Results 6,421-6,440 of 33,883 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Tax Credits (16 Jun 2022)

Paschal Donohoe: In 2008 the value of the single personal and the employee tax credits amounted to €1,830 per annum. In 2022, the personal and employee tax credits amount to €1,700 per annum. This represents a cumulative reduction of around 7 per cent when compared with 2008. Developments in average pay were distorted during the pandemic by large movements in to, and out of, the workforce, in...

Written Answers — Department of Finance: European Union (16 Jun 2022)

Paschal Donohoe: My Department published the Stability Programme Update in Mid-April and subsequently submitted it to the European authorities at the end of April. This year, as in all prior years, the format and content of the SPU has been produced in accordance with the guidelines set out by the European authorities. These guidelines stipulate that the macroeconomic and fiscal forecasts should be produced...

Written Answers — Department of Finance: Banking Sector (16 Jun 2022)

Paschal Donohoe: I am not aware of the specific issue raised, but both I and the Central Bank have been clear in our engagements with the banks in that we expect them to take a consumer-focused approach in respect of any decision that affects their customers. I would note that at the banks recent appearance before the Joint Oireachtas Committee on Finance, Public Expenditure and Reform and Taoiseach on...

Written Answers — Department of Finance: Inflation Rate (16 Jun 2022)

Paschal Donohoe: Inflation picked up sharply over the course of the last year, and in May stood at 8.3 per cent – the third consecutive month of record high inflation. Almost every advanced country in the world is in the same position, with euro area inflation reaching a record 8.1 per cent in May. The key driver behind the elevated level of inflation at present is the sharp rise in wholesale...

Written Answers — Department of Finance: Tax Code (16 Jun 2022)

Paschal Donohoe: Recent Budgets have seen major changes to Motor Tax and VRT structures with the aim of incentivising the purchase of more efficient and 'greener' vehicles. Budget 2021 saw the transition to the more accurate Worldwide Harmonized Light Vehicles Test Procedure (WLTP); and restructured the VRT and motor tax regimes with a view to strengthening their environmental rationale in line with...

Written Answers — Department of Finance: Banking Sector (16 Jun 2022)

Paschal Donohoe: On my engagement with the entities referenced by the Deputy, the Retail Banking Dialogue in Tullamore on 16 May 2022 provided an opportunity for me to engage with different parties including those referenced to share views on the changing banking landscape. I would add that in my engagements with the banking system since the announcement last year of the exits of KBC and Ulster Bank I have...

Written Answers — Department of Finance: Tax Code (16 Jun 2022)

Paschal Donohoe: My Department’s Tax Expenditure Guidelines set out procedures for best practice in the evaluation of tax expenditures, setting criteria for the review of the evidence base underpinning tax policy and to determine if tax relief schemes remain fit for purpose. My officials are currently conducting an evaluation of the R&D tax credit. This review will comprise qualitative and...

Written Answers — Department of Finance: Banking Sector (16 Jun 2022)

Paschal Donohoe: The Central Bank Code of Conduct on Mortgage Arrears (CCMA) is the key consumer protection measure for borrowers who are experiencing difficulty in relation to a mortgage which is secured on a primary residence. This statutory based Code, which is issued by the Central Bank under section 117 of the Central Bank Act 1989, sets out how regulated mortgage creditors must treat borrowers in...

Written Answers — Department of Finance: Cost of Living Issues (16 Jun 2022)

Paschal Donohoe: The VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate, unless they fall within categories of goods and services specified in Annex III of the VAT Directive, in respect of which Member States may apply a lower rate of...

Written Answers — Department of Finance: Banking Sector (16 Jun 2022)

Paschal Donohoe: In answering the Deputy's question, I am assuming he is asking about the debt that the State has accumulated from recapitalising the banking system which flowed from the then Government's decision to guarantee bank liabilities. The most recent analysis carried out by the Office of the Comptroller and Auditor General (C&AG) indicated that the estimated net cost to the State from...

