Results 1,361-1,380 of 6,295 for speaker:Michael D'Arcy

Home Building Finance Ireland Bill 2018: Second Stage (Resumed) (5 Jul 2018)

Michael D'Arcy: It was 6,000.

Home Building Finance Ireland Bill 2018: Second Stage (Resumed) (5 Jul 2018)

Michael D'Arcy: It is over three years.

Topical Issue Debate: Community Banking (5 Jul 2018)

Michael D'Arcy: The Government recognises there are a number of positive principles underlying the concept of local public banking in general. It is committed to commissioning independent external evaluation of other possible ways in which the public bank concept could be promoted in Ireland. This could be by means of an online platform, leveraging the Strategic Banking Corporation of Ireland, the post...

Topical Issue Debate: Community Banking (5 Jul 2018)

Michael D'Arcy: The Department of Finance and the Department of Rural and Community Development were tasked with fulfilling a programme for Government commitment to thoroughly investigate the German Sparkassen model for the development of local public banks that operate in well defined regions. Both Departments prepared a report on the findings of their investigation which involved an analysis of the...

Home Building Finance Ireland Bill 2018: Second Stage (5 Jul 2018)

Michael D'Arcy: He lives in the same constituency as Deputy Burton.

Home Building Finance Ireland Bill 2018: Second Stage (5 Jul 2018)

Michael D'Arcy: No.

Home Building Finance Ireland Bill 2018: Order for Second Stage (5 Jul 2018)

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

Home Building Finance Ireland Bill 2018: Second Stage (5 Jul 2018)

Michael D'Arcy: I move: "That the Bill be now read a Second Time." I am pleased to present to the House the Home Building Finance Ireland Bill 2018. It is a significant Bill which provides for the establishment of Home Building Finance Ireland, HBFI, which will give a much needed boost to the availability of finance for residential development in the State. HBFI is being proposed in the context of a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Markets in Financial Instruments Bill 2018: Committee Stage (31 May 2018)

Michael D'Arcy: Section 1 sets out the Short Title of the proposed Act as the Markets in Financial Instruments Act 2018.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Markets in Financial Instruments Bill 2018: Committee Stage (31 May 2018)

Michael D'Arcy: Section 2 is a standard provision that provides the authority for any expenses incurred by the Minister in the administration of the legislation to be met out of funds provided by the Oireachtas.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Markets in Financial Instruments Bill 2018: Committee Stage (31 May 2018)

Michael D'Arcy: Section 3 repeals section 5 of the Markets in Financial Instruments and Miscellaneous Provisions Act 2007. Section 5 of that Act had provided for fines and convictions under infringements set out in the first markets in financial instruments directive, MiFID 1. It is necessary to repeal the legislation as it is no longer applicable since the coming into force of the markets in financial...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Markets in Financial Instruments Bill 2018: Committee Stage (31 May 2018)

Michael D'Arcy: Section 4 of the Bill simply provides a definition that "Act of 1942" means the Central Bank Act 1942.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Markets in Financial Instruments Bill 2018: Committee Stage (31 May 2018)

Michael D'Arcy: Section 5 is the main part of the Bill in respect of MiFID 2. It provides that a person guilty of an offence under certain provisions of the MiFID 2 regulations, such as operating without authorisation, is liable, on conviction on indictment, to a maximum penalty of €10 million or imprisonment for ten years, or both. This is a continuation of the criminal sanction regime that existed...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Markets in Financial Instruments Bill 2018: Committee Stage (31 May 2018)

Michael D'Arcy: I do not have information on the substantive white-collar crime aspect. I just have information on what I have responsibility for, that is, MiFID, the sentence of ten years and the fine of €10 million. They follow on from the previous regime. Under MiFID 1, there was also a fine of €10 million and the potential for ten years in jail.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Markets in Financial Instruments Bill 2018: Committee Stage (31 May 2018)

Michael D'Arcy: I am not aware, nor would I be made aware. It is not my side of the house. White-collar crime relates to the Department of Justice and Equality. Progress on this is a matter for that Department and the justice committee. This Bill just relates to financial instruments but it is also a matter for the Department of Business, Enterprise and Innovation. I would not be asked about...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Markets in Financial Instruments Bill 2018: Committee Stage (31 May 2018)

Michael D'Arcy: I will try to get a note for the Deputy.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Markets in Financial Instruments Bill 2018: Committee Stage (31 May 2018)

Michael D'Arcy: Section 6 allows the Central Bank, with the permission of the Minister for Finance, on having conducted appropriate consultations, to charge fees in respect of its functions under the European Union (Markets in Financial Instruments) Regulations 2017.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Markets in Financial Instruments Bill 2018: Committee Stage (31 May 2018)

Michael D'Arcy: Section 7 amends Schedule 2 of the Central Bank Act 1942 in order to ensure that the Central Bank's powers will cover the Markets in Financial Instruments Act 2018.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Markets in Financial Instruments Bill 2018: Committee Stage (31 May 2018)

Michael D'Arcy: Section 8 provides for a technical amendment to section 2 of the Credit Reporting Act 2013 in order to address a lacuna in the present definition of credit, which has the unintended effect of excluding hire purchase, personal contract plans, PCPs, and similar types of credit agreement from the scope of the Central Bank's central credit register.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Markets in Financial Instruments Bill 2018: Committee Stage (31 May 2018)

Michael D'Arcy: I move amendment No. 1: In page 6, line 6, after “paragraph (b)” to insert “and subsection (3)”. It is fair to say that Deputy Pearse Doherty and I are not totally in opposition in terms of these amendments. We both want to ensure that long-term financial services which are not of a fixed or definite duration can be investigated by the ombudsman under the...