Results 441-460 of 32,429 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Mortgage Interest Rates (4 Mar 2025)

Paschal Donohoe: The Government recognises the difficulties that the increase in interest rates in recent years has caused for some mortgage borrowers. The formulation and implementation of monetary policy is an independent matter for the European Central Bank (ECB). As the Deputy is aware, the ECB has increased official interest rates over the course of 2022 and 2023 as it attempted to combat inflation....

Written Answers — Department of Finance: Financial Services (4 Mar 2025)

Paschal Donohoe: The Financial Services and Pensions Ombudsman (FSPO) is an important part of the robust consumer protection framework in place in Ireland to support consumers of financial products and services. I wish to inform the Deputy that the FSPO’s external legal expenditure for 2022 and 2023 is published in its Annual Financial Statements for those years under the headings Legal Fees and...

Written Answers — Department of Finance: Financial Services (4 Mar 2025)

Paschal Donohoe: The Central Bank of Ireland is responsible for the supervision of all regulated financial service providers. While it does not regulate or authorise firms on a product specific basis, firms which are involved in the general activity of providing credit or other type of financial accommodation to consumers, and which may include equity release type financial products such as lifetime...

Written Answers — Department of Finance: Financial Services (4 Mar 2025)

Paschal Donohoe: In general any entity which is involved in the business of providing credit to consumers, including entities which provide ‘lifetime mortgages’ or ‘equity release’ type financial accommodation, falls within the supervisory remit of the Central Bank of Ireland. Such entities are required to comply with all relevant requirements of financial services legislation,...

Written Answers — Department of Finance: Tax Code (4 Mar 2025)

Paschal Donohoe: Residential Zoned Land Tax (RZLT) applies to land zoned for residential development, which also has the necessary services in place for the development of housing. The aim of this tax is to increase the supply of land for building. It will be charged at 3% of the market value of the land every year. Local authorities published annual RZLT maps for 2025 on 31 January 2025 – these...

Written Answers — Department of Finance: Tax Avoidance (4 Mar 2025)

Paschal Donohoe: I propose to take Questions Nos. 302 and 303 together. I am advised by Revenue that, as set out in the response to Parliamentary Questions No 66 and 67 of 19 February 2025, there are a number of factors that can impact on the duration of Revenue interventions, including the size and complexity of the case and whether there is agreement on the final liabilities, or if the case is subject to...

Written Answers — Department of Finance: Mortgage Interest Rates (4 Mar 2025)

Paschal Donohoe: The Government recognises the difficulties that the increase in interest rates in recent years has caused for some mortgage borrowers. From a regulatory perspective the Central Bank has put in place a range of measures in order to protect consumers. This framework seeks to ensure that regulated entities are transparent and fair in all their dealings with borrowers and that borrowers are...

Written Answers — Department of Finance: Credit Unions (4 Mar 2025)

Paschal Donohoe: Data provided by the Central Bank, based on extracts from unaudited information reported by credit unions, outlines the following positions as at 31 December 2023 and 31 December 2024 respectively: 2023 - The amount outstanding in house lending was €550.1m with an average loan size of €110,980. 2024 - The amount outstanding in house lending was €784.3m with an average...

Written Answers — Department of Finance: Credit Unions (4 Mar 2025)

Paschal Donohoe: There is limited consolidated data available on the credit union sector to provide an answer to this question. On a best efforts basis, the Irish League of Credit Unions (ILCU) estimate that there are approximately 3,000 staff employed in credit unions at present. It is estimated by ILCU that this number is unchanged, or has increased very slightly from December 2023.

Written Answers — Department of Finance: Credit Unions (4 Mar 2025)

Paschal Donohoe: The Central Credit Register (CCR) is established by the Central Bank of Ireland under the Credit Reporting Act 2013 (the Act). The Act provides a threshold of reporting to the CCR of €500. It also provides that Credit Information Providers (CIPs) must enquire on the CCR when considering a credit application for €2,000 or greater and may enquire when considering credit...

