Results 841-860 of 6,295 for speaker:Michael D'Arcy

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: And it is Thursday evening.

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: Section 110 of the Taxes Consolidation Act 1997 sets out the regime for the taxation of special purpose vehicles set up to securitise assets. Securitisation is both useful for banks in freeing capital to allow them to continue to lend to all taxpayers and for the productive economy as it can underpin the supply of capital market financing to industries and companies in Ireland, Europe and...

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: The 9% VAT rate was introduced as a temporary measure in the Finance Act 2011 to cease at the end of 2013. This period was extended subsequently, but during last year's Finance Bill a commitment was given to undertake a review of the 9% VAT rate. Everybody knows that it was said here in this Chamber that the 9% VAT rate in budget 2018 would be considered at that stage.

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: Reviewed. The review was published in July 2018 and the budget decision to increase the VAT rate was made following that analysis, which indicated that the majority of activity at the 9% rate is driven by income growth more than price and that the retention of the rate provides little additional benefit relative to its cost. The review of the 9% rate found that tourism expenditure is more...

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: Revenue's position is that food supplements are not food and, as such, they are not entitled under VAT law to the zero rate of VAT.

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: Therefore, the standard rate of VAT applies. The concession in relation to vitamins and the like is proving unworkable as the industry seeks to use the concession to achieve a zero rating for much of the product range in the sector. I accept there is confusion. What the Minister conceded on Committee Stage was that the tax strategy group, when it reports, will bring clarity to the...

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: Yes.

Finance Bill 2018: Report Stage (Resumed) (22 Nov 2018)

Michael D'Arcy: If I recall correctly, we had much the same discussion this time last year. I will not go into the details, but I will mention the action plan for the future of VAT in the European Union. In January the European Commission published a proposal for the reform of VAT. The outcome of any discussion on the VAT rating proposal and the eventual adoption of the proposed legislation will clarify...

Seanad: Fossil Fuel Divestment Bill 2016: Committee and Remaining Stages (22 Nov 2018)

Michael D'Arcy: Last week in the Seanad, I indicated that the new provision inserted in the National Treasury Management Agency (Amendment) Act 2014 by the Fossil Fuel Divestment Bill 2016 would have to be commenced separately by a commencement order under the 2014 Act. I have been informed that, in fact, the obligations imposed by the Fossil Fuel Divestment Bill will come into effect immediately on...

Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)

Michael D'Arcy: I must oppose this amendment, which is the same proposal that was already defeated on Report Stage in Dáil Éireann earlier this month. It puts essentials of the HBFI scheme at risk while conferring no additional powers on the agencies and these circumstances have not changed in the short period since it was rejected by the Dáil. Accepting this amendment could restrict types...

Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)

Michael D'Arcy: The lending facility will not be made available for individuals. It is for developers. If somebody has a scheme that is built and there is a requirement for remedial works, the developer who owned the full development and may still have public areas and a liability relating to remedial works can apply to HBFI for funding for remedial works, but they must be on a commercial basis. We cannot...

Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)

Michael D'Arcy: Not to management companies but to the owner of the development, the person who built it who still has a liability.

Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)

Michael D'Arcy: Nothing is stopping HBFI from participating with a credit union which may participate in development, should it choose to do so.

Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)

Michael D'Arcy: There is nothing to stop that from happening but it is important to understand that some credit unions have established a special purpose vehicle for development.

Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)

Michael D'Arcy: There is no such thing as a risk-free option. There is a risk when money is put into such vehicles and lent to developers. Is the Senator referring to co-funding into an SPV with a credit union fund?

Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)

Michael D'Arcy: It could.

Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)

Michael D'Arcy: I assume it would be able to do so.

Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)

Michael D'Arcy: The hope and expectation is that this funding stream will be for the smaller developer. We do not want two very large entities having two developments of €320 million each. It is for the small builder who will build ten or 15 units.

Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)

Michael D'Arcy: There is a lower limit of ten units. We hope that the guys who build ten units in small rural towns will have the opportunity to avail of this. If they go to a bank they can get up to 60% if the site is paid for but the remainder has to come from equity or mezzanine finance, which is particularly expensive and can be more than 15%. The Senator and I sat on the banking inquiry and the big...

Seanad: Home Building Finance Ireland Bill 2018: Committee and Remaining Stages (22 Nov 2018)

Michael D'Arcy: I do not want to be as prescriptive as that. When it is established, HBFI will set its own criteria. I anticipate that it will not be making the 60% available in the Senator's scenario but I would anticipate builders going to HBFI for some of the 40%. There is an expectation of some equity being involved, and this is the case in other construction sectors. I do not refer to pretend...