Results 401-420 of 33,498 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Credit Unions (1 Jul 2025)

Paschal Donohoe: The purpose of the Stabilisation Scheme is to have funds available, if needed, to assist credit unions whose reserves have temporarily fallen below the 10% minimum statutory reserve requirement but are otherwise considered by the Central Bank to be viable. To be eligible for consideration for stabilisation support, a credit union must have reserves of at least 7.5% of total assets but its...

Written Answers — Department of Finance: Credit Unions (1 Jul 2025)

Paschal Donohoe: The purpose of the Credit Institutions Resolution Fund (CIRF) is to provide a source of funding for the resolution of financial instability in, or an imminent serious threat to the financial stability of, a credit union. See below, in tabular format, the amount that has been collected each year by the Resolution Fund since its inception. Data has been extracted from the annual CIRF audited...

Written Answers — Department of Finance: Departmental Regulations (1 Jul 2025)

Paschal Donohoe: I propose to take Questions Nos. 271 and 272 together. The Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 provides that any person whose business, directly or indirectly, provides credit, including credit which is termed as 'buy now pay later' (BNPL) type credit, or hire purchase or consumer hire agreements to consumers now falls within the...

Written Answers — Department of Finance: Credit Unions (1 Jul 2025)

Paschal Donohoe: The following information has been provided by the Central Bank Of Ireland and is extracted from quarterly prudential returns submitted by credit unions to the Central Bank Of Ireland. The credit union financial year runs from 1 October to 31 September. The Deputy has asked for specific information to March each year, hence the information in tabular form below is from 1 October to the 31...

Written Answers — Department of Finance: Banking Sector (1 Jul 2025)

Paschal Donohoe: The formulation and implementation of monetary policy is an independent matter for the European Central Bank (ECB). The ECB increased official interest rates over the course of 2022 and 2023 as it moved to combat excess inflation. However, since last summer it has reduced official interest rates on eight occasions, the most recent of which came into effect from 11 June 2025. These...

Written Answers — Department of Finance: Insurance Industry (1 Jul 2025)

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. As you will appreciate, I cannot comment on individual cases or intervene in disputes that individuals may have with their bank or insurance provider. In relation to the general issue of mortgages, there is a broad...

Written Answers — Department of Finance: Pensions Reform (1 Jul 2025)

Paschal Donohoe: The Interdepartmental Pensions Reform and Taxation Group (IDPRTG) was established to carry out a number of tasks set out in the Roadmap for Pensions Reform 2018 -2023. The Roadmap set out the need to promote long-term pension saving to address income adequacy in retirement, in particular for low income earners. The IDPRTG is chaired by the Department of Finance, and includes...

Written Answers — Department of Finance: Pensions Reform (1 Jul 2025)

Paschal Donohoe: Prior to 1 January 2023, where the combined contributions by an employer and an employee to the employee’s Personal Retirement Savings Account (PRSA) did not exceed the employee’s annual percentage limit, as set out in section 787E(1) Taxes Consolidation Act 1997 (TCA), the contributions were relieved from tax. The employee’s annual percentage limit is between 15% and 40%...

Written Answers — Department of Finance: Pensions Reform (1 Jul 2025)

Paschal Donohoe: The introduction of the Automatic Enrolment Retirement Savings System, known as AE, is a landmark reform designed to get people to save for their retirement earlier thereby helping them to sustain a reasonable standard of living in their old age. It is also designed to support the long-term sustainability of the pension system more generally. As the Deputy is aware the operation of AE is...

Written Answers — Department of Finance: Pensions Reform (1 Jul 2025)

Paschal Donohoe: While there are differences in the treatment of occupational pension schemes and Personal Retirement Savings Accounts (PRSAs), these differences stem from the nature of the products. I am advised by Revenue that “master trusts” are not currently defined in either pensions or tax legislation. For tax purposes, a master trust is treated as an occupational pension scheme which...

