Results 20,521-20,540 of 33,392 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Economic Competitiveness (27 Mar 2018)

Paschal Donohoe: The CSO’s preliminary estimate for full-year GDP growth in 2017 is 7.8 per cent. According to Eurostat, the statistical office of the European Union, in 2017 the EU and euro area economies grew by 2.4 per cent and 2.3 per cent respectively. This would suggest that Ireland was the fastest growing economy in the EU in 2017. While the 2017 outturn is based on preliminary quarterly data...

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

Paschal Donohoe: I propose to take Questions Nos. 180 and 183 together. The term "so-called vulture funds”, while not being consistently defined, is often used in public discourse to refer to variety of different types of investors from banks to private equity to small groups of individual investors.  In recent times, a common feature of these investors is that they...

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

Paschal Donohoe: I can advise the Deputy that common bond restrictions limit the potential for credit unions to lend to housing bodies and local authorities, either directly or on a syndicated basis. As previously set out in my reply to parliamentary question No. 55 for written answer on 22nd February 2018, the Credit Union and Co-Operation with Overseas Regulators Act 2012 introduced changes to the...

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

Paschal Donohoe: Climate change is a great global challenge and imposing carbon taxation on pollutant fossil fuels, as part of a broader strategy involving both taxation and non-taxation measures, incentivises the uptake of cleaner and more sustainable fuel sources. The OECD report, Taxing Energy Use 2018, brings together statistical data from 42 OECD and G20 countries and allows...

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

Paschal Donohoe: I have been advised by the Central Bank of Ireland that while it collects data on homes voluntarily surrendered to mortgage lenders, they do not distinguish between vacant or occupied. The latest Mortgage Arrears and Repossession Statisticspublished by the Central Bank, indicate that there were 1,717 properties in mortgage lenders possession at the beginning of the fourth quarter of...

Written Answers — Department of Finance: Employment Investment Incentive Scheme (27 Mar 2018)

Paschal Donohoe: During the preparations for Finance Bill 2017 it came to light that the Employment and Investment Incentive (EII) was potentially not compliant with state aid rules (specifically Art. 21(3) of the General Block Exemption Regulations) and that it should be amended as a matter of urgency to bring it within state aid rules.  The relevant...

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

Paschal Donohoe: As communicated in the Central Bank’s Strategic Plan (2016 – 2018), the Central Bank announced that it intended to review its strategy for banknote production. The purpose of this review was to determine how the Central Bank meets its Eurosystem obligations for its allocation of annual Euro banknote production. The review is completed but a decision has not yet been taken...

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

Paschal Donohoe: As Minister for Finance I have no role in respect of NAMA's commercial operations. Accordingly, I am not aware of specific details in relation to this particular transaction nor am I aware of the identity of the purchaser.  Furthermore NAMA is subject to legal constraints which prohibit it from disclosing confidential information relating to its debtors and the assets under their...

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

Paschal Donohoe: The Deputy should note that in my role as Minister for Finance I am responsible for the development of the legal framework governing financial regulation. Neither I nor the Central Bank can interfere in the pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on the risks they are willing to accept. However, it is...

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

Paschal Donohoe: The Deputy should note that there are two recommendations in the Report on the Cost of Motor Insurance which specifically aim to provide consumers with more information in respect of their insurance premiums. Recommendation 2 requires insurers to provide additional information on the premium breakdown to consumers, such as setting out the element of the cost related to the mandatory motor...

Written Answers — Department of Finance: Tracker Mortgage Examination (27 Mar 2018)

Paschal Donohoe: The Tracker Examination continues to be a priority for the Central Bank and the Bank will continue to challenge lenders in respect of the conduct of the Examination. The Bank has advised that lenders have committed to certain schedules for payment of redress and compensation to customers and that they are on course to meet these commitments. The Bank has also advised...

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

Paschal Donohoe: The Irish corporation tax regime contains a small number of specifically targeted tax reliefs.  The focus of these reliefs is on the creation of additional employment, as is consistent with current government policy, and on innovation, with a view to generating high value-added economic activity in the country.   Some other countries have a high headline rate of corporation...

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

Paschal Donohoe: I am advised by Revenue that in the absence of specific information on the taxpayers concerned it is not possible to comment on the case mentioned. However, if the taxpayers wish to contact their local Revenue office then officials would be happy to assist them. In general the income tax treatment of persons aged 65 and over is as follows: - An additional age tax credit is available. For...

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

Paschal Donohoe: I propose to take Questions Nos. 196 and 197 together. The second phase of the Cost of Insurance Working Group project culminated in the publication on January 25th of the Report on the Cost of Employer and Public Liability Insurance, following its approval by Government.  This new Report makes 15 recommendations with 29 associated actions to be carried out, detailed in...

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

Paschal Donohoe: I was first informed by Department officials of PTSB’s intention to offer this particular portfolio of loans for sale on Friday 19thJanuary. My officials were first briefed on the timing of the sale, and potential composition of the portfolio, earlier that week. As this information was commercially sensitive, and as I am obliged to comply with stock exchange disclosure and market...

Written Answers — Department of Finance: Mortgage Lending (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...

Written Answers — Department of Finance: Economic Policy (27 Mar 2018)

Paschal Donohoe: As Minister for Finance, I attend the Economic and Financial Affairs Council of the European Union (ECOFIN) which is responsible for EU policy in areas including economic policy. I also attend meetings of the Eurogroup, where the ministers of the euro area member states discuss matters concerning their shared responsibilities related to the euro. The Eurogroup’s main task is to...

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

Paschal Donohoe: I propose to take Questions Nos. 201 and 208 together. Supporting the availability of finance for SMEs is a cornerstone element of Government policy in our efforts to strengthen the economy and create 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...

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

Paschal Donohoe: As you are aware, the Cost of Insurance Working Group published its Report on the Cost of Motor Insurance on 10 January 2017.  The Report makes 33 recommendations with 71 associated actions to be carried out in agreed timeframes, set out in an Action Plan within the Report.  Work is ongoing on the implementation of the recommendations by the relevant Government...

Written Answers — Department of Finance: Economic Growth Rate (27 Mar 2018)

Paschal Donohoe: I propose to take Questions Nos. 203 and 209 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 4.0 per cent in 2017. Growth is broad based with net exports also contributing positively to growth last year. The strength...