Results 22,641-22,660 of 34,135 for speaker:Paschal Donohoe

Other Questions: Strategic Banking Corporation of Ireland (30 Nov 2017)

Paschal Donohoe: Briefly, that is why we are setting up home building finance Ireland early next year to provide funding for the kind of projects to which the Deputy referred.

Other Questions: Strategic Banking Corporation of Ireland (30 Nov 2017)

Paschal Donohoe: Home building finance Ireland will not be lending through the pillar banks or intermediaries. It will lend directly to companies that can provide a viable business plan, that are deserving of funding and that need funding. They will not do it through intermediaries for the reason identified by the Deputy. Those involved in running home building finance Ireland and those who will be making...

Other Questions: Strategic Banking Corporation of Ireland (30 Nov 2017)

Paschal Donohoe: They are the same question and I am happy for them to be taken together.

Other Questions: Banking Sector Regulation (30 Nov 2017)

Paschal Donohoe: I propose to take Questions Nos. 7 and 32 together. I am informed by the Central Bank that, while it cannot generally comment on interactions with regulated firms, the Ulster Bank Ireland designated activity company is engaging with the bank in relation to this matter.  As the Deputy is aware, in November 2016, RBS announced a new complaints review process overseen by an independent...

Ceisteanna - Questions - Priority Questions: Local Authority Funding (30 Nov 2017)

Paschal Donohoe: We will consider the baseline issue in the context of the review that will start in the new year but we have made no decisions in respect of how the tax will be structured beyond the dates I have indicated. We will put the group in place to make recommendations to me and I will decide on what to do well in advance of the decision point for 2019. My objective is to ensure stability in regard...

Ceisteanna - Questions - Priority Questions: Local Authority Funding (30 Nov 2017)

Paschal Donohoe: It is not a fundamental flaw in the structure. The structure is as it is because it has a historical link. When the fund was being organised and the structure for the LPT was being put in place, the Department looked back at funding that was previously received by local authorities, through the local government fund, by means of a general purpose grant. I then considered the level of...

Other Questions: Strategic Banking Corporation of Ireland (30 Nov 2017)

Paschal Donohoe: The SBCI's purpose is to facilitate access to more flexible, appropriately priced finance with better terms to SMEs as well as promoting the economic development of rural and regional SMEs. It does this by delivering effective financial support to Irish SMEs and addressing failures in the Irish credit market while also encouraging competition and innovation. It began lending in March...

Ceisteanna - Questions - Priority Questions: Stamp Duty (30 Nov 2017)

Paschal Donohoe: The revenue property-related transaction taxes are generating for the Exchequer will be approximately 3% of the total tax take for next year, which is well below where it was in the period leading up to the crash. Regarding developments in terms of non-housing building and construction, my Department forecasts that this sector accounts for 8% of national income which would rise to 10% in the...

Ceisteanna - Questions - Priority Questions: Stamp Duty (30 Nov 2017)

Paschal Donohoe: I have introduced measures to deal with the issue of consolidation. We made a further change to the Finance Bill to deal with the specific issue so as to ensure the incentives to allow farmers to consolidate their farm holdings would remain in place. I introduced a stamp duty rate of 1%-----

Ceisteanna - Questions - Priority Questions: Stamp Duty (30 Nov 2017)

Paschal Donohoe: -----which is consistent with what we have done in the case of consanguinity relief.

Ceisteanna - Questions - Priority Questions: Stamp Duty (30 Nov 2017)

Paschal Donohoe: On the recovery in the commercial property market, commercial property values have risen by 75% since 2013.

Ceisteanna - Questions - Priority Questions: Stamp Duty (30 Nov 2017)

Paschal Donohoe: These are national figures.

Ceisteanna - Questions - Priority Questions: Stamp Duty (30 Nov 2017)

Paschal Donohoe: Values are up by 75%. If we do not use opportunities such as this to reset tax rates after that level of growth, we will be back on the path to having a narrow tax base that will not help to sustain the public services. It is the right measure. I faced a challenge. If I had redefined the definition of non-residential commercial property in the Finance Bill to remove a particular category...

Ceisteanna - Questions - Priority Questions: Local Authority Funding (30 Nov 2017)

Paschal Donohoe: The Department of Finance engaged Dr. Don Thornhill in 2015 to conduct a review to consider and make recommendations on the operation of local proerty tax, LPT, in particular any impact on LPT liabilities owing to property price developments. Dr. Thornhill made a number of recommendations in his report. His central recommendation was for a revised system whereby a minimum level of LPT...

Ceisteanna - Questions - Priority Questions: Stamp Duty (30 Nov 2017)

Paschal Donohoe: Just before I answer Deputy Mattie McGrath's question, there are school pupils in the Gallery who are waving, making the thumbs up sign and dabbing down to all of us here. While we cannot wave back, I hope they are having a good visit.

Ceisteanna - Questions - Priority Questions: Stamp Duty (30 Nov 2017)

Paschal Donohoe: I will neither wave nor dab back but I hope they have a good visit and that one of them will be down here at some point in the future. 11 o’clock In my Budget Statement I announced an increase in the stamp duty rate for all non-residential property transactions, including agricultural land, from 2% to 6%. An economic rationale for this stamp duty increase was published on budget...

Ceisteanna - Questions - Priority Questions: Tracker Mortgage Examination (30 Nov 2017)

Paschal Donohoe: On the Deputy's three questions, by the middle of December we will have to know the total number of people affected by this scandal. It continues to be vital to the Government to establish conclusively the number affected in this extraordinary episode which has caused such distress to so many and to ensure this is accepted by the banks in question. On the question on Ulster Bank, I am...

Ceisteanna - Questions - Priority Questions: Tracker Mortgage Examination (30 Nov 2017)

Paschal Donohoe: The Deputy has made two points. First, for the purpose of achieving complete clarity, I must state the assessment panels or appeals panels in place are not under the umbrella of the banks in any way. I have seen the names of the individuals on the appeals boards and I am absolutely satisfied they are people of good and independent standing who will not be influenced by the opinions of the...

Ceisteanna - Questions - Priority Questions: Tracker Mortgage Examination (30 Nov 2017)

Paschal Donohoe: But the individuals will not be influenced by them. It is very important to be clear on that. If the Deputy has any concerns about this or views on how the arrangement could be strengthened, I will be very happy to hear them and determine how we can achieve what is proposed. With regard to compensation levels, we have to reach an agreement with the banks, based on the powers available,...

Ceisteanna - Questions - Priority Questions: Tracker Mortgage Examination (30 Nov 2017)

Paschal Donohoe: Yes. As I indicated to the Deputy in response to the parliamentary question he put to me, we had to follow up on this matter with the Central Bank. The practice to which the Deputy is referring, on which he has had information made available to him, should not have occurred. It is another example of the appalling way in which this matter developed and has since been handled. If I can play...