Results 19,821-19,840 of 32,726 for speaker:Paschal Donohoe

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

Paschal Donohoe: As the Deputy is aware Non-performing loans (NPL's) remain at an elevated level across the European banking system and addressing this issue is one of the key priorities for the Single Supervisory Mechanism (SSM). The reduction of NPL's is also being given high priority at EU level with the Commission announcing their "Action Plan to Tackle Non-Performing Loans in Europe" in July 2017. The...

Written Answers — Department of Finance: Mortgage Arrears Proposals (27 Mar 2018)

Paschal Donohoe: As the Deputy is aware Non-performing loans (NPL's) remain at an elevated level across the European banking system and addressing this issue is one of the key priorities for the Single Supervisory Mechanism (SSM). The reduction of NPL's is also being given high priority at EU level with the Commission announcing their "Action Plan to Tackle Non-Performing Loans in Europe" in July 2017. The...

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

Paschal Donohoe: In the 2016 Finance Act, my predecessor introduced provisions to address concerns raised in both the media and the Dáil regarding the use of section 110 companies and certain Irish collective investment vehicles by international investors to minimise their tax payments on Irish property transactions. Section 22, Finance Act 2016 made certain changes to the taxation of qualifying...

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

Paschal Donohoe: I propose to take Questions Nos. 96 and 175 together. 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. For example, in the case of Project Glas, the recently announced project announced by PTSB to sell a portfolio of NPLs, officials were first briefed by the bank on the...

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

Paschal Donohoe: The Government’s position remains clear - it wishes for the closest possible relationship between the EU and the UK, post Brexit. This is in line with the European Council Guidelines agreed on 23 March, which reaffirmed the EU’s desire to establish a close partnership with the UK in the future.  The Government and its EU partners agree that any future agreement must have...

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

Paschal Donohoe: As the Deputy is aware, US tax reform legislation was agreed shortly before Christmas last year.  This is the most substantial change to the US tax code in 30 years. Companies and Governments around the world are now fully analysing what are very complex changes.  Naturally, this is of great interest to Ireland given the large volume of US investment here. Consequently,...

Written Answers — Department of Finance: Pension Levy (27 Mar 2018)

Paschal Donohoe: I take it the Deputy is referring to the stamp duty levies applying to the assets of funded pension arrangements introduced in 2011 to pay for the Jobs Initiative, the chargeable persons for which are the trustees of pension schemes and others responsible for the management of pension fund assets. Under the legislation, the payment of the levy is treated as a necessary expense of a...

Written Answers — Department of Finance: Lobbying Data (27 Mar 2018)

Paschal Donohoe: In response to the Deputy's question, I have not been lobbied in this regard and I am unaware of any actual lobbying on this basis. I am aware of and agree with the Tánaiste's reply to the same question on 20th March 2018 (PQ Ref No: 12429/18).

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

Paschal Donohoe: I am advised by Revenue that section 573 of the Taxes Consolidation Act 1997 provides that the transfer of assets on the death of a person is not regarded as a disposal for capital gains tax purposes.  The assets of a deceased person are treated as having been acquired by the personal representatives or beneficiaries at their market value at the date of death.  Consequently, a CGT...

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

Paschal Donohoe: The Programme for a Partnership Government commits the Government to "thoroughly investigate the German Sparkassen model for the development of local public banks that operate within well-defined regions". My Department along with the Department of Rural and Community Development are jointly tasked with the responsibility of fulfilling this commitment. Officials in both departments have been...

Written Answers — Department of Finance: Departmental Communications (27 Mar 2018)

Paschal Donohoe: I am advised by Revenue that the 1890 LoCall service is the best available option for the scale of its telephone business, which averages almost 2.5 million callers each year. Revenue is however very conscious that some of its customers are not being allowed LoCall rates by their telephone service providers when using the service and has been actively seeking ways to reduce the cost burden....

Written Answers — Department of Finance: Knowledge Development Box (27 Mar 2018)

Paschal Donohoe: I am advised by the Revenue Commissioners that this is not a matter of Revenue practice but occurs by design of the legislation. Section 766(1)(b)(viii), introduced in Finance Act 2004, provides that a company may spend up to 5% of its total R&D spend on which the R&D tax credit is claimed, on outsourcing to a University or other 3rdlevel institution. Further, section...

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

Paschal Donohoe: I propose to take Questions Nos. 106 and 182 together. I am advised by Revenue that a taxpayer, including a section 110 company, will be considered for a Revenue compliance intervention having regard to risk. If an intervention is deemed appropriate it may be by way of audit or any other Revenue compliance intervention, based on an evaluation by Revenue of the presence of various risk...

Written Answers — Department of Finance: Mortgage to Rent Scheme (27 Mar 2018)

Paschal Donohoe: I have been advised by the Central Bank of Ireland that their Codes of Conduct do not include rules to ensure the rental proceeds of buy to let mortgages which are in distress are paid over to the bank which holds the mortgage debt rather than be used for another purpose such as servicing the mortgage of the landlord’s principal private residence. The Central Bank’s Code of...

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

Paschal Donohoe: As the Deputy will understand, any negative impacts on the macro-economy of either or both the UK and Ireland would impact Irish banks and insurers. From the date of the UK exit (or, if agreed, the end of a transition period) Irish banks and insurers which rely on a “passport” to provide services into the UK and vice-versa will lose the right to provide such services. As a...

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

Paschal Donohoe: I am advised by Revenue that it does not have any role to play in regard to the licensing of dog breeding premises. As regards compliance with tax and duty obligations, Revenue has confirmed that dog breeding establishments are monitored in the same way as taxpayers across all other sectors. This includes selecting cases for audit or other interventions based on the presence of specific...

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

Paschal Donohoe: The Central Bank of Ireland is responsible for the regulation of the financial services sector. In November 2016, Royal Bank of Scotland (RBS) announced a complaints process for SME customers in Ulster Bank’s GRG and indicated publically that “a customer is in-scope for the new complaints process if they were a small or medium sized enterprise under the control of GRG in the...

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

Paschal Donohoe: I welcome the Report of the Joint Committee which along with the Credit Union Advisory Committee (CUAC) Report and its forerunner the Commission on Credit Unions Report, makes an important contribution to the debate on credit union reform. I wrote to the Joint Committee on 19th December 2017 to thank them for their Report and to advise that my views on the recommendations, many of...

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

Paschal Donohoe: The Cost of Insurance Working Group’s Report on the Cost of Motor Insurance was published in January 2017 and makes 33 recommendations with 71 associated actions to be carried out in agreed timeframes, which are set out in an Action Plan.  In line with the commitment to publish quarterly update reports on the implementation of the recommendations of the Report on the Cost of...