Results 12,041-12,060 of 32,610 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Sale of Aer Lingus (5 Mar 2020)

Paschal Donohoe: The proceeds of the sale of the state's shareholding in Aer Lingus have been used to establish the Connectivity Fund which is managed by the Ireland Strategic Investment Fund (ISIF). The Connectivity Fund is being invested on a commercial basis as a sub portfolio of the ISIF, and consistent with the overall ISIF double bottom line mandate which is to invest for both commercial...

Written Answers — Department of Finance: Coronavirus Outbreak (5 Mar 2020)

Paschal Donohoe: At the outset, it must be stressed that it is difficult to quantify the global and domestic economic impacts of the Covid19 outbreak at this stage. This is because the impact will depend on several factors, not least the duration of the epidemic as well as the containment measures put in place to limit its spread. These are simply impossible to estimate and, accordingly, it is extremely...

Written Answers — Department of Finance: Motor Insurance Costs (5 Mar 2020)

Paschal Donohoe: At the outset the Deputy should note that neither I, as Minister for Finance, nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products or have the power to direct insurance companies to provide cover to specific individuals or businesses.  This position is reinforced by the EU framework for insurance (the Solvency II Directive) which expressly...

Written Answers — Department of Finance: Credit Union Services (5 Mar 2020)

Paschal Donohoe: Firstly, I am assuming that the Deputy's question is referring to the Death Benefit Insurance schemes operated by credit unions.   Many credit unions participate in Death Benefit Insurance schemes whereby a payment, intended to assist with funeral expenses, is made following the death of a member. Death Benefit Insurance is provided by insurance firms. The Central Bank has...

Written Answers — Department of Finance: Tax Code (5 Mar 2020)

Paschal Donohoe: The Report of the Working Group on the Tax and Fiscal Treatment of Landlords was submitted to me for consideration in September 2017, in advance of its publication on Budget Day, 10 October 2017. The report put forward options for further consideration, rather than recommendations, and any further consideration would require the participation of several Departments and organisations,...

Written Answers — Department of Finance: Credit Card Data (5 Mar 2020)

Paschal Donohoe: The Central Bank publishes data on its website for the number of credit cards in Ireland, and it reports that there were 1,579,561 active credit cards in issue as of January 2020. I am informed by the Central Bank that it does not publish data on the number of credit cards with an interest bearing balance, on arrears or on overdue repayments on credit cards. I am advised by Revenue that...

Written Answers — Department of Finance: Credit Register Administration (5 Mar 2020)

Paschal Donohoe: I propose to take Questions Nos. 69 and 70 together. The Central Credit Register (CCR) was established by the Central Bank of Ireland (the Bank) under the Credit Reporting Act 2013.   Following a public procurement process, the Bank signed a contract with CRIF Ireland Ltd, 1st floor, Adelphi Plaza, Georges Street Upper, Dun Laoghaire, Co Dublin (a wholly owned...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (5 Mar 2020)

Paschal Donohoe: As the Deputy will be aware, Part IIIC of the Central Bank Act 1942 (as amended) (“the Act”), provides that the Central Bank may hold an inquiry to determine whether or not a financial service provider is committing or has committed a suspected prescribed contravention.  The Central Bank may also hold an inquiry to determine whether or not a person concerned in...

Written Answers — Department of Finance: Credit Union Services (5 Mar 2020)

Paschal Donohoe: Further to parliamentary question numbers 48 of 14 November and 126 of 19 November 2019, I would like to reiterate that it would not be appropriate for me to make a comment on a specific case. It is also important to note that the Probate Office of the High Court deals with matters relating to probate and as such is the responsibility of the Minister for Justice and Equality. ...

Written Answers — Department of Finance: Revenue Commissioners Staff (5 Mar 2020)

Paschal Donohoe: I am advised by Revenue that there are currently 15 Revenue staff members employed in Portlaoise, of whom four are assigned there on a temporary basis.

