Results 5,241-5,260 of 32,432 for speaker:Paschal Donohoe

Committee on Budgetary Oversight: Stability Programme Update 2022: Minister for Finance (4 May 2022)

Paschal Donohoe: With respect to the Deputy, he made a point that many of the measures that we brought in are general. That is true, but at the same time he has criticised me for those general measures not being big enough. I am sorry I was not present at the debate on the Finance (Covid-19 and Miscellaneous Provisions) Bill 2022 recently. I was here making a presentation. I am sure the Deputy was saying...

Committee on Budgetary Oversight: Stability Programme Update 2022: Minister for Finance (4 May 2022)

Paschal Donohoe: I am confused by the Deputy's stance. Earlier in our exchange, he was critical of the nature of general measures and the fact that he and I benefit from them. A moment ago, he said they should still be bigger.

Committee on Budgetary Oversight: Stability Programme Update 2022: Minister for Finance (4 May 2022)

Paschal Donohoe: I am confused by what the Deputy said. We have targeted measures, which are aimed particularly at those at greatest risk of fuel poverty. The Deputy made a point about a prolonged effect of a change in energy pricing. As he knows, in our document, we outlined other scenarios that could take place that would see an increase in energy prices of between 50% and 75%, and the impact that could...

Committee on Budgetary Oversight: Stability Programme Update 2022: Minister for Finance (4 May 2022)

Paschal Donohoe: At the moment we have no reason to update our forecast again in respect of corporate tax revenue for 2023. Our reason for that is that while I still think it is more likely than not that the corporate tax directive will be agreed later in the year in respect of the minimum effective tax rate, it has not yet been agreed. Furthermore, the OECD is committed to making a statement by the summer...

Committee on Budgetary Oversight: Stability Programme Update 2022: Minister for Finance (4 May 2022)

Paschal Donohoe: We are not in a position at the moment to forecast what it will be beyond 2023. We found it a difficult enough process trying to reach a view on the number of people who could come to the country next year and then the cost per person or per family that could be involved. As it is, there was a fair bit of judgment involved in that figure. As to what the figure will be beyond 2023, I think...

Committee on Budgetary Oversight: Stability Programme Update 2022: Minister for Finance (4 May 2022)

Paschal Donohoe: At the moment, from an Irish point of view, there is not much likelihood of that kind of support becoming available. If the European Union does make a decision to change the recovery fund that is in place or find new ways of making funding available, I think the vast majority of that will be available to countries that are on the front line of receiving people into their jurisdictions. At...

Committee on Budgetary Oversight: Stability Programme Update 2022: Minister for Finance (4 May 2022)

Paschal Donohoe: I absolutely appreciate the really important role carers play in society and in homes and families, helping those who face very difficult situations. The responsibility for that, though, sits with the Department of Health rather than me. I am afraid I am not in a position to tell the Deputy about the detailed policies I am sure the Department of Health has to help with the number of carers...

Committee on Budgetary Oversight: Stability Programme Update 2022: Minister for Finance (4 May 2022)

Paschal Donohoe: It is a programme for Government commitment to look to bring in indexation of income tax rates and social welfare payments budget by budget. I think the case for indexation is well understood from a social welfare point of view, but it tends to be less appreciated in respect of income tax. The fact is that if an effort is not made to move the entry point into higher rates of income tax year...

Committee on Budgetary Oversight: Stability Programme Update 2022: Minister for Finance (4 May 2022)

Paschal Donohoe: Of course, I will share the information on that with all members of the committee. On whether we have plans to change motor tax, that is a budgetary matter and, respectfully, we will decide it budget by budget. Changes we have made to motor tax and vehicle registration tax, VRT, have had a very positive impact on changing the kinds of new vehicles, in particular, that are being purchased,...

Committee on Budgetary Oversight: Stability Programme Update 2022: Minister for Finance (4 May 2022)

Paschal Donohoe: Yes, the Chairman is correct that it is not taken into account in the stability programme update, because the update is prepared only on the basis of decisions that have been made. The forthcoming negotiations on public sector pay have not even properly begun, so it would be very premature and probably inappropriate for me to try to prejudge their outcome. Given a decision has not been made...

Committee on Budgetary Oversight: Stability Programme Update 2022: Minister for Finance (4 May 2022)

Paschal Donohoe: That will be a factor the Government will have to take into account in reaching an agreement with our public servants. The three issues that have the greatest impact on national finance forecasts are always what is done with social welfare rates, what is done with health expenditure and what happens with public pay. That is one of the three big levers that have the most significant effect...

Committee on Budgetary Oversight: Stability Programme Update 2022: Minister for Finance (4 May 2022)

Paschal Donohoe: The IMF is an exceptionally important organisation and, like any organisation that gives advice to government, it tends to be in favour of tax-broadening measures. My experience of bringing in tax base-broadening measures, however, is that they are rarely as straightforward as we might expect. We would have to think very carefully about bringing in significant additional tax-raising...

Committee on Budgetary Oversight: Stability Programme Update 2022: Minister for Finance (4 May 2022)

Paschal Donohoe: We have more than tapped into it. It was spent in one day because it was so badly needed.

Committee on Budgetary Oversight: Stability Programme Update 2022: Minister for Finance (4 May 2022)

Paschal Donohoe: We can begin the path to rebuilding the rainy day fund only if we are in a position of balance within our national finances or in one of surplus. It would be a very difficult sell to explain why we were borrowing to put money into a rainy day fund. Moreover, it would be very difficult to do in an environment in which the rate of interest at which countries are borrowing is increasing. We...

Committee on Budgetary Oversight: Stability Programme Update 2022: Minister for Finance (4 May 2022)

Paschal Donohoe: If I could just make one final brief point, it was somewhat telling that I did not get any questions on this at all. However, I need to emphasise the concluding point that I made in my opening presentation regarding the fact that the interest rate environment which Ireland will be borrowing on is changing in front of our eyes. I have been saying for some time this was going to happen and it...

Written Answers — Department of Finance: Insurance Industry (4 May 2022)

Paschal Donohoe: As the Deputy is aware, neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive). I note that the details supplied relate to a recent survey by the...

Written Answers — Department of Finance: Departmental Correspondence (4 May 2022)

Paschal Donohoe: The Financial Services and Pensions Ombudsman is independent in the performance of her statutory functions and I have no role in the day to day workings of the office or in the decisions which she takes. The Financial Services and Pensions Ombudsman was established to provide an alternative to the Courts for consumers who have unresolved disputes with a financial or pension service provider...

Written Answers — Department of Finance: Primary Medical Certificates (4 May 2022)

Paschal Donohoe: I am advised by the Department of Health that they have also received this PQ which they referred to the HSE.  They have indicated that the HSE will respond directly  to the Deputy  on this matter. 

Written Answers — Department of Finance: National Asset Management Agency (4 May 2022)

Paschal Donohoe: As Minister for Finance, I have no role in respect of NAMA’s commercial operations. The Deputy will be aware that NAMA does not directly own or sell properties. I am advised that in the case of the property referenced by the Deputy, the appointed receiver was responsible for the management and sale of the property. I am advised that before the receiver placed the apartments on...

Written Answers — Department of Finance: Housing Schemes (4 May 2022)

Paschal Donohoe: Help to Buy (HTB) is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive offers a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in Section 477C of the Taxes Consolidation Act 1997. For a property to qualify for HTB, it must be...