Results 11,281-11,300 of 32,602 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Commencement of Legislation (16 Jul 2020)

Paschal Donohoe: I intend to commence this Act shortly. This is in line with the commitment I had previously given that this matter would be determined by the Minister for Finance of the new Government. The Act will be commenced in the following manner- (i) The bulk of the provisions of the Consumer Insurance Contracts Act will come into effect on the 1st September 2020. The commencing of the majority of...

Written Answers — Department of Finance: Mortgage Lending (16 Jul 2020)

Paschal Donohoe: I fully appreciate the concerns many people are experiencing about mortgage applications and drawdowns at this difficult time, and my Department is maintaining close contact with the Central Bank and Banking and Payments Federation Ireland – the BPFI - as the lending industry works to address the difficulties the Covid-19 situation is causing for both borrowers and lenders. In this...

Written Answers — Department of Finance: Tax Code (16 Jul 2020)

Paschal Donohoe: As there is currently no such wealth tax in operation in Ireland, the Department understands that the Revenue Commissioners have no basis or requirement to compile the data needed to produce estimates in relation to a potential wealth tax. Although an individual's assets and liabilities are declared to the Revenue in a number of specific circumstances (for example, after a death), this...

Written Answers — Department of Finance: Legal Costs (16 Jul 2020)

Paschal Donohoe: The Deputy will be aware that the General Court of the European Union has annulled the European Commission's State Aid Decision of 30 August 2016 with respect to Apple. Ireland has always been clear that, based on Irish law, the correct amount of Irish tax was charged to the company and that Ireland did not provide State aid to Apple. This was the reason that Ireland appealed the...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (16 Jul 2020)

Paschal Donohoe: I propose to take Questions Nos. 25, 31, 32 and 41 together. The Government is fully aware of the unprecedented impact that the coronavirus is having on business and people’s livelihoods. In this regard a range of measures have been introduced to provide income support to those who need it while also giving confidence to employers to retain the link with employees so that when this...

Written Answers — Department of Finance: Credit Unions (16 Jul 2020)

Paschal Donohoe: The Government recognises the key role that credit unions play in the delivery of financial services in local communities across Ireland, the need for which is heightened at this time. Credit unions account for approximately one third of the consumer credit market and are well positioned to provide credit to support the recovery. Policy Review The economic outlook arising by virtue...

Written Answers — Department of Finance: Mortgage Interest Rates (16 Jul 2020)

Paschal Donohoe: I propose to take Questions Nos. 27 and 34 together. The Members of the Banking and Payments Federation of Ireland introduced the payment break for their customers on 18 March last. These payment breaks were agreed quickly to provide substantial and rapid relief to worried and anxious borrowers, including mortgage holders, in situations where income has been directly impacted by COVID-19, and...

Written Answers — Department of Finance: Economic Growth Rate (16 Jul 2020)

Paschal Donohoe: The IMF’s World Economic Outlook (WEO) update signals a synchronised and deep contraction in global economic activity this year, with a gradual recovery next year. The WEO projects global GDP to contract by 4.9 per cent and world trade to shrink by nearly 12 per cent this year. For advanced economies, the position is more negative – GDP in both the euro area and UK is forecast...

Written Answers — Department of Finance: Economic Policy (16 Jul 2020)

Paschal Donohoe: The Stability Programme Update, published in April, set out a central fiscal scenario of a general government deficit of 7.4 per cent of GDP in 2020, or €23.1 billion in nominal terms. Crucially, this was based on the assumption that economic activity bottoms out in the second quarter, with gradual recovery thereafter. My Department estimated at the time that if this gradual recovery...

Written Answers — Department of Finance: Bond Markets (16 Jul 2020)

Paschal Donohoe: The National Treasury Management Agency (NTMA) has taken advantage of the favourable funding and interest rate environment of recent years to lengthen the maturity of the National Debt and lock-in the benefit of low interest rates. Since the turn of 2015, the NTMA has issued over €90 billion of medium- to long-term debt. This was issued in the form of standard benchmark bonds,...

