Results 20,261-20,280 of 32,924 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Code (8 Mar 2018)

Paschal Donohoe: I am advised by Revenue that the legislation governing the deductibility of expenses incurred in employment, as set out in section 114 of the Taxes Consolidation Act 1997, provides that, for an expense to qualify as a deduction against income from an office or employment, the expense must be wholly, exclusively and necessarily incurred in the performance of the duties of the office or...

Written Answers — Department of Finance: Economic Growth Rate (8 Mar 2018)

Paschal Donohoe: I propose to take Questions Nos. 52 to 54, inclusive, and 56 together. Recent economic indicators have generally been positive, indicating that the recovery is continuing in a sustainable manner.   Modified domestic demand, which adjusts for distortions in the Irish economy, is up 5.2 per cent in the first three quarters of 2017. Growth is broad based with net exports also...

Written Answers — Department of Finance: Brexit Issues (8 Mar 2018)

Paschal Donohoe: My Department has been to the fore in producing and funding a number of Brexit-related studies, both before and since the UK's referendum decision, all of which are available on my Department's website. In addition, my Department’s macroeconomic forecasts have continued to take account of the impact of Brexit. While all available research has indicated that the potential impact of...

Written Answers — Department of Finance: Economic Competitiveness (8 Mar 2018)

Paschal Donohoe: I propose to take Questions Nos. 57, 59 and 64 together. Ireland’s economic recovery has been underpinned by a significant improvement in competitiveness. The latest figures from the Central Bank of Ireland show that Ireland's real harmonised competitiveness indicator, a widely used measure of competitiveness in Europe, has improved by approximately 20 per cent between its...

Written Answers — Department of Finance: Brexit Issues (8 Mar 2018)

Paschal Donohoe: Since the UK referendum outcome, I have met with my EU counterparts at the monthly Ecofin and Eurogroup meetings, with the next meeting scheduled for 12-13 March. I also meet and speak by phone with my European counterparts on an ongoing basis outside of Ecofin and Eurogroup meetings, as appropriate. In relation to Brexit, the Government’s  priorities are clear:...

Written Answers — Department of Finance: Brexit Issues (8 Mar 2018)

Paschal Donohoe: We already have a successful track record of competing for, and winning, global foreign direct investment.  Ireland offers a very good solution for companies who potentially may have a difficulty selling goods and services to the EU single market after Brexit.  In particular, International financial services (IFS) is an area that is identified as an area of opportunity for Ireland...

Written Answers — Department of Finance: Housing Policy (8 Mar 2018)

Paschal Donohoe: The Government’s primary response to current issues in the housing market is contained in ‘Rebuilding Ireland: An Action Plan for Housing and Homelessness’. The Department of Finance is the lead Department on 8 of the 168 actions in the plan. In the latest status report on the Action Plan, published on January 25th, 7 of the 8 actions associated with my Department were...

Written Answers — Department of Finance: Home Repossessions (8 Mar 2018)

Paschal Donohoe: As the Deputy will be aware, the Consumer Protection (Regulation of Credit Servicing) Act 2015 (“the 2015 Act”) was introduced in July 2015 to fill the consumer protection gap where loans are sold by the original lender to an unregulated firm. Credit Servicing Firms are typically firms that manage or administer credit agreements such as mortgages or other loans on behalf of...

Written Answers — Department of Finance: Financial Services Regulation (8 Mar 2018)

Paschal Donohoe: As the Deputy will be aware, most loan agreements include a clause that allows the original lender to sell the loan on to another firm. The Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (the 2015 Act) was introduced to fill the consumer protection gap where loans are sold by the original lender to an unregulated firm. Under the 2015 Act, if the firm that bought loans...

Written Answers — Department of Finance: Small and Medium Enterprises Supports (8 Mar 2018)

Paschal Donohoe: Supporting the availability of working capital for SMEs is a significant element of Government policy in our efforts to rebuild the economy and bring back jobs.  Government is focused on ensuring that all viable SMEs have access to an appropriate supply of credit from a diverse range of bank and non-bank sources.  In this regard the Government has developed a number of initiatives...

