Results 14,301-14,320 of 32,569 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Code of Conduct on Mortgage Arrears (19 Jun 2019)

Paschal Donohoe: As I have mentioned on many occasions, the Central Bank Code of Conduct on Mortgage Arrears (the CCMA) is a statutory code issued under Section 117 of the Central Bank Act 1989. It clearly states in the CCMA that its provisions are legally binding on regulated entities, and the Central Bank has the power to administer sanctions on regulated entities for a contravention of the CCMA...

Written Answers — Department of Finance: Mortgage Book Sales (19 Jun 2019)

Paschal Donohoe: The Deputy will be aware that the reduction in the level of non-performing loans, or NPLs, across European banks is a major priority for the banking regulator, the SSM. The Irish banks have made huge progress in this regard since the height of the crisis. According to the Central Bank of Ireland, the average NPL ratio of the domestic Irish banks was 8.5 % in December 2018, falling from 13.8%...

Written Answers — Department of Finance: Brexit Data (19 Jun 2019)

Paschal Donohoe: Given that the UK represents one of the largest net contributors to the EU budget, Brexit is likely to have a significant impact on the contributions of all Member States, including Ireland’s. The exact impact will dependent on the nature of the final agreement between the EU and the UK regarding its involvement with the EU budget post-Brexit. Under the Withdrawal...

Written Answers — Department of Finance: Insurance Industry (19 Jun 2019)

Paschal Donohoe: At the outset, I would like to put on record that I share the same concern as the Deputy in relation to the recent reporting of the large profits of insurers for 2017 at a time when many small businesses are struggling to get cover in the first place, or to get it at a reasonable price.  I consider the current position unacceptable and I have made this very clear to Insurance Ireland...

Written Answers — Department of Finance: Central Bank of Ireland Staff (19 Jun 2019)

Paschal Donohoe: As the Deputy will be aware the New Zealand State Services Commissioner is carrying out an investigation into the unauthorised access of New Zealand Budget material and the events surrounding it.  I am not going to be drawn into speculating on a matter on which the New Zealand State Services Commissioner is currently compiling a report. The State Services Commissioner, Peter Hughes, has...

Written Answers — Department of Finance: Tracker Mortgage Examination (19 Jun 2019)

Paschal Donohoe: The Central Bank’s Tracker Examination is focused on ensuring that lenders provide fair outcomes for all groups of customers impacted by tracker related failings both from a contractual and transparency perspective.   The Examination is the largest, most complex and most significant supervisory review that the Bank has undertaken to date under its consumer protection mandate...

Written Answers — Department of Finance: Tracker Mortgage Examination (19 Jun 2019)

Paschal Donohoe: I would remind the Deputy that as Minister for Finance there are strict rules around how I can intervene even in banks in which the State has a shareholding. The day to day operations of the banks are the sole responsibility of the boards and management teams and each bank must be run on an independent and commercial basis. The banks’ independence is protected by Relationship...

Written Answers — Department of Finance: Banking Sector Remuneration (19 Jun 2019)

Paschal Donohoe: The Deputy will be aware that Government policy on banking remuneration has remained unchanged since the financial crisis. Extensive restrictions are in place and these are not simply confined to a handful of senior bankers whose pay is restricted by the €500,000 pay cap (excluding a standard pension contribution). These affect c.23,000 workers across the three banks in which the...

Written Answers — Department of Finance: Fiscal Policy (19 Jun 2019)

Paschal Donohoe: There is a commitment in the Programme for a Partnership Government to establish a Rainy Day Fund. Creation of the Fund forms part of Government’s policy to stabilise the public finances and increase the State’s resilience to external economic shocks. The National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018 was published on 24 October 2018 and is now before...

Written Answers — Department of Finance: Fiscal Policy (19 Jun 2019)

Paschal Donohoe: The risks posed by an external shock to our economy have been consistently highlighted for some time by both myself and my Department. These risks are being managed by building-up our fiscal capacity through broadening our tax base, debt reduction, targeting improvement in the general government balance, and establishing the Rainy Day Fund. The tax base has been...

