Results 5,661-5,680 of 6,295 for speaker:Michael D'Arcy

Business Insurance: Motion [Private Members] (13 Mar 2019)

Michael D'Arcy: The matter had nothing to do with the Minister, Deputy Ross, as I said at the outset.

Business Insurance: Motion [Private Members] (13 Mar 2019)

Michael D'Arcy: I wish to put on the record that I accept that the State has a significant role in providing and implementing a roadmap for all stakeholders regarding insurance and the level of awards. However, I also believe that the insurance industry needs to reflect on its current position, which in a period of buoyant profitability - three major firms made combined profits of almost €200 million...

Business Insurance: Motion [Private Members] (13 Mar 2019)

Michael D'Arcy: I thank everybody who participated in this debate. We all have a single objective, that is, to reduce the cost of insurance to businesses so that people are not impacted by the higher premium that is being charged. I am not afraid to challenge the vested interests. I am not afraid to challenge the Garda if the Garda is not doing its job in pursuing fraudulent claims that have been...

Independent Clinical Review of Maternity Services at Portiuncula University Hospital: Statements (Resumed) (13 Mar 2019)

Michael D'Arcy: I thank the Deputies for their contributions. Following on from what the Minister, Deputy Harris, stated when opening the debate on this matter last June, I wish to express my heartfelt sympathies to the families involved and commend them on their engagement in the review process. It is vitally important, not least for those families, that the systems learn from these events and ensure that...

Credit Union Restructuring Board (Dissolution) Bill 2019: Second Stage (Resumed) (13 Mar 2019)

Michael D'Arcy: The role of Credit Union Restructuring Board, or ReBo, was to plan for the restructuring of the credit union sector, engage with and assist credit unions in the preparation of restructuring plans, consider and decide on restructuring plans submitted to it by, or on behalf of, credit unions, oversee the implementation of restructuring plans including the provision of post-restructuring support...

Credit Union Restructuring Board (Dissolution) Bill 2019: Second Stage (Resumed) (13 Mar 2019)

Michael D'Arcy: I thank Members for their contributions on Stage Stage of the Credit Union Restructuring Board (Dissolution) Bill 2019. I will come back to them prior to Committee Stage with as many answers as possible to their questions. I look forward to interacting with them at that point.

Credit Union Restructuring Board (Dissolution) Bill 2019: Referral to Select Committee (13 Mar 2019)

Michael D'Arcy: I move:That the Bill be referred to the Select Committee on Finance, Public Expenditure and Reform pursuant to Standing Orders 84A(3)(a) and 149(1).

Seanad: Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2019: Committee and Remaining Stages (13 Mar 2019)

Michael D'Arcy: Section 32, is about tax and how tax applies. It is about the seafarers' allowance. This is exclusively on tax. The current structures in place remain for a temporary period so that people are not discommoded by a no-deal Brexit.

Seanad: Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2019: Committee and Remaining Stages (13 Mar 2019)

Michael D'Arcy: It is not in this section which relates only to tax.

Seanad: Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2019: Committee and Remaining Stages (13 Mar 2019)

Michael D'Arcy: I will respond to both. Everything we are doing - I am only speaking about finance - is to try to ensure that in the scenario of a no-deal Brexit involving a crash out without anything in place, we are able to continue as far as possible in a similar vein without impacting on all types of taxes - income, corporation, capital gains, VAT, stamp duty, CAT, excise and settlement finality - and...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Act 2004 (Section 91) (Deferred Surrender to the Central Fund) Order 2019: Motion (28 Mar 2019)

Michael D'Arcy: I welcome the opportunity to make an opening statement on the deferred surrender facility, which is an important technical instrument to allow the Dáil to formally approve the expenditure by Departments and agencies in the current financial year of capital moneys carried over from the previous year. The multi-annual system is designed to improve the efficiency and effectiveness of the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Act 2004 (Section 91) (Deferred Surrender to the Central Fund) Order 2019: Motion (28 Mar 2019)

Michael D'Arcy: No, it is capital projects.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Act 2004 (Section 91) (Deferred Surrender to the Central Fund) Order 2019: Motion (28 Mar 2019)

Michael D'Arcy: No, the underspend is last year's money that has not been spent. I did not see the note about salaries but I assume it involves salaries relating to the projects where the money has not been spent currently so there is work to be done. It is not all just bricks and mortar. A significant part involves relates to salary so that would make up the salaries portion highlighted by the Deputy.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Act 2004 (Section 91) (Deferred Surrender to the Central Fund) Order 2019: Motion (28 Mar 2019)

Michael D'Arcy: This is the title for the Vote. It is the subhead, which is the capital project itself. It is not salaries.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Act 2004 (Section 91) (Deferred Surrender to the Central Fund) Order 2019: Motion (28 Mar 2019)

Michael D'Arcy: The overspend is subsequently dealt with in that year depending on what is required so there may be a revised Estimate if the overspend is sufficiently-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Act 2004 (Section 91) (Deferred Surrender to the Central Fund) Order 2019: Motion (28 Mar 2019)

Michael D'Arcy: No. Revised Estimate would be presented rather than reducing the capital in that subsequent year.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Michael D'Arcy: No, I am happy to move straight on.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Michael D'Arcy: Section 3 places an €8 billion cap on the value of assets and the money that may be held in the fund but allows any return on the fund to be held in the fund. In our current interest rate environment, we can expect a near zero rate return or a small carry cost for holding the fund as near cash as is practicable. However, the fund is unlikely to reach the €8 billion cap for...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Michael D'Arcy: The Deputy is correct that €1.5 billion is to be transferred from ISIF. I do not have a date for when that transfer will be made during the year. That will depend on the legislation being passed and signed by the President, and when that happens. The objective, initially, is to transfer a single tranche of €1.5 billion. There will be subsequent annual transfers of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Committee Stage (28 Mar 2019)

Michael D'Arcy: That is correct.