Written Answers — Department of Finance: Departmental Data (16 Jun 2022)

Paschal Donohoe: Gross National Debt (GND) at end-2021 was €237.2bn. This is just over €30bn higher than it was at end-2019 i.e. pre-pandemic. However, the Exchequer has at its disposal significant cash and other assets. Therefore, the net National Debt – that is the debt after the deduction of these assets – is lower. It stood at €208bn at end-2021. This is c. €20bn...

Written Answers — Department of Finance: Inflation Rate (16 Jun 2022)

Paschal Donohoe: While I am acutely aware of wealth inequality, it is important to stress that housing assets are the main source of divergence in wealth across the Irish population. It is also important to acknowledge that a number of wealth taxes are in place, including Capital Gains Tax, Capital Acquisitions Tax and Local Property Tax. The Revenue Commissionersestimate that these taxes raised some...

Written Answers — Department of Finance: Budget Process (16 Jun 2022)

Paschal Donohoe: The war in Ukraine has fundamentally altered the economic outlook and generated significant economic headwinds, both in Ireland and throughout the world. At the time of the Stability Programme Update 2022 (April), my Department projected growth in modified domestic demand - my preferred domestic indicator - of 4¼ per cent this year, followed by an increase of just below 4 per cent next...

Written Answers — Department of Finance: Cost of Living Issues (16 Jun 2022)

Paschal Donohoe: The Government recognises the challenges of rising price pressures and has responded to help to ease the impact on businesses and households, particularly those on low incomes. Indeed, the OECD Economic Outlook notes the extent of supports that the Government has introduced to mitigate the adverse impact of inflationary pressures. On a cumulative basis, €2.4 billion has been announced...

Written Answers — Department of Finance: Departmental Transport (16 Jun 2022)

Paschal Donohoe: The below table provides the details of the car-related expenses of each of the two Minister's in the Department of Finance in 2021. Minister Claimant Name Claim Value Claim Year Minister for Finance Paschal Donohoe €7,070.75 2021 Minister of State Sean Fleming ...

Written Answers — Department of Finance: Post Office Network (16 Jun 2022)

Paschal Donohoe: This is a matter for my colleague the Minister of Environment, Climate and Communications as An Post is a body under his remit. However, as you may be aware An Post is authorised by the Minister for Finance to provide payment services and is regulated by the Central Bank of Ireland in the provision of these services. An Post is authorised under S.I. No. 170/2016 - Postal and...

Written Answers — Department of Finance: Insurance Coverage (16 Jun 2022)

Paschal Donohoe: Firstly, it is important to note that neither I, nor the Central Bank of Ireland, can intervene in the provision or pricing of insurance products, which is a commercial matter for insurance providers. This is expressly prohibited by the EU’s Solvency II framework. However, I can assure the Deputy that Government is committed to improving the cost and availability of insurance for all...

Written Answers — Department of Finance: Job Creation (16 Jun 2022)

Paschal Donohoe: I propose to take Questions Nos. 188, 189, 190 and 191 together. The COVID-19 pandemic had a severe impact on Ireland’s labour market, with the number of persons in receipt of some form of state income assistance exceeding half a million as recently as the first quarter of last year. However, as a result of the strength of the policy supports introduced by the Government to protect...

Written Answers — Department of Finance: Inflation Rate (16 Jun 2022)

Paschal Donohoe: At both the ECOFIN and Eurogroup meetings, my fellow Ministers and I work alongside the European Commission and the European Central Bank (ECB) to take stock of the latest economic situation, including inflation developments throughout the EU. As the Deputy is aware, the ECB is an independent institution with a mandate to maintain price stability, defined as around 2 per cent over the...

Written Answers — Department of Finance: Insurance Industry (16 Jun 2022)

Paschal Donohoe: Firstly, it is important to note that neither I, nor the Central Bank, have the power to direct insurers to sell any specific product, or to make it available at a particular price. This is reinforced by the EU Solvency II directive which expressly prohibits Government from doing so. As the Deputy is aware, the Personal Injuries Guidelines came into force in April 2021 and materially reduced...