Results 18,341-18,360 of 32,610 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Mortgage Book Sales (11 Jul 2018)

Paschal Donohoe: As the Deputy will be aware, I do not have a role in the decision making process of banks which must be run on a commercial basis. This is the responsibility of the Board and management of the banks. In relation to the issue of the sale of distressed mortgages, the Single Supervisory Mechanism (SSM) has tasked the management and board of each institution with developing and implementing...

Written Answers — Department of Finance: Corporation Tax Regime (11 Jul 2018)

Paschal Donohoe: I propose to take Questions Nos. 89 and 109 together. Corporation Tax Loss Relief is provided for by Section 396 of the Taxes Consolidation Act (TCA) 1997. It allows for losses incurred in the course of business to be taken into account when calculating the business’ tax liabilities on certain profits incurred in other accounting periods. Loss relief for corporation tax is a long...

Written Answers — Department of Finance: Insurance Costs (11 Jul 2018)

Paschal Donohoe: The second phase of the Cost of Insurance Working Group project culminated in the publication on January 25th of the Report on the Cost of Employer and Public Liability Insurance, following its approval by Government. This Report makes 15 recommendations with 29 associated actions to be carried out, detailed in an Action Plan contained in the Report with agreed timelines for implementation....

Written Answers — Department of Finance: Mortgage Lending (11 Jul 2018)

Paschal Donohoe: The Central Bank undertook the recent review of mortgage related advertising, with a focus on cash back incentives, to assess whether or not lenders were advertising mortgages with cashback offers in a clear and unambiguous way. 183 advertisements were reviewed for compliance with the advertising requirements in the Consumer Protection Code 2012 (the Code) and the European Union (Consumer...

Written Answers — Department of Finance: Employment Investment Incentive Scheme (11 Jul 2018)

Paschal Donohoe: Indecon Economic Consultants are currently carrying out a review the Employment and Investment Incentive (EII). I expect that the report will be completed within the next month or so. The findings of the review, when concluded, will, amongst other factors, inform any decisions I may make on the future configuration of the incentive in the context of Budget 2019 and otherwise. The scope...

Written Answers — Department of Finance: VAT Exemptions (11 Jul 2018)

Paschal Donohoe: The European Commission published a proposal on 18 January 2018 which aims to simplify VAT rating. This proposal aims to give Member States more flexibility in setting VAT rates. The proposal will be discussed at European Council and must be agreed unanimously by all Member States before being adopted. It is expected that discussions on the proposal will be robust and it is likely that the...

Written Answers — Department of Finance: Community Banking (11 Jul 2018)

Paschal Donohoe: As the Deputy will be aware, my Department and the Department of Rural and Community Development were jointly responsible for fulfilling the Programme for Government commitment to “thoroughly investigate the German Sparkassen model for the development of local public banks that operate in well-defined regions”. My colleague, Minister Ring and I, brought the completed Report...

Written Answers — Department of Finance: Stamp Duty (11 Jul 2018)

Paschal Donohoe: The "Getting Ireland Brexit Ready" document, published in conjunction with Budget 2017, committed my Department to conduct a review of Stamp Duty on share transactions in 2017. This document noted that it was proposed to carry out a review of the application of Stamp Duty to stocks or marketable securities of an Irish incorporated company in the context of the sustainability of the Stamp Duty...

Written Answers — Department of Finance: Banking Sector Remuneration (11 Jul 2018)

Paschal Donohoe: As the Deputy will be aware Government policy on banking remuneration has remained unchanged since the financial crisis. The State's banking remuneration restrictions date back to the State’s 2009 preference share investments and these were replicated and extended in the 2011 "Minister's letter". These restrictions apply to all staff at all ranks impacting c. 23,000 workers across...

Written Answers — Department of Finance: NAMA Operations (11 Jul 2018)

Paschal Donohoe: It is important to recognise from the outset that NAMA does not own property, rather, NAMA owns loans secured by property which is owned by its debtors. NAMA, as a lender, cannot force a borrower to take action which would reduce his or her repayment capacity, such as providing a property for social or private housing where that is not the financially optimal course of action for the debtor....