Written Answers — Department of Finance: Motor Insurance Data (5 Mar 2020)

Paschal Donohoe: In order to address the Deputy's question, my officials contacted the Central Bank of Ireland (CBI) to request the necessary information.  In response, the CBI noted that in compiling the NCID Report, the data used had the following market coverage (based on the proportion of total premium earned in 2018): - Premium and policy count data covers 90% of the market;   - Claims...

Written Answers — Department of Finance: Bank Branch Closures (5 Mar 2020)

Paschal Donohoe: The Deputy will be aware that the banking sector is experiencing a challenging operating environment and the traditional banking model has been under pressure for some years to adapt and deal with legacy issues. In such circumstances, cost management is likely to remain a high priority for banks as it is an area under their control. However, branch closures are always a matter of...

Written Answers — Department of Finance: Banking Operations (5 Mar 2020)

Paschal Donohoe: The Deputy will be aware that decisions in regards to operational matters are the sole responsibility of the boards and management of the individual banks which are run on an independent and commercial basis. Furthermore, the independence of banks in which the State has a shareholding is protected by Relationship Frameworks, which are legally binding documents that cannot be changed...

Written Answers — Department of Finance: Mortgage Arrears Proposals (5 Mar 2020)

Paschal Donohoe: I have been advised by the Central Bank of Ireland (the Central Bank) that it can confirm that it has received responses from all relevant regulated entities to its letter of 23 October 2019.  As the Deputy will be aware, the letter related to the practice of charging costs associated with the legal process and other third party charges (the costs) to borrowers in mortgage...

Written Answers — Department of Finance: VAT Rate Reductions (5 Mar 2020)

Paschal Donohoe: Given that the impact of an increase in the VAT rate on the hospitality sector as a whole has only recently been reviewed by the Department of Finance and the Revenue Commissioners, there does not seem to currently be a case for reviewing the impact of the increase. In addition, the main finding of the Department’s Review is that expenditure on goods...

Written Answers — Department of Finance: Code of Conduct on Mortgage Arrears (5 Mar 2020)

Paschal Donohoe: I have been advised by the Central Bank of Ireland (the Central Bank) that in 2015, they completed a themed inspection of compliance with certain aspects of the Code of Conduct on Mortgage Arrears 2013 (CCMA). They found significant and undue delays on the part of some lenders in assessing cases at various stages in the Mortgage Arrears Resolution Process (MARP)....

Written Answers — Department of Finance: Interest Rates (5 Mar 2020)

Paschal Donohoe: Provisions governing the setting and adjustment of interest rates are a contractual matter for the parties to a credit agreement and the contract usually sets out the circumstances in which the interest rate can be changed (including, if applicable, in circumstances where the interest rate is determined by a reference rate and any associated margin) over the duration of the credit...

Written Answers — Department of Finance: Tax Code (5 Mar 2020)

Paschal Donohoe: I would like to advise the Deputy that all employees have a statutory right to claim a deduction under section 114 of the Taxes Consolidation Act (TCA) 1997 in respect of an expense incurred wholly, exclusively and necessarily in the performance of the duties of their employment, to the extent which the expenses are not reimbursed by the employer. The flat rate expense (FRE) regime is an...

Written Answers — Department of Finance: Insurance Costs (5 Mar 2020)

Paschal Donohoe: I propose to take Questions Nos. 82 and 104 together. The general problems across the country as a whole faced by many consumers and businesses in relation to the cost and availability of insurance are well known. Unfortunately, there is no single policy or legislative “silver bullet” to immediately stem or reverse premium price rises or increase capacity.  This is...

Written Answers — Department of Finance: Illicit Trade (5 Mar 2020)

Paschal Donohoe: I propose to take Questions Nos. 83 and 84 together. I am assured by Revenue that combating the threat which fuel fraud and the illicit alcohol and tobacco trades pose to legitimate business, consumers and the Exchequer continues to be a priority. Steps taken by Revenue to combat the illegal fuel trade include the introduction of stringent supply chain controls and reporting...