Results 23,761-23,780 of 32,864 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Banking Sector (20 Jun 2017)

Paschal Donohoe: I propose to take Questions Nos. 307 and 308 together. As the Deputy will be aware, on 12 June, the price range was announced for the sale of AIB shares by way of an Initial Public Offering on the Irish and London stock exchanges. The expected price range for the offer has been set at between €3.90 and €4.90 per Ordinary Share, implying a market capitalisation for AIB on...

Written Answers — Department of Finance: State Banking Sector (20 Jun 2017)

Paschal Donohoe: The Deputy should be aware that in line with the State agreements with AIB, all fees incurred by the State in relation to an IPO transaction will be paid by the bank. Fees are only payable to the selling syndicate of nine investment banks on the completion of a successful transaction, and are proportional to the value of the transaction. As such it is not possible to provide an...

Written Answers — Department of Finance: Financial Services Sector (20 Jun 2017)

Paschal Donohoe: I am aware of the matters relating to certain property investment funds that the Deputy has raised, which my officials will continue to monitor. However, as litigation relating to a number of funds, including those identified by the Deputy, are currently before the courts, it would be inappropriate for me to comment at this time.

Written Answers — Department of Finance: Tax Reliefs Data (20 Jun 2017)

Paschal Donohoe: I am advised by Revenue that prior to 2015, the Film Relief scheme, provided for by Section 481 Taxes Consolidation Act (TCA) 1997, operated by giving relief to individuals and companies investing in the film industry. The information in respect of the tax cost and number of investors who claimed relief under section 481 for the years 2004 to 2014 is available on the Revenue Commissioners...

Written Answers — Department of Finance: Financial Services Sector (20 Jun 2017)

Paschal Donohoe: I have been informed by the Central Bank that it does not track data relating to unregulated non-bank lenders. However, the SME Credit Demand Survey, conducted on behalf of the Department, monitors the credit requirements of SMEs.  The latest survey indicates that non-bank finance for SMEs is considerably lower than bank finance. For the period April to September 2016, the survey...

Written Answers — Department of Finance: Mortgage Book Sales (20 Jun 2017)

Paschal Donohoe: Significant progress has been made across the Irish banking sector in reducing the level of NPLs since the financial crisis. This has been primarily achieved by customers engaging directly with their banks and agreeing a sustainable payment plan which allows the customer an achievable path out of arrears, as well as protecting the value of the loan for the bank. In the vast majority...

Written Answers — Department of Finance: Fiscal Policy (20 Jun 2017)

Paschal Donohoe: As part of the 2016 Summer Economic Statement, the Government announced its intention to establish a contingency reserve/rainy day fund with effect from 2019.  The crisis years clearly demonstrated that volatility in the economic cycle can be much more pronounced due to the open nature of the Irish economy. As such, the rainy day fund would provide a prudent counter-cyclical buffer,...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (20 Jun 2017)

Paschal Donohoe: The strategic mission of the Strategic Banking Corporation of Ireland (SBCI) is to deliver effective financial supports to Irish SMEs that address failures in the Irish credit market, while driving competition and innovation and ensuring the efficient use of available EU resources. The SBCI achieves this aim through the provision of low cost liquidity and risk sharing activities supporting...

Written Answers — Department of Finance: Mortgage Arrears Proposals (20 Jun 2017)

Paschal Donohoe: The Central Bank publishes updates on the Mortgage Arrears and Repossession figures with a significant amount of detail.  The most recent set of statistics was published on 8 June 2017. While the Central Bank collects some additional breakdown on the up to 90 days in arrears category, these breakdowns can be affected by technical  issues, mainly to do with timing, which can cause...

Written Answers — Department of Finance: Fiscal Compact Treaty (20 Jun 2017)

Paschal Donohoe: I am currently unaware of any review underway or planned by the European Commission on the European Fiscal Rules. Nor have I raised the possibility of such a review with the Council of European Finance Ministers. However, changes are made on a regular basis to both the operation of the fiscal rules and the methodology used to assess compliance, particularly in relation to the...