Written Answers — Department of Finance: Licensed Moneylenders (19 Jun 2019)

Paschal Donohoe: I propose to take Questions Nos. 47 and 70 together. My Department recently launched a public consultation process seeking views on capping the cost of licensed moneylenders and other regulatory matters in relation to moneylending. The consultation paper is available at . Deputies will be aware of the report by the Centre for Co-operative Studies, University College Cork entitled...

Written Answers — Department of Finance: Insurance Costs (19 Jun 2019)

Paschal Donohoe: I am very conscious of the difficulties that the cost and availability of insurance are having on many businesses, charities, community groups, sporting clubs and other groups in this country and can understand the frustration that many people have with the existing position.  Unfortunately, there is no single policy or legislative “silver bullet” to immediately stem or...

Written Answers — Department of Finance: Insurance Costs (19 Jun 2019)

Paschal Donohoe: I propose to take Questions Nos. 49 and 102 together. I acknowledge the general problems faced by many small businesses, including hotels, in relation to the cost and availability of insurance as well as the frustrations that some may have with the pace of reform.  Unfortunately, there is no single policy or legislative “silver bullet” to immediately stem or reverse...

Written Answers — Department of Finance: Financial Services Sector (19 Jun 2019)

Paschal Donohoe: The employment target in Ireland for Finance is to reach 50,000 people in direct employment in the sector by 2025. That is a net increase of 5,000 above the target employment level set for the previous strategy, IFS2020. The targeted increase in employment set out in IFS2020 was 10,000. The target of an increase of 5,000 people in employment in international financial services reflects...

Written Answers — Department of Finance: Insurance Costs (19 Jun 2019)

Paschal Donohoe: I propose to take Questions Nos. 51, 54, 55, 60, 68 and 71 together. I acknowledge the general problems across the country as a whole faced by many small businesses (including marts), community and voluntary groups, as well as other sectors such as street performers in relation to the cost and availability of insurance. I also appreciate that there is some frustration about the...

Written Answers — Department of Finance: Tax Code (19 Jun 2019)

Paschal Donohoe: I am advised by Revenue that their review of the flat rate expenses regime is ongoing and that it is intended to have the review completed by the end of 2019.  The Deputy will be aware from my previous replies on this matter that Revenue confirmed an implementation date of 1 January 2020 in respect of any changes that may be made to the flat rate regime, to ensure they do not impact on...

Written Answers — Department of Finance: Housing Policy (19 Jun 2019)

Paschal Donohoe: The key to resolving current issues, including affordable housing, in the housing market is increasing supply. This is why the Government is committed to increasing the supply of all types of housing including social, affordable and private. Institutional investors represent one aspect of the housing market and have a role in increasing supply, particularly the supply of urban...

Written Answers — Department of Finance: Tax Avoidance (19 Jun 2019)

Paschal Donohoe: The Deputy will be aware that the current proposals flow from earlier discussions at both OECD and EU level to address taxation issues arising from the growing digitalisation of the economy.  The OECD published a work plan on 31 May setting out the broad direction of travel for the period ahead. This work plan was endorsed by G20 Finance Ministers on 9 June and work will continue over...

Written Answers — Department of Finance: Tax Code (19 Jun 2019)

Paschal Donohoe: I propose to take Questions Nos. 57 and 72 together. Ireland has been consistently successful over several decades in attracting leading multinationals to base here and given our high level of integration with the global economy, it is not altogether surprising that our corporation tax base has become concentrated, as it has been for a number of decades. Nonetheless, I would...

Written Answers — Department of Finance: Tax Code (19 Jun 2019)

Paschal Donohoe: I  can confirm that I and my Department continue to seek ways to broaden the tax base that do not run contrary to the growth focus of this Government. Certain measures have already been introduced which will ensure a continued broadening of the overall tax base. These include the introduction of the Universal Social Charge, the Local Property Tax and the Sugar Sweetened...