Results 21,441-21,460 of 32,864 for speaker:Paschal Donohoe

Written Answers — Department of Finance: European Banking Authority (30 Nov 2017)

Paschal Donohoe: On Monday the 20th of November, Ministers from the 27 EU member States decided where to locate the European Banking Authority (EBA) and the European Medicines Agency (EMA) when the UK leaves the Union. Both processes were closely contested with 8 countries in the running for the EBA and 19 for the EMA. The decision on both Agencies came down to the drawing of lots and in the end Paris...

Written Answers — Department of Finance: Tracker Mortgage Examination (30 Nov 2017)

Paschal Donohoe: As set out in its Tracker Mortgage Examination status update report of 17 October last, the Central Bank advised that assurance work completed to that point raised concerns that two lenders may have failed to identify populations of impacted customer or failed to recognise that certain customers have been impacted by their failures. The Central Bank was of the view...

Written Answers — Department of Finance: European Court of Justice Rulings (30 Nov 2017)

Paschal Donohoe: Ireland has never accepted the Commission’s analysis in the Apple State aid Decision. However, we have always been clear that the Government is fully committed to ensuring that recovery of the alleged Apple State aid takes place without delay and has committed significant resources to ensuring this is achieved.  Irish officials and experts have been engaged in intensive...

Written Answers — Department of Finance: Brexit Issues (30 Nov 2017)

Paschal Donohoe: The Government’s priorities on Brexit are clear, minimising impact on trade and the economy, protecting the Northern Ireland Peace Process, maintaining the Common Travel Area and influencing the future of the European Union. The Government’s position remains that there can be no hard border on the island of Ireland – the border must remain invisible. Work at...

Written Answers — Department of Finance: State Aid Investigations (30 Nov 2017)

Paschal Donohoe: In late 2015, a complaint was submitted to the Competition Directorate of the European Commission (DG Comp) by a small number of property developers - including some former NAMA debtors - alleging that there may be State aid implications to NAMA's providing financing for the development of commercially viable residential projects by some of NAMA's debtors and receivers. As the...

Written Answers — Department of Finance: Stability and Growth Pact (30 Nov 2017)

Paschal Donohoe: The fiscal rules are designed to promote budgetary discipline and underpin sustainable economic growth. While Ireland's economy is growing and debt is on a downward trajectory, the debt level is still comparably high and caution must be exercised due to rollover risk related to possible interest rate increases. We are a small and very open economy in a world that has more risks than usual....

Written Answers — Department of Finance: Departmental Agencies Funding (30 Nov 2017)

Paschal Donohoe: As announced in my Budget speech on 10 October 2017, it is my intention to establish Home Building Finance Ireland (HBFI) to provide funding on market terms to viable residential development projects which are experiencing difficulty in obtaining debt funding. HBFI will be a standalone entity which will provide funding directly into the market. HBFI will be designed to leverage off...

Written Answers — Department of Finance: Brexit Issues (30 Nov 2017)

Paschal Donohoe: The Department has been assessing and preparing for the impact of Brexit since well before the UK referendum in June 2016, with this work now intensified. The Department’s preparation and contingency work is ongoing and continues to examine all possible scenarios and challenges, and is a key input into the whole of Government approach. Regarding the economic impact, we know...

Written Answers — Department of Finance: Economic Growth (30 Nov 2017)

Paschal Donohoe: I propose to take Questions Nos. 63 to 68, inclusive, together. Recent economic indicators have generally been positive, indicating that the recovery is continuing in a sustainable manner.   Real GDP grew by 5.8 per cent in the second quarter of this year on an annual basis. This follows annual growth of 5.2 per cent in the first quarter. Growth is broad based with both...

Written Answers — Department of Finance: Mortgage Interest Rates (30 Nov 2017)

Paschal Donohoe: The Central Bank has informed me that it does not have a statutory role to prescribe the rates that mortgage lenders charge on their loans. A healthy commercial banking system that is in a position to provide finance to customers and is resilient to economic and financial market shocks, needs to be able to generate sustainable profits over the long term – for example, sufficient...

