Results 9,501-9,520 of 33,175 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Banking Sector (31 Mar 2021)

Paschal Donohoe: As the Deputy will note, there has been extensive engagement on this topic at the start of this session but I will re-state that the Central Bank already has extensive regulatory powers to investigate and impose sanctions where there are breaches of financial services legislation. The introduction of the Senior Executive Accountability Regime (SEAR), will complement these existing powers,...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (31 Mar 2021)

Paschal Donohoe: The Pandemic Unemployment Payment (PUP) and the Temporary Wage Subsidy Scheme (TWSS) payments are classified in legislation as income supports and as such are subject to income tax. The PUP reflects the standard approach to the taxation of social welfare type payments, which means it is liable to income tax but exempt from the Universal Social Charge (USC) and Pay Related Social Insurance...

Written Answers — Department of Finance: Insurance Costs (31 Mar 2021)

Paschal Donohoe: I propose to take Questions Nos. 71, 113 and 386 together. This Government is committed to bringing about meaningful insurance reform, as reflected in the Programme for Government. In this regard, the Action Plan on Insurance Reform contains 66 actions across several departmental policy areas. Its implementation is overseen by a Cabinet Sub-Group on Insurance Reform, the most recent meeting...

Written Answers — Department of Finance: Property Tax (31 Mar 2021)

Paschal Donohoe: The Programme for Government "Our Shared Future" includes a number of commitments in relation to the Local Property Tax (LPT). These are (a) To bring forward legislation for the LPT on the basis of fairness and that most homeowners will face no increase, (b) To bring new homes, which are currently exempt from the LPT, into the taxation system, and that (c) All money collected locally...

Written Answers — Department of Finance: Banking Sector (31 Mar 2021)

Paschal Donohoe: The recent announcements by Ulster Bank and Bank of Ireland represent unfavourable developments for the Irish banking market. These decisions may have an impact on competition in the banking market and are a reflection of the wider challenges banking is facing, not only in Ireland but also abroad. It should also be noted that the banking sector has been strengthened in recent years...

Written Answers — Department of Finance: Tax Code (31 Mar 2021)

Paschal Donohoe: I understand the Deputy is referring to the speech I made at the ESRI on Thursday 4 March 2021, "Taking stock and charting an economic path forward for Ireland & Europe” in which I addressed some of the main challenges facing the Irish economy over the short, medium, and long-terms. The Government has provided an enormous amount of fiscal support in response to the...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (31 Mar 2021)

Paschal Donohoe: The Recovery and Resilience Facility is a €672.5bn instrument, made up of €360bn loans and €312.5bn in grants and is the key element of the Next Generation EU / Recovery Plan Package of €750bn (€360bn in loans and €390bn in grants) agreed by the European Council in July 2020. 70% of the total €312.5 billion grants from the Recovery and...

Written Answers — Department of Finance: Fiscal Policy (31 Mar 2021)

Paschal Donohoe: The EU’s fiscal rules have been an integral part of our own fiscal framework for a number of decades, dating back to the adoption of the Stability and Growth Pact (SGP) in 1997. Alongside a number of reforms to these rules since their inception, the Fiscal Compact was introduced in 2013, with the aim of strengthening fiscal governance and reinforcing the SGP. The Fiscal Compact...

Written Answers — Department of Finance: Insurance Costs (31 Mar 2021)

Paschal Donohoe: As Minister for Finance, I am responsible for the development of the legal framework governing financial services regulation, including for the insurance sector. As such, my Department does not collect the information being sought. However, in order to help address the question, my officials examined Consumer Price Index (CPI) data for private motor insurance produced by the Central...

Written Answers — Department of Finance: Credit Unions (31 Mar 2021)

Paschal Donohoe: I propose to take Questions Nos. 79 and 149 together. The Government welcomes the important work credit unions are doing to support communities throughout Ireland at this difficult time and recognises the key role that credit unions play in the delivery of financial services in local communities across Ireland. The Minister of State in my Department, Sean Fleming TD, has credit unions as part...

