Results 3,661-3,680 of 33,118 for speaker:Paschal Donohoe

Seanad: Finance Bill 2022: Committee Stage (7 Dec 2022)

Paschal Donohoe: I propose to respond to recommendations No. 17 to 21, inclusive, together. Recommendation No. 17 refers to reducing the rate of motor oil tax currently in place on diesel and petrol to the minimum rate allowable under the energy tax directive on 1 March. The recommendation also proposes to reduce the rate of motor oil tax on non-propellant use of kerosene to 0% until 1 March 2023....

Written Answers — Department of Finance: Tax Avoidance (7 Dec 2022)

Paschal Donohoe: As the Deputy is aware, I am unable to comment on the tax affairs of individual taxpayers, including companies. The obligation to protect taxpayer confidentiality is provided for by section 851A of the Taxes Consolidation Act, 1997. However, I can assure the Deputy that Ireland has a transparent tax code, with the liability to Irish corporation tax being primarily determined by a...

Written Answers — Department of Finance: Financial Services (7 Dec 2022)

Paschal Donohoe: The Central Bank’s consumer protection mandate is prescribed in the Central Bank Act 1942 and includes the ‘proper and effective regulation of financial institutions and markets, while ensuring that consumers of financial services are protected’.  Under the 1942 Act, the Central Bank’s functions include ‘monitoring the provision of financial services to...

Written Answers — Department of Finance: Insurance Coverage (7 Dec 2022)

Paschal Donohoe: As Minister for Finance, I have policy responsibility for the development of the legal framework governing financial services regulation, including for the insurance sector. It should be noted that the provision of insurance cover and the price at which it is offered is a commercial matter for those providers and is based on an assessment of the risks they are willing to accept. Therefore,...

Written Answers — Department of Finance: Banking Sector (7 Dec 2022)

Paschal Donohoe: For the purpose of the Retail Banking Review Report ‘market failure’ was defined as those instances where competition, if left to its own devices, is unlikely to produce efficient outcomes in terms of prices, output, use of resources. Markets fail when the market (based on private actors) does not provide a product or service even though the economic benefits outweigh the...

Written Answers — Department of Finance: Banking Sector (7 Dec 2022)

Paschal Donohoe: The retail banking sector has the responsibility to ensure that there continues to be a fit for purpose retail banking sector for the years to come. The sector needs to ensure that interests of consumers and of businesses are its key priority and do the right things to deliver the best outcomes. It is clear that intervention is needed to better manage the impact of the change that is...

Written Answers — Department of Finance: Tax Code (7 Dec 2022)

Paschal Donohoe: Ireland’s corporate tax policy, and broader industrial strategy, has consistently focused on attracting real and substantive investment that brings jobs. The 12.5% headline rate of corporation tax has not changed in almost two decades and this has been a key component of the recent economic success of the country.  It should be noted that Ireland’s FDI attractiveness...

Written Answers — Department of Finance: Departmental Staff (7 Dec 2022)

Paschal Donohoe: I wish to advise the Deputy that it is not currently intended to appoint an additional Fiscal Attaché or an additional Budget Attaché to the Permanent Representation of Ireland to the EU in Brussels , beyond the Fiscal Attaché and Budget Attaché positions that currently exist there.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: I will speak to the section first. This section substitutes a new section for section 33AO of the Central Bank Act 1942, which provides for the circumstances in which the Central Bank may hold an inquiry into the suspected commission of or participation in a prescribed contravention. This amendment will facilitate the breaking of the participation link whereby enforcement action can only be...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: That is a fair point. Section 53E defines the common conduct standards. Section 53(1)(a) refers to the person acting with "honesty and integrity" and "having regard to the legitimate interests of the regulated financial service provider, its staff, customers and other persons with whom it engages". The case could strongly be made that the person planning to commit a contravention is not...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: I am referring to section 53E of the new section. It refers to "honesty and integrity...having regard to the legitimate interests of the regulated financial service provider". Section 53E(1)(b) refers to the person acting "with due skill, care and diligence". Section 53E(1)(b)(iv) says "acting without detriment to customers, the regulated financial service provider, its related...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: Yes. My officials have just reminded me that it is open to the Central Bank to look beyond this list of standards, if an act has been committed it believes is detrimental to the objectives of this Act. The Central Bank would have the ability to look beyond the conduct standards laid down here.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: It does not because the key word is "planning". It will depend on evidence being made available to show planning has occurred. Assuming such evidence is available, I am satisfied the way the conduct standard is laid out with reference to the need to act with "regard to the legitimate interests of the regulated financial service provider ...[and its] customers" would cover off the planning...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: My Department and I believe the answer to the Deputy's question is "yes". Of course, the caveat to that, reasonably, is that there has to be proof the planning was occurring.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed) (7 Dec 2022)

Paschal Donohoe: If that proof is there, I am confident the drafting of the legislation would mean such planning would constitute a breach of the common conduct standards.