Results 18,361-18,380 of 32,610 for speaker:Paschal Donohoe

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

Paschal Donohoe: As Minister for Finance, I have no role in the decision making processes of credit institutions and what products any such institutions wish to provide. This is a commercial matter for each individual credit institution having regard to the relevant legal and regulatory requirements which apply. The Deputy may, however, be interested to note that the Central Bank of Ireland, as part of...

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

Paschal Donohoe: I understand that the Deputy is referring to report "The Missing Profits of Nations" by G. Zucman, T. Tørsløv and L. Wier, that examines attribution of profits by mutlinationals around the world. Firstly, I reject any assertion that Ireland is a tax haven. The report does not provide any definition of a tax haven and appears to assert that Ireland, and many other countries,...

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

Paschal Donohoe: I am advised by the Revenue Commissioners that in order to qualify for the capital gains tax exemption announced in Budget 2018 for land and buildings held for a minimum period of 4 years, the land or building must have been acquired in the period commencing on 7 December 2011 and ending on 31 December 2014. There are a range of factors that influence the sale of commercial property,...

Written Answers — Department of Finance: Ministerial Meetings (11 Jul 2018)

Paschal Donohoe: The Managing Director of the IMF, Christine Lagarde, visited Dublin on 25-26 June to attend a conference, ‘The Euro at 20’, organised by the IMF together with the Central Bank of Ireland which also hosted the event. I met with Ms Lagarde on Monday 25th June during the course of this visit. The meeting did not have a formal agenda. However, in the course of the meeting we...

Written Answers — Department of Finance: Stability and Growth Pact (11 Jul 2018)

Paschal Donohoe: The creation of the rainy day fund forms part of the Government’s policy to stabilise the public finances and increase the State’s resilience to external economic shocks. The rainy day fund is intended to be used to address severe events as opposed to the normal fluctuations within the economic cycle. However, severe impacts of the economic cycle could be addressed by the rainy...

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

Paschal Donohoe: As the Deputy will be aware the fourth National Economic Dialogue took place on June 27th and 28th this year. This dialogue plays an integral part in the preparations for Budget 2019 and provided an opportunity to consider how best to optimise available resources in the interests of all citizens. The aim is to foster discussion on how to best sustain and strengthen the recovery while...

Written Answers — Department of Finance: Revenue Commissioners Reports (11 Jul 2018)

Paschal Donohoe: It is my understanding that the Deputy is referring to Revenue’s ‘Corporation Tax 2017 payments and 2016 returns’ report published in April 2018. I recognise that Corporation Tax in Ireland is concentrated, with a high proportion of receipts, approximately 80%, coming from the multinational sector. The share of net corporation tax receipts provided by the “Top...

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 of...

Written Answers — Department of Finance: State Assets (11 Jul 2018)

Paschal Donohoe: I am advised by The National Treasury Management Agency (NTMA) that total Exchequer cash/liquid asset balances stood at €23.4 billion at end-June. They also advise that the benchmark Irish Government 4.5% Treasury Bond 2018matures in October and has a current outstanding balance of €8.8 billion.

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

Paschal Donohoe: I propose to take Questions Nos. 153, 157, 159 and 162 together. Recent economic indicators have generally been positive, indicating that the recovery is continuing in a sustainable manner. Preliminary real GDP growth of 7.8 per cent was recorded for 2017, but this is heavily distorted by activity in the multinational sector. Modified domestic demand, which adjusts for distortions in...

Written Answers — Department of Finance: House Prices (11 Jul 2018)

Paschal Donohoe: My Department continues to monitor developments in the property market, including trends in property prices, on an ongoing basis. According to the Central Statistics Office's Residential Property Price Index, national property prices increased by 0.7 per cent between March and April, and by 13 per cent on an annual basis. At the regional level, residential property prices in the 12 months to...

Written Answers — Department of Finance: Bank Charges (11 Jul 2018)

Paschal Donohoe: All credit institutions in Ireland are independent commercial entities. I, as Minister for Finance, have no statutory role in relation to the charges applied by credit institutions. Section 149 of the Consumer Credit Act 1995, as amended, requires that credit institutions, prescribed credit institutions and bureaux de change must make a submission to the Central Bank if they wish to...

Written Answers — Department of Finance: Credit Availability (11 Jul 2018)

Paschal Donohoe: Supporting the availability of finance for SMEs, including smaller enterprises, is a cornerstone element of Government policy in our efforts to strengthen the economy and create jobs. Government is focused on ensuring that all viable SMEs have access to an appropriate supply of credit from a diverse range of bank and non-bank sources. To facilitate this the Government has developed a number...

Written Answers — Department of Finance: Housing Issues (11 Jul 2018)

Paschal Donohoe: My Department continues to monitor developments in the property market, including trends in property prices, on an ongoing basis. According to the Central Statistics Office's Residential Property Price Index, national property prices increased by 0.7 per cent between March and April, and by 13 per cent on an annual basis. The underlying factors driving house prices now are fundamentally...

Written Answers — Department of Finance: Budget 2019 (11 Jul 2018)

Paschal Donohoe: Expenditure on public services and capital investment must be financed from a sustainable source. As Exchequer revenue is impacted by the cycle of the economy, basing expenditure commitments on the current historical high level of revenue would only serve to introduce uncertainty to the future provision of public services. Therefore, it is not an issue of how to combine prudent fiscal...

Written Answers — Department of Finance: Budget Targets (11 Jul 2018)

Paschal Donohoe: The end-June Exchequer returns showed that the cumulative target for tax revenue in the first half of the year has been achieved (over by 0.7% or €168 million). In year-on-year the terms tax revenue performance has been solid, with receipts up 5.4% or €1,276 million. This provides a level of confidence that the end 2018 tax revenue target of €54,175 million will be...

Written Answers — Department of Finance: National Development Plan (11 Jul 2018)

Paschal Donohoe: As the Deputy is aware, under the expenditure benchmark capital increases are smoothed over a four-year period. As such, in order to assess the impact of capital smoothing on the proposal submitted by the Deputy, actual capital expenditure in 2016 and 2017 and the planned expenditure for 2018 must be included in the calculations, as these impact on 2019, 2020 and 2021. The following table...

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

Paschal Donohoe: I am advised by Revenue that despite the fact that on three separate occasions a phased payment application form was provided to the person concerned, the completed form and supporting documentation required has not been provided to Revenue. Given the fact that the person concerned has been afforded numerous opportunities to put forward a payment proposal and has failed to do so, I am...

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

Paschal Donohoe: I am advised by Revenue that having regard to the circumstances of the person concerned, a temporary 6 month stay on collection was agreed in January 2018. If the person concerned wishes to now seek a deferred payment arrangement it will be necessary to complete an application for such an arrangement and provide the required supporting documentation. The person concerned should make...

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

Paschal Donohoe: As the Deputy will be aware, securitisation allows banks transfer the risk of some loans to other banks or long-term investors such as insurance companies and asset managers. This allows banks to use the capital that was set aside to cover the risk in those loans to create and sell new loans. The reputation of securitisation was tarnished during the global financial crisis due to the...