Results 20,721-20,740 of 33,392 for speaker:Paschal Donohoe

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

Paschal Donohoe: IFRS 9 introduces a new regime for impairment provisioning and imposes an Expected Credit Loss approach to provisioning as opposed to the incurred loss approach that was required by IAS 39. IFRS 9 does not change in any way the definition of Non-Performing Loans (NPLs) introduced by the European Banking Authority (EBA) and as a result should not impact the quantum of NPLs.  ...

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

Paschal Donohoe: The European Council Action Plan published in July 2017 invited the European Commission to develop by summer 2018, a European approach to foster the development of secondary markets for NPLs, in particular to remove impediments to the transfer of NPLs by banks to non-banks and to their ownership by non-banks, while safeguarding consumers' rights, as well as to simplify and potentially...

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

Paschal Donohoe: I am advised by Revenue that the eligibility criteria for the Single Parent Child Carer Credit (SPCCC) are set out in section 462B of the Taxes Consolidation Act 1997 and are available on the Revenue website. The SPCCC, currently €1,650 per annum, is available to an individual, referred to in the legislation as the “primary claimant” where that individual:- 1. has a...

Written Answers — Department of Finance: Mortgage Book Sales (8 Mar 2018)

Paschal Donohoe: The Deputy will be aware that PTSB announced on 13th February that it was commencing the process for the sale of a portfolio of NPLs referred to as Project Glas. On the 20th February, the bank gave details of the portfolio of loans which is under consideration. The bank confirmed in these details that 18,000 properties are linked to loans which are within the scope of Project Glas, 14,000 of...

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

Paschal Donohoe: The Deputy should note at the outset 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 provision or 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...

Written Answers — Department of Finance: Mortgage Repayments (8 Mar 2018)

Paschal Donohoe: Since the establishment of the Single Supervisory Mechanism (SSM) in November 2014, the focus has shifted from reducing mortgage arrears levels to reducing Non-performing Loans (NPLs). This shift in focus has been accompanied by a new strict definition Europe-wide of what constitutes an NPL by the European Banking Authority (EBA) which means that certain restructures are deemed NPL even if...

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

Paschal Donohoe: I propose to take Questions Nos. 46 to 49, inclusive, together. I am advised by Revenue that Corporation Tax received from companies involved in oil and gas exploration and extraction cannot be provided due to the low number of companies involved in the sector and Revenue’s confidentiality obligations. However, such companies are likely to be recorded in the trade sector “Mining...

Written Answers — Department of Finance: Departmental Meetings (8 Mar 2018)

Paschal Donohoe: The Minister for Housing, Planning and Local Government, under Action 5 of the Strategy for the Rental Sector, established a working group with the participation of the Departments of Housing, Planning & Local Government, Justice & Equality; Finance; and Business, Enterprise and Innovation, to examine the scope for amending legislation to provide for greater...

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...