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Written Answers — Department of Finance: Bond Markets (22 Feb 2018)

Paschal Donohoe: The NTMA have informed me that Schuldschein were issued by Ireland in March 2009, as well as in June and September 2010 with original maturities ranging from fifteen to twenty years. They were issued as a means of diversifying the Exchequer’s sources of funding. They were issued at fixed interest rates, similar to standard fixed-rate Irish government bonds. The weighted average...

Written Answers — Department of Finance: Bond Markets (22 Feb 2018)

Paschal Donohoe: I have been informed by AIB and PTSB that neither bank have outstanding borrowings in Schuldschein bonds.

Written Answers — Department of Public Expenditure and Reform: National Development Plan (22 Feb 2018)

Paschal Donohoe: The ten-year National Development Plan (NDP) has been put in place to underpin the implementation of the National Planning Framework (NPF) to support the development of all counties and regions, both urban and rural areas. The NDP sets out an investment programme of €116 billion, aligned to the ten National Strategic Outcomes (NSOs) detailed in the NPF which are critical to...

Written Answers — Department of Public Expenditure and Reform: Economic Growth (22 Feb 2018)

Paschal Donohoe: The Exchequer funding envelope of €91 billion detailed in the National Development Plan (NDP) 2018-2027 is underpinned by a prudent and moderate scenario relating to the economy’s potential growth over the period of the Plan. This ensures that the projected level of public capital investment over the ten years of the Plan is sustainable and affordable in the context of the...

Written Answers — Department of Public Expenditure and Reform: National Development Plan (22 Feb 2018)

Paschal Donohoe: I propose to take Questions Nos. 74, 79 and 80 together. The Irish Fiscal Advisory Council (IFAC) is an independent statutory body whose purpose is to provide an independent assessment of official budgetary forecasts and proposed fiscal policy objectives. While my Department did not consult with the IFAC in relation to the National Development Plan, IFAC's broad support for the Government's...

Written Answers — Department of Public Expenditure and Reform: National Development Plan (22 Feb 2018)

Paschal Donohoe: I propose to take Questions Nos. 76 and 77 together. My Department is collating the information requested in the Deputy's question from the file record which requires a review to be carried out on archived files and will respond to the Deputy directly in relation to this matter as soon as possible.

Written Answers — Department of Public Expenditure and Reform: Capital Expenditure Programme (22 Feb 2018)

Paschal Donohoe: Annex 1 of the National Development Plan sets out capital ceilings for each Ministerial Vote Group for the five year period 2018 - 2022. As stated in section 3.6 of the Plan, these five-year ceilings will be maintained on a rolling basis for the period of the Plan, updated annually in the annual Estimates process to include a new fifth year. Capital ceilings by Ministerial Vote Group for...

Written Answers — Department of Public Expenditure and Reform: Capital Expenditure Programme (22 Feb 2018)

Paschal Donohoe: Annex 1 of the National Development Plan sets out capital ceilings for each Ministerial Vote Group for the five year period 2018 - 2022.  As stated in section 3.6 of the Plan, these five-year ceilings will be maintained on a rolling basis for the period of the Plan, updated annually in the annual Estimates process to include a new fifth...

Written Answers — Department of Public Expenditure and Reform: Office of Public Works (22 Feb 2018)

Paschal Donohoe: The Commissioners of Public Works have raised the issue of ivy overhanging the Phoenix Park boundary wall at numbers one and two St Joseph's Cottages, Blackhorse Avenue with the Phoenix Park Special School. I can confirm that these works are a matter for the Health Service Executive and they have been notified of the issue.

Written Answers — Department of Public Expenditure and Reform: Office of Government Procurement (22 Feb 2018)

Paschal Donohoe: I propose to take Questions Nos. 88 to 90, inclusive, together. Public procurement is the acquisition, whether under formal contract or not, of works, supplies and services by public bodies. National rules governing public procurement must comply with the relevant EU, WTO and national legal requirements and obligations. The aim of European and national rules is to promote an open,...

