Results 18,541-18,560 of 32,983 for speaker:Paschal Donohoe
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: Our analysis indicates that for next year there will be a reduction in the total levies that the credit union movement will be paying.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: It will. However, when we move into 2021 the stabilisation levy will be open for review.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: That depends on the outcome of the review of the stabilisation levy.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: I reiterate the key point. We have approached this by putting in place a 50% recovery rate. This means that credit unions are treated strikingly differently, as should be the case, from the other bodies to which Deputy Burton has referred. This is precisely in recognition of the point the Deputy made about the capital or funding needs that credit unions have and the nature of the...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: I agree. This is why I am not sitting in front of the committee with a proposal for a 100% industry funding of the levy. I agree with the Deputy’s point. All Deputies share his view that this sector is uniquely different to other parts of the broad financial sector in our economy. That is why we have a target of the credit unions being levied at half the rate of some of the sectors...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: The Deputy knows I cannot because this is guided by recommendations made by the Central Bank. It is a fair horizon within which to plan one’s affairs. The credit union movement will now know where it stands across 2021 and 2022. This is after the significant work done to flag that this change was due.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: That is completely different. There is a significant difference between the charity sector and any sector involved in the lending of money. That is the reason the regulatory needs we have for organisations involved in providing billions of euro worth of credit into our economy every year are completely different to the needs we have to regulate the charity sector. The Deputy made the...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: I do not have that information.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: That is wrong.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: That bit is correct, after the Deputy qualified the line.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: I take a very different view from the Deputy on the matter. He said I was refusing to give him a guarantee. He knows that is because I cannot do so. That is the difference.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: He knows I cannot do that.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: No. He knows it is the role of the Central Bank-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: -----under the legislation that I referred to earlier on-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: -----to make a decision on the appropriate rate and I accepted its recommendation.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: I ask the Deputy to allow me to finish. He was well able to make his point; I will make mine in response. He is asking me to give a guarantee as to what I or a future Minister for Finance might do in a few years, while not acknowledging that the rate of industry funding in place now is significantly lower than that for the banks the Deputy just quoted to me. He should be giving me...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: I did not say that the Deputy did not make recognition of the fact that the industry rate is half of that which the banks are paying. I am contending that he did not give sufficient recognition of it, which I am as entitled to assess as he is allowed to assess what I am doing in this issue. On the consultation that is due to take place on the future of the stabilisation levy, these...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: I am still unclear.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: I am aware of all of that, but I wish to double-check. Is the Deputy proposing to amend the legislation I am introducing regarding the higher interest rate cap?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Sector: Discussion (2 Jul 2019)
Paschal Donohoe: The Bill we are introducing with the cap is a better way of dealing with the issue in the credit union movement. I will consider the Deputy's question and give a considered answer back-----