Results 1,301-1,320 of 6,295 for speaker:Michael D'Arcy

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: That is a little unusual. Perhaps there is some evidence to show there potentially may be a flood.

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: The insurance companies have to take that into consideration in their pricing model. They are structured and established to pay out in the event of a winter storm, for example, or an accident. The companies will calculate on the basis of the information available and the more information they have, the better. I know what Deputy Fitzmaurice is talking about. It may be a desktop...

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: I do not. Deputy McGrath outlined the 3% stamp duty and the 2% levy to pay for the Quinn Insurance debacle. That fund is still in deficit to the tune of €770 million. Now we have another 2% to pay for Setanta Insurance and Enterprise Insurance. I do not envisage that would be the case.

Insurance (Amendment) Bill 2018: Order for Committee Stage (12 Jul 2018)

Michael D'Arcy: I move: "That Committee Stage be taken now."

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: Insurers are private businesses and therefore the Minister for Finance cannot direct them to absorb these particular costs. It is a matter for the insurance company whether to absorb them or not. If they are seeking market share and pricing accordingly, they can absorb them. If the Minister interfered in the pricing of insurance products, he would, in effect, be requiring insurers to sell...

Insurance (Amendment) Bill 2018: Committee and Remaining Stages (12 Jul 2018)

Michael D'Arcy: At that stage our expectation is that when the fund reaches €150 million, the levy will be reduced to 1% and take the fund to €200 million. The rate will revert to zero at that point because €200 million is the appropriate figure for the fund. In the review of the framework for motor insurance in Ireland, it was recommended that the 35% payment from industry be made via...

Fossil Fuel Divestment Bill 2016: Report and Final Stages (12 Jul 2018)

Michael D'Arcy: The amendment effectively replaces the full text of the original Bill, as presented by Deputy Pringle. It is based on an amendment that Deputy Pringle initially proposed on Committee Stage. It has now been agreed after extensive engagement between Deputy Pringle's office, NGOs, Ireland Strategic Investment Fund and the Department of Finance such that it sets challenging but achievable...

Fossil Fuel Divestment Bill 2016: Order for Report Stage (12 Jul 2018)

Michael D'Arcy: I move: "That Report Stage be taken now."

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: I thank Deputy Michael McGrath for bringing forward the Bill, which will ensure that owners of loan books will have to be authorised and regulated by the Central Bank of Ireland. I am representing the Minister for Finance, Deputy Donohoe, who is at ECOFIN today. This is an important piece of legislation and we need to be careful that it does not have unintended consequences. I...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: I accept there is a lot there.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: The main reason for regulating as credit servicing firms is that the new EU rules on credit servicing are being developed and we do not want to deviate too far from this development where there is interaction between the Commission, the ECB and the Central Bank of Ireland. That is why it is a good opportunity for us to have Committee Stage now. We can see how potentially they will impact...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: I will meet officials from the Central Bank during the summer on this matter. I am not sure we will be able to get agreement with them on this. That is where it is.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: Sure.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: May I suggest that we go into private session and allow the official to speak on the matter?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: On the Deputy's last question, the holder is the regulated entity. Subsection (2) means that there is no confusion as to where the buck stops. Under this legislation, the buck will stop with the owner of the debt or fund, not the administrators or the agents on behalf of the fund. In the debate we are having on whether it is a retail credit firm level of regulation or the credit...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: The point I was making to Deputy Pearse Doherty was that I am sure there would be a challenge if we applied the retail credit firm level of regulation to a firm that does not provide credit.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: If we go into private session we can get an answer from the departmental officials, who have been in contact with the Central Bank directly.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: I agree with the amendment, which achieves what we set out to do, that is, to ensure that loan owners are regulated and authorised by the Central Bank. Securitisation can continue to operate and consumers will continue to be protected. The changes also provide for transitional authorisation for existing owners and are similar to the versions in the 2015 legislation.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018: Committee Stage (12 Jul 2018)

Michael D'Arcy: This deals with the systemic nature of-----