Results 4,121-4,140 of 6,295 for speaker:Michael D'Arcy

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

Michael D'Arcy: The Department would certainly be happy to sit down and discuss these matters. The background of ISIF is good. I am slightly concerned that terms like "dangerous industry" and "dirty fuels" were used in the Deputy's absence. ISIF has a good track record in the level of investment. It is divesting in the areas that have their head in the sand when it comes to progressing to a low carbon...

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 provide that information.

Topical Issue Debate: Research and Development Supports (28 Jun 2017)

Michael D'Arcy: I thank the Ceann Comhairle. It is somewhat pleasing to be complimented on my elevation to the position of Minister of State by Deputy Lawless because we come from the same town and we attended the same secondary school.

Topical Issue Debate: Research and Development Supports (28 Jun 2017)

Michael D'Arcy: He is well settled in north Kildare at this stage. I thank Deputy Lawless for raising this question. Research and development is an important source of growth because it contributes to ideas and products which affect productivity. One of the key insights of modern economic theory has been that per capitagrowth ultimately comes from changes in productivity. As such, research and...

Topical Issue Debate: Research and Development Supports (28 Jun 2017)

Michael D'Arcy: I am not going to pretend to be as up to speed on these things as I might be. I am not. However, there is an incredible amount of research and development going into FinTech in particular and, while this was once considered a disruptive technology to the industry, it has now evolved and there are a lot of cutting-edge companies moving into that space, meaning FinTech is not now as...

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: I thank the Acting Chairman. It is a pleasure to be back in the House. Senator Ó Clochartaigh seems to be present every time I am in the House.

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: The Senator is very kind.

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: It is good to see that Senator Norris has moved to the centre.

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: There are major issues. Affordability is the biggest issue and the Bill does nothing for people who want to purchase property. The problem with the rental sector is that not only is there a lack of housing, too many people are renting.Until we have houses that people on average salaries can purchase, they will be renting. There is huge pressure on rent. I am pleased that the Senator...

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: We are having the debate. That is why we are here. I agree with the Senator. As a result of our history, in this country the word "eviction" is a dirty word. We also have to understand and accept that there are very few evictions. Senator Daly said there were about 5,000 to date. To put that into context, there are 170 evictions a day in the UK, and there were 45,000 evictions in 2016.

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: The position in which we find ourselves is of great difficulty for some people. I want to put the figures on the record now. There are 121,000 private dwelling homes in the State that are now in arrears, and 87% of those loans have been restructured. Some 15,700 homes are under pressure. I do not know whether Senator Conway-Walsh made her statement with or without the required knowledge,...

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: That is incorrect.

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: The national debt is €200 billion. In 2007, it was €40 billion. The banks will cost the State €30 billion. The extra €140 billion is a result of the deficits we ran between 2007 and 2017. We ran, on average, a €14 billion deficit per year for ten years. They are the figures. The €7 billion figure refers to servicing the entire debt. They are...

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: The figure of €30 billion of €200 billion is a result of the banks. The figure of €7 billion refers to it all. Our deficit is €140 billion. They are the figures. It is important to put them on the record. Senators O'Donnell and Humphreys spoke about the prospect that, at some stage, somebody would be allowed to purchase his or her loan at a reduced rate. We...

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: We do not know that.

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: The Bill does not deal with that.

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: The debt stays with the person. While the property might transfer, the amount may or may not be reduced. The full debt is still liable to the person who signed on the dotted line; that is the responsibility of a person who signs for a mortgage.

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: They are the points I want to address. I also accept the bona fides and the spirit in which the Bill is proposed. Everybody would like to do something for people facing the appalling vista that is the pressure of being in debt. I thank Senators for introducing the Bill. I know it is motivated by a genuine desire to assist those suffering with long-term mortgage arrears and the fear of...

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: I will get a copy for Senators. The Government cannot support the Bill because, if brought into law, the Bill as drafted raises very serious concerns from a number of perspectives, including housing policy. The Bill could lead to the State housing budget being reallocated from social and affordable housing to the blanket purchase of mortgages in arrears for the benefit of individual...

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: Abhaile facilitates State-funded access to legal advice and-or consultation with a personal insolvency practitioner for indebted borrowers to ensure that they are fully informed about all available options to address their mortgage debt. The Consumer Protection Act 2015 has been enacted to fill the consumer protection gap where loans were sold by the original lender to an unregulated firm....