Results 2,181-2,200 of 6,295 for speaker:Michael D'Arcy

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

Michael D'Arcy: The real concern is that what the Bill does with regard to direct and indirect investments means that there could be unintended consequences that could catch out a lot companies throughout the country and do a lot of damage to them.

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

Michael D'Arcy: Yes.

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

Michael D'Arcy: I will clarify that issue, if I may. The impression seems to be that SBCI loans are cheap or are really good value but they are only a little bit cheaper than the market. In percentage terms, the amount is small. The SBCI is not 4% or 5% cheaper than the market. It is only a little cheaper.

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

Michael D'Arcy: The concern is that the definition of indirect investment in fossil fuels is so wide that it could catch so many areas in so many ways that are unintended. That is what we are saying. A fossil fuel company is any company whose business, either wholly or partly, engages in the exploration, extraction, refining, processing or delivery of fossil fuels. The figure we have put on this is that...

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

Michael D'Arcy: It is in the worldwide global fund.

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

Michael D'Arcy: We think it could be.

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

Michael D'Arcy: In terms of the figures in question, the figure of €288 million is for short-term debt and equities-----

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

Michael D'Arcy: Yes, but it is the back-up. Let us take the €3.5 billion, a portion of which is X amount. I do not know what that X amount is but it could be invested in a company that is captured by this definition-----

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

Michael D'Arcy: ISIF is only applying that to the €288 million - the producers and processors. The €30 million applies to the €288 million figure. The €1 billion that we are talking about relates to the €3.5 billion in the global assets under ISIF's aegis. There could be a company with an investment of X amount. The company may require a figure of multiples of that...

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

Michael D'Arcy: If I am not clarifying it, I apologise. The €288 million figure covers processors and producers of fossil fuels. These are the companies that extract coal, oil, gas and so on. That is the direct investment element. The concern is that the definition is so wide that it could include companies that, as Senator Horkan said, produce plastics, for example. Such companies might be...

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

Michael D'Arcy: We will get a note.

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

Michael D'Arcy: The position is that we do not believe it is the vehicle through which climate change measures should be actioned.

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

Michael D'Arcy: We are in the stage of what the clerk called detailed scrutiny. We have to conclude our thought process on that.

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

Michael D'Arcy: The current policy is that is the case. It is the current legislation. The NPRF has the opportunity to invest in a company to get the maximum return. ISIF funding is divested from the global pot to invest in Irish companies that provide Irish jobs. ISIF will implement the policy. The policy is based on legislation. It is determined now in the new political arena here. Whatever 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 answer is that ISIF is doing that anyway. It is divesting from fossil fuel investment. That is what we are hear to talk about. We believe it is best that it be done over the five-year period in line with existing policy. We are concerned that there are companies that could be excluded from funding by the indirect consequence of the definition. That is the main concern.

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

Michael D'Arcy: The only question is the definition and its potential impact on the business about which I spoke to the Deputy, a plastics factory that is indirectly covered by this legislation.

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

Michael D'Arcy: Unfortunately, the point is also very clear for fossil fuel companies. The ESB and Bord na Móna, which were mentioned, would be excluded in terms of processing and refining, which are crucial.

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

Michael D'Arcy: The core principles of the Bill have been accepted regarding the bona fides concerning what the Bill is about but we feel this is not the right tool with which to have an impact on climate change. Other Departments would have to be consulted, including the Department of Communications, Climate Action and Environment and, most likely, the Departments responsible for transport and energy. We...

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

Michael D'Arcy: I am not trying to paint a rosy picture. The National Pensions Reserve Fund had a single objective: to maximise funds on behalf of the Irish nation. The fund invested. Then, the strategy changed. It was altered and moved towards bringing the money home to invest in Irish companies to benefit Irish jobs. Without having made that decision years ago, we would not have an extra 220,000 jobs...

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

Michael D'Arcy: I think it is important to defend the fund. Earlier, I noted the actions ISIF is taking to address climate risk. I think the record of the fund is better than most. It is the only fund in Ireland that is a signatory to the principles for responsible investment. It is important to put that on the record. Deputy Doherty used the terms "dirty" and "dangerous". I do not believe that is what...