Results 3,541-3,560 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: And, the extent in which you can argue against the Minister, how far can you go? How far can you take it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: And, can I ask you in relation to the budget 2003 decentralisation programme that was announced ... can I ask your view in relation to that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: It was a cost to the Exchequer for the decentralisation.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Okay. If I could just go back to the SSIAs, Mr. McNally, could you give me ... could you outline the reasons why you opposed the Minister's savings programme?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: And were you just opposed to all SSIAs? The idea that people that are very wealthy getting a 20% top-up from the State - did that occur that that was unfair and unreasonable?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: I just want to move on to the ... to your core booklet, Mr. McNally, page 101, in relation to the report. Sorry now, it's not 101, it is page 105 onwards about economic and fiscal implications of a reduction in housing output, where it says that for every 10,000 units, private units ... would reduce that there would be a fiscal deterioration of €1.8 billion. It's 105 onwards.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: And were ... was that a major concern for the public expenditure side of the Department, in terms of the reduced revenue that would be coming in every ... because there was a ... analysis concluded that there would be tens of thousands of units that would not be built in that period, going forward.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Okay. As early as 2001, a paper presented to the MAC meeting on 26 April shows the Department were facing a specific skills challenge and had a broad spectrum of skills requirements among others in economic modelling. Can you give us your view if efforts were made by the Department, if they were sufficient after 2001 to improve the skills shortage?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Could you explain to me, Mr. McNally, then if, as you say, the Wright report said that there was nothing wrong with the quality of the analysis, how did the downturn ... how did the recession sneak up on the Department of Finance to the extent that it did and how was it so bad if the forecasting was of quality?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Was the Department of Finance aware of the level of bank balance sheet growth that was occurring for the previous years?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: And in terms of, say, financial stability within the Department, did nobody ever raise that issue?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: What policy initiatives, withdrawal of tax incentives, increased capital requirements across the sector were considered by Government to address the risks emerging in the economy during your tenure in the Department of Finance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: What initiatives, what changes did the Government engage in to address the risks emerging in the economy?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: In terms of that report, can I ask your opinion of the appropriateness of some of those schemes, seaside resort one, there are others? Can I ask your view, your personal view on the appropriateness of them, the benefit that they had to the Irish economy?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Yes. Who was not convinced? Was it you personally or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: It was the view within Department.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Was it the accepted view or was it the general view?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Okay. So it was a political decision to advance those schemes. It wasn't with the behest of the Department of Finance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Okay. And then just to revert back to my question previously, Mr. McNally, in relation to transactional taxes which, in 1987, were a total tax take of 8%. That increased up to 30% in 2006; you said corporation tax was a portion of that. Did the Department highlight that concern, that issue, to the Minister over those number of years because it wasn't just-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: -----a single year?