Results 7,081-7,100 of 32,527 for speaker:Paschal Donohoe

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: I wish to make the point.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: The point has been put to me. The Deputy made a point and I am trying to respond.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: I thank the Deputy. This has absolutely been a priority of mine. I have spared no effort or language in being clear in my views regarding the scandal of the tracker mortgage issue. Banks have been fined as result of it. Further action has been indicated today. To create the inference that nothing has happened during that period would be wrong.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: No. From the question the Deputy put to me earlier on, an outside viewer looking in could easily form the view no sanction has happened since the tracker mortgage scandal was detected. It has happened.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: It is the point.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: The Deputy was making the point earlier on about tracker mortgages. It is relevant to this debate to acknowledge that under existing legislation action has been taken. That is relevant. It is also relevant to acknowledge, which the Deputy will not so I will make the case myself, that when, in part due to the work of this committee that I acknowledge, I was explicit in condemning the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: I know the Deputy is busy trying to generate social media content for his troll farms in Macedonia or wherever they are. The point he made earlier on-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: The charges he made against me are all designed to create an illusion nothing has happened since the tracker mortgage issue was identified. It is relevant to the deliberations of this committee that fines have been levied, the Central Bank has used the powers available to it and today there has been a development with regard to that investigation. What the Deputy is looking to do, and I...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: Do I have the opportunity to respond to the charges made against me?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: The Central Bank called on me to bring in this Bill in May 2018. I have acted as quickly as I could on that. That is not four and a half years ago but I accept it is still a long time ago. I have used that time to bring forward legislation that is robust and that will be effective. That is what I have done but it has taken time to get to that point. The Deputy is not too bad at...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: I am more commenting on those working in the troll farms than the Deputy. I have met families who have been affected by this as well. I have sat with them and I have heard of the anguish and suffering inflicted on them. I understand why they are so eager to see action taken, which has happened. In the legislation I am bringing forward, after some time which I have used to try to get this...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: I do because this legislation covers not only those who would be subject to additional conduct standards, which would be the most senior roles, but it will also cover a large number of employees who will be subject to conduct standards and a more normal base level of expectation. Maybe what is guiding the Deputy's question and thinking on this is our expectation that this will mainly be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: The Deputy is correct because I still believed it was appropriate that in some circumstances, an acknowledgement of a role of a company would be maintained.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: We will publish it early next year but I would anticipate, given the scale of the legislation and its complexity, that it could easily take us up to the recess of next summer to get it done. This will be a-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: Of course it is and I will spare no effort in bringing it forward but I anticipate that there will be a fair amount of consideration and debate on it. Any delay in it being implemented once it is published, however, will not be due to lack of time from me in the Oireachtas.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: We have such extensive legislation in place to try to protect individuals if they end up in a vulnerable position, particularly if their mortgage is part of a loan book that is sold, so they receive a very high level of protection from our laws. I believe we have done that. I am aware that Deputy Durkan is frequently contacted by people in his constituency and beyond who are in difficulty....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: There are certainly no shrinking violets in this committee. Deputy Durkan and all the other members face these issues regularly on behalf of their constituents. Given the legal framework we now have in place and the change that has happened in our banking sector, I believe that sensitive and vulnerable issues are dealt with in a fair way in many cases. I acknowledge that there are also a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: In the initial phase of the application of SEAR, it will be credit institutions; insurance undertakings; investment firms which underwrite on a firm commitment basis and-or deal on their own account and-or are authorised to hold client moneys and assets; and third country branches of the aforementioned entities. On the entities that could be brought into SEAR in the future, the main ones are...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: I am not sufficiently informed on that issue to give the kind of answer to it that you deserve. After the meeting, I will consult with my officials on the issue and give you a response in writing on it by the end of the week.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Corporation Tax Issues and General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021: Minister for Finance (10 Nov 2021)

Paschal Donohoe: Very shortly, I will bring to the Government a recommendation for a review and reassessment of banking policy for our country, given the many different issues you have just touched on, Chairman. As part of that process, I will invite submissions from different stakeholders to hear their views on the future of Irish banking. To be explicit, will I create a forum to lead to the development of...