Results 5,441-5,460 of 6,295 for speaker:Michael D'Arcy
- Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)
Michael D'Arcy: Nothing is stopping HBFI from participating with a credit union which may participate in development, should it choose to do so.
- Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)
Michael D'Arcy: There is nothing to stop that from happening but it is important to understand that some credit unions have established a special purpose vehicle for development.
- Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)
Michael D'Arcy: There is no such thing as a risk-free option. There is a risk when money is put into such vehicles and lent to developers. Is the Senator referring to co-funding into an SPV with a credit union fund?
- Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)
Michael D'Arcy: It could.
- Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)
Michael D'Arcy: I assume it would be able to do so.
- Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)
Michael D'Arcy: The hope and expectation is that this funding stream will be for the smaller developer. We do not want two very large entities having two developments of €320 million each. It is for the small builder who will build ten or 15 units.
- Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)
Michael D'Arcy: There is a lower limit of ten units. We hope that the guys who build ten units in small rural towns will have the opportunity to avail of this. If they go to a bank they can get up to 60% if the site is paid for but the remainder has to come from equity or mezzanine finance, which is particularly expensive and can be more than 15%. The Senator and I sat on the banking inquiry and the big...
- Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)
Michael D'Arcy: I do not want to be as prescriptive as that. When it is established, HBFI will set its own criteria. I anticipate that it will not be making the 60% available in the Senator's scenario but I would anticipate builders going to HBFI for some of the 40%. There is an expectation of some equity being involved, and this is the case in other construction sectors. I do not refer to pretend...
- Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)
Michael D'Arcy: Yes.
- Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)
Michael D'Arcy: Yes.
- Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)
Michael D'Arcy: Section 17 is a standard provision requiring a senior member of staff to appear before the Committee of Public Accounts to answer questions in respect of HBFI's accounts, the efficiency with which it uses its resources or any report produced by the Comptroller and Auditor General relating to HBFI or a group entity. The section also incorporates a standard provision requiring a senior member...
- Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)
Michael D'Arcy: What does the Senator mean by a statutory independent auditor?
- Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)
Michael D'Arcy: That may be the case and a statutory order may be required in the event that HBFI issues debt on a traded market.
- Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)
Michael D'Arcy: Section 24 provides that HBFI must, upon a request from the Minister for Finance, report on the achievement of its objectives with reference to section 7(2). This section also requires the Minister to produce a report as soon as possible after 31 December 2020, and every subsequent two years, setting out his or her assessment as to whether HBFI should continue to operate. In making his or...
- Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)
Michael D'Arcy: We hope the HBFI is established as soon as possible. The process has been a bit slower than we would have liked.
- Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)
Michael D'Arcy: Not yet.
- Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)
Michael D'Arcy: Senator Warfield was much more gentle with me.
- Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)
Michael D'Arcy: We will be seeking applications for staff by the end of January.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)
Michael D'Arcy: I shall read my note and then deal with the Deputy’s comments. Amendment No. 1 is opposed on the basis that it travels with a substantive amendment to section 4, which is also opposed. It is intended that risks in the State would be defined by regulation, rather than in the primary legislation, to minimise the need to amend the legislation in future. Amendments Nos. 5 and 6 are...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (National Claims Information Database) Bill 2018: Committee Stage (29 Nov 2018)
Michael D'Arcy: We are satisfied that it is not required. The Bill is doing exactly what we require it to do, which is to provide for the collection and collation of the information for all the areas of insurance that might be relevant. We are starting with motor insurance and over a period we will flow between other areas where calculation is required. We are satisfied that what the Deputy proposes is...