Results 10,661-10,680 of 32,547 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Exchequer Deficit (1 Oct 2020)

Paschal Donohoe: As the Deputy will be aware, the unprecedented economic situation of the last six months has meant that medium-term economic and fiscal forecasts are subject to an exceptional level of uncertainty. My Department’s most recent official forecasts, published in the Stability Programme Update, were, accordingly, produced on a short-term basis, as per guidance from the European...

Written Answers — Department of Finance: Carbon Tax Yield (1 Oct 2020)

Paschal Donohoe: The base for any year includes measures which have been implemented in previous years.  It does not include assumptions on any additional measures which may be the subject of Budget decisions in the current year.  As such, any potential revenue arising from changes to the rate of carbon tax in Budget 2021 has not been included in the base.

Written Answers — Department of Finance: Covid-19 Pandemic Supports (1 Oct 2020)

Paschal Donohoe: The Employment Wage Subsidy Scheme (EWSS) was legislated for in the Financial Provisions (Covid-19) (No. 2) Act 2020.  The EWSS provides a flat-rate subsidy to qualifying employers, based on the number of qualifying employees on the payroll. I am advised by Revenue that by 30 September, 37,165 employers had successfully registered for the scheme.  Furthermore, payments of EWSS...

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Paschal Donohoe: Before giving my opening statement, I wish to indicate to my colleagues that I can only see myself on this monitor. It would be great to see committee members as I address them and deal with their questions. I am thankful for the invitation to address the committee today in advance of budget 2021, which I will present to Dáil Éireann alongside my Cabinet colleague, the Minister...

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Paschal Donohoe: I thank the Chair and apologise for that technical difficulty. I issued my statement to the committee yesterday and in light of what has just happened, I do not wish to take up the committee's time. I am quite happy to move to questions and answers if that is acceptable to the Chair.

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Paschal Donohoe: I thank the Deputy for his opening statement and questions. I will make two points about his statement before dealing with each of his questions in turn. First, in regard to youth unemployment, I am of course keenly aware that it is younger workers and students who have suffered the most during this crisis. Those most affected have been young people starting out in work or those hoping to...

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Paschal Donohoe: If we are successful with our current efforts with the disease - we know how difficult this is - I hope that as we move into 2021 we can refocus our efforts on how to ensure employers who are able to make their offices safe are able to facilitate some people working in them some of the time. Today is 1 October, and I am very conscious that this would normally be the time of year when many...

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Paschal Donohoe: The data that I had available to me indicated that around 1% of those who were participating on the TWSS had an income level below what has been indicated by the Deputy. In terms of the points made, they are not just Sinn Féin proposals. These proposals are being made by every Deputy on this committee as we consider how we can evolve existing supports to support sectors of the...

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Paschal Donohoe: I will answer each of the Deputy's questions in turn. Yes, it includes the €9 billion of Covid-related expenditure. Regarding transfers within the balance sheet for next year, the key one that will be coming through will be further transfers from NAMA. On the nominal value of the different deficit ranges I have outlined, it would equate to between €14 billion and €18...

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Paschal Donohoe: I cannot give them to the Deputy now, but I can do so in a follow-up note.

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Paschal Donohoe: That would normally be a matter for the Minister for Public Expenditure and Reform, but I will see if I can get the details of the breakdown during my appearance at this committee and give them to the Deputy later.

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Paschal Donohoe: The Deputy put a question to me about NAMA. While we are unclear about what the exact figure will be, we are anticipating that it will be approximately €1.5 billion. The figure for this year was in the region of €2 billion. Regarding the deployment of the €9 billion, the vast majority of that has now been released in the way we anticipated because so much of it is...

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Paschal Donohoe: I do not really have information regarding what that will be for now. Many of my colleagues are involved in their own national budgetary processes. While they have given me some indication of where they might end up, I am reluctant to share that information in deference to their parliaments and work in which my colleagues may be involved with their governments. As we move through next...

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Paschal Donohoe: I want to have an awareness of that situation and ensure that when we complete our budgetary plans that we are in a safe place, one similar to where other countries will be. What is under way now is that the Minister for Public Expenditure and Reform, Deputy Michael McGrath, is working to finalise what exactly will be the deficit position when all our current commitments are met. When we...

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Paschal Donohoe: I thank the Deputy. I begin with the scenario of a no-deal Brexit. Brexit occurring without a trade deal would have a significant impact on how we would have expected our economy to perform next year. I will give two figures to illustrate what that context would look like. In the absence of a trade deal, post-Brexit, we expect the economy to grow by around 1% to 1.5% next year. If a...

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Paschal Donohoe: I have made the decision not to do an economic budgetary forecast on budget day beyond next year, which is a decision that does not have much precedent because, even in putting together budgets many years ago when things were very unpredictable, it was always possible to put together an outlook regarding what we thought the economy would look like in two years' time. Precisely because of the...

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Paschal Donohoe: It is too early to be able to give the Deputy confirmation of that. The Minister, Deputy Michael McGrath, and I are meeting the Ministers with responsibility for different sectors and I am also meeting representatives of many of these sectors directly. I meet those who work on the front line in the different sectors regularly to hear what it is like working in the various parts of our...

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Paschal Donohoe: We are looking at the question of what amounts of additional expenditure will not roll over into next year. This always happens on budget day when we have the fabled "one-offs" and must assess whether something that happens in a particular year will continue into the next year. However, the complexity involved in doing that at the moment is significant. Even earlier this year, for example,...

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Paschal Donohoe: The management of health expenditure in October, November and December is always a major part of the budgetary jigsaw at this point in the year but we are in a very different position from that of other years because of the possibility and risk of our country having to deal with Covid-19 during the normal flu season. At a time when we are trying to keep our schools open and encourage people...

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Paschal Donohoe: It would take great wisdom to be able to say now what we believe fiscal rules are going to be. Fiscal rules, by their nature, are medium-term and try to set out the arrangements for a number of years. It is fine to advise that this be done but to set figures, begin the debate now and try to set targets for the rules would not be appropriate for the economy now or for the encouragement of an...