Results 22,281-22,300 of 32,864 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Housing Loans (24 Oct 2017)

Paschal Donohoe: In my Budget speech on 10 October 2017 I announced a proposal to establish a new dedicated fund, Home Building Finance Ireland (‘HBFI’) to provide funding on market terms to viable residential development projects whose owners are experiencing difficulty in obtaining debt funding. Up to €750 million of ISIF funds will be allocated to HBFI to provide funding on market...

Written Answers — Department of Finance: Housing Loans (24 Oct 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 whose owners are experiencing difficulty in obtaining debt funding. HBFI will be a stand-alone entity which will provide funding directly into the market. My officials are currently...

Written Answers — Department of Finance: Property Tax Administration (24 Oct 2017)

Paschal Donohoe: I propose to take Questions Nos. 50 to 52, inclusive, together. Dr Don Thornhill was engaged by my predecessor in 2015 to consider the operation of the LPT, and in particular, any impacts on LPT liabilities due to property price developments. The terms of reference for the review required that it also have regard to the overall yield from LPT and its contribution to total tax revenue on...

Written Answers — Department of Finance: Mortgage Lending (24 Oct 2017)

Paschal Donohoe: The Central Bank is the macro prudential authority in Ireland.  The bank has advised that the macro prudential mortgage measures are now in place as a permanent feature of the market and are operating in line with their stated objectives of enhancing the resilience of banks and borrowers to future shocks and reducing the risk of credit - house price spirals from developing. The...

Written Answers — Department of Finance: Departmental Meetings (24 Oct 2017)

Paschal Donohoe: The Deputy will appreciate that preparation for Budget 2018 and the Finance Bill is a complex matter and it would be impractical to provide a definitive list of every single such meeting that may have taken place, or to provide names of all individuals attending meetings of this nature. However I can advise him that in advance of Budget 2018 I met, as the Minister for Finance usually does, a...

Written Answers — Department of Finance: Money Laundering (24 Oct 2017)

Paschal Donohoe: The EU’s Fourth Anti-Money Laundering Directive (“4AMLD”) includes a number of measures to combat money laundering and protect the integrity of the financial system, efforts to which Ireland is committed. More specifically, in relation to the beneficial ownership of trusts, Article 31 of the Directive contains an obligation on trustees of express trusts to obtain and...

Written Answers — Department of Finance: Tax Data (24 Oct 2017)

Paschal Donohoe: I propose to take Questions Nos. 58 to 60, inclusive, together. Regarding Question Nos. 58 and 59, following clarification from the Deputy’s office, I am informed by Revenue that data from Income Tax and Corporation Tax returns are not recorded and stored in a manner that would facilitate analysis of movements of individuals from self employment to incorporation as the Deputy is...

Written Answers — Department of Finance: EU Budget Contribution (24 Oct 2017)

Paschal Donohoe: As outlined in Budget 2018, my Department currently forecasts that Ireland's contribution to the EU budget will be €2,650 million in 2018, €2,675 million in 2019 and €2,750 million in 2020. It is worth noting that this forecast is contingent on a number of variables, including the size of the overall EU budget for any individual year and other operational developments...

Written Answers — Department of Finance: Common Consolidated Corporate Tax Base Proposals (24 Oct 2017)

Paschal Donohoe: I note the comments made by President Juncker regarding CCTB and the requirement of unanimity. There is no official proposal currently for a change on the way tax policy decisions are taken in the EU. Under the EU Treaties, for the European Council to move a policy area such as taxation from unanimity to qualified majority voting it would require a unanimous decision to do so. The support...

Written Answers — Department of Finance: Credit Ratings (24 Oct 2017)

Paschal Donohoe: I propose to take Questions Nos. 63 and 64 together. In relation to situations whereby, when financial institutions and their customers are negotiating on the warehousing of debt, and that arrears accumulate during this time, and its subsequent affect on the consumer's credit rating, the Central Bank advises me that the type of consumer and the type of loan involved will dictate which of...

