Results 20,721-20,740 of 32,864 for speaker:Paschal Donohoe

Written Answers — Department of Public Expenditure and Reform: Public Private Partnerships Data (31 Jan 2018)

Paschal Donohoe: I should first explain that PPPs are already subject to the same robust and rigorous project appraisal process as traditionally procured projects.  In ensuring Departments obtain the best value-for-money from public capital investment, PPPs, just as traditionally procured projects, are subject to the project appraisal requirements contained in the Public...

Written Answers — Department of Public Expenditure and Reform: Public Private Partnerships (31 Jan 2018)

Paschal Donohoe: The Public Private Partnership (PPP) model is an internationally recognised model to design, build, finance, operate and maintain public infrastructure. In accordance with international best practice, PPP contracts already typically include detailed provisions that apply in the event of the liquidation of a consortium member of the PPP company, or an entity under the contract, to protect the...

Written Answers — Department of Public Expenditure and Reform: Public Private Partnerships Data (31 Jan 2018)

Paschal Donohoe: My Department's role in relation to Public Private Partnerships (PPPs) is to maintain and develop the general policy framework (including, where necessary, the legal framework) within which PPPs operate. It also provides central guidance to other Departments and State Authorities in that context. My Department has no direct involvement in the procurement or delivery of individual PPP...

Other Questions: Credit Unions (30 Jan 2018)

Paschal Donohoe: As I said in my initial response to the question, the credit union advisory committee, CUAC, will focus on this issue in 2018. I believe that is the appropriate way in which this happens. In regard to the various points put to me, it is not the role of the Central Bank to engender activity. Rather, it is the role of the Central Bank to regulate.

Other Questions: Credit Unions (30 Jan 2018)

Paschal Donohoe: I want to see a credit union movement in Ireland that is sustainable, vibrant and meets the level of social and economic need that I know exists within this country. I have met the representative bodies of the credit union movement and I emphasised that point to them. While I am not a decision maker in regard to communication between the Central Bank and the credit union movement I am aware...

Other Questions: Common Consolidated Corporate Tax Base Proposals (30 Jan 2018)

Paschal Donohoe: No. The Deputy points to miserable failure. I point to the fact that, over recent years, we have been successful in protecting our corporate tax policy. As the Deputy will know, the level of corporation tax receipts that we collect has moved from €4 billion to €8 billion which does not meet any definition of miserable failure. More broadly, any tax directive at EU level...

Other Questions: Common Consolidated Corporate Tax Base Proposals (30 Jan 2018)

Paschal Donohoe: The only instruction I give to our officials is to participate fully in all discussions about issues that affect Ireland and to represent our national interest, which they do. I will not agree to any proposals that undermine our decision-making rights on the future of taxation in Ireland or undermine the legitimate use of corporate tax policy to retain and attract jobs to our country.

Other Questions: Credit Unions (30 Jan 2018)

Paschal Donohoe: I can advise the Deputy that my Department is aware of the paper from the Centre for Community Finance Europe Limited, CFCFE, on Irish credit union business models which was commissioned by the credit unions that helped found the CFCFE, including a number of Irish credit unions. The paper argues that the traditional, simple business model of credit unions in Ireland needs to change if they...

Other Questions: Property Tax (30 Jan 2018)

Paschal Donohoe: I am glad the Deputy thinks it is a good idea. However, he has failed to acknowledge that his definition of wealth is somebody else's roof under which they are sleeping at the moment. I will not put in place any kind of tax measure as the Deputy is proposing that has the risk of incentivising further landlords to leave the rental sector and exacerbating the kinds of difficulties to which...

Other Questions: Property Tax (30 Jan 2018)

Paschal Donohoe: That risk would be there if we took such action. In response to Deputy Broughan, I am aware of the work of the parliamentary body on the future of LPT. I am also aware of the debate in the Committee on Budgetary Oversight afterwards where it proved very difficult to find consensus on what the new tax model should be. Some members of the committee said we should move to floor-area basis...

Other Questions: National Debt Servicing (30 Jan 2018)

Paschal Donohoe: NAMA was established in December 2009 and its debts of nearly €32 billion represented a substantial contingent liability to the State. The State recapitalised the domestic banking system at a gross cost of €64 billion, adding around 40% of national income to national debt. As a result of this, as well as the mismanagement of the public finances, total Government debt now stands...

Other Questions: National Debt Servicing (30 Jan 2018)

Paschal Donohoe: We are in constant engagement with the European Commission on how we define a structural reform. To date it has been my view that such gains should be used to reduce our debt. However, if we look at where we are in the economic cycle, our national debt is now far higher than it was before we entered into the last crisis, which means that were we to find ourselves facing similar difficulties...

Other Questions: National Debt Servicing (30 Jan 2018)

Paschal Donohoe: There is ample imagination in the Department of Finance when it comes to dealing with these kinds of matters. That is why this morning the Cabinet agreed to move forward with the concept of House Building Finance Ireland, which will have personnel from NAMA but will not be of NAMA because we have to avoid any potential conflicts of interest. We will fund that through money that is currently...

Other Questions: Property Tax (30 Jan 2018)

Paschal Donohoe: Of course, I am aware of the status of the local property tax, LPT, the proposed changes and the debate that is ensuing regarding it. This is why I recently announced a review of the 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 LPT. It...

Other Questions: Property Tax (30 Jan 2018)

Paschal Donohoe: The Deputy opened up by quoting Karl Marx. I think it was Marx who said that history repeats itself first as tragedy and then as farce. It is a relevant point in the debate we are having here regarding tax policy. In the last Dáil, many of the inquiries that were put in place to look at how we ended up in a place of multiple economic crises - all at the same time - pointed to the fact...

Other Questions: Property Tax (30 Jan 2018)

Paschal Donohoe: Deputy Boyd Barrett proposes that we introduce some form of landlord's tax. Let us play that out. Let us play out what would happen if we were to increase taxation on landlords to find the additional revenue to offset the elimination of the local property tax, as Deputy Boyd Barrett proposes. In order to do that we would need to find an additional €500 million of tax revenue from the...

Other Questions: Mortgage Debt (30 Jan 2018)

Paschal Donohoe: Most loan agreements include a clause that allows the original lender to sell the loan on to another firm. Under the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015, if a firm who bought loans from an original lender is unregulated, then the loans must be serviced by a credit servicing firm which is authorised and regulated by the Central Bank. The legislation ensures...

Other Questions: Mortgage Debt (30 Jan 2018)

Paschal Donohoe: I am not in a position to give Deputy Burton an answer to her question on the MARP but I will look into the matter. It is overseen by both my Department and the Department of Justice and Equality and I will write to the Deputy with an answer in the coming days. Deputies Durkan and McGrath asked about the roles of the different entities. If companies are active in Ireland, they should...

Other Questions: Mortgage Debt (30 Jan 2018)

Paschal Donohoe: As I said in my reply to the Deputy, a code of conduct is in place and there is a very clear set of laws which I expect to be complied with. I believe the code of practice has made a contribution to dealing with the great pressure people have been under in recent years. I have asked my Department to give me an assessment as to whether the code will continue to have the effect I want it to...

Priority Questions: Corporation Tax Regime (30 Jan 2018)

Paschal Donohoe: It is very much my intention and objective that the work of the OECD and the European Union should be aligned. This was reflected in the conclusions of the European Council and the recent conclusions on the matter of the Eurogroup and ECOFIN. On whether there will be unilateral action by other member states, that is an issue on which I cannot give the Deputy a commitment. As he will be...