Results 4,421-4,440 of 32,432 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Exchequer Payments (21 Sep 2022)

Paschal Donohoe: These funds have not been transferred to the Exchequer as administrative fines do not get collected until they are confirmed by a Court and, if applicable, the appeals process is complete. As a result, an escrow facility is not necessary in this case.

Written Answers — Department of Finance: Banking Sector (21 Sep 2022)

Paschal Donohoe: It should be noted that the Minister for Finance has no direct function in the operations of commercial banks. Although the State is a shareholder in some of the banks operating in the State, the Minister must ensure that these banks are run on a commercial, cost effective and independent basis to protect the value of the bank as an asset to the State. Actions taken by the banks, including...

Written Answers — Department of Finance: Tax Code (21 Sep 2022)

Paschal Donohoe: As the Deputy will be aware, it is a long-standing practice that the Minister for Finance does not comment, in advance of the Budget, on any tax matters that might be the subject of a Budget decision.

Written Answers — Department of Finance: Tax Code (21 Sep 2022)

Paschal Donohoe: As the Deputy will be aware, it is a long-standing practice that the Minister for Finance does not comment, in advance of the Budget, on any tax matters that might be the subject of a Budget decision.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: I thank the Chairman for the opportunity to be here today to discuss matters relating to the banking sector in Ireland. The committee is aware of the many changes to our banking sector in recent years, driven by factors including advances in technology and changing consumer demand. We have also seen the exit of two key banks from the sector in Ireland, which has had and will continue to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: I thank the Deputy. As he has acknowledged, a significant degree of change is under way with regard to interest rate policy in the future. The European Central Bank, ECB, through its president and the chief economist, has indicated the kind of action it will consider in the future. If inflation in Ireland becomes a core part of our economy for years to come, it will make us even poorer for...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: This is a decision that is made by central banks and regulators. The Central Bank of Ireland decides how much capital our banks hold and I will not give an indication on how an independent regulatory decision could be made. I know Deputy Richmond will understand why that is the case and why I have to take that course of comment. I am aware of all the commentary that has taken place on the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: We are seeing a larger amount of account closure and shifting in the aftermath of the decision by KBC Bank Ireland and the imminent exit of Ulster Bank. There are many encouraging signs now regarding the right level of switching activity taking place. In Bank of Ireland, AIB and Ulster Bank, in the first eight months of this year, we have now seen more than 600,000 new accounts being...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: We have an extensive amount of work under way regarding issues such as financial fraud and money laundering. We have a unit inside the Department of Justice that is involved in overseeing activity with regard to this issue. A unit within my own Department also looks at activity that is under way and monitors our progress in it. We have such a strategy in place. I am confident from the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: Of course what statistics like that do not contain, because by their nature they cannot, is the amount of financial fraud and financial crime that is prevented due to the work of banks highlighting to their customers what they need to watch out for and be careful of. I am confident, based on the engagement I have had directly with the banks and the Central Bank of Ireland, that the banks we...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: I have just briefed the Deputy on what we have done. Regardless of the level of change happening, where accounts are held and in which banks they are held, we are bringing forward the payment services directive, which we played a part in negotiating within the European Union. We will implement it at the start of next year, in January 2023. This is all about improving the security of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: I understand the directive, by requiring customers to provide more information about themselves when they are involved in setting up or maintaining accounts, should make it harder for this criminal activity to happen. This will be coming in. While the Deputy is correct to point to the statistics of successful criminal activity going up by 50%, the scale of such activity has gone up by far...