Results 2,161-2,180 of 6,295 for speaker:Michael D'Arcy

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: The figure of €30 billion of €200 billion is a result of the banks. The figure of €7 billion refers to it all. Our deficit is €140 billion. They are the figures. It is important to put them on the record. Senators O'Donnell and Humphreys spoke about the prospect that, at some stage, somebody would be allowed to purchase his or her loan at a reduced rate. We...

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: We do not know that.

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: The Bill does not deal with that.

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: The debt stays with the person. While the property might transfer, the amount may or may not be reduced. The full debt is still liable to the person who signed on the dotted line; that is the responsibility of a person who signs for a mortgage.

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: They are the points I want to address. I also accept the bona fides and the spirit in which the Bill is proposed. Everybody would like to do something for people facing the appalling vista that is the pressure of being in debt. I thank Senators for introducing the Bill. I know it is motivated by a genuine desire to assist those suffering with long-term mortgage arrears and the fear of...

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: I will get a copy for Senators. The Government cannot support the Bill because, if brought into law, the Bill as drafted raises very serious concerns from a number of perspectives, including housing policy. The Bill could lead to the State housing budget being reallocated from social and affordable housing to the blanket purchase of mortgages in arrears for the benefit of individual...

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: Abhaile facilitates State-funded access to legal advice and-or consultation with a personal insolvency practitioner for indebted borrowers to ensure that they are fully informed about all available options to address their mortgage debt. The Consumer Protection Act 2015 has been enacted to fill the consumer protection gap where loans were sold by the original lender to an unregulated firm....

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: I will not finish this in a minute, if the Chairman could indulge me, please. Members will also be aware of the code of conduct on mortgage arrears, CCMA, which set out how mortgage lenders must treat borrowers in or facing mortgage arrears, with due regard to the fact that each case of mortgage arrears is unique and needs to be considered on its own merits, with the objective of at all...

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: This Bill would have an adverse impact on the ability to undertake secured lending in Ireland which is ultimately dependent on the financial institutions' right to realise the security if needed, and priced accordingly. This is the cornerstone of secured lending and an effectively functioning mortgage market.

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: I reiterate the Government's strong opposition to this Bill for the reasons outlined and urge Senators not to pass the motion for this Bill. It is important that any proposal for such far-reaching legislation would have been thoroughly researched in terms of the current situation, the expected impact and outcomes, and be subjected to rigorous regulatory impact analysis so that the resulting...

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: May I respond to Deputy Norris?

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: I want to respond to Senator Norris.

Seanad: National Housing Co-operative Bill 2017: Second Stage (28 Jun 2017)

Michael D'Arcy: It is not ideal for people to have their houses repossessed. The Senator does not have the monopoly on this, not for one second.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: I thank the Chairman for the invitation to address the committee today on the topic of the Fossil Fuel Divestment Bill 2016. As the committee is aware and as outlined on Second Stage the Bill, which does not form part of the Government's legislative programme, gives rise to a number of concerns. However, as also outlined on Second Stage, the Government is committed to working on the Bill...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: While absolutely accepting the bona fides of the Bill, we very clearly think this is the wrong method to deal with climate change. The ISIF fund evolved from the NPRF. Put into context, this legislation would have a direct investment impact on €288 million of assets. There would be an indirect impact on a further €1 billion worth of assets. We just do not feel this is the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: The NPRF's objective is to get the maximum return. The ISIF fund is different. It has different criteria to meet. The funds coming from those external global funds and shares or stocks or wherever they are invested will be divested over a period as required, and there is a requirement in the State for a commercial return to have an economic impact. It is equally important that areas in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: I saw some of them, I did not see them all.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: I completely agree with Senator and the ISIF is doing this. It is important to understand and recognise it is doing this. There is a process in place and the expectation is that it would be concluded in five years.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: I do not want to say that it is unnecessary but that is the policy to which ISIF is adhering. The correct figure is €288 million, in terms of direct investments and €1 billion in indirect investments. We cannot ignore the fact that Ireland is very heavily reliant on fossil fuels. Approximately 91% of all our energy requirements in 2015 was met by fossil fuels - 48% by oil,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: It does not mean that at all but we are divesting of those types of assets, particularly those that are not moving towards a low carbon structure. They are going to come under financial pressure, one way or another, in the future. We believe that ISIF is going in the right direction and that it should be allowed to continue.