Results 5,181-5,200 of 6,295 for speaker:Michael D'Arcy

Seanad Public Consultation Committee: Small and Medium-Sized Enterprises: Discussion (13 Nov 2018)

Michael D'Arcy: I thank the Members of the Seanad for inviting me to this committee to take part in the consultation on small and medium enterprises, a sector which is the lifeblood of the Irish economy. According to the CSO, SMEs make up 99.8% of all active enterprises in Ireland, accounting for 69% of all employees, 39% of Ireland's gross value added and 48% of the total revenue generated by Irish based...

Seanad Public Consultation Committee: Small and Medium-Sized Enterprises: Discussion (13 Nov 2018)

Michael D'Arcy: I will make one point to Senator Boyhan. Many years ago, in our previous lives, Mr. Walsh sold me a diet feeder. Both Mr. Parlon and I were dairy farmers in the past. I have been making the point for a long time that many people start up business with a good idea but do not understand that the reason to be in business is to have a margin and achieve a profit. A person can have the best...

Seanad: Fossil Fuel Divestment Bill 2016: Second Stage (14 Nov 2018)

Michael D'Arcy: I am pleased to be in the Seanad today to take Second Stage of the Fossil Fuel Divestment Bill 2016. This was a Private Members' Bill drafted by Deputy Thomas Pringle. I take this opportunity to record the Government's appreciation of this valuable initiative. In particular, I thank Deputy Pringle and his staff for their constructive engagement with officials in the Department of Finance,...

Seanad: Fossil Fuel Divestment Bill 2016: Second Stage (14 Nov 2018)

Michael D'Arcy: I do not propose to comment on the LNG facility, of which I have no knowledge or insight.

Seanad: Fossil Fuel Divestment Bill 2016: Second Stage (14 Nov 2018)

Michael D'Arcy: I am sure it is a matter that will be debated more than once after I leave this House. I will try to address some of the issues raised. The Ireland Strategic Investment Fund, ISIF, publishes extensive information on its investments. This Bill will impose further reporting requirements on the investments, which is good. On student activism, it is good that students started this process and...

Seanad: Home Building Finance Ireland Bill 2018: Second Stage (14 Nov 2018)

Michael D'Arcy: I am pleased to present the Home Building Finance Ireland Bill 2018 to the House. This is a very significant Bill providing for the establishment of Home Building Finance Ireland, HBFI, which will provide a much-needed boost to the availability of finance for residential development in the State. The availability of appropriate development finance for commercially-viable residential...

Seanad: Home Building Finance Ireland Bill 2018: Second Stage (14 Nov 2018)

Michael D'Arcy: I address the question of the Government doing more. I have to disagree with the Senator because the Government is fully committed to achieving the objective of building more social and affordable homes, as is obvious from the nearly 26,000 social units delivered in 2017, which represented a significant increase on the numbers delivered in previous years. Further funds have also been...

Seanad: Home Building Finance Ireland Bill 2018: Second Stage (14 Nov 2018)

Michael D'Arcy: Within a short period we encountered a housing crisis. I find it most amazing that we have a housing crisis considering that the population of the State is 4.8 million people and that there are 2.1 million homes. We want to get the Bill through the House immediately or as quickly as we can because we have finished it in the other House and the sooner we can get it through, the better. We...

Seanad: Home Building Finance Ireland Bill 2018: Second Stage (14 Nov 2018)

Michael D'Arcy: Which one?

Seanad: Home Building Finance Ireland Bill 2018: Second Stage (14 Nov 2018)

Michael D'Arcy: The expectation is that the fund will be available to small builders who are struggling. There is a lot of chatter about the funding of the construction sector. The sector which provides residential property is the commercial real estate sector. A figure of 60% is being provided for, with the rest to be provided by way of borrowing.One of the things we saw from the banking inquiry is that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)

Michael D'Arcy: I thank the committee for its invitation to discuss issues in the insurance sector. As members will be aware, this week the 7th quarterly report on progress on the cost of motor insurance, and the cost of employer and public liability insurance, was published. It shows that, of the 78 separate applicable deadlines within the action plans of the two reports at the end of quarter 3 2018, 62...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)

Michael D'Arcy: If the Deputy wishes I can go through each of the points, one by one but if he throws them all at me at once-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)

Michael D'Arcy: I will probably miss some of them if he throws them all at me.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)

Michael D'Arcy: I thank the Deputy but he is wrong. The figure that is most relevant to this is that the motor insurance premium has been reduced by 23%. That is something that he cannot argue with. The figures that we accepted from the CSO showed an increase of almost 60%, going back to the peak of 2016. Since that peak there has been a reduction of 23%. The Deputy is making analogies and broad...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)

Michael D'Arcy: That is correct.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)

Michael D'Arcy: That was an add-on which people have said-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)

Michael D'Arcy: Excuse me but the Deputy should deal with the facts.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)

Michael D'Arcy: The Deputy is making it up.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)

Michael D'Arcy: The Deputy is out of touch. He is ignoring the fact that the average insurance premium has decreased by 23%. The figure which peaked at July 2016 was a 60% increase. That figure is from the Central Statistics Office, CSO. The CSO is analysing the numbers and has stated there has been a 23% decrease since then. We need to deal with the facts. We have problems in the insurance sector...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)

Michael D'Arcy: He said it is all wrong. I am not saying it is all right but it is not all wrong either. We have a significant problem with fraud, exaggerated claims and the levels of awards. That is where the real problems are in the insurance sector. The Personal Injuries Commission benchmarked the level of award for soft tissue injuries, which come to 70% of all claims, against those in the UK. It...