Cathal Crowe
Question:193. Deputy Cathal Crowe asked the Minister for Finance the main policy achievements of his Department since 27 June 2020; and if he will make a statement on the matter. [31861/23]
View answerThursday, 29 June 2023
Questions (193)
Written answers
Since the formation of the Government on 27 June 2020 the Department of Finance has delivered a number of policy achievements which include;
- Budget 2021, 22 and 23.
The unforeseen challenges of Ukraine, the ongoing recovery from the pandemic and the continuing fallout from Brexit were addressed from a position of strength with record levels of employment and a record budget surplus in 2022.
- Covid 19 related support schemes
The range of unprecedented proactive and pro-cyclical interventions to support the economy during the pandemic, all of which were made possible by the prudent management of the public finances in the pre-Covid years.
- International Tax Reform
The agreement reached by Ireland with 130 other countries in October 2021 represents an important step towards resolving the issues brought about by the digitalisation of the economy and provides certainty for multinational enterprises whose business models are so important for the Irish economy.
- Temporary Business Energy Support Scheme
The Temporary Business Energy Support Scheme (TBESS) was introduced in Finance Act 2022 as part of a suite of Government measures to counteract the impact on businesses of increased energy costs over the winter months of 2022 which arose as a result of the illegal invasion of Ukraine by Russia.
- Commission on Taxation and Welfare
The Commission on Taxation and Welfare was established in 2021 in line with a commitment under the Programme for Government. The Commission was tasked with the independent consideration of how best the taxation and welfare systems can support economic activity and promote increased employment and prosperity while ensuring that there are sufficient resources available to meet the costs of the public services and supports in the medium and longer term. “Foundations for the Future”, the Report of the Commission on Taxation and Welfare, was published on 14 September 2022 and contains over 500 pages and 116 recommendations regarding the future of our taxation and welfare systems.
- Retail Banking Review
The decision to conduct a review of retail banking services followed a number of announcements in 2021 impacting on the structure of the sector including exits and significant branch closures. Government approved the publication of the Retail Banking Review in 2022 and the implementation of its 34 recommendations, which are now Government policy.
In addition to these highlights, the Department has worked collaboratively on achieving positive results across the divisions on policies in Economics, EU and International Affairs, and Climate Finance and Financial Services. More details on these achievements are available in the annual reports for 2020 and 2021 which are available on the gov.ie website.
These provide more information on initiatives such as Insurance reform, the selling down of the State ownership in Bank of Ireland and AIB, the Senior Executive Accountability Regime, and the Credit Union policy review as well as on annual events, such as the National Economic Dialogue and highlights of the economic publications such as the “Future Proofing of the public finances”.
The 2022 annual report is due to be published and uploaded to the gov.ie website in quarter 3 of 2023. More detail on the strategic framework that underpins the policy achievements since 27 June 2020 is also available in the “Department of Finance Statement of Strategy 2023 to 2025” on the gov.ie site.