Results 10,041-10,060 of 32,593 for speaker:Paschal Donohoe

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

Paschal Donohoe: The most recent Eurogroup meeting was held on Tuesday 3 November. Due to COVID19 related restrictions the decision was made once again to hold the Eurogroup meeting by videoconference. The first agenda item featured a discussion on the latest health developments and their economic consequences, in view of the worrying surge in COVID-19 cases around Europe. Dr Andrea Ammon, Director of the...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (26 Nov 2020)

Paschal Donohoe: In the Budget 2021 speech, I announced the Irish Government’s decision to make a formal application to the European Commission for funding under the Support to mitigate Unemployment Risks in an Emergency (SURE) Instrument. The application was submitted on the 26thof October. That application has now been assessed and accepted by the Commission. On foot of this assessment, the...

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

Paschal Donohoe: The Retail Export Scheme enables visitors that are resident outside the EU benefit from VAT relief on goods purchased in Ireland and subsequently taken outside of the EU. Under existing rules, when the UK becomes a third country, visitors from Britain will be able to avail of the scheme. No minimum threshold currently applies in respect of expenditure on which VAT relief may be claimed. ...

Written Answers — Department of Finance: Vehicle Registration (26 Nov 2020)

Paschal Donohoe: I am informed by Revenue that Regulation 9 of Statutory Instrument No. 318 of 1992, Vehicle Registration and Taxation Regulations, provides that the year assigned by Revenue for use on a registration plate is determined by the date the vehicle is first brought into use. From the information submitted on the German Registration Certificate, the vehicle in question was brought into use in...

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

Paschal Donohoe: As part of the response to COVID-19, the Government introduced a range of support measures for impacted businesses, including the Debt Warehousing scheme and a reduced interest rate of 3% for phased payment arrangements under certain conditions. The initial Debt Warehousing scheme, which was put on a statutory footing in the Financial Measures (Covid-19) (No. 2) Act 2020 , provides for the...

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

Paschal Donohoe: Section 13 of the Finance (Local Property Tax) Act 2012 (as amended) sets out how residential properties are to be valued for Local Property Tax purposes. It is a matter for property owners to determine the valuation of their properties on the 'valuation date'. The current 'valuation date' is 1 May 2013 and any property valuation declared on that date remains valid until 31 October 2021....

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...