Results 12,061-12,080 of 33,392 for speaker:Paschal Donohoe

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Mortgage Lending (16 Jul 2020)

Paschal Donohoe: It was my job as this issue was developing to work with the banks to ensure provisions were put in place to allow payment breaks to be given to mortgage and loan holders at a time when they needed them the most. When we were facing into this period, we were looking at a public health crisis and an economic emergency. As a result of the work done by the Department of Finance and me and the...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Apple Escrow Account (16 Jul 2020)

Paschal Donohoe: The Deputy will be aware that the General Court of the European Union annulled the European Commission's state aid decision of 30 August 2016 with respect to Apple. The court concluded that the Commission in its decision had failed to demonstrate that by issuing the opinions in 1991 and 2007, the Irish authorities had granted the two Apple companies, ASI and AOE, a selective advantage. The...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Apple Escrow Account (16 Jul 2020)

Paschal Donohoe: In pursuing this issue, the only interest I have had in mind is that of the many hundreds of thousands of people who work in very large companies in this country. At a time of economic turmoil, when we are seeing rates of employment and rates of income change very quickly, the only interest I have had, in three years of dealing with this matter, is how we can continue to stand over an...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Mortgage Lending (16 Jul 2020)

Paschal Donohoe: I thank the Deputy for his good wishes on my new role. I look forward to working with Members of the Dáil and with finance Ministers across Europe over the next two and a half years. To deal with the Deputy's question, the members of the Banking and Payments Federation of Ireland, BPFI, introduced a payment break for their customers on 18 March last. These payment breaks were agreed...

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

Paschal Donohoe: The European Commission’s summer economic forecasts signals a deep contraction in European economic activity this year, with a gradual recovery next year. EU GDP is projected to shrink by around 8¼ per cent, while global GDP (excluding the EU) is expected to contract by 3.9 per cent this year. There is no doubt that we are in the midst of a deep global recession and the...

Written Answers — Department of Finance: Stability and Growth Pact (16 Jul 2020)

Paschal Donohoe: As outlined in the Stability Programme Update, published by my Department in April, the so-called ‘general escape clause’ of the Stability and Growth Pact was activated for the first time in March of this year. The activation of the clause temporarily suspends the normal fiscal requirements applying to Member States under the preventive arm of the Pact in 2020. This decision...

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

Paschal Donohoe: I propose to take Questions Nos. 14 and 20 together. The Government has committed to a series of immediate actions to support the economy following the Covid-19 pandemic. These measures will be set out in the forthcoming July stimulus. Building on the existing suite of supports introduced since the crisis began, these measures will help sustain incomes, boost business and help...

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

Paschal Donohoe: My colleague with responsibility for Housing, Planning and Local Government, Minister O'Brien has advised me of the following: Local authorities are under a statutory obligation to levy rates on the occupiers of rateable property in accordance with the details entered in the valuation lists prepared by the independent Commissioner of Valuation under the Valuation Acts 2001 to 2015. ...

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

Paschal Donohoe: At the outset, it is important to note that I am very much aware of the problems faced by many consumers, businesses, community and voluntary organisations in relation to the cost and availability of insurance. This Government will prioritise reform of the insurance sector with particular emphasis on motor, public liability, and employer liability insurance. This is recognised in the...

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

Paschal Donohoe: I propose to take Questions Nos. 18, 19, 62 and 64 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...

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,...