Results 10,001-10,020 of 32,547 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Property Tax (26 Nov 2020)

Paschal Donohoe: Local Property Tax (LPT) provides for certain properties to be exempt from the tax during a ‘valuation period’. For the current ‘valuation period’ (now extended to cover 2013 to 2021), these exemptions include properties purchased between 1 January 2013 and 31 December 2013 and trading stock of builders/developers unsold at 1 May 2013 or sold in the period 1...

Written Answers — Department of Finance: Economic Growth (26 Nov 2020)

Paschal Donohoe: At the time of Budget 2021, my Department forecast a decline in GDP of 2 ½ per cent this year, with growth of 1 ¾ per cent in prospect next year. The projections assumed that trade with the UK would take place on WTO terms from next year and that a widespread vaccine for Covid-19 would not be available before the end of 2021. It was also assumed that targeted measures would be...

Written Answers — Department of Finance: Economic Policy (26 Nov 2020)

Paschal Donohoe: As the Deputy will be aware, the Government has acted decisively and on an unprecedented scale to support the economy through the effects of Covid-19 and stands ready to support the recovery as we emerge from this period. To date, the Government has provided support of almost €40 billion to households, our health sector and businesses. In Budget 2021, I announced the establishment...

Written Answers — Department of Finance: Brexit Preparations (26 Nov 2020)

Paschal Donohoe: I propose to take Questions Nos. 215 and 216 together. My Department has been preparing for Brexit since before the UK referendum in 2016, and this work has intensified ahead of the end of the transition period on 31 December. The central scenario underlying Budget 2021 assumes the transition period ends without agreement. The macroeconomic projections underpinning Budget 2021 have been...

Written Answers — Department of Finance: Brexit Preparations (26 Nov 2020)

Paschal Donohoe: My Department has been participating in whole of Government preparations for Brexit since before the UK referendum in 2016 and, in line with the Government’s overall approach, has intensified work ahead of the end of the transition period on 31 December in order to minimise the impact of Brexit on Ireland. Without prejudging the outcome of ongoing negotiations between the EU and...

Written Answers — Department of Finance: Brexit Preparations (26 Nov 2020)

Paschal Donohoe: My Department has been to the fore in producing and funding a number of assessments of the extent of the economic impact of Brexit, looking at both the short and medium term impact of Brexit in different scenarios. For example, joint research with the ESRI, published in March 2019, broadly captured the range of possible future relationships between the EU and the UK. Under these scenarios,...

Written Answers — Department of Finance: Economic Data (26 Nov 2020)

Paschal Donohoe: COVID-19 and Brexit represent key challenges facing the Irish economy at present. As a result, the Budget 2021 projections were prudently based on a disorderly end to the transition period between the UK and the EU while it was also assumed that a widespread vaccine for COVID-19 would not be available before the end of 2021. Given these assumptions, the relationship between the two shocks is...

Written Answers — Department of Finance: Brexit Supports (26 Nov 2020)

Paschal Donohoe: In line with the Government’s overall approach, officials in my Department have been raising Ireland’s position as the Member State most impacted by Brexit with the European Commission, and within relevant European Union fora, since before the UK referendum in 2016. In July 2020, as part of the 2021-2027 Multiannual Financial Framework (MFF) negotiations, leaders agreed on a...

Written Answers — Department of Finance: Brexit Issues (26 Nov 2020)

Paschal Donohoe: I can reiterate that Ireland regrets the UK’s decision to leave the EU, although we respect it. 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 be strongly negative. A number of...

Written Answers — Department of Finance: Mortgage Interest Rates (26 Nov 2020)

Paschal Donohoe: I am aware that the general level of lending interest rates in Ireland are higher than is the case in many other European countries, though it should also be noted that recent trends indicate that rates have been falling. For example, interest rates on new fixed rate mortgages (excluding renegotiations) have fallen from 4.11% in December 2014 to 2.64% in September of this year. ...

