Results 17,881-17,900 of 33,392 for speaker:Paschal Donohoe

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Agriculture Industry (22 Nov 2018)

Paschal Donohoe: Despite the adverse move in the euro-sterling exchange rate, export sales of food and drink have increased by 6%. This reflects the quality of work by everybody involved in agriculture. Each of the budgets I have been involved in have built on the work of my predecessor, Deputy Noonan, in looking to put in place targeted support through both targeted tax measures and investment to support...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: NAMA Loans Sale (22 Nov 2018)

Paschal Donohoe: Section 172(3) of the National Asset Management Agency Act 2009 is a legal provision preventing assets held as security for loans acquired by NAMA from being sold back to defaulting debtors or persons acting on behalf of defaulting debtors. To ensure compliance with this section, I am advised that NAMA has a policy of obtaining written confirmation from purchasers of NAMA-secured assets...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: NAMA Operations (22 Nov 2018)

Paschal Donohoe: It is expected that NAMA will substantially complete its work by the end of 2020-21. Over 2020 and 2021 it expects a surplus currently projected to be €3.5 billion to be available for return to the State. NAMA announced last year that it had redeemed all of its €30.2 billion in senior debt, which was guaranteed by the State. Since April 2018, it has commenced the redemption...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: NAMA Operations (22 Nov 2018)

Paschal Donohoe: On the exact timing, the information I have is that the agency will have its work completed between 2020 and 2021. I expect the work to continue into 2021. The Deputy asked about the remaining portfolio. I do not have any information that is more up to date than what the Deputy has just given me. The answer to the Deputy's third question regarding the intersection between the work of NAMA...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: NAMA Operations (22 Nov 2018)

Paschal Donohoe: I will deal with each of the Deputy's points in turn. We expect the final major sale by NAMA to take place by the end of the year. The work it will do up to 2020 will have two elements. The first will involve the delivery of the Dublin docklands SDZ, in which it plays a considerable role, and the delivery of a residential programme there and at a number of other sites. The second piece of...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Brexit Issues (22 Nov 2018)

Paschal Donohoe: We are seeing an increasing number of companies change their licensing arrangements so that they can fit in with the macroprudential and financial stability requirements of a post-Brexit European Union. There is still a considerable amount of work to be done in this area. From my engagement with the Central Bank, I am very confident that it is doing all that can be done on this. My message...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Mortgage Arrears Proposals (22 Nov 2018)

Paschal Donohoe: A Programme for a Partnership Government made a number of commitments in the area of “Protecting & Promoting Tenancy Rights and Home Ownership”. Specifically in respect of the code of conduct on mortgage arrears to which Deputy Doherty refers, there is a commitment to "work with the Central Bank to amend the Code of Conduct on Mortgage Arrears to include an obligation...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Mortgage Arrears Proposals (22 Nov 2018)

Paschal Donohoe: As I explained to the Deputy, this was a matter for the Central Bank to review. I asked that it review it, which it did. It came back with a very comprehensive assessment of how this issue is being dealt with inside the Irish mortgage market. I understand the anxiety and the concerns that people have when dealing with their mortgages on their homes. It is important to state the figures on...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Mortgage Arrears Proposals (22 Nov 2018)

Paschal Donohoe: The Deputy should let me speak about the commitments we have to the homeowners and deal with the figures for what has happened to restructured accounts in our economy and society since we began dealing with this great difficulty. The Deputy says I am sitting on my hands in dealing with this issue. Each year since the end of 2012, we have seen over 20,000 buy-to-let mortgages alone...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Brexit Issues (22 Nov 2018)

Paschal Donohoe: The Government welcomes the agreement reached between the UK and EU negotiators on a draft withdrawal agreement. However, it must be acknowledged that we are not yet at the end of this process and that uncertainties remain. Our priority now is to work towards the finalisation of the draft withdrawal agreement and the political declaration on the EU-UK future relationship. The...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Brexit Issues (22 Nov 2018)

Paschal Donohoe: First, I expect recruitment to continue across the period. As the Deputy mentioned, the key point is that it is based on a central case scenario of a Brexit transitional period being in place. That appears to be possible, but there is more work to be done. In addition, regardless of the eventual Brexit scenario, the United Kingdom is becoming a third country from a customs policy...

