Results 23,361-23,380 of 32,864 for speaker:Paschal Donohoe

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: ECOFIN Meeting: Minister for Finance (6 Jul 2017)

Paschal Donohoe: That depends on how they perform across the coming years. If we were to change the status of those deferred losses then that, in turn, would affect the capital status of the banks thus causing an entirely different problem for the Government and the Irish economy.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: ECOFIN Meeting: Minister for Finance (6 Jul 2017)

Paschal Donohoe: I am satisfied that the matter is a priority. I also know that the high level of premia is a really big issue for people in terms of their day-to-day cost of living. Insurance is also a big challenge for companies, particularly small companies. The Chairman did not ask me to comment but I will not comment on what happened last Monday. Yesterday morning, the Cabinet agreed to begin...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: ECOFIN Meeting: Minister for Finance (6 Jul 2017)

Paschal Donohoe: I am absolutely looking at it. My Minister of State, Deputy Michael D'Arcy, also has a particular responsibility for the area. In terms of what we are doing about the matter, it is not a case that we will take an initiative in the future because we have already done so. The cost of insurance working group's report has made 71 recommendations that should be implemented by the end of 2018....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: ECOFIN Meeting: Minister for Finance (6 Jul 2017)

Paschal Donohoe: I view the decrease more than the beginning of the work that we need to carry out. We need to create an environment in which this kind of change occurs on a yearly basis.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: ECOFIN Meeting: Minister for Finance (6 Jul 2017)

Paschal Donohoe: I have been informed of no such breaches. I will meet the Governor of the Central Bank in the coming days and I will raise this matter with him.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: ECOFIN Meeting: Minister for Finance (6 Jul 2017)

Paschal Donohoe: I remember when the legislation came in that created the special managers the Chairman referred to. I know what the role is and how important it is. I am sure the Central Bank would take it very seriously if the legal requirements were not met. We are a few weeks in and I have not been informed of such a breach. If there is an issue in terms of this matter, I am happy to update the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: ECOFIN Meeting: Minister for Finance (6 Jul 2017)

Paschal Donohoe: I am happy to have that. The Chairman will know the concerns we have about the Bill are genuine. It is not clear to us how this entity would be funded. It appears it would need to issue some form of bond to pay for the financial commitment. We do not understand how that would happen. Furthermore, we are not at all clear how such a unit would be kept off the balance sheet of the country....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: ECOFIN Meeting: Minister for Finance (6 Jul 2017)

Paschal Donohoe: The bank-related part is between one fifth and one quarter. The rest is the accumulated cost of running deficits. This is why, when Senator Horkan asked me about this point, I said the best way we can begin to get our debt soon is related to what we do in terms of our need to borrow every year. The level of debt in the economy is between €200 billion and €205 billion, which...

Written Answers — Department of Finance: Financial Services Regulation (6 Jul 2017)

Paschal Donohoe: I have been advised by the Central Bank that regulated entities providing financial services in Ireland are required to comply with the Consumer Protection Code 2012 (the Code).  The Code applies to financial services providers authorised, registered or licensed by the Central Bank; and financial services providers authorised, registered or licensed in another EU or EEA Member State...

Written Answers — Department of Finance: Tax Compliance (6 Jul 2017)

Paschal Donohoe: Section 110 of the Taxes Consolidation Act 1997 sets out the Irish regime for the taxation of special purpose companies set up to securitise assets.  The tax provisions are intended to create a tax neutral regime for securitisation and structured finance purposes.  If the loan origination company is a qualifying company (within the meaning of section 110 TCA 1997) then...

Written Answers — Department of Finance: Sale of State Assets (6 Jul 2017)

Paschal Donohoe: Any proceeds from a sale of shares held in a bank by the State would not result in a beneficial impact to the General Government Balance (GGB) under the European System of Accounts 2010 (ESA 2010) framework. This is due to the fact that it such transactions are classified as a 'financial transaction' whereby it is essentially the exchange of one form of asset (shares, equities,...

Written Answers — Department of Finance: Irish Strategic Investment Fund (6 Jul 2017)

Paschal Donohoe: The NTMA has advised me that a fundamental aspect of the Ireland Strategic Investment Fund’s (the “Fund”) mandate is, as a commercial investor on behalf of the State, to act as a catalyst for co-investment in the Irish economy from private sector capital.  Accordingly the Fund structures its investments in a commercial manner and it is essential that it do so if it...

Written Answers — Department of Finance: Universal Social Charge Yield (6 Jul 2017)

Paschal Donohoe: The position is that officials from my Department and the Revenue Commissioners have been reviewing the USC performance. As part of the review, my Department and Revenue have re-examined the Budget 2017 USC costings, and are satisfied that the costings are as accurate as possible given the complexities involved in forecasting. Furthermore, as part of the continuous efforts to improve...

Written Answers — Department of Finance: Tracker Mortgages Examination Data (6 Jul 2017)

Paschal Donohoe: Revenue administers mortgage interest relief in accordance with Section 244 of the Taxes Consolidation Act 1997. The level of relief applied by lenders to each case is based on the applicable ceiling, the rate of relief allowable and the percentage of the loan that qualifies for the relief. The information required by the lenders to ensure that the correct level of relief is applied is...

Written Answers — Department of Finance: Financial Services Sector (6 Jul 2017)

Paschal Donohoe: Contingency planning for Brexit has been ongoing at all levels of Government well in advance of the UK EU referendum in June 2016. Ireland has a successful track record of competing for, and winning, global foreign direct investment. One of the key pillars of that success is the growth of the International Financial Services (IFS) sector, in particular over the past 30 years. Ireland is now...

Written Answers — Department of Finance: VAT Yield (6 Jul 2017)

Paschal Donohoe: I propose to take Questions Nos. 74 and 75 together. I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. Under the EU VAT Directive 2006/112/EC it is not possible to introduce a zero rate of VAT on any good or service that had not already applied at the zero rate of VAT on and from 1 January...

Written Answers — Department of Finance: Corporation Tax Regime (6 Jul 2017)

Paschal Donohoe: In September last year, the Government decided to arrange for a review of Ireland’s corporation tax code by an independent expert, Mr Seamus Coffey. The decision was taken with a view to ensuring that Ireland’s corporation tax code meets the new international tax standards while remaining competitive in a growing economy. On 30 June 2017, Mr Coffey submitted...

Written Answers — Department of Finance: Motor Insurance Costs (6 Jul 2017)

Paschal Donohoe: There is a commitment within the Report on the Cost of Motor Insurancethat the Working Group will prepare quarterly updates on the progress of the implementation of the recommendations and the first such update was published in early May. That update provides details on how the implementation of the recommendations is progressing, with a particular focus on the ten action points which were...

Written Answers — Department of Finance: Tax Strategy Group (6 Jul 2017)

Paschal Donohoe: Preparatory work in relation to the Tax Strategy Group for 2017 is close to completion. A number of topics have been advanced and the agenda will be finalised shortly. It is envisaged however, that the following Papers will be included: Income Tax and USC, General Excises, PRSI, Social Protection Package, Capital Taxes/Exit Tax/DIRT, Corporation Tax, VAT and Climate and Environmental Taxes....

Written Answers — Department of Finance: Revenue Commissioners Resources (6 Jul 2017)

Paschal Donohoe: I am advised by the Revenue Commissioners that a Ready Reckoner is currently published on the Revenue website (). This Ready Reckoner is prepared on a post-Budget 2017 basis. I am informed that Revenue expect to publish a pre-Budget 2018 basis Ready Reckoner later in July, which would be around a month earlier than in 2016.