Written Answers — Department of Finance: Tax Code (21 Feb 2018)

Paschal Donohoe: I am advised by Revenue that currently, following the end of each year, an employer is statutorily obliged to issue to each employee who was employed by them on 31 December a P60 in respect of that year.  The P60 must be issued between 1 January and 15 February and contain details of total taxable pay and deductions made by the employer during the preceding year. I assume the Deputy...

Written Answers — Department of Finance: VAT Registration (21 Feb 2018)

Paschal Donohoe: I am advised by The Revenue Commissioners that an application to register for Employer PAYE, Corporation Tax and Value Added Tax (VAT) was received from the company in question on 4 January 2018. The confirmation of Employer PAYE and Corporation Tax registration was issued to the company on 7 January 2018. The application for VAT registration was selected for further checking...

Written Answers — Department of Finance: Tax Compliance (21 Feb 2018)

Paschal Donohoe: I am advised by Revenue that a HPL1 Form was received in respect of the individual concerned on 5 February 2018. The form was certified and returned to the person on 16 February 2018.

Written Answers — Department of Finance: VAT Rate Application (21 Feb 2018)

Paschal Donohoe: I am advised by The Revenue Commissioners that a change in VAT rates applying to a supply of goods or services must be in compliance with the EU VAT Directive (Council Directive 2006/112/EC). The Directive generally provides that supplies of goods and services, other than in limited circumstances, be chargeable to VAT at the standard rate. In this regard the Directive provides: - that a...

Written Answers — Department of Finance: Tax Credits (21 Feb 2018)

Paschal Donohoe: I propose to take Questions Nos. 82 and 84 together. I am advised by Revenue that statistics in respect of the Research and Development (R&D) tax credit are available at www.revenue.ie/en/corporate/documents/statistics/tax-expendi tures/costs-tax-expenditures.pdf up to 2015. Final information in respect of 2016 returns is not yet available. However, based on initial analysis of the...

Written Answers — Department of Finance: VAT Rebates (21 Feb 2018)

Paschal Donohoe: Irish VAT law does not provide for VAT input deductibility by VAT registered persons in respect of petrol. VAT registered persons that make supplies are entitled to claim the cost of VAT on the purchase of diesel used in the course of their business, as is the case with most business costs. However, section 60 of the VAT Consolidation Act 2010 prohibits VAT deductibility by...

Written Answers — Department of Finance: Financial Services Regulation (21 Feb 2018)

Paschal Donohoe: Following the enactment of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015, the Central Bank developed detailed Authorisation Requirements and Standards for credit servicing firms which set appropriately high requirements on applicant firms underpinned with a rigorous application process. These include requirements on how these firms...

Written Answers — Department of Finance: Fitness and Probity Regime (21 Feb 2018)

Paschal Donohoe: I am informed by the Central Bank that under its Administrative Sanctions Procedure, in place since 2006, 12 individuals have been disqualified from performing senior management roles in regulated firms.  Under the Fitness & Probity regime, in place since 2011, 4 individuals have been prohibited from working in regulated firms. Two of these were employed by credit...

Written Answers — Department of Finance: Loan Books Purchasers (21 Feb 2018)

Paschal Donohoe: The information which the Deputy is requesting is not held in my Department.  The Central Bank have informed me that under the Section 33AK of the Central Bank Act 1942, the Central Bank is not in a position to provide any specific information in this regard. However, some of the information sought is publically available from other sources. For example, Deloitte’s fifth edition...

Written Answers — Department of Finance: Loan Books Purchasers (21 Feb 2018)

Paschal Donohoe: The Consumer Protection (Regulation of Credit Servicing Firms) 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. The 2015 Act introduced a new regulatory regime in respect of Credit Servicing Firms, bringing such firms within the Central Bank’s regulatory remit....

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