matters, sometimes vigorously, I do give as much information as I can and I believe other witnesses before the committee should do the same.

Other Questions: Banking Operations (27 Mar 2018)

Paschal Donohoe: I have outlined to Permanent TSB the views that I have shared with the House this afternoon, namely, that I understand that they are subject to a requirement from the regulator to reduce their non-performing loans. They took me through the circumstances that their bank faces, much of which I was aware of. I described to them the process that is open to me and the point at which I would be...

Other Questions: Banking Operations (27 Mar 2018)

Paschal Donohoe: The code of conduct is currently being reviewed by the Central Bank. Under the powers available to me under the Central Bank Act, I asked that it conduct a review regarding the operation and effectiveness of the code of conduct as it currently stands. I am aware of potential change that could happen in the future and I want to make sure we are striking the right balance between our...

Other Questions: Banking Operations (27 Mar 2018)

Paschal Donohoe: I am accountable for both and, as the Deputy knows, different banks have handled this matter in different ways. The framework that we have had in place has served most people well as they have tried to deal with difficulties with personal debt at a time of economic difficulty. In the time open to me, I am looking to find a way in which we can make sure we have the right framework in place...

Other Questions: Banking Operations (27 Mar 2018)

Paschal Donohoe: I do not have the information for the Deputy on that. I do not know but I will find out for him and write back to him. I will check that and give the Deputy the answer to it.

Other Questions: Vacant Sites (27 Mar 2018)

Paschal Donohoe: Following a commitment given in budget 2015, a public consultation was conducted by my Department in that year on the issue of unused zoned and serviced land with a view to examining what taxation measures might be taken to penalise landowners who do not develop such land. Separately, the Urban Regeneration and Housing Act 2015 introduced new powers for local authorities to incentivise the...

Other Questions: Vacant Sites (27 Mar 2018)

Paschal Donohoe: As the Deputy knows, I am well aware of O'Devaney Gardens. I hope that there will soon be an announcement on how that project will progress. I know the Deputy will welcome that as much as I will because it is a really important development. With regard to what Deputy Wallace said about the operation of the levy, we now have 235 sites from 12 local authorities - I know Dublin will be one -...

Other Questions: Vacant Sites (27 Mar 2018)

Paschal Donohoe: The Deputy put a question to me about what we are willing to do. I have said, in the context of the Project Ireland 2040 plan, that we will put in place a State organisation to develop our own landbank. Where I agree with the Deputy, although I differ on the form of taxation policy to deal with the matter, is that the supply and pricing of land is fundamental to the operation of the housing...

Other Questions: Tax Appeals Commission (27 Mar 2018)

Paschal Donohoe: The Tax Appeals Commission, TAC, was established in March 2016 as part of the reform of the Finance (Tax Appeals) Act 2015. The vision for the new commission was that it would provide enhanced arrangements for an independent, efficient, well-defined, clear and transparent system for appeals relating to decisions of the Revenue Commissioners. The commission has a recruitment campaign...

Other Questions: Tax Appeals Commission (27 Mar 2018)

Paschal Donohoe: The number of appeals coming to the commission is now far greater than it was when it was set up. I cannot think of any other organisation that has seen its resources quadruple in four years and about which I will say in the House that I am seriously considering a request for more resources, which I am. It is in everybody's interests to ensure that appeals submitted to the commission are...

Written Answers — Department of Finance: Financial Services Regulation (27 Mar 2018)

Paschal Donohoe: As the Deputy will be aware, within the remit of the Central Bank’s responsibilities for safeguarding stability and protecting consumers, its approach to mortgage arrears resolution is focused on ensuring the fair treatment of borrowers through a strong consumer protection framework and ensuring that lenders have appropriate arrears resolution strategies and operations in place. ...

Written Answers — Department of Finance: Mortgage Resolution Processes (27 Mar 2018)

Paschal Donohoe: The Central Bank’s Tracker Examination is focused on ensuring that lenders provide fair outcomes for all customers impacted by tracker related failings. As part of the Examination framework, where customer detriment has been identified, the Central Bank has clearly articulated its expectations of lenders to provide appropriate redress and compensation to impacted customers in line...

Written Answers — Department of Finance: Credit Unions (27 Mar 2018)

Paschal Donohoe: The Government has a clear policy to support the strategic growth and development of credit unions delivering the comprehensive recommendations set out in the Commission on Credit Unions Report and the Credit Union Advisory Committee (CUAC) report in 2016, both of which involved extensive stakeholder engagement. CUAC remains an important advisor to me on strategic issues...

Written Answers — Department of Finance: Central Bank of Ireland Data (27 Mar 2018)

Paschal Donohoe: I have been informed by the Central Bank that it does not routinely publish specific data on entities who are not regulated by the Central Bank and it is therefore not possible to provide the numbers requested by the Deputy. I would however refer the Deputy to the Report on Mortgage Arrears which the Central Bank provided to the Minister for Finance in June 2016. The report is available...