Written Answers — Department of Finance: Credit Unions (24 Oct 2017)

Paschal Donohoe: I am advised by the Revenue Commissioners that the profits of Credit Unions have been exempt from tax since 1972. Since 1998 that exemption applies to Credit Unions which are registered or deemed to be registered under the Credit Union Act 1997. There are no other tax expenditures or reliefs available specifically or primarily to credit unions. I am further advised by Revenue that...

Written Answers — Department of Finance: Budget Measures (24 Oct 2017)

Paschal Donohoe: Revenue’s Comprehensive Review of Expenditure 2014 noted that Revenue staffing levels had reduced by 13% since 2008 and that by increasing resources additional revenue yield could be achieved. In recognition of this, the 2015, 2016 and 2017 Budgets provided for an increase of 266 (126, 50 and 90 respectively) in additional staffing resources for Revenue to deal with a wide variety of...

Written Answers — Department of Finance: State Banking Sector (24 Oct 2017)

Paschal Donohoe: As the Deputy will be aware, as part of the IPO process earlier this year the State sold 28.75% of AIB's ordinary share capital at a price of €4.40 per share recouping over €3.4 billion for the State. Following the IPO, the State's remaining shareholding in AIB is in a legal 'lock-up' period of 180 days which will expire in early December. This is standard market...

Written Answers — Department of Finance: Brexit Issues (24 Oct 2017)

Paschal Donohoe: In my Budget 2018 Speech, as part of the Government’s overall Brexit strategy, I announced that a €300m Brexit Loan Guarantee Scheme is expected to be launched in March of next year. The Scheme has been developed by the Department of Business, Enterprise and Innovation, the Department of Agriculture, Food and the Marine, and Enterprise Ireland and is supported by the Strategic...

Written Answers — Department of Finance: Credit Unions (24 Oct 2017)

Paschal Donohoe: I can advise the Deputy that my Department published the Discussion Document prepared by CUAC titled ‘Viability and Irish Credit Unions’ on 19th May 2016. The objective of this research was to assist credit unions and define and measure credit union viability. In the development of this discussion document CUAC undertook interviews with six credit unions and...

Written Answers — Department of Finance: Community Banking (24 Oct 2017)

Paschal Donohoe: I propose to take Questions Nos. 70 and 78 together. The Programme for a Partnership Government commits the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs, now the Department of Rural and Community Development, and the Department of Finance to conduct a thorough investigation of the German Sparkassen model for the development of local public banks that operate within...

Written Answers — Department of Finance: Tax Avoidance (24 Oct 2017)

Paschal Donohoe: I am advised that there is no accurate estimate available of the potential scale of the loss to the Exchequer from bogus self employment based on the information available to Revenue. As the Deputies will be aware, in January 2016, the then Ministers for Finance and Social Protection launched a joint consultation on the ‘Use of Intermediary-type Structures and Self-employment...

Written Answers — Department of Finance: Stability and Growth Pact (24 Oct 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 the potential of roll-over risk should interest rates increase. We are a small and very open economy in a world that has more risks than...

Written Answers — Department of Finance: Common Consolidated Corporate Tax Base Negotiations (24 Oct 2017)

Paschal Donohoe: The European Commission's proposal for a Common Consolidated Corporate Tax Base (CCCTB) was published in October 2016 and discussed at the November 2016 ECOFIN meeting where initial impressions of the proposal were exchanged. At the December 2016 ECOFIN, Council Conclusions were approved in respect of the Commission's wider package which included the CCCTB proposal but there was no specific...

Written Answers — Department of Finance: Economic Data (24 Oct 2017)

Paschal Donohoe: I propose to take Questions Nos. 75, 100, 102 and 104 together. Recent economic indicators have generally been positive. 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. Strong GDP growth is being confirmed by developments in the labour market. Employment growth remains strong...