Written Answers — Department of Finance: Credit Unions (4 Mar 2025)

Paschal Donohoe: I propose to take Questions Nos. 308 and 309 together. Data provided by the Central Bank, based on extracts from unaudited information reported by credit unions, outlines the following positions as at 31 December 2023 and 31 December 2024 respectively: 2023 – The amount outstanding in business lending was €166.79m with an average loan size of €22,173. 2024 –...

Written Answers — Department of Finance: Tax Code (4 Mar 2025)

Paschal Donohoe: Capital Acquisitions Tax (CAT) is a tax on gifts and inheritances that is payable by the beneficiary of a gift or inheritance on the value of the property received. The relationship between the person providing the gift or inheritance (the disponer) and the person receiving it (the beneficiary) determines the tax-free threshold (Group threshold) below which CAT does not arise. Any prior...

Written Answers — Department of Finance: Financial Services (4 Mar 2025)

Paschal Donohoe: On 22 October 2024 ‘Funds Sector 2030: A Framework for Open, Resilient & Developing Markets’ was published. It was a wide-ranging review of the funds and asset management sector. The terms of reference included review of the taxation regimes for funds, life assurance policies and other related investment products. As part of this aspect of the review, proposals made...

Written Answers — Department of Finance: Insurance Coverage (4 Mar 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. In terms of the challenges associated with obtaining flood cover, please be aware that the provision of such cover is a commercial matter for insurance companies, based on an actuarial assessment of the risks they are...

Written Answers — Department of Finance: Tax Data (4 Mar 2025)

Paschal Donohoe: I am advised by Revenue that the estimated first and full year yields to the Exchequer from the introduction of two new income tax bands of 46% on earnings between €140,000 and €200,000 and 50% on earnings greater than €200,000 are €1,125 million and €1,420 million respectively. The estimated yields are calculated on a taxpayer unit basis, a taxpayer...

Written Answers — Department of Finance: Public Sector Staff (4 Mar 2025)

Paschal Donohoe: The Financial Services and Pensions Ombudsman (FSPO) is an independent and impartial statutory body that helps to resolve complaints from consumers, including small businesses and other organisations, about the conduct of regulated financial service providers and pension providers. The number of WTE Executive Officers working as Investigation Officers in the FSPO each year for 2023, 2024,...

Written Answers — Department of Finance: Credit Unions (4 Mar 2025)

Paschal Donohoe: It is important to note that there are no limits on personal lending which continues to comprise the vast majority of credit union lending (approximately 86% as at end December 2024). In January 2020, revised Central Bank Lending Regulations were put into effect on credit union house and business lending only. The Central Bank has recently completed an review and analysis of credit union...

Written Answers — Department of Finance: Illicit Trade (4 Mar 2025)

Paschal Donohoe: I am advised by Revenue that the MV Matthew, a Panamanian-registered bulk carrier, was detained in September 2023 as part of a joint operation between Revenue, An Garda Síochána and the Defence Forces during which 2.25 tonnes of cocaine was seized with an estimated value of more than €157m. The vessel was escorted to Marino Point in the Port of Cork and has remained berthed...

Written Answers — Department of Finance: Tax Code (4 Mar 2025)

Paschal Donohoe: An increase in the supply of new housing remains a priority aim of Government policy. The Help to Buy (HTB) incentive, is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. It also has as a key aim of the encouragement of additional supply of new houses by supporting demand. The incentive gives a refund of Income Tax and Deposit...

Written Answers — Department of Finance: Departmental Data (4 Mar 2025)

Paschal Donohoe: I propose to take Questions Nos. 319, 320 and 321 together. Section 114 of the Taxes Consolidation Act (“TCA”) 1997 provides for a tax deduction in respect of expenses incurred wholly, exclusively and necessarily by an individual in the performance of the duties of his or her employment. I am informed by Revenue that the flat rate expense (“FRE”) regime is...