Results 10,821-10,840 of 32,547 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Banking Sector (29 Sep 2020)

Paschal Donohoe: I am aware of the reports that NatWest is engaged in a strategic review of its operations, including those of  Ulster Bank Ireland. The Government has no formal role in such a review or any commercial decisions that result as these are a matter for the Board and Management of the Bank and its parent company, NatWest.  I understand that the process is ongoing and that no...

Written Answers — Department of Finance: Legislative Measures (29 Sep 2020)

Paschal Donohoe: The majority of the Consumer Insurance Contracts Act 2019 came into force from the 1st of September 2020, with 22 of the 27 sections now in operation.  The Act represents a major reform of insurance contracts and re-balances the relationship between consumer and insurer. It is my full expectation this will be positive for Irish consumers. For example, amongst other things, the...

Written Answers — Department of Finance: Brexit Supports (29 Sep 2020)

Paschal Donohoe: As the Deputy will be aware, on 21stJuly 2020, Heads of State and Government reached agreement on the Post-2020 Multiannual Financial Framework (MFF) and Next Generation EU, totalling €1.82 trillion. Difficult discussions took place over four days, but the Government welcomes this agreement. This is a fair and balanced outcomeand demonstrates that Europe can work collectively to deal...

Written Answers — Department of Finance: Vehicle Registration Tax (24 Sep 2020)

Paschal Donohoe: I propose to take Questions Nos. 90 and 91 together. Vehicle Registration Tax is charged on new cars or used imports registering in the State for the first time. The VRT reform option in the Tax Strategy Group paper sets out a mechanism for transitioning to the new road emissions test 'WLTP' and recalibrating the tax design in light of the more realistic emissions recorded. This is...

Written Answers — Department of Finance: Budget Process (24 Sep 2020)

Paschal Donohoe: As the Deputy may be aware, it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.

Written Answers — Department of Finance: Cycle to Work Scheme (24 Sep 2020)

Paschal Donohoe: Section 118(5G) of the Taxes Consolidation Act 1997 provides for the cycle to work scheme. This scheme provides an exemption from benefit-in-kind where an employer purchases a bicycle and associated safety equipment up to a maximum of €1,500 for e-bikes and €1,250 for other bicycles for an employee to use, in whole or in part, to travel to work. These thresholds were increased...

Written Answers — Department of Finance: Value Added Tax (24 Sep 2020)

Paschal Donohoe: I am advised by Revenue that information provided on VAT3 returns (the primary return filed by VAT traders) does not require a business to separately identify the yield from particular VAT rates or sectors of the economy. However, based on other Revenue data and third-party data sources, a tentative estimate on the impact of a reduction in the VAT rate on hospitality and tourism...

Written Answers — Department of Finance: Vehicle Registration Tax (24 Sep 2020)

Paschal Donohoe: I am informed by Revenue that VRT is levied under the provisions of the Finance Act 1992, Part II, Chapter IV. There are a number of exemptions and reliefs under this legislation including a zero rating on vehicles such as ambulances and fire engines, and, under certain circumstances, relief from VRT and VAT under the provisions of the Disabled Drivers and Disabled Passengers (Tax...

Written Answers — Department of Finance: Wage Subsidy Scheme (24 Sep 2020)

Paschal Donohoe: The Deputy will be aware that under Section 851A of the Taxes Consolidation Act 1997, Revenue is precluded by reason of its taxpayer confidentiality obligations, from providing any details in relation to the company in question. The Temporary Wage Subsidy Scheme (TWSS), which was provided for in section 28 of the Emergency Measures in the Public Interest (COVID-19) Act 2020, expired on 31...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (24 Sep 2020)

Paschal Donohoe: As the Deputy is aware, on 18 March the Banking and Payments Federation of Ireland (BPFI) announced a coordinated approach by banks and other lenders to help their businesses and personal customers who were economically impacted by the Covid-19 crisis. These measures included flexible loan repayment arrangements, and included a loan payment break of up to three months which was subsequently...

