Results 11,901-11,920 of 33,214 for speaker:Paschal Donohoe

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...

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 (BPFI) as the lending industry works to address the difficulties the Covid-19 situation is causing for both borrowers and lenders. In this context, the...

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

Paschal Donohoe: The Members of the Banking and Payments Federation of Ireland (BPFI) 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 during a fast moving and evolving public...

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

Paschal Donohoe: I propose to take Questions Nos. 68 and 70 together. As the Deputy will be aware, on 10 July 2020, the President of the European Council (PEC), Charles Michel, published revised proposals for the next Multiannual Financial Framework (MFF) to run from 2021-2027 to be supplemented by a proposed temporary European recovery instrument “Next Generation EU”. The total amount being...

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

Paschal Donohoe: On 25 March 2020, Ireland, in response to the Covid-19 crisis, and along with eight other countries (Belgium, France, Greece, Italy, Luxembourg, Portugal, Slovenia, and Spain) signed a public letter to the President of the European Council (PEC) Charles Michel, calling for “a common debt instrument issued by a European institution to raise funds on the market on the same basis and to...

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

Paschal Donohoe: In the Stability Programme Update (SPU), published in April this year, my Department projected that GDP would decline by 10.5 per cent this year. The central scenario underpinning the SPU projections was one in which containment measures were assumed to remain in place for approximately three months, resulting in a very sharp contraction in the latter weeks of the first quarter and most of...

Written Answers — Department of Finance: State Aid (16 Jul 2020)

Paschal Donohoe: Questions of policy in relation to State Aid are a matter for my colleague, the Minister for Enterprise, Trade and Employment. The previous Government introduced the National Development Plan (NDP), committing to an investment of €116 billion for the provision of infrastructure projects. The Programme for Government commits to continuing and expanding on this investment in...

Written Answers — Department of Finance: Brexit Issues (16 Jul 2020)

Paschal Donohoe: My Department continually monitors developments relating to the macroeconomic impact of Brexit. The Stability Programme Update (SPU) 2020, published in April, set out the economic projections for 2020 and 2021 taking account of COVID-19 and an agreed Brexit. In this scenario, GDP is projected to fall sharply, by 10.5 per cent, this year, followed by an increase of 6 per cent next year. ...

Written Answers — Department of Finance: Interest Rates (16 Jul 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 month-on-month. It will be important to recognise that there are many factors which influence and determine the level of interest charged on mortgages, business and other...