Results 1,381-1,400 of 6,295 for speaker:Michael D'Arcy

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

Michael D'Arcy: We have carried out a good deal of analysis on this matter. We are satisfied that the legislation that was passed last year is sufficient. I will read the note and we can then discuss it through the Chair. The current legislation permits the ombudsman to investigate complaints about long-term financial services that occurred before 2002 in particular circumstances. Section 51(2)(3)...

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 thank the Deputy. We have had the further look. The spirit of the legislation was clear to anybody who sat through the debate on it. I sat through it on this side and the other side of the House prior to 11 months ago when I was a member of the committee. We want the Ombudsman to look at this. It is very clear. It is a matter for the Ombudsman to do so. I respectfully put it to the...

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

Michael D'Arcy: To act in good faith with the committee members, a lot of time and energy went into the debate on the Bill last year so this would be captured. The spirit of the legislation was that the Ombudsman would have the opportunity to investigate these matters. I have no doubt that was the spirit of the law. We believe we have gone as far as we can go. That said, I suggest that we would leave the...

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

Michael D'Arcy: We have all acted in the best interests of people, consumers in particular, but from what I can see none of them has been investigated. The legislation has only been enacted for a short period of time. I do not have a figure. I am told that is a small number of cases but none has been consented to for an investigation. Additional scoping into that is required, and following that we can...

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

Michael D'Arcy: That was only passed last July; it was commenced on 1 January, so it was available for people to bring cases to the ombudsman from that date. Sorry, will the Chairman repeat the question?

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

Michael D'Arcy: No, there is a 12 month rule.

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 that.

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 saying that. Our analysis now is that the powers are with the ombudsman and that he has the authority to deal with it. It is a matter for his or her discretion. Deputy Michael McGrath is saying that we might have to bolster the Bill somewhat. We will scope that further with the ombudsman in order to see exactly how and why and I ask that the committee do the same. If there is...

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

Michael D'Arcy: We are saying is that it is not.

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

Michael D'Arcy: No, we are satisfied that the legislation is sufficient to allow the ombudsman to investigate. What I am saying is that there is a matter of discretion on the part of the ombudsman's that he has to date chosen not to investigate any of these. We can only give the ombudsman the authority to do so but we cannot explicitly instruct him or her to do so.

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 sure that we can do that. That is the issue.

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

Michael D'Arcy: As I have said, the matter must be just and equitable to both parties, not just one. We have worked hard on it and we feel as though we have pushed as far as we can. It might be that somebody else feels they can push a little further. We are not questioning the ombudsman on this. I am sure that this committee has authority to do so. On Report Stage, it is open to pursue it again. We...

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. 4:In page 6, after line 24, to insert the following:“(2) Section 2 of the Financial Services and Pensions Ombudsman Act 2017 is amended by the insertion of the following after subsection (2):“(3) Notwithstanding the fact that the financial service does not fix its duration to be of a term such as is referred to in paragraph (a) of the definition of...

Seanad: Local Property Tax: Motion (30 May 2018)

Michael D'Arcy: I will answer the last question first. The submission period is closed. It was open for two weeks and was extended for a further week. It was on the Department's website and was also in the media. A total of 12 submissions were received. My proposal is designed to clarify the background to the local property tax, LPT, and its purpose and to note that a review of the tax is currently...

Seanad: Local Property Tax: Motion (30 May 2018)

Michael D'Arcy: We do indeed. We have extended the tax base, which was appropriate and correct. As I have said, a review is under way. I suggest that Senators wait until they see the outcome of the review. That is the appropriate thing to do. As Senator Paddy Burke said, the Minister for Finance is on record as stating he would expect the local property tax to be affordable. He has said this publicly.

Seanad: Local Property Tax: Motion (30 May 2018)

Michael D'Arcy: We will indeed.

Seanad: Local Property Tax: Motion (30 May 2018)

Michael D'Arcy: I expect it will be affordable, in line with what the Minister has said. Do we expect it to double or treble? That is not the expectation. Will it increase? I do not know but I have seen very few taxes decrease. They normally increase. The appropriate thing to do with taxation is to increase it in a careful incremental way by small amounts initially and that is how one increases the tax...

Seanad: Local Property Tax: Motion (30 May 2018)

Michael D'Arcy: The Senator is choosing to ignore the State, or Dún Laoghaire, benefiting from huge volumes of money from other areas, or other Departments.

Seanad: Local Property Tax: Motion (30 May 2018)

Michael D'Arcy: People in rural-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Update on Insurance Matters and Implementation of the Report on the Cost of Motor Insurance: Discussion (29 May 2018)

Michael D'Arcy: I thank the joint Oireachtas committee for this invitation to discuss issues in the insurance sector. We are here to discuss an important and, at times, emotive issue for people and businesses across the country.