Results 4,141-4,160 of 6,295 for speaker:Michael D'Arcy

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

Michael D'Arcy: I will not finish this in a minute, if the Chairman could indulge me, please. Members will also be aware of the code of conduct on mortgage arrears, CCMA, which set out how mortgage lenders must treat borrowers in or facing mortgage arrears, with due regard to the fact that each case of mortgage arrears is unique and needs to be considered on its own merits, with the objective of at all...

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

Michael D'Arcy: This Bill would have an adverse impact on the ability to undertake secured lending in Ireland which is ultimately dependent on the financial institutions' right to realise the security if needed, and priced accordingly. This is the cornerstone of secured lending and an effectively functioning mortgage market.

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

Michael D'Arcy: I reiterate the Government's strong opposition to this Bill for the reasons outlined and urge Senators not to pass the motion for this Bill. It is important that any proposal for such far-reaching legislation would have been thoroughly researched in terms of the current situation, the expected impact and outcomes, and be subjected to rigorous regulatory impact analysis so that the resulting...

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

Michael D'Arcy: May I respond to Deputy Norris?

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

Michael D'Arcy: I want to respond to Senator Norris.

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

Michael D'Arcy: It is not ideal for people to have their houses repossessed. The Senator does not have the monopoly on this, not for one second.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: I thank the Chairman. A number of amendments are being moved today. We hope and expect to have another look at some, not all, of these on Report Stage. If we have the flexibility from the committee it would be very helpful. I also wish to outline to the committee the situation with Deputy Doherty's Bill, which is quite similar to this Bill and which is currently moving through the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: That is the intention.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: I move amendment No. 1:In page 9, line 6, to delete "or". Amendment No. 2 makes an addition which deletes the word "service" and replaces it with the words "an actual or potential beneficiary of an income continuance plan". An income continuance plan is permanent health insurance which was not included in the section. The purpose of the amendment is to ensure income continuance plans are...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: The section primarily covers two definitions, namely, those of an "income continuance plan" and a "long-term financial service". Amendment No. 2 makes an addition to the definition of the word "consumer" to include employees or former employees who benefit from an income continuance plan. After part (c) of the definition of consumer in page 9, the amendment proposes to add "(d) an actual or...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: As there has been no meeting of minds on this point, it may be helpful to the Deputy to read my briefing note. The definition of the term "long-term financial service" has been considered in great detail during the passage of this Bill and Deputy Pearse Doherty's Private Members' Bill through the Houses. As the time limit is one of the biggest changes for consumers in the Bill, it was...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: Deputy McGrath has clearly outlined his interpretation of when the clock would start in relation to the long-term service. On the question of whether it adds up each year to be a long-term service or not, the Government's interpretation is that it does not. An annualised service is an annualised service and it starts when one takes out a policy, as Deputy McGrath outlined. As the Deputy...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: That is correct. Each year that an annualised contract comes out to someone, it starts when they take it out. Car insurance is the best example. If the customer renews it on a particular date, say 23 May 2017, if they had the same insurance with the same company over the last nine years, that it is not a nine year contract, it is a one year contract starting on the date of renewal. That...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: There is no issue with that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: I move amendment No. 2:In page 9, line 7, to delete “service;” and substitute the following: “service, or (d) an employee or a former employee entitled to benefit from an income continuance plan;”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: I move amendment No. 3:In page 10, between lines 27 and 28, to insert the following: “ “income continuance plan” means an insurance contract taken out by an employer (whether or not in conjunction with employees) designed to pay an income to an employee on the occurrence of certain events specified in the contract that render the employee unable to continue to perform...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: I move amendment No. 4:In page 10, to delete lines 30 to 34 and substitute the following: “ “long-term financial service” means— (a) subject to paragraph (b), a financial service the duration of which is a fixed term of 5 years and one month, or more, but, notwithstanding that the aggregate term of them may be 5 years and one month (or more), there does not fall...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: Section 3 provides that the expenses incurred by the Minister for Finance in relation to the Act shall be funded by the Exchequer as sanctioned by the Minister for Public Expenditure and Reform. The expenses incurred by the Minister for Finance in respect of the Act shall be funded by the Exchequer as sanctioned by the Minister for Public Expenditure and Reform. Expenses incurred by the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: My concern is that the more it is funded by the industry, the more likely it is the cost will be passed on to the consumer. Everything we are doing in the legislation is intended to protect the consumer from increased premia.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Financial Services and Pensions Ombudsman Bill 2017: Committee Stage (29 Jun 2017)

Michael D'Arcy: The Minister may make regulations for the purpose of the Act to increase the efficiency of the operation of the FSO and to allow for appropriate redress and compensation to be provided by the him or her to complainants. The Minister may also make the regulations at the request of the ombudsman. Some of the instances which the regulation may cover are set out in section 4(2). For instance,...