Written Answers — Department of Finance: Tax Code (11 Jul 2018)

Paschal Donohoe: It is a long-held principle of capital acquisitions tax (CAT) that transfers of property between spouses are exempt. Since 1985, all inheritances between spouses are exempt from tax and are not taken into account in computing tax. A similar exemption for gifts between spouses is also in place since 1990. The spousal exemption from gift and inheritance tax was extended to civil partners with...

Written Answers — Department of Finance: Economic Growth Rate (11 Jul 2018)

Paschal Donohoe: Contract manufacturing is a form of outsourcing whereby an Irish-resident firm engages a company abroad to manufacture goods on its behalf (and vice versa). Crucially, for the purposes of calculating GDP in accordance with the internationally agreed standards (ESA 2010), the inputs used in the production process, including the valuable intellectual property rights, remain in the ownership of...

Written Answers — Department of Finance: Community Banking (11 Jul 2018)

Paschal Donohoe: The Programme for a Partnership Government contains a commitment to “thoroughly investigate the German Sparkassen model for the development of local public banks that operate in well-defined regions”. My Department and the Department of Rural and Community Development were tasked with fulfilling this commitment. As the Deputy will be aware, the Report on Local Public Banking in...

Written Answers — Department of Finance: Tax Appeals Commission (11 Jul 2018)

Paschal Donohoe: The Tax Appeals Commission (TAC) was established in March 2016 as part of the reform of the Finance (Tax Appeals) Act 2015. The vision for the new commission was that it would provide enhanced arrangements for an independent, efficient, well-defined, clear and transparent system for appeals relating to decisions of the Revenue Commissioners. The Tax Appeals Commission (TAC) has received...

Written Answers — Department of Finance: Motor Insurance Costs (11 Jul 2018)

Paschal Donohoe: While the issue of "End of Life" Vehicles does not fall under the remit of my Department, I am aware that there is a motor industry group which is highlighting what they consider to be a link between the number of cars being scrapped annually and the lack of availability or the higher price of motor insurance for such cars. In this respect, Minister of State Michael D’Arcy TD met...

Written Answers — Department of Finance: Tax Code (11 Jul 2018)

Paschal Donohoe: Capital allowances for intangible assets were introduced in Finance Act 2009 to support the development of the knowledge economy and the provision of high quality employment. When the capital allowances were introduced, to ensure that a measure of tax remained in charge annually, a restriction was provided to cap the amount of income that the allowances could be used against in any year at...

Written Answers — Department of Finance: Insurance Costs (11 Jul 2018)

Paschal Donohoe: The Deputy should note that in my role as Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I nor the Central Bank can interfere in the pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on the risks they are willing to accept. However, it is...

Written Answers — Department of Finance: Economic Competitiveness (11 Jul 2018)

Paschal Donohoe: Ireland’s economic recovery has been underpinned by a significant improvement in competitiveness. The latest figures from the Central Bank of Ireland show that Ireland's real harmonised competitiveness indicator, a widely used measure of competitiveness in Europe, has improved by approximately 19 per cent between its peak in 2008 and February 2018. The restoration of Irish...

Written Answers — Department of Finance: Banking Operations (11 Jul 2018)

Paschal Donohoe: I should stress at the outset that the Government has no formal role in the commercial decisions of the banks as to their future business model and whether or not they will close particular branches. The Deputy will no doubt appreciate that the provision of services by banks, including the location of branches, is a commercial decision for the Boards and management of the institutions. ...

Written Answers — Department of Finance: Proposed Legislation (11 Jul 2018)

Paschal Donohoe: I intend to introduce rainy day fund legislation very shortly. The Bill has been drafted, and I am now seeking the Government's approval for its publication and presentation to Dáil Éireann. It is my intention to commence second stage on this Bill at the beginning of the Autumn session, at which time I look forward to discussing my policy approach and how it takes account of...