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Thursday 8 June 2023 Dublin: 14°C

# Department of Finance

Last week
28th May 2023 - 3rd June 2023
Irish State sells off 5% of shares in PTSB raising €55.2 million
The Irish State bailed out the bank after the crash in 2008.
This year
# Solar Panels
Government approves zero VAT rate for the supply and installation of solar panels
The abolishment of the VAT rate will bring the average price of solar panel installation down by €1000, according to Government estimates.
# windfall
Corporation tax up 71% in the first quarter of 2023 - but half of it is 'unlikely to be permanent'
However, Finance Minister Michael McGrath has said around half of that tax take is unlikely to be permanent.
# Silicon Valley Bank
Irish Financial Stability Group to monitor effects of SVB collapse on Ireland
The bank had a significant number of Irish businesses among its clients but retail banks in Ireland have no exposure to SVB.
# svb
Department of Finance ‘monitoring developments’ of collapsed Silicon Valley Bank
The Department said there is ‘limited direct impact on the Irish financial system’.
# CSO figures
Domestic economy entered 'technical recession' last year but is still up 8.2%
Despite entering a technical recession, the domestic economy grew by 8.2% using the government’s preferred metric.
# Public Debt
Ireland has one of the highest per capita debt burdens in the world, around €44,250 per citizen
The burden of public debt for each person in Ireland was around €8,000 higher than the euro area average in 2022.
Last year
# Oops
'Serious concern' as Central Bank issues €738m to government in excess of funds available
The incident occurred following spending oversight from the Department of Finance and the Central Bank.
# tax receipts
Exchequer surplus of €7.3 billion recorded in year to the end of October
This compares to a deficit of €7.4 billion in the same period last year.
# concrete levy
Committee to be told concrete levy will add €1,200 to cost of the 'most common house types'
The SCSI will tell the committee that the levy will ‘challenge the viability of construction projects’.
# Exchequer Returns
Tax revenues for first nine months of the year just under €58 billion
This is up €12 billion on the same period last year, according to the Department of Finance.
# budget war chest
Public finance surplus of over €4.4 billion projected for this year
Ireland’s finances are in rude health, even compared with projections from earlier this year.
# budget 2023
Budget 2023: What can we expect in next week's package?
Next week’s budget is set to be split in two, with one-off cost-of-living measures expected to be included.
# Sanctions
Ministers who breach 'cooling-off' period before lobbying could soon be fined €25k
There was controversy over Michael D’Arcy taking up a top job in the Association of Investment Managers.
# State Finances
Ireland reports record €68.4 billion tax take for 2021 - an annual increase of almost 20%
That’s according to exchequer returns for December published by the Department of Finance this afternoon.
All time
# cuckoo funds
Housing minister has had no discussions about cuckoo fund trade shows, says Dept
The Department of Finance has said the Housing for All plan states that it will engage with institutional investors, including through trade show events.
# costly cut
'No plans to reinstate' transport schemes for disabled people that activists say are 'vital'
The Motorised Transport Grant and Mobility Allowance schemes remain closed after a review was recommended over eight years ago.
# heads of bill
Accountability regime for top bankers 'to be in place within 18 months'
The new laws will give the Central Bank more power to tackle individuals for wrongdoing.
# Budget Day
Incomings and outgoings: Here is a very (very) basic guide to the State's finances
How has Covid hit the State coffers so far?
# Pandemeconomics
No increase in income tax planned, says finance minister
Paschal Donohoe was speaking about what the upcoming Budget might look like.
# Finance
Government u-turns on exclusion of proprietary directors from wage subsidy scheme
The Employment Wage Subsidy Scheme initially excluded people who were proprietary directors of a company.
# july stimulus
What's in it for me? — Everything you need to know about the government's July stimulus package
There were few surprises in today’s announcement.
# Coronavirus
Covid-19 brought major changes to labour market by end of first quarter, CSO stats show
Employment levels were down to 1.75 million people by the end of April.
# mortgage payments
Paschal Donohoe to meet with five main banks about coronavirus plans
AIB, Bank of Ireland, KBC, Permanent TSB and Ulster Bank will meet Department of Finance officials at 4pm.
# Money Money Money
Economic disaster, diaries and hand-dryers: Inside the most powerful government department
From the Cuban Missile Crisis to Roger Casement statues, the Department of Finance is involved in nearly every government decision.
# policy and economy
A massive shock to corporation tax could cost Ireland as much as €6bn a year
That’s according to a Department of Finance paper exploring ‘extreme’ but plausible scenarios.
# Leisure Insurance
Government admits its hands are tied even as leisure sector warns of insurance 'crisis'
The leisure and tourism sectors have expressed serious concerns over the withdrawal of a major insurance provider from the market.
# strike action
Explainer: Why are 10,000 HSE staff striking tomorrow?
And what impact will it have?
# Deal or no deal
Here's how various post-Brexit scenarios could impact the Irish economy
A new ESRI and Department of Finance report has examined what could happen in various scenarios.
# uncertainty
Loan scheme for first-time buyers needs another €600m - but government yet to decide on stumping up cash
The uncertainty over the future of the scheme means prospective buyers face an “anxious wait”, according to Fianna Fáil’s Michael McGrath.
# Department of Finance
Mortgage interest rates will rise, says research, 'making repayment difficult' for some Irish households
Irish households are in a better position to withstand “adverse shocks” than it was in 2014.
# Irish Fiscal Advisory Council
Government 'repeating past mistakes' and leaving Irish finances exposed, budget watchdog warns
The Irish Fiscal Advisory Council has warned that an economic slowdown is inevitable in coming years.
# korn ferry
Report on increasing bankers' pay due by end of year after government enlists €140k external consultants
Minister for Finance Paschal Donohoe has said that State-owned banks are at risk of losing key figures.
# Miesian Plaza
New Department of Health headquarters were empty for over a year - costing almost €16m
The OPW entered into a lease to accommodate the HQs of the Departments of Children & Youth Affairs and Health, in addition to parts of the Departments of Finance and Public Expenditure & Reform.
# Your Say
Poll: Does the €500,000 salary cap for bankers at State-owned institutions need to be reviewed?
It’s worried that staff at Irish banks could be attracted by more lucrative job offers.
# Wage cap
Donohoe says bankers' pay cap of €500k is 'worth reviewing' as State-owned banks can't keep staff
The finance minister said State-owned banks are finding it difficult to retain staff due to wage competition.
# cash is king
Bank of Ireland reverses decision to stop all-day cash services in over 100 branches
Earlier this year, the bank announced that around 100 branches across the country would have cash services for half days only.
# Tax
European Commission clears way for Ireland's sugar tax to start next week
The tax on sugar-sweetened drinks was first announced as part of Budget 2017.
# resting in my account
We now know who'll be holding onto the Apple billions that are destined for Ireland
The money will be held in an escrow account subject to an appeal by Ireland.
# Report
There could be a 'dedicated' Garda unit to tackle 'increasing' insurance fraud claims
A report said that one of the main problems with fraudulent injury claims is that it can be viewed as a “victimless crime”.