Results 23,161-23,180 of 32,864 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tracker Mortgages Examination (13 Jul 2017)

Paschal Donohoe: I propose to take Questions Nos. 188 and 189 together. The Central Bank Tracker Mortgage Examination requires lenders, which offered tracker interest rate mortgages to their customers, to review all mortgage accounts from the date when the lender commenced offering tracker interest mortgages until 31 December 2015 in respect of both Private Dwelling Houses and Buy-to-Let properties: -...

Written Answers — Department of Finance: Fiscal Policy (13 Jul 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...

Written Answers — Department of Finance: Brexit Issues (13 Jul 2017)

Paschal Donohoe: Irish SMEs will require Government support to diversify and restructure their businesses in light of challenges posed by Brexit. It is a key Government strategy to support the growth of and investment in this important sector of the economy. As the Deputy will be aware, there are already significant Government measures to support the financing needs of SMEs; these will be available to...

Written Answers — Department of Finance: Excise Duties Collection (13 Jul 2017)

Paschal Donohoe: Issues around the EU Japanese trade deal are a matter for the Minister for Jobs Enterprise and Innovation in the first instance.  In relation to customs duty, the current rate of duty on motor vehicles principally designed for the transport of up to 9 persons (cars) from Japan is 10%. 

Written Answers — Department of Finance: Oireachtas Banking Inquiry (13 Jul 2017)

Paschal Donohoe: My Department is in the process of preparing a Progress Report in relation to the specific recommendations of the Joint Oireachtas Committee of Inquiry into the Banking Crisis in Ireland.  This Progress Report also takes into account the broader findings and recommendations of the Banking Inquiry and other inquiries into the Financial Crisis. The Banking Inquiry report and...

Written Answers — Department of Finance: Motor Insurance Data (13 Jul 2017)

Paschal Donohoe: The Central Bank has advised me that under Solvency I it publishes Insurance Statistics annually and the latest data available is for 2015.  The Bank has provided me with the following information on Gross Written Premiums and Claims paid for total motor vehicle business for financial years 2011-2015 inclusive, which is detailed in Table 22 of the Insurance Statistics annual...

Written Answers — Department of Finance: Financial Services Regulation (13 Jul 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 does 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...

Written Answers — Department of Finance: IBRC Liquidation (13 Jul 2017)

Paschal Donohoe: The status of the Special Liquidation as at 31 December 2016 is set out in the progress update report published by the Special Liquidators on 5 May 2017 and which is available on the Department of Finance website(). I am advised by the Special Liquidators that there are €3.54 billion of loans remaining to be sold. The main reason these loans have not been sold is primarily due to...

Written Answers — Department of Finance: Committee of Public Accounts Recommendations (13 Jul 2017)

Paschal Donohoe: The Interim Report on the Committee of Public Account's examination of bank stabilisation measures had nine recommendations. The Deputy will be aware that responsibility for addressing these recommendations is spread across the Central Bank and several Government Departments.  Therefore, I will confine my response to the issues that come under my direct responsibility, as Minister for...

Written Answers — Department of Finance: Departmental Records (13 Jul 2017)

Paschal Donohoe: I understand that the recommendation to which the Deputy refers was directed to the Mental Health Commission and the Irish College of Psychiatrists and others. As such, I would recommend that the Deputy direct the question to my colleague the Minister for Health under whose aegis the Mental Health Commission operates.

Written Answers — Department of Finance: Financial Services Regulation (13 Jul 2017)

Paschal Donohoe: I have been advised by the Central Bank that the bank’s Consumer Protection Code 2012 (the Code) provides that a regulated entity must ensure that, in all its dealings with customers and within the context of its authorisation, it has and employs effectively the resources, policies and procedures, systems and control checks, including compliance checks, and staff training that are...

Written Answers — Department of Finance: Tax Agreements (13 Jul 2017)

Paschal Donohoe: I am advised by Revenue that refunds of income tax for 2013 to 2015 inclusive were made to the person concerned and that a refund for 2016 will issue shortly.   I understand there is a double taxation agreement (DTA)  between Ireland and Australia. Revenue has advised me that they have no information regarding any employment or tax paid in Australia by the person...

Written Answers — Department of Finance: State Banking Sector (13 Jul 2017)

Paschal Donohoe: I can confirm for the Deputy that the State's shareholding in BOI, prior to the rights issue in July 2011, was 36%.

Written Answers — Department of Finance: State Banking Sector (13 Jul 2017)

Paschal Donohoe: I can confirm for the Deputy that, in July 2011, a group of North American investors agreed to buy up to 10,511m ordinary shares in Bank of Ireland from the State.  The purchase was completed in two tranches: July 2011 - an initial unconditional purchase of 2,382m shares. October 2011 - following receipt of regulatory clearances by the investors, a second...

Written Answers — Department of Finance: VAT Yield (13 Jul 2017)

Paschal Donohoe: The supply of financial services is VAT exempt across all EU Member States in accordance with Article 135 of the EU VAT Directive.  Imposing VAT on financial services would require a change to the VAT Directive applicable to all Member States.  Ireland could not make such a decision unilaterally.   The information provided to the Revenue Commissioners on tax...

Written Answers — Department of Finance: Tax Yield (13 Jul 2017)

Paschal Donohoe: I propose to take Questions Nos. 206 to 208, inclusive, together. In order to estimate the potential revenue from a wealth tax, it is necessary to identify the wealth held by individuals. As there is currently no such wealth tax in operation in Ireland, the Department understands that the Revenue Commissioners have no basis or requirement to compile the data needed to produce estimates in...

Written Answers — Department of Finance: Tax Yield (13 Jul 2017)

Paschal Donohoe: I am informed by Revenue that the estimated amount that could be raised by increasing stamp duty on commercial property to 6% is €372 million.

Written Answers — Department of Finance: Tax Yield (13 Jul 2017)

Paschal Donohoe: It is not possible from Revenue data to accurately estimate the yield from introducing a financial transactions tax of 0.1% on securities and 0.01% on derivatives. However, the Deputy may be interested to note that the yield from a 0.1% increase in stamp duty transactions on all shares would be in the region of €43 million.

Written Answers — Department of Finance: Universal Social Charge Data (13 Jul 2017)

Paschal Donohoe: I propose to take Questions Nos. 211 to 214, inclusive and Nos. 226 to 228, inclusive, together. I am advised by the Revenue Commissioners that the amount of Universal Social Charge (USC) collected annually since its introduction in 2011 to 2016, from both PAYE and Schedule D (self-assessed) income earners, is as set out in the following table. It should be noted that the breakdown (being...

Written Answers — Department of Finance: Tax Yield (13 Jul 2017)

Paschal Donohoe: I propose to take Questions Nos. 215 to 218, inclusive, together. I am advised by Revenue that it is not possible to accurately estimate the additional revenue that may be brought in from increasing the 12.5% corporation tax rate to either 25% or to the effective rate of tax for workers on the median wage. This would require ex ante knowledge of any behavioural changes on the part of...