Results 4,561-4,580 of 6,295 for speaker:Michael D'Arcy

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: I move amendment No. 11:In page 14, line 25, to delete "pharmaceutical,". Amendments Nos. 11 to 20 relate to the new key employee engagement programme, KEEP, introduced in budget 2018. KEEP is an SME focused share-option programme, intended to help small, growing companies to attract and retain key staff. It operates by providing that any gains realised on the exercise of qualifying KEEP...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: Yes.

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: While it sounds like a negative it is a positive.

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: Yes.

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: The Deputies will be aware that the help-to-buy initiative has been in operation since January 2017. It is designed to assist first-time buyers with obtaining the deposit required to purchase or build their first homes. With a view towards increasing the supply of new housing, the relief is only available in respect of new build or self-build properties. Following its introduction in...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: I never question anybody's integrity in this House but Deputy Doherty raised the question of me misleading the House. The figures which I have in front of me are very clear. They show that 53% of properties are less than €300,000 in value, showing that the money is targeted at first-time buyers buying average-price property throughout the nation. The next 30% is between...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: Similar to previous reports, it will be concluded before the budget and as quickly as possible. I have to consult with the Minister, Deputy Donohoe, to put in place the structure and there will be a cost implication of such a scheme. It will be done in advance of the budget and a proper analysis will be done.

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: I accept the point.

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: The report referred to by Deputy Burton explored gambling behaviour in Ireland, specifically the issue of problem gambling and its impact on the individual, the gambler's relationships with social connections, and the wider impact of problem gambling behaviour on community and society. In a significant move in the area of regulating betting services, the Betting (Amendment) Act 2015...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: Yes.

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: Before I start, I will put on the record information I have that is contrary to what Members have been saying about the quantum of properties involved. There are three REITs in Ireland. In relation to activity within the property market, of the three REITs, I-RES is the only one that has concentrated on residential property. I-RES has approximately 2,450 apartments. As of May 2017, the...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: I just want to address the issue of the deductibles. The Finance Act 2013 introduced the regime for REITs. I have addressed the fact that it cannot be a close company. We had a good conversation about that and we went into private session at one point to go into the details. In general the trading profits of companies is subject to corporation tax at 12.5%. Rental profits and corporation...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: I have the figures. The top 20 landlords, which are large professional landlords, including corporates, legals, REITs, investment funds and individuals, account for 2.83% of residential tenancies. The commitment given on Committee Stage stands. We will be replying back to committee in regard to what can be done, what is allowable and what will be allowable following conversation between...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: I live on a farm in rural Ireland. People come to this Chamber and say that rural Ireland is dead. That is not correct. There are challenges within rural Ireland. Of course there are. However, some areas in rural Ireland are flying. Some areas are not, but to come in and state blankly that rural Ireland is dead is wrong. I am conscious of the prevalence of farm income volatility in...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: The income averaging is not available to any other sector. It is a hugely beneficial opportunity for the agriculture sector. It is not to be discounted and people should not ignore it. That came following the 2014 review. We are doing another review, and it will be a good one, so that we can have targeted measures for the areas that need the most. If that is income volatility, it will...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Michael D'Arcy: It will be similar to the commitments in the other reports.

Seanad: Tracker Mortgages: Statements (22 Nov 2017)

Michael D'Arcy: I thank Senators for raising the important issue of tracker mortgages. The fair treatment of customers is a key requirement of the financial services regulatory framework and of the Central Bank consumer protection code. The code requires all residential mortgage lenders to act honestly and fairly in the best interests of their customers and not to mislead customers about the products they...

Seanad: Tracker Mortgages: Statements (22 Nov 2017)

Michael D'Arcy: Can I clarify at what time we are finishing?

Seanad: Tracker Mortgages: Statements (22 Nov 2017)

Michael D'Arcy: Senator Black noted that 23 people lost properties that were their primary dwellings. I have been talking to people about tracker mortgage issues since before I became a Minister of State. We have all dealt with people facing these types of difficulties. There is a huge difference between, on the one hand, somebody who was overcharged but who was capable of making the overcharged payment...

Seanad: Tracker Mortgages: Statements (22 Nov 2017)

Michael D'Arcy: It is part of the Central Bank's examination, which covers all aspects of the matter. I think that will be decided by the courts. It is most likely to expand to the superior courts from the original O'Dwyer case. However, I do not know for certain. Natural justice is always an issue. If someone was happy to accept a variable rate at that stage, was told about a tracker and chose - with...