Written Answers — Department of Finance: Inflation Rate (26 Nov 2020)

Paschal Donohoe: To date, the net impact of the Covid-19 shock has been deflationary. On an annual basis, the Harmonised Index of Consumer Prices (HICP) has been negative since April. This phenomenon is not unique to Ireland, with many advanced economies, including the euro area, experiencing weaker inflation as a result of the pandemic. In October, headline HICP declined by -1.5 per cent on an annual...

Written Answers — Department of Finance: Insurance Industry (26 Nov 2020)

Paschal Donohoe: At the outset, it is important to note that neither I, nor the Central Bank of Ireland, can direct the pricing of insurance products, as this is a commercial matter, nor can we compel any insurer operating in the Irish market to provide cover. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive) which expressly prohibits Member States from...

Written Answers — Department of Finance: Mortgage Resolution Processes (26 Nov 2020)

Paschal Donohoe: I propose to take Questions Nos. 225 and 226 together. The financial services legal and regulatory framework provides a significant range of protections and supports for consumers and other borrowers. All Central Bank regulated firms, including banks, retail credit firms (RCFs) and credit servicing firms (CSFs) are obliged to comply with the applicable consumer protection and other...

Written Answers — Department of Finance: Mortgage Resolution Processes (26 Nov 2020)

Paschal Donohoe: The information which the Deputy has requested is not data which is ordinarily collected by either my Department or the Central Bank. However, I would refer the Deputy to the latest Central Bank publication for Residential Mortgage Arrears and Repossessions Statistics: Q2 2020 which includes, inter alia, includes data on mortgage restructuring arrangements (). The latest release shows that...

Written Answers — Department of Finance: Banking Sector (26 Nov 2020)

Paschal Donohoe: I propose to take Questions Nos. 228 to 230, inclusive, together. As the Deputy will be aware, I met with representatives of Ulster Bank on the 21 of October. I outlined that I expected that staff, customers and other stakeholders would be informed promptly about any decisions being made. News of the review is, of course, unsettling for all stakeholders, especially the staff and customers. I...

Written Answers — Department of Finance: Economic Competitiveness (26 Nov 2020)

Paschal Donohoe: The Covid-19 restrictions introduced to suppress the spread of the virus in the second quarter of this year resulted in a significant contraction in economic activity. All sectors of the economy recorded declines apart from the foreign dominated multinational industry sector, which includes pharmaceutical manufacturing. This sector has proven to be resilient, growing by 16 per cent in the...

Written Answers — Department of Finance: Credit Unions (26 Nov 2020)

Paschal Donohoe: I have been informed by the Central Bank that it has not imposed a €25,000 savings or deposit limit on credit unions. The Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 (the 2016 Regulations) set an individual savings limit of €100,000 that applies on a per member basis. Individual credit unions could apply to the Central Bank to retain individual...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (25 Nov 2020)

Paschal Donohoe: I propose to take Questions Nos. 48 to 50, inclusive, together. The Covid Restrictions Support Scheme (CRSS) was announced in the Budget on 13 October 2020. The details are set out in Finance Bill 2020 and guidelines on the operation of the scheme, including the eligibility criteria, are available on the Revenue website: (). The support is available to companies and self-employed...

Written Answers — Department of Finance: Tax Data (25 Nov 2020)

Paschal Donohoe: The total number of persons who have been granted exemptions under section 195 of the Taxes Consolidation Act 1997 (Artists exemption) in each of the years 2015 to 2018, inclusive, and the estimated total amount of tax revenue foregone by the State in each of those years as a result of these exemptions is detailed in the table below. Please note that 2018 is the most recent year for which...

Written Answers — Department of Finance: Banking Sector (25 Nov 2020)

Paschal Donohoe: As Minister for Finance, I am very conscious that many borrowers continue to be impacted by the economic consequences of Covid-19, including GAA clubs and other sporting organisations who ordinarily rely on fundraising and gate receipts to fund their operations and meet their loan repayments. Clubs and their members have played an important role in the community response to Covid-19 and I am...