Written Answers — Department of Finance: Financial Services Regulation (31 Mar 2021)

Paschal Donohoe: I am aware of the matter that the Deputy has raised, and my officials will continue to monitor the situation. As the House knows, the Central Bank of Ireland is the independent regulator for financial services and as such it determines what measures or actions need to be taken in relation to any potential or actual wrongdoing by regulated financial service providers. I am informed by my...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (31 Mar 2021)

Paschal Donohoe: I am advised by Revenue that the total cost of the Covid Restrictions Support Scheme (CRSS) as of 29 March is €409m. 21,600 businesses have registered 25,300 premises for CRSS with Revenue. To date 121,500 claims for payments of €413m have been received in respect of 24,000 premises, €409m of which has already been processed for payment. In terms of the Employment...

Written Answers — Department of Finance: Tax Code (31 Mar 2021)

Paschal Donohoe: In general, Capital Gains Tax (CGT) is charged on the value of the capital gain made on the disposal of an asset. The current rate of CGT stands at 33% cent for disposals made from 6 December 2012 with a limited number of exemptions and reliefs. While Ireland's headline rate of CGT appears high compared with our European counterparts, in order to carry out a fair comparison, account has...

Written Answers — Department of Finance: Financial Services Sector (31 Mar 2021)

Paschal Donohoe: From 1 January 2021, many aspects of our relationship with our nearest neighbour have changed fundamentally as we no longer share EU membership. While the Government remains committed to protecting and strengthening the Ireland-UK relationship following the end of the transition period, I can advise the Deputy that the net impact of Brexit on the policy areas within my remit is anticipated to...

Written Answers — Department of Finance: Defective Building Materials (31 Mar 2021)

Paschal Donohoe: I appreciate this is a very difficult issue for households which have been affected by defective concrete blocks and I know my colleague the Minister for Housing, Local Government and Heritage, who has responsibility for policy and administration of the State scheme to provide financial assistance to those private households impacted by defective blocks, has met and discussed the...

Written Answers — Department of Finance: Insurance Industry (31 Mar 2021)

Paschal Donohoe: I propose to take Questions Nos. 85, 128, 136 and 361 together. The Deputies will be aware that in recent years segments of the Irish insurance market have experienced a decline in competition due to withdrawals by several insurers and curtailed risk appetite in some market segments. In this regard, the Programme for Government includes a commitment to create an officetasked with...

Written Answers — Department of Finance: Credit Register (31 Mar 2021)

Paschal Donohoe: The Central Credit Register (CCR) is established by the Central Bank under the Credit Reporting Act 2013. Under the Act lenders are obliged to report personal and credit information to the CCR for loans of €500 or more, and are obliged to seek a credit report in respect of loan applications for €2,000 or more. The Central Bank advises that the submission of information to...

Written Answers — Department of Finance: Covid-19 Pandemic (31 Mar 2021)

Paschal Donohoe: The impact of Covid-19 on the labour market has been unprecedented, but some sectors have been more severely affected than others. In particular, consumer-facing services sectors have been significantly impacted. Unfortunately, many of these sectors have a higher proportion of lower-paid employees, and those working on a part-time basis. This was reflected in the Exchequer figures for 2020,...

Written Answers — Department of Finance: Brexit Issues (31 Mar 2021)

Paschal Donohoe: The new Trade and Cooperation Agreement between the EU and UK is a positive conclusion to the transition period. However, the new agreement still represents a break from previously existing arrangements, and thus a permanent shock to the Irish economy. Therefore, Brexit will still have a negative economic impact on the Irish economy and living standards compared to the previous relationship....

Written Answers — Department of Finance: Insurance Industry (31 Mar 2021)

Paschal Donohoe: I propose to take Questions Nos. 89, 105, 108, 117, 131 and 350 together. Insurance reform is a priority for this Government, as is reflected in the whole-of-Government approach being adopted by Government's Action Plan for Insurance Reform. This Action Plan contains a range of deliverables across a number of Government policy areas, including the Department of Finance, which aim to improve...