Results 1,601-1,620 of 6,295 for speaker:Michael D'Arcy

Seanad: Commencement Matters: Community Banking (13 Feb 2018)

Michael D'Arcy: My strongly held view is that the more competition in the market, the better, but it has to be the right type of competition. Members are aware of the result of having the wrong type of competition 12, 14 or 15 years ago. It completely skewed the pitch. I discussed insurance earlier. The wrong type of competition can have a hugely detrimental impact in many different areas. The model in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill: Discussion (8 Feb 2018)

Michael D'Arcy: I welcome the opportunity to brief the committee on the draft general scheme of the insurance (amendment) Bill. Its purpose is to implement the recommendations of the review of the framework for motor insurance compensation in Ireland, which was approved by the Government in July 2016. I wish to take a few moments to remind the committee of the background to this important matter. The...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill: Discussion (8 Feb 2018)

Michael D'Arcy: The ICF would pay in full and then recover from the industry over a period. To put this into context, there is about €22 million in the account at present. The ICF brings in about €75 million per annum. Over the period, that will be built up to €200 million, and then the percentage increases or decreases based upon the requirement.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill: Discussion (8 Feb 2018)

Michael D'Arcy: It is a matter for each company to make its determination as to whether to pass on the 2%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill: Discussion (8 Feb 2018)

Michael D'Arcy: We will frame it in such a way that the insurance company can absorb that from within its margin. It is up to the company.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill: Discussion (8 Feb 2018)

Michael D'Arcy: I have pretty much covered the matter. I appreciate its urgency. The sooner we can get the Bill concluded, the sooner we can move to conclude Setanta.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill: Discussion (8 Feb 2018)

Michael D'Arcy: I appreciate the Chairman's help with this.

Extreme Weather (Miscellaneous Provisions) Bill 2018: First Stage (7 Feb 2018)

Michael D'Arcy: No.

Seanad: Commencement Matters: Insurance Industry (1 Feb 2018)

Michael D'Arcy: I thank Senator O’Donnell for raising this matter. It is an opportunity to put on the record of the House where things stand in this regard. He is aware that a Supreme Court ruling in May of last year overturned the Court of Appeal and High Court rulings that the MIBI was liable for such claims. The Supreme Court clarified that the ICF is liable for third-party claims, subject to a...

Seanad: Commencement Matters: Insurance Industry (1 Feb 2018)

Michael D'Arcy: As stated, the Government is conscious of the need to satisfactorily conclude the full compensation to Setanta third-party claimants as soon as possible. Through its announcement on Tuesday, the Government has indicated its willingness to facilitate this issue. It is important to remember that no payment can be made in the absence of a settlement by a third-party claimant. In this regard,...

Other Questions: Common Consolidated Corporate Tax Base Proposals (30 Jan 2018)

Michael D'Arcy: I thank the Ceann Comhairle for the opportunity to correct the record. I was told that the two MEPs went to the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach and said that I said something. I want to be clear that what was said by the MEP was advice that he offered to me for the Taoiseach to take, which is a very different thing. I said to the MEP that that was...

Priority Questions: Motor Insurance Claims (30 Jan 2018)

Michael D'Arcy: I cannot give an undertaking. When we had this conversation previously in the Chamber, I gave undertakings that I would do everything I could to try to conclude the matter as quickly as I could. My officials have done a good job to try to bring this to a conclusion and I am hopeful this can be concluded as quickly as possible. Unfortunately, I cannot do anything about the six months for...

Priority Questions: Motor Insurance Claims (30 Jan 2018)

Michael D'Arcy: Setanta Insurance was placed into liquidation by the Malta Financial Services Authority on 30 April 2014. As it was a Maltese incorporated company, the liquidation is being carried out under Maltese law. As the Deputy is aware, the Supreme Court delivered its judgment on 25 May 2017 and overturned the previous decisions of the High Court and the Court of Appeal that the Motor Insurers'...

Priority Questions: Motor Insurance Claims (30 Jan 2018)

Michael D'Arcy: I will take the last point first. As Deputy McGrath knows, the Insurance (Amendment Bill) 2017 is awaiting pre-legislative scrutiny. It is incumbent on all of us to try to get that legislation through both Houses as quickly as possible to ensure that people do not find themselves in a similar position to Setanta's claimants. The Minister for Finance, Deputy Pashcal Donohoe, required the...

Appropriation Bill 2017: Order for Second Stage (14 Dec 2017)

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

Appropriation Bill 2017: Second and Subsequent Stages (14 Dec 2017)

Michael D'Arcy: The Appropriation Bill 2017 is an essential element of financial housekeeping that, as Deputies are aware, must be concluded by the end of the year. There are two primary purposes of the Appropriation Bill. The first purpose is to provide authorisation in law for all of the expenditure that has been undertaken in 2017 on the basis of the Estimates, which were voted on by the Dáil during...

Finance Bill 2017: From the Seanad (13 Dec 2017)

Michael D'Arcy: He just answered that.

Finance Bill 2017: From the Seanad (13 Dec 2017)

Michael D'Arcy: We are on Committee Stage.

Seanad: Finance Bill 2017: Report and Final Stages (12 Dec 2017)

Michael D'Arcy: Section 85 is intended to provide for a detailed exploration of the key issues in the implementation of a vacant property tax to be reported on within nine months of the passing of the Finance Bill. This period should allow sufficient time to collect and analyse the relevant information. Importantly, the report should be completed in time for consideration in advance of budget 2019. The...

Seanad: Finance Bill 2017: Report and Final Stages (12 Dec 2017)

Michael D'Arcy: The programme for a partnership Government contains a commitment to develop the process of budget and policy proofing as a means of advancing equality, reducing poverty and strengthening economic and social rights. It also includes a commitment to ensure the institutional arrangements are in place to support equality and gender proofing in key Departments and the independent fiscal and...