Results 3,301-3,320 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Try and be concise if you could please, my time is running out.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Okay. If I could move on, please. The '07 Labour manifesto proposed a 2% cut in the basic rate of income tax. One of the criticisms here had been the narrowing of the tax base. Would the 2% on the basic rate ... would have cost a lot of money, I don't have a figure, but the fact that it was on the basic rate, it would have been billions. Would this commitment not have further eroded the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Sorry, could I ... If I could just come in now-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: But, sorry, those ... If I could just very quickly. I'll just clarify. From '97 to '07 the higher rate reduced from 48% back to 41%. The basic rate reduced in a similar amount as well. What I'm saying is, those moneys lost, foregone to the Exchequer, were replaced with the transactional taxes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: And that's the issue. The Labour manifesto in '07 subsequently was to reduce the rates at '07 by a further 2%. So that was a continuation of the same policy of the previous Government.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: The point I'm making, Mr. Rabbitte, and perhaps, Tánaiste, if you could take it up, is that to reduce the tax base of the basic rate by 2% would cost the Exchequer billions. It had to be replaced with something else. And the question is: did the Labour Party have plans in place to broaden the tax base or, subsequent to what Deputy Rabbitte has said, would that plan have had to be...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: But you could have increased the band.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: You could have increased the band and left the rate at the same amount.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Could I put it to you, and I'm going to ask you your view upon it ... of the statement that I make, and I'm not trying to lead the witness, Chairman, was it just auction politics?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Mr. Rabbitte, was it auction politics?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Can I ask, Mr. Rabbitte, during your time in opposition did you actively seek views and opinions from banks, property developers, or their trade bodies in order to develop your policy strategy?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: And how did you ensure that those policies that were developed, were developed in a way that balanced the needs between all stakeholders?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Tánaiste, you were the ... Deputy Rabbitte's finance spokesperson from '02 onwards to '07. And you had cited the FSR reports in your own opening statement. You itemise about, on page 3, the ... loading of citizens with "unsustainable debt".
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: The loading of citizens with "unsustainable debt".
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Did you ever go to the then, or whoever was acting, Central Bank Governor to ask the Governor to take action in relation to the sustainable debt that was being clearly stated in the FSR reports, about household debt in particular?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Can I ask ... can I ask, did you go to the Governor? Not quotes that you put out there, did you seek a meeting ... did you correspond with the Governor, requesting the Governor to use the tools that were available to him, as the Governor of the Central Bank, in relation to financial stability?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: But the question, Chairman, the question I asked was, if I could, please, did you request the Governor to use the tools available to him in relation to the financial stability-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: No, I didn't ask that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Did you ask the then Governor of the Central Bank to use the tools that were available to him in relation to financial stability because the level of personal indebtedness?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Any stage.