Results 18,901-18,920 of 32,610 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Help-To-Buy Scheme Eligibility (12 Jun 2018)

Paschal Donohoe: The Central Bank has advised that, for the purposes of the Central Bank mortgage lending rules, a first-time buyer is defined (in SI 47 of 2015) as "a borrower to whom no housing loan has ever before been advanced". The statutory instrument also provides that "where the borrower under a housing loan is more than one person and a housing loan has previously been advanced to any one of those...

Written Answers — Department of Finance: Help-To-Buy Scheme Eligibility (12 Jun 2018)

Paschal Donohoe: The Central Bank has advised that for the purposes of the Central Bank mortgage lending rules, a first time buyer is defined as a borrower to whom no housing loan has ever before been advanced. It also provides that where the borrower under a housing loan is more than one person and one or more of those persons has previously been advanced a housing loan, none of those persons is a...

Written Answers — Department of Finance: Bank Contracts (12 Jun 2018)

Paschal Donohoe: As the Deputy is aware notwithstanding the fact that the State is a significant shareholder in the institution, the Minister has no direct function in the relationship between AIB/EBS and its customers. The Minister must ensure that the bank is run on a commercial and independent basis. It would not be appropriate, therefore, for the Minister to intervene in the case of any particular...

Written Answers — Department of Finance: Community Employment Schemes Operation (12 Jun 2018)

Paschal Donohoe: Payments made to participants in Community Employment Schemes are not liable to the Universal Social Charge. These payments are treated as social welfare payments and are therefore exempt from the Universal Social Charge under section 531 AM of the Taxes Consolidation Act 1997.

Written Answers — Department of Finance: Motor Insurance Data (12 Jun 2018)

Paschal Donohoe: The Deputy should note at the outset that the National Claims Information Database is a complex project which needs to be carefully developed and implemented in order for it to be effective over the longer term. A key requirement of the database is that information is collected in a consistent way from insurers in order that a clear picture in relation to claim levels and costs can be...

Written Answers — Department of Finance: Financial Services and Pensions Ombudsman Remit (12 Jun 2018)

Paschal Donohoe: The Financial Services and Pensions Ombudsman Act 2017 provides for the following time limits in relation to long-term financial services. "(2) A complaint in relation to - (a) conduct referred to in section 44(1)(a) that, subject to the requirements specified in subsection (3), relates to a long-term financial service, or ... shall be made to the Ombudsman within whichever of the following...

Written Answers — Department of Finance: Tax Yield (12 Jun 2018)

Paschal Donohoe: I propose to take Questions Nos. 220 to 222, inclusive, together. In relation to [Question 24873/18], I am advised by Revenue that for 2015, the most recent year for which data are available, it is tentatively estimated that €1,340m in Income Tax was paid where the taxpayer (either partner in the case of jointly assessed couples) was aged over 65. Regarding [Question...

Written Answers — Department of Finance: Banking Licence Applications (12 Jun 2018)

Paschal Donohoe: Any person seeking a licence to carry out banking business in Ireland will need to satisfy the relevant statutory requirements set out in the Central Bank Act 1971, which transposes the authorisations provisions of the Capital Requirements Directive (Directive 2013/36/EU). These requirements relate to, inter alia, initial capital, the suitability of shareholders and members, the programme of...

Written Answers — Department of Finance: Motor Insurance Costs (12 Jun 2018)

Paschal Donohoe: As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept. This position is...

Written Answers — Department of Finance: Mortgage Lending (12 Jun 2018)

Paschal Donohoe: There are a number of measures in place in order to protect consumers who are taking out a mortgage. These measures seek to ensure that lenders act with due skill, care and diligence in the best interests of their customers and that borrowers are protected from the beginning to the end of the mortgage life cycle; for example, through protections at the initial marketing and advertising...

