Results 4,201-4,220 of 6,295 for speaker:Michael D'Arcy

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: No. I think it will be taken the following week.

Topical Issue Debate: Insurance Costs (4 Jul 2017)

Michael D'Arcy: I am well aware of Donegal's farming background, which is one of the most mixed and varied in the country. Given Donegal's size in an area where there are challenges, we must do what we can about them. I have been advised by Insurance Ireland that livestock marts have significant exposure to injuries to employees and members of the public. This has resulted in claims occurring with a level...

Topical Issue Debate: Insurance Costs (4 Jul 2017)

Michael D'Arcy: I did that earlier. I telephoned two of the marts in the area closest to me. The cost for one of the largest marts in the country is approximately €12,500 and its owner said its premium had not increased. I anticipated the question would be about why premiums had increased. The owner said its premium had not increased because he had not had a claim for 12 years. That is the...

Ceisteanna - Questions (Resumed) - Priority Questions: Insurance Compensation Fund (5 Jul 2017)

Michael D'Arcy: The Supreme Court delivered its judgment on 25 May 2017 and overturned the previous decisions of the High Court and the Court of Appeal that the Motor Insurers' Bureau of Ireland is liable in respect of third party motor insurance claims made against the policyholders of Setanta Insurance. The consequence of this is that the Insurance Compensation Fund, ICF, has been deemed responsible for...

Ceisteanna - Questions (Resumed) - Priority Questions: Insurance Compensation Fund (5 Jul 2017)

Michael D'Arcy: As I said, 324 cases have been concluded. The legislation is clear that within six months they will receive 65% of their payment from the ICF. The issue is the shortfall following this ICF payment. We do not know what amount will be gathered from the liquidation process. The State simply cannot intervene at this stage. We are awaiting an up-to-date actuarial process on the information...

Ceisteanna - Questions (Resumed) - Priority Questions: Insurance Compensation Fund (5 Jul 2017)

Michael D'Arcy: I will give a commitment that I will work with everybody to achieve the best possible result. However, the information we have is clear. If the Government attempts to step into the conversation at this stage, potentially the liquidator could reduce the amounts it will make available to claimants. The Government would then subsequently have to pick up a further amount. I would not like...

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: To clarify the matter for the House, this is a duplicate amendment. As both amendments are similar, it is the Minister's amendment that is moved.

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: This is the biggest change to both this Bill and the Government Bill. It lies in the extension of time to complain about long-term financial services so it is essential that a solid and accurate definition is formulated. Section 5 of this Private Members' Bill, as passed by the Dáil, reflects a similar position in the Government's Bill which extends the time limits for complaints...

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: All of the amendments in this group are minor drafting technical amendments. The amendments aim to remove superfluous wording in sections 4, 5, 7 and 8 on the advice of the Parliamentary Counsel. The Sinn Fein Senators' amendment No. 15, on section 8 of the Bill, concerns the time period for appeal to the High Court against a decision of the ombudsman. I thank the Senators for changing the...

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: Yes, I am happy with amendment No. 15.

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: With the agreement of the Seanad, I will discuss amendment No. 3, together with amendments Nos, 4, 5, 8, 10, 12 and 16. All the amendments in this group concern the categories of decisions that the ombudsman may make regarding a complaint received. These amendments aim to update the existing legislation with new categories of decisions that the ombudsman can make. The intention behind this...

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: I understand that there was good discussion about the merits of mediation on the various Stages of this Bill and the Government’s Bill. Certainly we had a good conversation on Committee Stage of the Government's Bill last week. Mediation is a facilitative voluntary process in which the parties to a dispute, with the assistance of a mediator, attempt to reach a mutually acceptable...

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: As far as I am aware, the intention of the amendment is to oblige the council to review the compensation ceiling by which the ombudsman must abide and, in particular, report on instances where a complainant experienced a greater loss than the maximum compensation payable. The proposed amendment might be based on a misunderstanding. The existing legislation provides for a number of redress...

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: I will take on board what Senator Horkan said. We will review the amendment and consider the matter again. I cannot say we will take it. Some of it is covered already. However, we will review the matter. Everybody is being very facilitative of this legislation.

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: I wish to flag to the House that I may return to section 8 on Report Stage to address a technical drafting error. As drafted, section 8 refers to a decision of the Financial Services Ombudsman whereas the correct term is "finding". This is the term used throughout the Central Bank Act 1942, the principal Act.

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: I note Senator Horkan’s amendment, which seeks to introduce a new section to Deputy Pearse Doherty’s Bill to oblige the Financial Services Ombudsman to hold an oral hearing where there is a discrepancy in the account of events between the parties and the complainant has requested such a hearing. As the Senators may be aware, as part of the ombudsman's procedures for resolving...

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: We are doing our best to improve matters for consumers. If the amendment is accepted and the legislation changed, financial services providers could also be entitled to call an oral hearing. If both parties are entitled to call an oral hearing, it could lead to a major increase in the number of oral hearings. The number of cases in which the voluntary mediation process has been used has...

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Committee Stage (5 Jul 2017)

Michael D'Arcy: I thank everybody involved, including Deputy Pearse Doherty and the various Senators. The legislation is working its way through the Houses of the Oireachtas in tandem with a Government Bill and as we all get another bite at it, we improve it on each occasion. There are occasions when we do not agree but, in the spirit of compromise, we want to get the best legislation possible. I thank...

Seanad: Commencement Matters: Road Projects (11 Jul 2017)

Michael D'Arcy: The Programme for a Partnership Government committed to additional capital investment over the period of the capital plan to 2021, to be allocated on the basis of the outcome of a review of that plan. This review is ongoing. The process will guide and inform the decision by the Government on revised capital allocations made to Departments at budget time in October. The review is also an...

Seanad: Commencement Matters: Road Projects (11 Jul 2017)

Michael D'Arcy: There is a clear understanding and realisation the development of infrastructure of this type benefits sectors and regions. When speaking about my area of responsibility, financial services, it is important for the body politic to understand infrastructure development should be viewed not on a county by county but a regional basis. Anywhere there is an improvement in connectivity, whether...