Written Answers — Department of Finance: Tax Reliefs (16 Jul 2020)

Paschal Donohoe: Section 664 of the Taxes Consolidation Act 1997 (‘relief for certain income from leasing of farm land ’) provides for the exemption of certain income from tax in connection with the leasing of farm land, where the land is let under a qualifying lease. This particular relief was designed to encourage longer term leases of farm land, with the targeted policy objective of assisting...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (16 Jul 2020)

Paschal Donohoe: The Government is fully aware of the unprecedented impact that the coronavirus is having on business and people’s livelihoods, including in the tourism and hospitality sectors. In this regard a range of measures have been introduced to provide income support to those who need it while also giving confidence to employers to retain the link with employees so that when this crisis passes...

Written Answers — Department of Finance: Ministerial Priorities (16 Jul 2020)

Paschal Donohoe: The Eurogroup is the body through which Finance Ministers of the 19 Euro Area Member States take decisions on policy issues relating to management of the Euro Area economy. The role involves working closely with the European Commission; with the European Central Bank; with the European Stability Mechanism (ESM); and the European Investment Bank (EIB) I set out my priorities when I...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (16 Jul 2020)

Paschal Donohoe: The Government is fully aware of the unprecedented impact that the coronavirus is having on business and people’s livelihoods. In this regard a range of measures have been introduced to provide income support to those who need it while also giving confidence to employers to retain the link with employees so that when this crisis passes our people can get back to work as quickly and...

Written Answers — Department of Finance: Ministerial Priorities (16 Jul 2020)

Paschal Donohoe: The Eurogroup is the body through which Finance Ministers of the 19 Euro Area Member States take decisions on policy issues relating to management of the Euro Area economy. A key priority will be to build an inclusive and sustainable recovery that supports growth and job creation in all our Member States. Subject to guidance from Leaders, as President of Eurogroup, I will be responsible for...

Written Answers — Department of Finance: Corporation Tax (16 Jul 2020)

Paschal Donohoe: I propose to take Questions Nos. 39 and 81 together. I welcome the release of the OECD’s Corporate Tax Statistics publication which is an important source of information on corporation tax globally. I also welcome the release of the Country by Country Reporting database published for the first time with the report. Publishing this aggregate data strikes an appropriate balance...

Written Answers — Department of Finance: Rainy Day Fund (16 Jul 2020)

Paschal Donohoe: The current balance of the Rainy Day Fund stands at €1.5 billion. Given the scale of the impact of Covid-19 on the economy, the previous Taoiseach had stated that the Rainy Day Fund will be accessed as part of the Government’s response to the pandemic. As such, the projections in the Stability Programme Update, published in April, include the assumption that the...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (16 Jul 2020)

Paschal Donohoe: I propose to take Questions Nos. 42 and 43 together. The Temporary Wage Subsidy Scheme (TWSS) was introduced in March and was specifically designed to support firm viability and preserve the relationship between the employer and employee insofar as is possible through the lockdown period, in circumstances where the employer’s business had been negatively impacted by COVID-19. ...

Written Answers — Department of Finance: Banking Sector (16 Jul 2020)

Paschal Donohoe: In order that the banking system can support the overall economy by providing credit to businesses and households on a prudent and sustainable basis, it is necessary for banks to be appropriately capitalised, profitable, well run and operate in a way that complies will all relevant prudential, macro prudential and consumer protection requirements. Within that framework, it is the...

Written Answers — Department of Finance: Value Added Tax (16 Jul 2020)

Paschal Donohoe: The Government is fully aware of the unprecedented impact that the coronavirus is having on business and people’s livelihoods. In this regard a range of measures have been introduced to provide income support to those who need it while also giving confidence to employers to retain the link with employees so that when this crisis passes our people can get back to work as quickly and...