Written Answers — Department of Finance: Motor Insurance Claims (12 Jun 2018)

Paschal Donohoe: Setanta Insurance was placed into liquidation by the Malta Financial Services Authority on 30 April 2014. As it was a Maltese incorporated company, the liquidation is being carried out under Maltese law. The Deputy will be aware that under the Insurance Act 1964, as amended, monies may be paid out of the Insurance Compensation Fund (ICF), with the approval of the High Court, in relation to an...

Written Answers — Department of Finance: Insurance Industry Regulation (12 Jun 2018)

Paschal Donohoe: I am disappointed that some insurance companies are continuing to apply an additional charge to volunteer cardiac first responders who are providing such a valuable community service. However, it is important to note that as Minister for Finance I am responsible for the development of the legal framework governing financial regulation. Neither I, nor the Central Bank of Ireland, can...

Written Answers — Department of Finance: Financial Services Regulation (12 Jun 2018)

Paschal Donohoe: The Central Bank has advised that errors by lenders (and other regulated financial services firms) are monitored by the Central Bank through a number of supervisory tools, including on-site inspection work and through the statutory requirement imposed on lenders to notify the Central Bank of certain errors within timeframes prescribed by the Consumer Protection Code. All such errors,...

Written Answers — Department of Finance: Financial Services Sector (12 Jun 2018)

Paschal Donohoe: The Investor Compensation Directive (97/9/EC) sets out the basis for clients of investments firms to receive statutory compensation when an authorised investment firm fails. I understand that in the UK, the UK Financial Services Compensation Scheme operates a scheme for Deposit Guarantee, Insurance Guarantee and Investor Compensation purposes. In Ireland, the Investor Compensation Act, 1998,...

Written Answers — Department of Finance: Legislative Programme (12 Jun 2018)

Paschal Donohoe: As the Deputy is aware the Oireachtas, when enacting legislation, in many instances provides a discretion to the relevant Minister in respect of the appropriate time to commence an Act, or certain provisions of an Act. I set out in the attached table details of legislative provisions passed by the Oireachtas since 1 January 2013 but which are not yet formally commenced and for which I, as...

Written Answers — Department of Finance: Vehicle Registration (12 Jun 2018)

Paschal Donohoe: I am advised by Revenue that the obligation to register a vehicle is contained in the Finance Act 1992, section 131 and the obligation to register it within thirty days of bringing it into the State is provided for in Statutory Instrument 318 of 1992, Vehicle Registration and Taxation Regulations, regulation 8(1). This general principle, that vehicles being used in Ireland must be registered...

Written Answers — Department of Finance: Consumer Protection (12 Jun 2018)

Paschal Donohoe: Both the Central Bank and the Competition and Consumer Protection Commission (CCPC) have certain functions and legal powers in relation to the provision of hire-purchase agreements. Under current legislation (Consumer Credit Act 1995), the Central Bank has an overall role in relation to the operation of hire purchase agreements and the CCPC has responsibility for authorising and...

Written Answers — Department of Finance: Banking Sector (12 Jun 2018)

Paschal Donohoe: The British Government’s divestment policy for its equity stake in Royal Bank of Scotland (RBS) has long been signalled and the recent sales are an expected part of that strategy. Therefore, I have not been in contact with my counterparts in relation to the recent sale. I met with senior personnel in RBS and Ulster Bank in May of this year. RBS has publicly stated its commitment...

Written Answers — Department of Finance: Tax Code (12 Jun 2018)

Paschal Donohoe: The National Asset Management Agency Act 2009 amended the Taxes Consolidation Act 1997 by providing for an 80% windfall tax on profits or gains arising from disposals of development land, to the extent that those gains were attributable to a relevant planning decision. Section 31 of Finance Act 2014 repealed the 80% tax rate on these profits or gains with effect from 1 January 2015. ...

Written Answers — Department of Finance: Financial Transactions Tax (12 Jun 2018)

Paschal Donohoe: In September 2011 the European Commission presented a proposal for a Financial Transaction Tax (FTT) in all Member states of the EU to be levied on all financial instrument transactions between financial institutions where at least one of the transaction parties is located within the EU. The proposed rate on exchanges of shares was 0.1% and the proposed rate for derivative transactions was...