Written Answers — Department of Finance: VAT Rate Increases (22 Nov 2018)

Paschal Donohoe: The 9% VAT rate was introduced as part of the Jobs Initiative from July 2011 to December 2013 and was aimed at boosting tourism and the creation of additional jobs in that sector. From Budget 2014 it was decided to retain the 9% rate to support the increased number of jobs, and latterly, due to the weakness in Sterling following Brexit. It was for these reasons that I retained the 9% rate...

Written Answers — Department of Finance: Carbon Tax Yield (22 Nov 2018)

Paschal Donohoe: Solid Fuel Carbon Tax was commenced in May 2013 at a rate of €10 per tonne of carbon dioxide emitted when combusted, and was increased to €20 per tonne in 2014. Approximately 75% of solid fuel carbon tax yield relates to coal. Annual net receipts for the tax amounted to €23.5m in 2015, €24.4m in 2016 and €19.1m in 2017. As of end October, receipts to...

Written Answers — Department of Finance: Insurance Fraud (22 Nov 2018)

Paschal Donohoe: As the Deputy is aware, recommendation 26 of the Report on the Cost of Motor Insurancecalls for An Garda Síochána to explore the potential for further cooperation between it and the insurance sector in relation to insurance fraud investigation. In this regard, one measure which the Working Group considered as part of the Report was the establishment of a dedicated team within An...

Written Answers — Department of Finance: Banking Sector (22 Nov 2018)

Paschal Donohoe: As I have previously informed the House, I intend to bring forward heads of a Central Bank (Amendment) Bill for Government approval in Quarter 1 2019. In that regard it is my intention that the proposed legislation will identify the legislative changes that are required to implement a customer centric culture and to enhance individual accountability. I have long been on the record as...

Written Answers — Department of Finance: Brexit Staff (22 Nov 2018)

Paschal Donohoe: I propose to take Questions Nos. 17 and 27 together. I am advised that Revenue is actively engaging in the Interdepartmental work on Brexit coordinated by the Department of An Taoiseach and the Department of Foreign Affairs and Trade. As the Deputies are aware, in July 2018 the Government made a number of decisions in relation to preparations for a ‘Central Case...

Written Answers — Department of Finance: Help-To-Buy Scheme (22 Nov 2018)

Paschal Donohoe: Earlier this year, I commissioned an independent Cost Benefit Analysis (CBA) of the Help to Buy (HTB) incentive. Following a competitive tender process, Indecon International Economic Consultants were appointed to carry out this analysis. The report of the CBA was published at Budget time in the Department of Finance Report on Tax Expenditures and is available on my Department’s...

Written Answers — Department of Finance: EU Budget Contribution (22 Nov 2018)

Paschal Donohoe: As the Deputy will be aware, the European Commission’s proposal for the next Multiannual Financial Framework (MFF) 2021-2027 was published on 2ndMay 2018. I welcome the publication of the proposals which marks the start of an important debate on the future of the EU budget. The proposals come at a time of great change and adjustment for the EU; with new priorities (including migration,...

Written Answers — Department of Finance: Insurance Industry (22 Nov 2018)

Paschal Donohoe: I propose to take Questions Nos. 20 and 26 together. The Central Bank of Ireland has advised me that it was notified by the Danish Financial Supervisory Authority on 7 March 2018 that it had ordered Alpha Insurance A/S to cease writing new business including renewal of existing contracts and business with immediate effect. It was further notified on 9 May 2018 that the liquidators of the...

Written Answers — Department of Finance: Credit Unions (22 Nov 2018)

Paschal Donohoe: The Government has a clear policy to support the strategic growth and development of credit unions delivering the comprehensive recommendations set out in the Commission on Credit Unions Report and the Credit Union Advisory Committee (CUAC) report in 2016, both of which involved extensive stakeholder engagement. CUAC remains an important advisor to me on strategic issues facing the sector. ...