Results 4,681-4,700 of 6,295 for speaker:Michael D'Arcy

Appropriation Bill 2017: Second and Subsequent Stages (14 Dec 2017)

Michael D'Arcy: The Appropriation Bill 2017 is an essential element of financial housekeeping that, as Deputies are aware, must be concluded by the end of the year. There are two primary purposes of the Appropriation Bill. The first purpose is to provide authorisation in law for all of the expenditure that has been undertaken in 2017 on the basis of the Estimates, which were voted on by the Dáil during...

Priority Questions: Motor Insurance Claims (30 Jan 2018)

Michael D'Arcy: Setanta Insurance was placed into liquidation by the Malta Financial Services Authority on 30 April 2014. As it was a Maltese incorporated company, the liquidation is being carried out under Maltese law. As the Deputy is aware, 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'...

Priority Questions: Motor Insurance Claims (30 Jan 2018)

Michael D'Arcy: I will take the last point first. As Deputy McGrath knows, the Insurance (Amendment Bill) 2017 is awaiting pre-legislative scrutiny. It is incumbent on all of us to try to get that legislation through both Houses as quickly as possible to ensure that people do not find themselves in a similar position to Setanta's claimants. The Minister for Finance, Deputy Pashcal Donohoe, required the...

Priority Questions: Motor Insurance Claims (30 Jan 2018)

Michael D'Arcy: I cannot give an undertaking. When we had this conversation previously in the Chamber, I gave undertakings that I would do everything I could to try to conclude the matter as quickly as I could. My officials have done a good job to try to bring this to a conclusion and I am hopeful this can be concluded as quickly as possible. Unfortunately, I cannot do anything about the six months for...

Other Questions: Common Consolidated Corporate Tax Base Proposals (30 Jan 2018)

Michael D'Arcy: I thank the Ceann Comhairle for the opportunity to correct the record. I was told that the two MEPs went to the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach and said that I said something. I want to be clear that what was said by the MEP was advice that he offered to me for the Taoiseach to take, which is a very different thing. I said to the MEP that that was...

Seanad: Commencement Matters: Insurance Industry (1 Feb 2018)

Michael D'Arcy: I thank Senator O’Donnell for raising this matter. It is an opportunity to put on the record of the House where things stand in this regard. He is aware that a Supreme Court ruling in May of last year overturned the Court of Appeal and High Court rulings that the MIBI was liable for such claims. The Supreme Court clarified that the ICF is liable for third-party claims, subject to a...

Seanad: Commencement Matters: Insurance Industry (1 Feb 2018)

Michael D'Arcy: As stated, the Government is conscious of the need to satisfactorily conclude the full compensation to Setanta third-party claimants as soon as possible. Through its announcement on Tuesday, the Government has indicated its willingness to facilitate this issue. It is important to remember that no payment can be made in the absence of a settlement by a third-party claimant. In this regard,...

Extreme Weather (Miscellaneous Provisions) Bill 2018: First Stage (7 Feb 2018)

Michael D'Arcy: No.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill: Discussion (8 Feb 2018)

Michael D'Arcy: I welcome the opportunity to brief the committee on the draft general scheme of the insurance (amendment) Bill. Its purpose is to implement the recommendations of the review of the framework for motor insurance compensation in Ireland, which was approved by the Government in July 2016. I wish to take a few moments to remind the committee of the background to this important matter. The...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill: Discussion (8 Feb 2018)

Michael D'Arcy: The ICF would pay in full and then recover from the industry over a period. To put this into context, there is about €22 million in the account at present. The ICF brings in about €75 million per annum. Over the period, that will be built up to €200 million, and then the percentage increases or decreases based upon the requirement.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill: Discussion (8 Feb 2018)

Michael D'Arcy: It is a matter for each company to make its determination as to whether to pass on the 2%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill: Discussion (8 Feb 2018)

Michael D'Arcy: We will frame it in such a way that the insurance company can absorb that from within its margin. It is up to the company.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill: Discussion (8 Feb 2018)

Michael D'Arcy: I have pretty much covered the matter. I appreciate its urgency. The sooner we can get the Bill concluded, the sooner we can move to conclude Setanta.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill: Discussion (8 Feb 2018)

Michael D'Arcy: I appreciate the Chairman's help with this.

Seanad: Commencement Matters: Motor Insurance Costs (13 Feb 2018)

Michael D'Arcy: I thank Senator Byrne for tabling a Commencement matter as it gives me an opportunity to outline the position. Members of the Seanad will be aware that the report on the cost of motor insurance was published in January 2017. It made 22 recommendations, with 71 associated actions to be carried out. The aim of the implementation of this report is to try to remove the volatility that we have...

Seanad: Commencement Matters: Motor Insurance Costs (13 Feb 2018)

Michael D'Arcy: I would like to put it on the record of the House that I have also heard of dozens of such cases. One gentleman came to me whose insurance premium had increased from €700 to over €1,000. He pursued the company and went to a different broker. The broker went to a number of companies and eventually got back to the company this gentleman had been with. He managed to get his...

Seanad: Commencement Matters: Community Banking (13 Feb 2018)

Michael D'Arcy: As Senator Conway is aware, the Departments of Finance and Rural and Community Development are responsible for fulfilling the commitment in A Programme for a Partnership Government to "thoroughly investigate the German Sparkassen model for the development of local public banks that operate within well-defined regions". Under the local public banking model, a state or another public body has...

Seanad: Commencement Matters: Community Banking (13 Feb 2018)

Michael D'Arcy: My strongly held view is that the more competition in the market, the better, but it has to be the right type of competition. Members are aware of the result of having the wrong type of competition 12, 14 or 15 years ago. It completely skewed the pitch. I discussed insurance earlier. The wrong type of competition can have a hugely detrimental impact in many different areas. The model in...

Central Bank (Amendment) Bill 2018: Second Stage [Private Members] (14 Feb 2018)

Michael D'Arcy: It is easy to make statements but not back them up.

Central Bank (Amendment) Bill 2018: Second Stage [Private Members] (14 Feb 2018)

Michael D'Arcy: Deputy Nolan said nothing has been done on white collar crime. I refute that. The Government has published a package of measures aimed at tackling white collar crime, co-ordinated by the Departments of Finance; Justice and Equality; and Business, Enterprise and Innovation. Many of these actions have either been completed or are under way, including the Criminal Justice (Corruption...