Written Answers — Department of Finance: Insurance Coverage (1 Jul 2025)

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. Working with stakeholders such as OPW and Insurance Ireland to enhance collaboration and information sharing on the climate protection gap is a key focus of the Government’s policy to develop a sustainable, planned...

Written Answers — Department of Finance: Vehicle Registration Tax (1 Jul 2025)

Paschal Donohoe: It is assumed that the Deputy is referring to the Disabled Drivers and Disabled Passengers Scheme (DDS). The DDS provides relief from VRT and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. The relief from Value Added Tax and Vehicle Registration Tax are generous in nature amounting to up to €10,000, €16,000, €22,000,...

Seanad: Finance (Local Property Tax and Other Provisions) (Amendment) Bill 2025: Second Stage (26 Jun 2025)

Paschal Donohoe: I thank the Chair. I appreciate the opportunity to present the Bill to Seanad Éireann. The local property tax has become a well-embedded and established part of our tax structure since it was introduced in 2013. It provides a stable funding base for local authorities and it has raised over €6 billion since it was introduced. The programme for Government contains a clear...

Seanad: Finance (Local Property Tax and Other Provisions) (Amendment) Bill 2025: Second Stage (26 Jun 2025)

Paschal Donohoe: I thank the Chairperson for the opportunity to respond to the different issues that have been raised there. I thank Senators Crowe, Deasy and Murphy for contributing to this discussion. I will begin with the points made by the first speaker, Senator Deasy, and the different issues he raised. I am so sorry. I meant Senator Cathal Byrne.

Seanad: Finance (Local Property Tax and Other Provisions) (Amendment) Bill 2025: Second Stage (26 Jun 2025)

Paschal Donohoe: I do not know where that came from. Although, I actually do know where it came from, so I apologise.

Seanad: Finance (Local Property Tax and Other Provisions) (Amendment) Bill 2025: Second Stage (26 Jun 2025)

Paschal Donohoe: It was a slip of the tongue nonetheless, so I apologise. I know what it is like. I was referred to as Paschal Sheehy for all my early years in here and then I eventually turned into Paschal Mooney before becoming known as Paschal Donohoe. I apologise to Senator Byrne again. The point he opened by making was on the trade-off between the need for affordability and the stability of income....

Written Answers — Department of Finance: Departmental Data (26 Jun 2025)

Paschal Donohoe: I am advised by Revenue that the Stamp Duties Consolidation Act (SDCA) 1999 provides for a charge to Stamp Duty at the rate of 7.5% on the purchase of agricultural land. This applies to the scenario the Deputy outlines, i.e., where agricultural land is purchased by an individual who is not from an agricultural background and does not hold a trained farmer qualification (often referred to as a...

Written Answers — Department of Finance: Sustainable Development Goals (26 Jun 2025)

Paschal Donohoe: As set out in my Department’s Statement of Strategy, the Department is committed to Ireland’s National Implementation Plan which focuses on the UN Sustainable Development Goals. The Second National Implementation Plan for the Sustainable Development Goals was published in October 2022. The Plan sets out over 50 actions and over 100 individual measures to increase...

Estimates for Public Services 2025: Motions (25 Jun 2025)

Paschal Donohoe: I move the following Revised Estimates: Vote 7 — Office of the Minister for Finance (Revised Estimate)That a sum not exceeding €50,679,000 be granted to defray the charge which will come in course of payment during the year ending on the 31st Day of December 2025 for the salaries and expenses of the Office of the Minister for Finance, including the Paymaster General's Office,...

Estimates for Public Services 2025: Motions (25 Jun 2025)

Paschal Donohoe: I move the following Second Further Revised Estimate: Vote 24 — Justice, Home Affairs and Migration (Second Further Revised Estimate) That a sum not exceeding €2,613,120,000 be granted to defray the charge which will come in course of payment during the year ending on the 31st day of December, 2025, for the salaries and expenses of the Office of the Minister for Justice, Home...