Written Answers — Department of Finance: Central Bank of Ireland (8 Mar 2018)

Paschal Donohoe: I am aware of the report referred to and I can confirm that while the Central Bank of Ireland cannot generally comment on interactions with regulated firms, Ulster Bank Ireland D.A.C. (“UBI”) is engaging with the Central Bank in relation to Global Restructuring Group (GRG). In November 2016, Royal Bank of Scotland (RBS) announced a complaints process and refund of complex fees...

Written Answers — Department of Finance: Small and Medium Enterprises (8 Mar 2018)

Paschal Donohoe: I am informed by the Central Bank that the Central Bank’s Consumer Protection Code 2012 is a statutory Code issued pursuant to powers under the following legislation: (a) Section 117 of the Central Bank Act 1989; (b) Section 23 and Section 37 of the Investment Intermediaries Act 1995; (c) Section 8H of the Consumer Credit Act 1995; and (d) Section 61 of the Insurance Act 1989. The...

Written Answers — Department of Finance: Insurance Coverage (8 Mar 2018)

Paschal Donohoe: I am conscious of the difficulties that the absence or withdrawal of flood insurance cover can cause to homeowners and businesses, and that is one of the reasons why the Government has been prioritising investment in flood defences over the last number of years.  However, you should be aware that the provision of insurance is a commercial matter for insurance...

Written Answers — Department of Finance: Tax Reliefs Application (8 Mar 2018)

Paschal Donohoe: At Committee Stage of Finance Act 2017 I agreed that my officials will produce a report on the effect on limiting tax reliefs on losses carried forward for banks. It is envisaged that this report will be submitted to the FinPer Committee in June 2018.

Written Answers — Department of Finance: Banking Sector Remuneration (8 Mar 2018)

Paschal Donohoe: As the deputy is aware, AIB agreed to comply with certain covenants in relation to remuneration as part of its recapitalisation agreements with the State. The relationship framework agreement which was subsequently put in place requires the bank to comply with the remuneration covenants contained in the State agreements and details how related consent requests should be submitted and...

Written Answers — Department of Finance: Credit Register Administration (8 Mar 2018)

Paschal Donohoe: The Central Bank has advised that the Central Credit Register (CCR) is being implemented on a phased basis with phase 1 focusing on lending to consumers and phase 2 focusing on moneylenders, local authorities and business lending. The period for initial data submission by lenders for phase 1 ran from 30 June 2017 to 31 December 2017, and lenders are now submitting data on a monthly basis. The...

Written Answers — Department of Finance: Personal Contract Plans (8 Mar 2018)

Paschal Donohoe: As I stated previously in a reply to a question regarding this issue on 14 December, 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. In 2017 the CCPC undertook the first comprehensive study of...

Written Answers — Department of Finance: Central Bank of Ireland Enforcement Actions (8 Mar 2018)

Paschal Donohoe: I am informed by the Central Bank that since 2006, 117 cases have been concluded through the Administrative Sanctions Procedures and settlement procedure. This has resulted in the sum of €61,608,525 being imposed by way of monetary sanctions. Statements on the Central Bank’s settled Administrative Sanctions Procedures cases are available publicly on the Central Bank’s...

Written Answers — Department of Finance: Insurance Coverage (8 Mar 2018)

Paschal Donohoe: At the outset, the Deputy should note that as Minister for Finance, I am not responsible for the operation of the Declined Cases Agreement and therefore I do not have direct access to the data that is being requested.  However, my officials made contact with Insurance Ireland about the information request.  In response Insurance Ireland have provided...

Written Answers — Department of Finance: Banking Sector Remuneration (8 Mar 2018)

Paschal Donohoe: As the deputy is aware Section 531AAD of the Taxes Consolidation Act 1997 provides for a charge on non "regular salary or wages" that exceed €20,000, paid to employees of financial institutions that received financial support from the State under the Credit Institutions (Financial Support) Act 2008.  This charge, the "excess bank remuneration charge", is incorporated...