Results 4,701-4,720 of 6,295 for speaker:Michael D'Arcy

Topical Issue Debate: NAMA Portfolio (20 Feb 2018)

Michael D'Arcy: When I was given this issue, I contacted the Taoiseach and I have been made aware of some of the background to it. It is important to note that NAMA has a commercial remit and a statutory objective to obtain the best achievable return for the taxpayer. However, in the context of its commercial remit and consistent with section 2 of the National Asset Management Act 2009, NAMA is at all...

Topical Issue Debate: NAMA Portfolio (20 Feb 2018)

Michael D'Arcy: I do not want to get into a bashing session on the zoning, which is really a matter for Fingal County Council.

Topical Issue Debate: NAMA Portfolio (20 Feb 2018)

Michael D'Arcy: Changing the zoning is a matter for the local authority not the House. I speak as the chairman of my local GAA club and I am well aware of the super facilities, sporting opportunities and everything else that clubs bring forward. I am not aware of Tyrellstown GAA directly but if the local authority has organised 60 acres for community and amenity space, it is a lot of ground and there...

Topical Issue Debate: NAMA Portfolio (20 Feb 2018)

Michael D'Arcy: It is not. The Deputy is talking about what has not been done but she has chosen to ignore what I have read out and what has been done also.

Seanad: Commencement Matters: Life Insurance Policies (20 Feb 2018)

Michael D'Arcy: These products are designed to cover policyholders for their entire lifetime or for as long as the policyholder wishes to continue to pay premiums. To decipher that, there is, in effect, no such thing as a whole-of-life policy in that the policy is reviewed every five years. That is the net effect of what is happening. A consumer who has made a formal complaint to a financial institution...

Seanad: Commencement Matters: Life Insurance Policies (20 Feb 2018)

Michael D'Arcy: I have met a number of people who have got caught up in these policies and cannot continue with them because of the premia being charged. For example, there are people with policies worth less than €100,000 who have paid in over €100,000 and the premium is now €10,000 or €12,000 a year. There is a substantial case to be investigated and my Department has recently...

Seanad: Commencement Matters: Life Insurance Policies (20 Feb 2018)

Michael D'Arcy: It is something we want to try to pursue. I have to admit I am annoyed at this behaviour. For people who are mis-sold a product, the Financial Services and Pensions Ombudsman. That is the place where we should be able to bring the matter to a conclusion. If legislation is required, I assure the Senator I will not be slow to bring it forward.

Project Ireland 2040: Statements (Resumed) (22 Feb 2018)

Michael D'Arcy: That was two seconds over.

Project Ireland 2040: Statements (Resumed) (22 Feb 2018)

Michael D'Arcy: It is good to be here welcoming a good plan. One must look at where we started from, that is, areas, in particular, the north west, that effectively were left behind. I refer to the connectivity that we are talking about in terms of roads, the N14 Lifford to Letterkenny, the A5 and the roads that Deputy Ó Caoláin spoke about. It is the first time that the north west has been...

Seanad: Commencement Matters: Financial Services Regulation (22 Feb 2018)

Michael D'Arcy: I thank the Senator for raising this issue. A secure and well-regulated financial sector is essential to the functioning of the economy and ensuring that consumers have confidence in the safety of the system and its ability to meet their needs. At the outset, it should be noted that Irish retail banks do not generally engage in significant volumes of high risk commercial activity, so...

Seanad: Commencement Matters: Financial Services Regulation (22 Feb 2018)

Michael D'Arcy: In November 2016, the Commission proposed a new package of banking reforms.They aimed to update and amend the capital requirement files and the Bank Recovery and Resolution Directive. The package is known as risk reduction measures. Negotiations are under way at Council with officials from the Department of Finance, assisted by colleagues from the Central Bank of Ireland attending the...

Seanad: Sale of Permanent TSB Loan Book: Statements (22 Feb 2018)

Michael D'Arcy: Addressing high non-performing loan, NPL, ratios is one of the key priorities of the European regulator, the SSM. While great progress has been made in the Irish banks, the SSM has made it clear that further reductions need to be made. NPLs at the banks in which the State has invested have reduced by 60%, from €54 billion at their peak, to an estimated level of €22 billion-----

Seanad: Sale of Permanent TSB Loan Book: Statements (22 Feb 2018)

Michael D'Arcy: It is the Single Supervisory Mechanism. It is a part of the ECB and regulates the primary banks in the European regulatory structure. NPLs are non-performing loans.

Seanad: Sale of Permanent TSB Loan Book: Statements (22 Feb 2018)

Michael D'Arcy: Addressing high non-performing loan, NPL, ratios is one of the key priorities of the European regulator, the Single Supervisory Mechanism, SSM. While great progress has been made at the Irish banks, the SSM has made it clear that further reductions need to be made. NPLs at the banks in which the State has invested have reduced by 60%, from €54 billion at their peak, to an estimated...

Seanad: Sale of Permanent TSB Loan Book: Statements (22 Feb 2018)

Michael D'Arcy: The Minister will also convey to the bank the importance of removing those customers from the sale portfolio who may be suitable for mortgage-to-rent, and those who have potential to agree on sustainable restructuring in the coming months. The recent announcement that the bank, in partnership with the Irish Mortgage Holders Organisation and iCare Housing, has launched a mortgage-to-rent...

Seanad: Sale of Permanent TSB Loan Book: Statements (22 Feb 2018)

Michael D'Arcy: To be fair to the Minister, he has just spent three and half hours attending a meeting of the Oireachtas Select Committee on Finance, Public Expenditure and Reform, and Taoiseach. He probably would have been here only for the committee met earlier today.

Seanad: Sale of Permanent TSB Loan Book: Statements (22 Feb 2018)

Michael D'Arcy: I will try to go through the questions as best I can. I do not know if representatives of Permanent TSB will appear before the committee. If the Senator's information is that they will appear, I am pleased with that. The Minister, Deputy Donohoe, was asked his view this morning about whether they should attend or not.He said they should attend and should give as much information as members...

Seanad: Sale of Permanent TSB Loan Book: Statements (22 Feb 2018)

Michael D'Arcy: It is a matter for the committee but the Minister for Finance, Deputy Donohoe, said they should show up and answer questions from committee members. I will give Senators the information which I know to be correct. There are 11,300 private dwelling homes in the ownership of vulture funds, down from 12,500 in the past 12 months and representing about 1.5% of the overall market, there being...

Seanad: Sale of Permanent TSB Loan Book: Statements (22 Feb 2018)

Michael D'Arcy: I will write to the Central Bank to try to find out if that is the case. It should not be the case and credit servicing firms should be regulated in exactly the same way as every other institution which is in possession of a loan book. I have touched on the independence of the regulator, the ECB and the SSM. It is a matter for the PTSB to give the finance committee as much detail as it...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Vote 7 - Office of the Minister for Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Tax Appeals Commission (Revised) (22 Feb 2018)

Michael D'Arcy: I will take that. The story has gotten out that we have not secured our fair share of jobs but I am satisfied that we have. There was much conversation. The best example I have of this is with Lloyds Bank, which chose not to come to Ireland. Lloyds Bank had 17 jobs. The other insurance companies, XL Catlin, Shaw Insurance Agency, Legal and General, Beazley Insurance, Beazley Re, Royal...