Written Answers — Department of Finance: Insurance Compensation Fund (20 Jun 2017)

Paschal Donohoe: I am advised that the following represents the current financial position of the Insurance Compensation Fund: - Amount Insurance levy revenue received in 2016 €73.28m Insurance levy revenue received to date in 2017 €20.75m Repayments of amounts advanced under Section 5(1) of the 1964 Insurance Act by the Minister of Finance on the recommendation of the Central Bank in...

Written Answers — Department of Finance: Fiscal Policy (20 Jun 2017)

Paschal Donohoe: My Department prepares and publishes a risk and sensitivity analysis around the macroeconomic and fiscal forecasts on a biannual basis. The most recent sensitivity analysis was published as part of the 2017 Stability Programme Update (SPU) and included two illustrative scenarios: 1. The impact of a 1 per cent decrease in world output 2. The impact of a 1 per cent interest rate increase The...

Written Answers — Department of Finance: Home Renovation Incentive Scheme Eligibility (20 Jun 2017)

Paschal Donohoe: The Home Renovation Incentive (HRI) provides a tax relief by way of an income tax credit on repair, renovation or improvements works on principal private residences or rental properties carried out by tax compliant contractors. HRI came into operation on 25 October 2013, with rental properties being brought within its scope from 15 October 2014. The scheme is scheduled to run until 31...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland Funding (20 Jun 2017)

Paschal Donohoe: The Strategic Banking Corporation of Ireland (SBCI) is Ireland’s National Promotional Institution for SMEs and its strategic mission is to deliver effective financial supports to Irish SMEs that address failures in the Irish credit market, while driving competition and innovation and ensuring the efficient use of available EU resources. The SBCI began lending in March 2015 and it...

Written Answers — Department of Finance: Tracker Mortgages Examination (20 Jun 2017)

Paschal Donohoe: The Central Bank have advised that the information that the Deputy has requested is lender specific supervisory information and the Central Bank is not in a position to comment on individual lenders due to confidentiality requirements under Central bank legislation. However, in the most recent update on the Examination published by the Central Bank on March 23,...

Written Answers — Department of Finance: Fiscal Policy (20 Jun 2017)

Paschal Donohoe: In terms of the performance public expenditure management in 2016, it should be noted that the provisional outturn (adjusting for Capital Carryover) for total gross voted expenditure was €55,980 million compared to the projection in REV 2016. This represents an over profile amount of less than 0.25% of total gross voted expenditure, highlighting the strict control of the overall level...

Written Answers — Department of Finance: State Bodies Code of Conduct (20 Jun 2017)

Paschal Donohoe: In response to the Deputy's question, there are eighteen bodies under the aegis of my Department of which I am advised that eleven are designated as State Bodies for the purpose of the 2016 Code of Practice for the Governance of State Bodies. With respect to these eleven bodies, please see the information requested in the following table: Body Report furnished confirming compliance...

Written Answers — Department of Finance: Mortgage Interest Relief Data (20 Jun 2017)

Paschal Donohoe: If the Government decides in Budget 2018 to retain Mortgage Interest Relief (MIR) on the same basis it currently applies, this would be neutral in fiscal space terms.  However I should point out that in Budget 2017 the Government confirmed its intention to extend MIR beyond the current end-date of December 2017 on a tapered basis to 2020, in line with the commitment in the Programme for...

Written Answers — Department of Finance: Public Sector Pay (20 Jun 2017)

Paschal Donohoe: On the 8 June 2017, the terms of a proposed agreement was reached between the public service unions and public service management officials representing the Government, regarding an extension to the Lansdowne Road Agreement.  If the proposed agreement is ratified by the unions and representative associations for public servants, then the expenditure will use fiscal space....

Written Answers — Department of Finance: Tax Reliefs Costs (20 Jun 2017)

Paschal Donohoe: I propose to take Questions Nos. 327 and 333 together. The cost to the Exchequer of an income tax, USC and/or PRSI relief on interest earned from the supply of crowdfunding finance to SMEs would depend on a number of factors, including the marginal USC rate and the PRSI Class of the individual investors concerned; the level of investment; the level of return received on the investment (i.e....