Results 4,081-4,100 of 6,295 for speaker:Michael D'Arcy

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Second Stage (21 Jun 2017)

Michael D'Arcy: I thank all Senators for their good wishes. Senator Ó Clochartaigh is the only Member present with whom I served in the former Seanad. I got on very well with him and really enjoyed my time in this House. The Government accepts the bona fides of the Bill. Our objective is to ensure that we put an appropriate Bill in place and the reason we do not want it going through all Stages is...

Written Answers — Department of Social Protection: Domiciliary Care Allowance Appeals (22 Jun 2017)

Michael D'Arcy: 204. To ask the Minister for Social Protection when an appeal for a domiciliary care application will be processed and decided upon for a person (details supplied) in County Wexford; and if she will make a statement on the matter. [29274/17]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: I thank the Chairman for the invitation to address the committee today on the topic of the Fossil Fuel Divestment Bill 2016. As the committee is aware and as outlined on Second Stage the Bill, which does not form part of the Government's legislative programme, gives rise to a number of concerns. However, as also outlined on Second Stage, the Government is committed to working on the Bill...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: While absolutely accepting the bona fides of the Bill, we very clearly think this is the wrong method to deal with climate change. The ISIF fund evolved from the NPRF. Put into context, this legislation would have a direct investment impact on €288 million of assets. There would be an indirect impact on a further €1 billion worth of assets. We just do not feel this is the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: The NPRF's objective is to get the maximum return. The ISIF fund is different. It has different criteria to meet. The funds coming from those external global funds and shares or stocks or wherever they are invested will be divested over a period as required, and there is a requirement in the State for a commercial return to have an economic impact. It is equally important that areas in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: I saw some of them, I did not see them all.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: I completely agree with Senator and the ISIF is doing this. It is important to understand and recognise it is doing this. There is a process in place and the expectation is that it would be concluded in five years.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: I do not want to say that it is unnecessary but that is the policy to which ISIF is adhering. The correct figure is €288 million, in terms of direct investments and €1 billion in indirect investments. We cannot ignore the fact that Ireland is very heavily reliant on fossil fuels. Approximately 91% of all our energy requirements in 2015 was met by fossil fuels - 48% by oil,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: It does not mean that at all but we are divesting of those types of assets, particularly those that are not moving towards a low carbon structure. They are going to come under financial pressure, one way or another, in the future. We believe that ISIF is going in the right direction and that it should be allowed to continue.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: The real concern is that what the Bill does with regard to direct and indirect investments means that there could be unintended consequences that could catch out a lot companies throughout the country and do a lot of damage to them.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: I will clarify that issue, if I may. The impression seems to be that SBCI loans are cheap or are really good value but they are only a little bit cheaper than the market. In percentage terms, the amount is small. The SBCI is not 4% or 5% cheaper than the market. It is only a little cheaper.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: The concern is that the definition of indirect investment in fossil fuels is so wide that it could catch so many areas in so many ways that are unintended. That is what we are saying. A fossil fuel company is any company whose business, either wholly or partly, engages in the exploration, extraction, refining, processing or delivery of fossil fuels. The figure we have put on this is that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: It is in the worldwide global fund.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: We think it could be.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: In terms of the figures in question, the figure of €288 million is for short-term debt and equities-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: Yes, but it is the back-up. Let us take the €3.5 billion, a portion of which is X amount. I do not know what that X amount is but it could be invested in a company that is captured by this definition-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: ISIF is only applying that to the €288 million - the producers and processors. The €30 million applies to the €288 million figure. The €1 billion that we are talking about relates to the €3.5 billion in the global assets under ISIF's aegis. There could be a company with an investment of X amount. The company may require a figure of multiples of that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: If I am not clarifying it, I apologise. The €288 million figure covers processors and producers of fossil fuels. These are the companies that extract coal, oil, gas and so on. That is the direct investment element. The concern is that the definition is so wide that it could include companies that, as Senator Horkan said, produce plastics, for example. Such companies might be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: We will get a note.