Results 5,701-5,720 of 6,295 for speaker:Michael D'Arcy

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. It is for the Oireachtas to decide in all circumstances.

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: Fiscal Responsibility Act, to which this go back to, is in line with European law. It is a matter for the Oireachtas to trigger this if it is required and if the Minister presents it to the Oireachtas. That is what it is for. It is not to bail out banks. It is a disservice to say that it is to bail out banks. There is a structure there for the banks to be bailed-in, via depositors,...

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: We are dealing with the exceptional circumstance of housing provision in the 2019 Estimates, with an investment of €2.4 billion. A higher sum on housing provision has never been spent previously in the State. We do not yet know what form Brexit will take, but we hope and expect the withdrawal agreement to be agreed to, as it has been by 27 Governments in the Council, as well as by...

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: I disagree. The benefit of having a representative democracy is that a future Oireachtas will have the opportunity to decide on the course it wishes to take in respect of this matter. If Sinn Féin forms part of the next Government and if the latter has a majority in both Houses and decides to change this legislation, that will be a matter for it. The Government believes that the...

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: I move amendment No. 9: In page 6, lines 6 to 8, to delete all words from and including “short-term” in line 6 down to and including “State” in line 8 and substitute “fixed income financial instruments or products, which may include Irish sovereign debt,”.

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 amendments seek to alter section 8 of the Bill to ensure flexibility of the day-to-day management and control of the fund. During drafting, it was intended that there would be freedom to invest in Irish sovereign debt and other financial instruments and products such as short-term bonds. However, the current wording does not adequately provide for this. The proposed amendment also...

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: I move amendment No. 10: In page 6, lines 11 and 12, to delete “short-term financial products,” and substitute “fixed income financial instruments or products,”.

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: I move amendment No. 11: In page 6, line 15, to delete “deposit institution” and substitute “financial institution”.

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: I move amendment No. 12: In page 6, to delete line 16 and substitute “the issuer of the fixed income financial instruments or products,”.

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: I move amendment No. 13: In page 6, line 20, to delete “short-term financial products” and substitute “fixed income financial instruments or products”.

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: I move amendment No. 14: In page 6, line 22, to delete “short-term financial products” and substitute “fixed income financial instruments or products”.

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: I move amendment No. 15: In page 6, lines 24 and 25, to delete “short-term State debt” and substitute “Irish sovereign debt”.

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: I move amendment No. 16: In page 6, line 28, to delete “short-term State debt” and substitute “Irish sovereign debt”.

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: I move amendment No. 17: In page 6, between lines 28 and 29, to insert the following: “(4) In this section “Irish sovereign debt” means debt instruments issued by the State.”.

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: Responsible Governments must address a multitude of challenges. A responsible Government cannot focus all of its resources on one challenge as that would only exacerbate the other challenges. The establishment of the rainy day fund is a longer term decision which represents part of a wider policy commitment to ensure sound public finances and, in this context, should not be seen as an...

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: Yes, weather events is the best example and an extreme storm is the best example I foresee. This fund is for unforeseen circumstances so I do not know what that circumstance would be but this gives the flexibility for it to happen if it is required but it must be based upon reasonable grounds which will not be flippant or glib.

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 the point. This covers times when the Dáil is in recess and there is no opportunity to recall the Dáil. That may be a requirement. That is not expected but there should be flexibility.

Report on Public Private Partnerships for Public Sector Infrastructure Projects - Liquidation of the Carillion Group: Motion (4 Apr 2019)

Michael D'Arcy: I welcome this report. Most of the issues raised in it do not fall within the scope of PPP policy. The focus of much of this report seems to be the impact on subcontractors arising from the liquidation of Sammon, itself a subcontractor working on the schools PPP bundle 5 project. This intrudes on law dealing with the complex situation of company insolvency rather than PPP policy or public...

Report on Public Private Partnerships for Public Sector Infrastructure Projects - Liquidation of the Carillion Group: Motion (4 Apr 2019)

Michael D'Arcy: I agree with Deputy Byrne that Mr. Murray has done a super job on the promotion of the work we do in the Oireachtas. Many Members do not always get the level of coverage they should but Mr. Murray has brought coverage of proceedings to each of the counties he has covered. I support the continuation of that service. It is a good service and this is a matter for the Ceann Comhairle and the...

Report on Public Private Partnerships for Public Sector Infrastructure Projects - Liquidation of the Carillion Group: Motion (4 Apr 2019)

Michael D'Arcy: When Deputy Thomas Byrne and I were Senators, a Bill introduced by the former Senator, Feargal Quinn, highlighted the disservice being done to subcontractors. There are also many subcontractors in the private sector who find themselves in difficulty because they are dealing with larger companies. An interaction of unequals is leading to such difficulties. Former Senator Quinn's...