Results 19,781-19,800 of 32,726 for speaker:Paschal Donohoe

Ceisteanna - Questions (Resumed) - Priority Questions: NAMA Operations (27 Mar 2018)

Paschal Donohoe: The Deputy asked two specific questions - on the commission of inquiry and on the role of An Garda Síochána in respect of NAMA - to which I do not have answers. However, I will make inquiries and revert to him with replies. When the Deputy initially raised this matter with me a number of months ago, my Department and I inquired into the policy in this area and I have shared the...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (27 Mar 2018)

Paschal Donohoe: As the Deputy is aware, the Central Bank of Ireland is responsible for the regulation of the financial services sector. I can confirm that while the Central Bank cannot generally comment on interactions with regulated firms, Ulster Bank Ireland is engaging with the Central Bank in regard to Global Restructuring Group. In November 2016, Royal Bank of Scotland announced a complaints process...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (27 Mar 2018)

Paschal Donohoe: I am aware of the report to which the Deputy has referred. I have outlined the fact that while I cannot ever go into details regarding the work of the Cental Bank and its interaction with regulated firms, this is a matter on which Ulster Bank and the Central Bank are now engaging. When I met representatives of Ulster Bank and its parent group, Royal Bank of Scotland, I indicated to them...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (27 Mar 2018)

Paschal Donohoe: I appreciate and acknowledge that the Deputy respects the role of the Central Bank, and the work it does and is carrying out on a number of matters in respect of the Irish banking system. I am aware, as I indicated to the Deputy a moment ago, of the report he used to provide a backdrop to the question he put to me. At this stage, I can confirm that the Central Bank is engaged on this...

Ceisteanna - Questions (Resumed) - Priority Questions: Loan Books Purchasers (27 Mar 2018)

Paschal Donohoe: As part of their regular engagement with the banks in which the State has a shareholding, officials in my Department discuss a wide range of topics, including loan sales. I am answering the question the Deputy put to me in written format. What he has just said orally is different. For example, in the case of Project Glas, the recently announced project announced by Permanent TSB to sell a...

Ceisteanna - Questions (Resumed) - Priority Questions: Corporation Tax Regime (27 Mar 2018)

Paschal Donohoe: Corporation tax loss relief is provided for by section 396 of the Taxes Consolidation Act 1997. Loss relief for corporation tax is a long-standing feature of the Irish corporate tax system. It allows for losses incurred in the course of business to be accounted for when calculating a business's tax liabilities. This mechanism is a standard feature of corporation tax systems in all OECD...

Ceisteanna - Questions (Resumed) - Priority Questions: Corporation Tax Regime (27 Mar 2018)

Paschal Donohoe: I have other objectives I need to fulfil in respect of the Irish banking system. The State and the Irish taxpayer own a very large share of the banking system overall. I want to see the State get back that money. I also want to be in such a position that the dividends these banks have begun to pay the Irish taxpayer are maintained in the future. We also have in place a banking levy which...

Ceisteanna - Questions (Resumed) - Priority Questions: Corporation Tax Regime (27 Mar 2018)

Paschal Donohoe: I have not had an opportunity to respond.

Ceisteanna - Questions (Resumed) - Priority Questions: Corporation Tax Regime (27 Mar 2018)

Paschal Donohoe: No. If the Acting Chairman-----

Ceisteanna - Questions (Resumed) - Priority Questions: Corporation Tax Regime (27 Mar 2018)

Paschal Donohoe: The Acting Chairman should manage the contributions of other speakers. Deputy Doherty has put a set of questions to me; I must respond.

Ceisteanna - Questions (Resumed) - Priority Questions: Corporation Tax Regime (27 Mar 2018)

Paschal Donohoe: I should not be penalised-----

Ceisteanna - Questions (Resumed) - Priority Questions: Corporation Tax Regime (27 Mar 2018)

Paschal Donohoe: -----for the Deputy's ability to go on. Of course, the reason Deputy Doherty makes such a statement is to deny me the opportunity to respond. I ask the Acting Chairman to allow me to respond.

Ceisteanna - Questions (Resumed) - Priority Questions: Corporation Tax Regime (27 Mar 2018)

Paschal Donohoe: In what Deputy Doherty has outlined regarding our selling shares within AIB, of course what he has not acknowledged is that when we did sell a large share within AIB, we used the proceeds of that sale to reduce the borrowing the Irish taxpayer had to make to bail out those banks in the first instance. Deputy Doherty was among the most ardent of critics of the Irish taxpayer taking on more...

Ceisteanna - Questions (Resumed) - Priority Questions: Corporation Tax Regime (27 Mar 2018)

Paschal Donohoe: -----for all of that. I have given a commitment-----

Ceisteanna - Questions (Resumed) - Priority Questions: Corporation Tax Regime (27 Mar 2018)

Paschal Donohoe: Again, I understand why the Deputy wants to shout me down. If I lay out any argument that is different from what he is putting forward, the only option open to him is to shout down the argument I am making. As he knows, I made a commitment in the Finance Bill to outline in greater detail what would be the consequences of such a course of action being pursued, and I will do that. My guiding...

Ceisteanna - Questions (Resumed) - Priority Questions: Mortgage Resolution Processes (27 Mar 2018)

Paschal Donohoe: I also want to begin my answer by providing some context to this question. During the height of the financial crisis, a key focus of the authorities was on stabilising and ultimately reducing mortgage arrears through the implementation of sustainable mortgage solutions that were agreed with borrowers. This led to the Central Bank of Ireland introducing public mortgage arrears resolution...

Ceisteanna - Questions (Resumed) - Priority Questions: Mortgage Resolution Processes (27 Mar 2018)

Paschal Donohoe: As I have said since this issue developed, I absolutely understand the concerns that all loan owners have in respect of this matter. I particularly understand the concerns of loan owners who restructured their mortgages or debts and who have met the terms of those restructured loans. I have outlined to the Deputy the action which I and my Department have taken on this matter to date in...

Ceisteanna - Questions (Resumed) - Priority Questions: Mortgage Resolution Processes (27 Mar 2018)

Paschal Donohoe: To emphasise again, I understand completely the anxiety that loan owners feel in respect of the possibility for loan sales and the classification of debts. I have also noted what has been said publicly about this matter, the answers which have been given to Members of the European Parliament by the SSM, and other debate which has ensued on this matter. To reiterate, as I have outlined in the...

Written Answers — Department of Finance: Financial Services Regulation (27 Mar 2018)

Paschal Donohoe: As the Deputy will be aware, within the remit of the Central Bank’s responsibilities for safeguarding stability and protecting consumers, its approach to mortgage arrears resolution is focused on ensuring the fair treatment of borrowers through a strong consumer protection framework and ensuring that lenders have appropriate arrears resolution strategies and operations in place. ...

Written Answers — Department of Finance: Mortgage Resolution Processes (27 Mar 2018)

Paschal Donohoe: The Central Bank’s Tracker Examination is focused on ensuring that lenders provide fair outcomes for all customers impacted by tracker related failings. As part of the Examination framework, where customer detriment has been identified, the Central Bank has clearly articulated its expectations of lenders to provide appropriate redress and compensation to impacted customers in line...