Results 4,381-4,400 of 6,295 for speaker:Michael D'Arcy
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: There are many international examples of investors going in and the market continuing to fall. It is easy to look back and say we knew that was the bottom of the slump but we did not know that at the time.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: A note will be prepared for members in respect of the number of funds-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: I do not know if "vulture fund" is the correct term. I do not know if that is an academic term or what it is. It is used by some as a disapproving term for private equity funds who came in and invested at a time when we needed investment. The Chairman should not forget that.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: Nor am I forgetting that. However, getting caught up in the term-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: We will get that information for the Chairman.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: We will provide what information we can. If Revenue is not allowed to provide that information because the matter is commercially sensitive, I cannot provide it to the Chairman or the committee members because it will not be given to me. The majority of the funds have traded in this country for decades, not a few years.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: I missed what the Deputy said.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: I will try to answer all the questions that have been asked. If I miss out on some of them-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: I will try to respond to each question. If I leave something out, I am sure I will have an opportunity to come back in again. We do not have exact figures for the withholding tax. We will not have those figures until next summer. That is just the way things are.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: No, we do not have estimates. Estimates are guesses.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: I just want to step back a little bit. There are approximately 100 IREFs, four or five of which are widely-held funds, or pension funds, in effect. Four or five funds have had the benefit of not paying the 20% withholding tax. The same funds will have that benefit over the next 12 months up to January 2019. It is important to note that if they are pension funds, they are exempt in any...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: The four or five company institutions I am talking about are widely-held funds. They are not-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: I am giving the information that is available to the Department.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: The majority of investors in IREFs are pension funds - these four or five - that have the opportunity to avail of the 20% withholding tax for the next year. The vulture funds to which Deputy Pearse Doherty refers were caught under the personal portfolio Irish real estate fund, PPIREF, changes introduced on Report Stage last year. They did not get the benefit of those because they were...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: The people who invest in IREFs do so through pension funds, so they are widely held. They are institutional investors.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: No. There are 100 IREFs. Where they have investors, these tend to be pension funds and the like. The four or five that have benefited from the 20% withholding tax relief are, as the Deputy and I would understand them, primarily widely-held pension funds and not vulture funds. If the committee wishes, we can provide a technical briefing in private session.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: I will provide the note.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: We think four to five of them are not PPIREFs and will have the opportunity to avail of the exemption. The other 95 are PPIREFs.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: Yes.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Michael D'Arcy: No.