Results 23,341-23,360 of 33,392 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Central Bank of Ireland Staff (11 Sep 2017)

Paschal Donohoe: The Central Bank is committed to increased participation and influence in international fora and as a result secondments to roles of strategic importance are a key priority.  The Bank also attaches importance to secondments as development opportunities.   I am informed that as at 31 August 2017, the Central Bank of Ireland has 75 employees on secondment.

Written Answers — Department of Finance: Mortgage Lending (11 Sep 2017)

Paschal Donohoe: The Central Bank of Ireland, in line with its mandate to safeguard financial stability, has put in place macro-prudential measures for residential mortgage lending.  These measures apply proportionate loan-to-value and loan-to-income limits to mortgage lending by regulated financial service providers in the Irish market.   The Central Bank is...

Written Answers — Department of Finance: Motor Insurance (11 Sep 2017)

Paschal Donohoe: I propose to take Questions Nos. 151 and 186 together. As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation.  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: Tracker Mortgages Examination (11 Sep 2017)

Paschal Donohoe: The Tracker Mortgage Examination is the largest most complex and significant supervisory review that the Central Bank has undertaken to date in the context of its consumer protection mandate and involved an initial review of more than two million mortgage accounts by lenders to identify the number of "in scope" accounts.  The Examination continues to be a priority for the Central...

Written Answers — Department of Finance: Mortgage Lending (11 Sep 2017)

Paschal Donohoe: Residential mortgage lending to consumer borrowers, including bridging finance which is provided for a housing purpose, has to comply with the legislative and regulatory provisions which govern such lending, including the relevant provision of the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 and the Consumer Protection Code.  However, within this...

Written Answers — Department of Finance: Tax Code (11 Sep 2017)

Paschal Donohoe: Section 22 of the Finance Act 2016 made an amendment to section 110 of the Taxes Consolidation Act 1997 to address the concern that some section 110 companies were being used to minimise the Irish tax exposure on Irish property transactions.  The core effect of the amendment is to remove the possibility for section 110 companies to use what are known as 'profit participating notes' to...

Written Answers — Department of Finance: Tax Code (11 Sep 2017)

Paschal Donohoe: Section 110 is intended to create a tax neutral regime for bona fide securitisation and structured finance purposes.  It has been part of our corporation tax code since 1991, with significant amendments in 2003.  Securitisation involves the creation of tradeable securities out of an income stream or projected future income stream generated by financial assets.  The transaction...

Written Answers — Department of Finance: Flood Risk Insurance Cover Provision (11 Sep 2017)

Paschal Donohoe: I am conscious of the difficulties that the absence or withdrawal of flood insurance cover can cause to home owners and businesses alike, and that is one of the reasons the Government has been prioritising investment in flood defences over the last number of years.  However, the provision of insurance cover and the price at which it is offered is a commercial matter for insurance...

Written Answers — Department of Finance: Brexit Staff (11 Sep 2017)

Paschal Donohoe: The Assistant Secretary who heads the EU and International Division of my Department has been designated as the lead official in the Department for Brexit matters.  A dedicated Brexit Unit within the EU and International Division was established in July 2016 to oversee and coordinate Brexit work across the entire Department and to act as a key liaison point, in particular with the...

Written Answers — Department of Finance: Brexit Staff (11 Sep 2017)

Paschal Donohoe: The Assistant Secretary who heads the EU and International Division of my Department has been designated as the lead official in the Department for Brexit matters.  A dedicated Brexit Unit within the EU and International Division was established in July 2016 to oversee and coordinate Brexit work across the entire Department and to act as a key liaison point, in particular with the...

Written Answers — Department of Finance: Construction Costs (11 Sep 2017)

Paschal Donohoe: My Department monitors inflation across the economy on an ongoing basis, including in the construction sector.  For example, the National House Construction Cost Index, published by the Department of Housing, Planning, Community and Local Government, provides an indication of labour and material cost developments within the construction industry. A number of construction sector...

Written Answers — Department of Finance: Fiscal Policy (11 Sep 2017)

Paschal Donohoe: The Government outlined its position in relation to the rainy day fund (RDF) in the 2017 Summer Economic Statement (SES) which was published in July. The planned contribution to the RDF is now €500 million per annum, beginning in 2019 (on the assumption that the medium term objective is achieved next year). This is down from the €1 billion provisionally set out in the 2016...

Written Answers — Department of Finance: State Banking Sector (11 Sep 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.  The offering was strongly supported by a broad range of international institutional investors as well as Irish retail investors. Following the IPO, the State's...

Written Answers — Department of Finance: European Investment Bank (11 Sep 2017)

Paschal Donohoe: I met the EIB President, EIB Vice President Andrew McDowell and other representatives of the Bank in Luxembourg on 23-24 May in the second formal meeting of the general EIB Ireland Financing Group.  There was a wide ranging discussion on the capital and infrastructural needs of the Irish economy and the key issues that arise in trying to address these needs. This discussion...

Written Answers — Department of Finance: Eurozone Issues (11 Sep 2017)

Paschal Donohoe: The proposals on future Eurozone governance structures as outlined by the French President are part of a wider debate that is taking place on the Future of Europe. On 1 March 2017, the European Commission published a White Paper on the Future of Europe. As part of this White paper, the European Commission published five reflection papers on topics such as Globalisation, Future...

Written Answers — Department of Finance: Credit Union Lending (11 Sep 2017)

Paschal Donohoe: My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Registrar of Credit Unions at the Central Bank is the independent regulator for credit unions.  Within its independent regulatory discretion, the Registrar acts to support the prudential soundness of individual...

Written Answers — Department of Finance: Tracker Mortgages Examination (11 Sep 2017)

Paschal Donohoe: The Central Bank of Ireland published a report providing an update on the Examination of Tracker Mortgage Related Issues on 23 March last ().  As set out in the report,  - approximately 9,900 customer accounts had been identified as impacted by lenders, as part of the Examination, as at end February 2017; - lenders had commenced contacting impacted customers identified as at end...

Written Answers — Department of Finance: Consumer Protection (11 Sep 2017)

Paschal Donohoe: As the Deputy will be aware, the Consumer Protection (Regulation of Credit Servicing Firms) Act, 2015 was enacted in July 2015.  It was introduced by the previous Government to fill the consumer protection gap where loans were sold by the original lender to an unregulated firm.  The Act introduced a regulatory regime for a new type of entity called a...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Investments (11 Sep 2017)

Paschal Donohoe: The NTMA has informed me that in line with its statutory mandate, the Ireland Strategic Investment Fund (ISIF) is examining opportunities for investments that have the potential to support increased supply of housing. These include near-term pipeline housing projects in the build-to-rent sector and student accommodation along with investments in housing–related enabling...

Written Answers — Department of Finance: Mortgage Arrears Proposals (11 Sep 2017)

Paschal Donohoe: The Deputy will be aware that the Central Bank has an ongoing role in monitoring the level of arrears and negative equity on mortgages. The Programme for a Partnership Government contains a range of commitments in the broad housing and banking area and my Department regularly engages with the Central Bank on all the Programme for Government Commitments which will impact on the Central Bank...