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Written Answers — Department of Finance: Mortgage to Rent Scheme (27 Mar 2018)

Paschal Donohoe: I have been advised by the Central Bank of Ireland that their Codes of Conduct do not include rules to ensure the rental proceeds of buy to let mortgages which are in distress are paid over to the bank which holds the mortgage debt rather than be used for another purpose such as servicing the mortgage of the landlord’s principal private residence. The Central Bank’s Code of...

Written Answers — Department of Finance: Brexit Issues (27 Mar 2018)

Paschal Donohoe: As the Deputy will understand, any negative impacts on the macro-economy of either or both the UK and Ireland would impact Irish banks and insurers. From the date of the UK exit (or, if agreed, the end of a transition period) Irish banks and insurers which rely on a “passport” to provide services into the UK and vice-versa will lose the right to provide such services. As a...

Written Answers — Department of Finance: Tax Compliance (27 Mar 2018)

Paschal Donohoe: I am advised by Revenue that it does not have any role to play in regard to the licensing of dog breeding premises. As regards compliance with tax and duty obligations, Revenue has confirmed that dog breeding establishments are monitored in the same way as taxpayers across all other sectors. This includes selecting cases for audit or other interventions based on the presence of specific...

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

Paschal Donohoe: The Central Bank of Ireland is responsible for the regulation of the financial services sector. In November 2016, Royal Bank of Scotland (RBS) announced a complaints process for SME customers in Ulster Bank’s GRG and indicated publically that “a customer is in-scope for the new complaints process if they were a small or medium sized enterprise under the control of GRG in the...

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

Paschal Donohoe: I welcome the Report of the Joint Committee which along with the Credit Union Advisory Committee (CUAC) Report and its forerunner the Commission on Credit Unions Report, makes an important contribution to the debate on credit union reform. I wrote to the Joint Committee on 19th December 2017 to thank them for their Report and to advise that my views on the recommendations, many of...

Written Answers — Department of Finance: Motor Insurance Costs (27 Mar 2018)

Paschal Donohoe: 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 implementation of the recommendations of the Report on the Cost of...

Written Answers — Department of Finance: Mortgage Book Sales (27 Mar 2018)

Paschal Donohoe: I propose to take Questions Nos. 114, 116 and 194 together. As part of their regular engagement with the banks in which the State has a shareholding, officials in my Department discuss a wide range of topics, including loan sales. For example, in the case of Project Glas, the recently announced project announced by PTSB to sell a portfolio of NPLs, officials were first briefed by the bank...

Written Answers — Department of Finance: Property Tax (27 Mar 2018)

Paschal Donohoe: I recently announced a review of the Local Property Tax (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 Local Property Tax. It is expected that the review will be completed at the end of August and that the review report will...

Written Answers — Department of Finance: EU Budget Contribution (27 Mar 2018)

Paschal Donohoe: My Department currently forecasts that Ireland's contribution to the EU budget will be €2,650 million in 2018, €2,675 million in 2019 and €2,750 million in 2020. It is worth noting that these forecasts are contingent on a number of variables, including updated GNI forecasts, the size of the overall EU budget for the year and other EU budget operational developments which...

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

Paschal Donohoe: I have ongoing contact with my EU counterparts, including at the monthly Ecofin and Eurogroup meetings. In relation to vacancies at the European Central Bank, I was in direct contact with many of my counterparts in support of my nomination of the Governor of the Central Bank of Ireland, Professor Philip Lane, for the position of Vice President of the European Central Bank. During these...

Written Answers — Department of Finance: NAMA Board (27 Mar 2018)

Paschal Donohoe: Under the NAMA Act 2009, the NAMA Board is to consist of nine members - the NAMA Chairman, the CEO of NAMA (ex-officio), the CEO of the NTMA (ex-officio), and six ordinary members. There are currently seven members on the NAMA Board and there are two vacancies for ordinary members which have arisen as a result of departures from the board in December 2013 and January 2014. A full complement...

Written Answers — Department of Finance: Mortgage Book Sales (27 Mar 2018)

Paschal Donohoe: As the Deputy is aware Non-performing loans (NPL's) remain at an elevated level across the European banking system and addressing this issue is one of the key priorities for the Single Supervisory Mechanism (SSM). The reduction of NPL's is also being given high priority at EU level with the Commission announcing their "Action Plan to Tackle Non-Performing Loans in Europe" in July 2017. The...

Written Answers — Department of Finance: Corporation Tax (27 Mar 2018)

Paschal Donohoe: I am assuming that the Deputy is referring to the recently published proposals from the Commission on taxation of certain digital activities. I am advised that Revenue have been examining the potential impact of the proposed changes proposed by the Commission but which yet have to be discussed by Council. Information provided in Corporation Tax returns does not separate the digital and...

Written Answers — Department of Finance: Insurance Data (27 Mar 2018)

Paschal Donohoe: The development of the National Claims Information Database is a complex project as insurers very often record data in different ways and do not necessarily use the same definitions. For this reason, my officials established a data sub-group in 2017, which has been meeting since then to examine the issues regarding its development and to prepare the General Scheme of the legislation...

Written Answers — Department of Finance: Tax Agreements (27 Mar 2018)

Paschal Donohoe: The OCED Task Force on the Digital Economy Interim Report marks an important step in the ongoing work being undertaken by the Inclusive Framework on BEPS since 2015 and makes a significant contribution towards our understanding of the challenges arising from the digitisation of the economy and how the international tax system should adapt to address any issues arising.  That the OECD...

Written Answers — Department of Finance: Tax Reliefs Application (27 Mar 2018)

Paschal Donohoe: A review of the appropriate treatment for tax purposes of trade union subscriptions and professional body fees was carried out by my Department in 2016 and included in the 2016 report on tax expenditures published on budget day 2016. The review may be found at the following link: () The review concluded that: "... analysis of the scheme using the principles laid down by the...

Written Answers — Department of Finance: Tax Code (27 Mar 2018)

Paschal Donohoe: The Irish Funds Industry Association developed proposals consistent with IFS2020 and timed to take advantage of the Capital Markets Union agenda to promote the establishment of private equity and venture capital funds vehicles in Ireland. Private Equity are typically constituted as partnerships and such funds are not common in Ireland. The Department of Finance analysed the proposals...

Written Answers — Department of Finance: Revenue Commissioners Resources (27 Mar 2018)

Paschal Donohoe: I am advised by Revenue that they currently have three mobile container scanners and a specialist vehicle incorporating x-ray facilities and radiation detection technology for monitoring baggage and smaller items of cargo. All mobile scanners are available for deployment at ports and locations such as warehouses, as required. Revenue monitors and assesses its needs in relation to...

Written Answers — Department of Finance: Banking Sector Regulation (27 Mar 2018)

Paschal Donohoe: In answering the Deputy’s question, it is useful if I start by giving some historic context. During the height of the financial crisis a key focus of the authorities was on stabilising and ultimately reducing mortgage arrears through the implementation of sustainable mortgage solutions that were agreed with borrowers. This led to the Central Bank of Ireland (CBI) introducing...

Written Answers — Department of Finance: European Financial Forum (27 Mar 2018)

Paschal Donohoe: The third annual European Financial Forum (EFF) was held in Dublin Castle on 31 January 2018. The event, which was hosted by my colleague Minister of State for Financial Services and Insurance Michael D’Arcy TD, is now in its third year and is a key deliverable as part of the Government’s International Financial Services 2020 Strategy. Following a review of the 2017 forum...

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