Results 601-620 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.

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. The Deputy is misrepresenting the position. We are spending a large amount of money on capital projects and housing and hundreds of millions of euro are being made available for Brexit.

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: This is State money that we want to have available in an exceptional circumstance. We had these moneys available through the National Pensions Reserve Fund, NPRF, and they were used in a certain manner. We want to ensure that they do not get used for bailing out others. There are other tools available. The note that the Deputy mentioned was made available before the Bill was drafted....

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 will read the note again. We have decided what an exceptional circumstance is.

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, we do not. We have legislation in the form of the Fiscal Responsibility Act 2012, under which an "exceptional circumstance" is defined as either a period of severe economic downturn or during which an unusual event outside the control of the State has a major impact on the financial "position of the general government". The moneys in the pot will then be transferred to the Exchequer and...

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 will deal that amendment when we come to it.

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 will deal with that issue in a moment.

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 do not agree with the Deputy. The domestic banking crisis that Deputy McGrath and I had the pleasure of sitting through cost everyone - the Irish Exchequer, the UK Exchequer and other governments with institutions based in Ireland that were regulated by other entities - €140 billion. It cost the Irish Exchequer in the territory of €33 billion or €34 billion. 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: 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”.