Results 19,801-19,820 of 32,726 for speaker:Paschal Donohoe

Written Answers — Department of Finance: Credit Unions (27 Mar 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...

Written Answers — Department of Finance: Central Bank of Ireland Data (27 Mar 2018)

Paschal Donohoe: I have been informed by the Central Bank that it does not routinely publish specific data on entities who are not regulated by the Central Bank and it is therefore not possible to provide the numbers requested by the Deputy. I would however refer the Deputy to the Report on Mortgage Arrears which the Central Bank provided to the Minister for Finance in June 2016. The report is available...

Written Answers — Department of Finance: NAMA Portfolio Value (27 Mar 2018)

Paschal Donohoe: NAMA was established in December 2009 and its debts of nearly €32 billion represented a substantial contingent liability to the State. The State recapitalised the domestic banking system at a gross cost of €64 billion, adding around 40 per cent of GDP to national debt. As a result of this, as well as the mismanagement of the public finances, total government debt now stands...

Written Answers — Department of Finance: Tax Code (27 Mar 2018)

Paschal Donohoe: I propose to take Questions Nos. 74 and 121 together. On Wednesday 21 March last the European Commission published detailed proposal for two different Directives on taxation and digitalisation. The proposals have been prepared by the Commission with limited input from Member States and we will need to study them in detail.  The proposals will now be debated, discussed and...

Written Answers — Department of Finance: Banking Sector (27 Mar 2018)

Paschal Donohoe: Loss relief for corporation tax is a long standing feature of the Irish Corporate Tax system and is a standard feature of all other OECD corporate tax systems.  It allows for losses incurred in the course of business to be accounted for when calculating a business’ tax liabilities. Section 396C of the TCA 1997 previously restricted losses for NAMA participating...

Written Answers — Department of Finance: Project Ireland 2040 (27 Mar 2018)

Paschal Donohoe: As part of Budget 2018, my Department forecast real GDP growth of 3.5 per cent this year. The labour market should benefit from this, with employment growth of 2.3 per cent expected this year. Strong employment growth is set to further reduce the unemployment rate, to around 5 ½ per cent by the end of this year. Recent economic indicators have generally been positive and are...

Written Answers — Department of Finance: Social and Affordable Housing Provision (27 Mar 2018)

Paschal Donohoe: As announced in my Budget speech on 10 October 2017, Home Building Finance Ireland (HBFI) is to be established to provide funding on market terms to viable residential development projects whose owners are experiencing difficulty in obtaining debt funding.  Up to €750 million of ISIF funds will be allocated to HBFI to provide funding on market terms and the fund is estimated to...

Written Answers — Department of Finance: Corporation Tax (27 Mar 2018)

Paschal Donohoe: Ireland has never accepted the Commission’s analysis in the Apple State aid Decision and is challenging the Commission's decision before the European Courts. Notwithstanding this, the Government is committed to complying with the binding legal obligations the Commission’s Final Decision places on Ireland.  The Irish authorities have engaged fully with the Commission...

Written Answers — Department of Finance: Motor Insurance (27 Mar 2018)

Paschal Donohoe: I am aware of the concerns raised by the Deputy and have considerable sympathy for them. However, as I outlined in my response to question 5785/18 on this matter, 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...

Written Answers — Department of Finance: Corporation Tax Regime (27 Mar 2018)

Paschal Donohoe: Section 110 is intended to create a tax neutral regime for bona-fide securitisation and structured finance purposes.  It has been part of our corporation tax code since 1991, with significant amendments in 2003.  Securitisation involves the creation of tradeable securities out of an income stream or projected future income stream generated by financial assets.  The transaction...

Written Answers — Department of Finance: Insurance Costs (27 Mar 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, have the power to direct insurance companies on the pricing of insurance products.  Indeed, the EU framework for insurance expressly prohibits Member States from adopting rules which require insurance companies to obtain...

Written Answers — Department of Finance: Illicit Trade (27 Mar 2018)

Paschal Donohoe: I propose to take Questions Nos. 82 and 120 together. The threat that fuel fraud and the illicit tobacco trade pose to legitimate business, to consumers and the Exchequer is recognised and I am advised by Revenue that tackling such criminal activity has been one of their priorities over recent years. Revenue’s strategy for combatting the illegal fuel trade has included the...

Written Answers — Department of Finance: Brexit Issues (27 Mar 2018)

Paschal Donohoe: My Department has been to the fore in producing and funding a number of Brexit-related studies, both before and since the UK's referendum decision. In addition, regular updates of my Department’s macroeconomic forecasts take account of the impact of Brexit. Published and commissioned Brexit-related studies by my Department include: - 'Scoping the Possible Economic Implications of...

Written Answers — Department of Finance: Insurance Costs (27 Mar 2018)

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

Written Answers — Department of Finance: Insurance Costs (27 Mar 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...

Written Answers — Department of Finance: Credit Union Services (27 Mar 2018)

Paschal Donohoe: I propose to take Questions Nos. 86 and 97 together. The common bond restrictions limit the potential for credit unions to lend to housing bodies and local authorities, either directly or on a syndicated basis. As previously set out in my reply to parliamentary question No. 55 for written answer on 22nd February 2018, the Credit Union and Co-Operation with Overseas Regulators Act...

Written Answers — Department of Finance: IBRC Liquidation (27 Mar 2018)

Paschal Donohoe: I propose to take Questions Nos. 87, 95, 107, 115, 178 and 210 together. I am advised by the Special Liquidators of IBRC that, having obtained information that a former employee of IBRC may have had documentation in his possession which belonged to IBRC, their legal advisors engaged in correspondence with the former employee to get details of what documentation was in his possession and...

Written Answers — Department of Finance: Motor Insurance Costs (27 Mar 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: Brexit Issues (27 Mar 2018)

Paschal Donohoe: I propose to take Questions Nos. 89 and 187 together. In the context of the UK’s withdrawal from the European Union, the EU has made clear that in light of the unique circumstances on the island of Ireland, flexible and imaginative solutions will be required, including with the aim of avoiding a hard border, while simultaneously respecting the integrity of the Union legal order....

Written Answers — Department of Finance: Corporation Tax (27 Mar 2018)

Paschal Donohoe: While the Government has never accepted the Commission’s analysis in the Apple State aid decision, we have always been clear that we are fully committed to ensuring that recovery of the alleged State aid takes place without delay and has committed significant resources to ensuring that this is achieved as quickly as possible. Significant progress has been made on this complex issue...