Written Answers — Department of Finance: Tax Reliefs (24 Sep 2020)

Paschal Donohoe: I am advised by Revenue that Transborder Relief may apply in the case of an individual resident in the State but who commutes to his or her place of work outside the State. This relief is set out in section 825A of the Taxes Consolidation Act 1997. The relief effectively removes the foreign employment income from a liability to Irish tax where foreign tax has been paid on that employment...

Written Answers — Department of Finance: Banking Sector (24 Sep 2020)

Paschal Donohoe: I propose to take Questions Nos. 99 and 101 together. Ulster Bank Ireland is a significant employer, has 88 branches, has a sizeable market share in terms of mortgage lending and SME lending and it is important in terms of providing competition in the Irish market. I am aware of the media reports suggesting that NatWest is engaged in a strategic review of its operations and...

Written Answers — Department of Finance: Mortgage Lending (24 Sep 2020)

Paschal Donohoe: I will not speculate or comment on the specific matter raised by the Deputy but I can outline the protections that apply when mortgages are transferred from a regulated entity. The relevant Irish and EU consumer protections continue to apply to any mortgage that has transferred. The Consumer Protection (Regulation of Credit Servicing Firms) Act 2015provided that all the consumer protections a...

Written Answers — Department of Finance: Credit Unions (24 Sep 2020)

Paschal Donohoe: The Central Bank have informed me that there is no Central Bank regulation relating to Death Benefit Insurance. The Central Bank understand that any requirements mandating a credit union to have a percentage of its members sign up to a Death Benefit Insurance scheme to allow such a scheme to be offered to members, may be a particular feature of the product offering of the insurer. ...

Written Answers — Department of Finance: State Claims Agency (24 Sep 2020)

Paschal Donohoe: The State Claims Agency has prepared the attached table in response to the information requested by the Deputy. The information in the table represents the amount paid on claims finalised by court award between 1 January 2010 and 31 August 2020.

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (23 Sep 2020)

Paschal Donohoe: The Strategic Banking Corporation of Ireland (SBCI) is Ireland’s National Promotional Institution for SMEs. The goal of the SBCI is to increase the availability of appropriately priced, flexible funding to viable Irish SMEs. The SBCI’s role is to provide and promote the provision of credit to SMEs. The SBCI do not engage in direct lending, rather they work through on-lending...

Written Answers — Department of Finance: Help-To-Buy Scheme (23 Sep 2020)

Paschal Donohoe: The Help to Buy incentive (HTB) is a scheme to assist first-time purchasers with a deposit they need to buy or build a new house or apartment. The incentive gives a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in the legislation. This measure is designed to stimulate supply of new houses in the...

Written Answers — Department of Finance: Wage Subsidy Scheme (23 Sep 2020)

Paschal Donohoe: The Deputy will be aware that under Section 851A of the Taxes Consolidation Act 1997, Revenue is precluded by reason of its taxpayer confidentiality obligations, from providing any details in relation to the company in question. The Temporary Wage Subsidy Scheme (TWSS), which was provided for in section 28 of the Emergency Measures in the Public Interest (COVID-19) Act 2020, expired...

Written Answers — Department of Finance: Insurance Industry (23 Sep 2020)

Paschal Donohoe: Let me say at the outset that I am very much aware of the problems faced by many businesses in the leisure industry, in relation to the availability and affordability of public liability insurance. However, neither I, nor the Central Bank of Ireland, can direct the pricing of insurance products, and neither can we compel any insurer operating in the Irish market to provide cover, as this is...

Written Answers — Department of Finance: National Asset Management Agency (23 Sep 2020)

Paschal Donohoe: Since its inception, NAMA has advanced capital funding to its debtors and receivers in cases where it can be shown that such funding will enhance or protect the value of the assets securing NAMA’s loan portfolio. Subject to commercial viability, NAMA funds capital expenditure for the planning, design and construction of new residential and commercial projects. NAMA also funds...