Written Answers — Department of Finance: Small and Medium Enterprises Supports (30 Nov 2017)

Paschal Donohoe: As the Deputy is aware, supporting SMEs and farm borrowers has been a cornerstone policy for Government in our efforts to rebuild the economy and bring back jobs. Government policy 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 to...

Written Answers — Department of Finance: Financial Services Regulation (30 Nov 2017)

Paschal Donohoe: I have been informed by the Central Bank of Ireland (the Central Bank), that they have no jurisdiction over unregulated third parties and therefore it has no power to investigate the activities of such entities that have acquired distressed loans and mortgages from banks and building societies or to introduce any code of conduct applicable to such entities. However, under the...

Written Answers — Department of Finance: Code of Conduct on Mortgage Arrears (30 Nov 2017)

Paschal Donohoe: Within the remit of the Central Bank’s responsibilities for safeguarding stability and protecting consumers, its approach to mortgage arrears resolution is focused on ensuring the fair treatment of borrowers through a strong consumer protection framework and ensuring that lenders have appropriate arrears resolution strategies and operations in place.  The type of consumer and the...

Written Answers — Department of Finance: National Debt Servicing (30 Nov 2017)

Paschal Donohoe: As I announced on 7 September 2017, Ireland intends to repay early and in full the outstanding Programme loans from the IMF (circa €4.6 billion), Sweden (€0.6bn) and Denmark (€0.4bn). Early repayment of the loans requires agreement from the remaining Programme lenders – the European Financial Stabilisation Mechanism (EFSM), the European Financial...

Written Answers — Department of Finance: Fiscal Data (30 Nov 2017)

Paschal Donohoe: Projections for fiscal space beyond 2021 have not been compiled or published by my Department.  The current estimates of net fiscal space for the years 2019 – 2021 are set out below. These are the figures set out in the 2017 Summer Economic Statement and adjusted to take into account the arithmetic set out in the recent Budget.  It is important to stress that the...

Written Answers — Department of Finance: Tax Code (30 Nov 2017)

Paschal Donohoe: I propose to take Questions Nos. 75 to 77, inclusive, together. In relation to increasing the eligibility criteria for Special Assignee Relief Programme (SARP) from five years to ten years, I am advised by Revenue that there are no data on which to estimate the potential impact to the Exchequer of increasing the claim period in this manner. The data on numbers availing of SARP are...

Written Answers — Department of Finance: Universal Social Charge Data (30 Nov 2017)

Paschal Donohoe: I am advised by Revenue that the table sets out the estimated first and full year costs to the Exchequer and the number of income earners affected from decreasing the USC surcharge for non-PAYE income over €100,000 in the manner set out by the Deputy. USC Surcharge Rate First Year €M Full Year €M Numbers 2% -31.4 -56.1 21,800 1% -62.8 -112.1 21,800 0% -94.8...

Written Answers — Department of Finance: Tax Data (30 Nov 2017)

Paschal Donohoe: I propose to take Questions Nos. 79 and 80 together. A Post-Budget 2018 Ready Reckoner is available on the Revenue Statistics webpage at .  In relation to the Deputy's question, this Ready Reckoner shows a wide range of estimated costs including, on Page 6, the estimated cost to the Exchequer of changes to the earned income tax credit. The number of taxpayer units that would benefit...

Written Answers — Department of Finance: Tax Data (30 Nov 2017)

Paschal Donohoe: A post-Budget 2018 Ready Reckoner is available on the Revenue Statistics webpage at .In relation to the Deputy's question, this Ready Reckoner shows a wide range of estimated costs including, on Page 6, the estimated cost to the Exchequer of changes to the home carer tax credit.  The increase indicated by the Deputy is not shown but can be estimated on a pro-rata or straight-line basis...

Written Answers — Department of Finance: Deposit Interest Rates (30 Nov 2017)

Paschal Donohoe: In Budget 2017, the then Minister for Finance announced that the rate of DIRT would be reduced by 2 percentage points in each on the subsequent four years so that it would fall by 8 percentage points from its then rate of 41 percent to reach 33 percent in 2020.    Using the 2017 base, the estimated cost of reducing the rate of LAET from 41 percent to 39 percent...