Results 22,701-22,720 of 34,135 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Illicit Trade in Fuel and Tobacco Products (30 Nov 2017)

Paschal Donohoe: The serious threat that fuel fraud and the illicit tobacco trade pose to legitimate business, to consumers and the Exchequer is recognised and I am advised by Revenue that tackling this criminal activity has been one of its priorities over recent years. Revenue’s comprehensive strategy for combatting the illegal fuel trade has included the introduction of stringent new supply chain...

Written Answers — Department of Finance: Insurance Costs (30 Nov 2017)

Paschal Donohoe: At the outset, it is important to note that as Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  Therefore, neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an...

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

Paschal Donohoe: Estimates of National Debt interest expenditure for the period 2017 – 2021 were published by my Department at the time of Budget 2018, in Table A4 on page 47 of the Economic and Fiscal Outlook document. Those estimates forecast that National Debt interest expenditure will be €6.1 billion in both 2017 and 2018, then falling to €5.9 billion in 2019, with subsequent...

Written Answers — Department of Finance: Electric Vehicles (30 Nov 2017)

Paschal Donohoe: The Finance Bill provides for a 0% rate of benefit-in-kind on electric vehicles in support of the climate action strategy set out in Ireland’s National Mitigation Plan. To further support this measure I am exempting electricity used in the workplace for charging vehicles from benefit-in-kind.  I addressed this issue during the debates on the Finance Bill when I...

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

Paschal Donohoe: As the Deputy will be aware, the Programme for Government commits the Government to "thoroughly investigate the German Sparkassen model for the development of local public banks that operate within well-defined regions". My Department and the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs, now the Department of Community and Rural Development, are the Departments...

Written Answers — Department of Finance: Licensed Moneylenders (30 Nov 2017)

Paschal Donohoe: As the Deputy will be aware, the Consumer Credit Act 1995, the legislation under which moneylenders are licensed, does not provide for an interest rate cap.  Nor do the European Communities (Consumer Credit Agreements) Regulations 2010.  Therefore, the Central Bank has no statutory power to impose a market wide cap on rates. Any legislative proposals in this regard would have...

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

Paschal Donohoe: I should stress at the outset that the Irish Government has no formal role in the commercial decisions of the banks as to their future business model and whether or not they will close particular branches.  The Deputy will no doubt appreciate that the provision of services by banks, including the location of branches, is a commercial decision for the Boards and management of the...

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

Paschal Donohoe: The Department of Finance has been assessing and preparing for the impact of a UK exit from the European Union since well before the referendum on 23 June 2016, with this work now intensified. The challenges which we face as a result of Brexit are mainstreamed across all divisions of my Department and are reflected in business planning. The Department’s macro-economic forecasts take...

Written Answers — Department of Finance: Stamp Duty (30 Nov 2017)

Paschal Donohoe: Budget 2018 includes a change to the rate of Stamp Duty on non-residential property from 2% to 6%, projected to raise €376 million in 2018. This is based on estimates in Revenue’s Pre-Budget Ready Reckoner, which showed the effect of a 0.5% increase in the rate on non-residential property, a €47 million increase in yield – this is multiplied up to €94...

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

Paschal Donohoe: The Central Bank has advised that as at the end of September 2017, 13,000 impacted accounts had been identified by lenders in the course of the Tracker Mortgage Examination. Lenders’ overall reviews are subject to ongoing assurance work and vigorous challenge by the Central Bank.  The 13,000 impacted accounts figure will increase in light of recent decisions by certain...

Written Answers — Department of Finance: Rental Sector (30 Nov 2017)

Paschal Donohoe: The Deputy is correct in stating that according to the latest data published by the CSO, average weekly earnings grew by 2.2 per cent on an annual basis in the second quarter of 2017, compared to annual rent inflation of 6.6 per cent. In an earlier response to the Deputy I clearly laid out the measures the Government is taking to address this difference. The fundamental issue with the...

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...