Results 2,981-3,000 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Just very briefly-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: In a question to Minister Brian Lenihan dated 11 November 2008, the Minister says: At the time of publication the estimated output of self catering resorts was between 5000 and 6000 units. However, the report also stated ... the scheme did not contribute, in any significant way to the achievement of a key tourism objective [for] “the attraction of overseas tourists” but...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: I am, Chairman, moved ... but it's relevant to the overall point-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: -----how it moved from a pilot without obvious analysis to a cost to the State of €319 million without then subsequent analysis.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: I mean how the business of State is done, doesn't look great in that circumstance, Taoiseach.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Thank you, Chairman. Tánaiste and Mr. Rabbitte, you're welcome. It's a question for both and I'm going to start with yourself, Tánaiste, please. During the period of '02 to '07, what concerns did you have about the rate of growth of the domestic Irish banks? In evidence we've received to date, AIB, Bank of Ireland and Anglo from '01 to '08, the period in question, grew in the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Deputy Rabbitte, to follow on from that question can I ask if you or the Tánaiste had any knowledge of the commercial real estate sector? Putting it into context, on the night of the bank guarantee in question, Anglo Irish Bank, purely a monoline bank, 82% commercial real estate, 1% residential and while all the conversation to date has been upon residential, and then the remaining 17%...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Tánaiste.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Try and be concise if you could please, my time is running out.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Okay. If I could move on, please. The '07 Labour manifesto proposed a 2% cut in the basic rate of income tax. One of the criticisms here had been the narrowing of the tax base. Would the 2% on the basic rate ... would have cost a lot of money, I don't have a figure, but the fact that it was on the basic rate, it would have been billions. Would this commitment not have further eroded the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Sorry, could I ... If I could just come in now-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: But, sorry, those ... If I could just very quickly. I'll just clarify. From '97 to '07 the higher rate reduced from 48% back to 41%. The basic rate reduced in a similar amount as well. What I'm saying is, those moneys lost, foregone to the Exchequer, were replaced with the transactional taxes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: And that's the issue. The Labour manifesto in '07 subsequently was to reduce the rates at '07 by a further 2%. So that was a continuation of the same policy of the previous Government.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: The point I'm making, Mr. Rabbitte, and perhaps, Tánaiste, if you could take it up, is that to reduce the tax base of the basic rate by 2% would cost the Exchequer billions. It had to be replaced with something else. And the question is: did the Labour Party have plans in place to broaden the tax base or, subsequent to what Deputy Rabbitte has said, would that plan have had to be...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: But you could have increased the band.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: You could have increased the band and left the rate at the same amount.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Could I put it to you, and I'm going to ask you your view upon it ... of the statement that I make, and I'm not trying to lead the witness, Chairman, was it just auction politics?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Mr. Rabbitte, was it auction politics?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Can I ask, Mr. Rabbitte, during your time in opposition did you actively seek views and opinions from banks, property developers, or their trade bodies in order to develop your policy strategy?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: And how did you ensure that those policies that were developed, were developed in a way that balanced the needs between all stakeholders?