Results 1-20 of 48 for 5 million speaker:Michael D'Arcy

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Second Stage (23 Sep 2020)

Michael D'Arcy: ...partnership, ILP, legislation in Ireland, going back to the 1990s, is out of sync with that in other jurisdictions. In essence, if a business is part of such a partnership, and if it invests €2 million in an investment vehicle worth €100 million, it can be liable for losses to the value of the entire sum. As a result, investors do not invest in Ireland because in other...

Seanad: Microenterprise Loan Fund (Amendment) Bill 2020: Second Stage (9 Jul 2020)

Michael D'Arcy: ...person, which always helps in that area in particular. I wish to start by quickly analysing the scale of the pandemic's impact. At the peak of employment about four or five months ago, we had 2.2 million people at work, both part-time and full-time. At the peak of the payments from the Department of Employment Affairs and Social Protection, we had almost 1.2 million people on a social...

National Surplus (Reserve Fund for Exceptional Contingencies) Act 2019: Motion (17 Dec 2019)

Michael D'Arcy: ...That Dáil Éireann authorises the Minister for Finance, pursuant to section 6(1) of the National Surplus (Reserve Fund for Exceptional Contingencies) Act 2019, not to pay the prescribed amount (€500,000,000) under section 5(2) of the Act into the National Surplus (Exceptional Contingencies) Reserve Fund for the year 2019 having regard to the fact that in accordance with...

Financial Resolutions - Financial Resolution No. 9: General (Resumed) (16 Oct 2019)

Michael D'Arcy: ...about what is in it. Average earners are not getting not tax reductions as they did in previous budgets. As Deputies Haughey and Fleming mentioned, social welfare recipients will not get a €5 increase. However, it is important to put the numbers front and centre for people to understand them. A €5 increase for people on social protection payments across the board would...

Seanad: Budget 2020: Statements (8 Oct 2019)

Michael D'Arcy: ...are, therefore, facing a period of uncertainty from a position of strength. The performance of the domestic economy is such that in the absence of Brexit, it would risk overheating. Unemployment is now 5.3%, down from the peak of 16% in 2012, and growth this year is expected to be 5.5%. However, a no-deal Brexit would see a substantial reduction in growth to just 0.7% in 2020 and a...

Seanad: Budget 2020: Statements (8 Oct 2019)

Michael D'Arcy: ...the EU. I am just giving the numbers. People start to pay income tax at closer to €18,000, and they do so at 20%, which is a very reasonable rate. The amount of tax paid on incomes up to €35,000 is very low, which is also appropriate. What the Taoiseach wanted to do and what I have always wanted to do since I came into the Department of Finance is for people to be able to...

Finance (Tax Appeals and Prospectus Regulation) Bill 2019: Second Stage (24 Sep 2019)

Michael D'Arcy: ...Other points were made in the pre-legislative scrutiny with regard to the prospectus. Deputy Doherty highlighted the prospectus threshold in other countries. They are retaining their prospectus at €5 million but a number of other EU member states such as the UK - for however much longer - and France, Denmark, Finland and Italy are to increase their prospectus threshold to...

Finance (Tax Appeals and Prospectus Regulation) Bill 2019: Second Stage (24 Sep 2019)

Michael D'Arcy: ...with some background information on the Tax Appeals Commission, TAC, and the independent review of 2018. The commission was established on 21 March 2016 under the Finance (Tax Appeals) Act 2015 and took over from the Office of the Appeal Commissioners. It was established as an independent body having its own Vote and Accounting Officer with a view to providing increased transparency and...

Seanad: Summer Economic Statement 2019: Statements (26 Jun 2019)

Michael D'Arcy: ...children's hospital, the broadband plan and other capital projects. I can only give him the 2019 figures that were budgeted for at this time last year. There was current expenditure of €59 billion and capital expenditure of €7.3 billion, with an overall figure of over €65 billion for current and capital expenditure. That is an enormous amount. The two projects to...

Seanad: National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Second Stage (12 Jun 2019)

Michael D'Arcy: ...to delegate his investment responsibilities in respect of the fund to the National Treasury Management Agency, NTMA, under section 28 of the National Treasury Management Agency (Amendment) Act 2000. Sections 5 and 6 relate to the transfer of assets to the fund. Section 5(1) requires the Minister for Finance within 30 days of commencement to transfer assets not exceeding €2 billion...

Report on Public Private Partnerships for Public Sector Infrastructure Projects - Liquidation of the Carillion Group: Motion (4 Apr 2019)

Michael D'Arcy: ...the scope of PPP policy. The focus of much of this report seems to be the impact on subcontractors arising from the liquidation of Sammon, itself a subcontractor working on the schools PPP bundle 5 project. This intrudes on law dealing with the complex situation of company insolvency rather than PPP policy or public procurement policy. The position of any subcontractors engaged by a PPP...

Seanad: Finance (African Development (Bank and Fund) and Miscellaneous Provisions) Bill 2018: Second Stage (18 Dec 2018)

Michael D'Arcy: ...the agreement establishing the African Development Fund, and for the payments to be made to the bank and fund, respectively. Additionally, it serves to amend the International Finance Corporation Act 1958 and section 851A of the Taxes Consolidation Act 1997, respectively. Most significantly, completion of Ireland’s membership of the bank and fund will require the ratification of...

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

Michael D'Arcy: ...are not doing as well but this is not due the VAT rate because the same rate of VAT applies in both instances. It is the product available that brings people to particular areas. There are 2.27 million in employment in this State. We have never had more people working. When people are working, they are able to spend more and to pay a little extra VAT. Taking the example of a coffee...

Seanad: Home Building Finance Ireland Bill 2018: Second Stage (14 Nov 2018)

Michael D'Arcy: ...satisfy some of this excess demand, it is estimated that the scale of provision by both the banks and these lenders continues to be well below that required to fund the estimated annual shortfall of between 15,000 and 20,000 units. HBFI is expected to provide finance to viable projects where developers are in a position to put up 20% or more equity into projects, thereby bridging the...

African Development (Bank and Fund) Bill 2018: Second Stage (13 Nov 2018)

Michael D'Arcy: ...finance institution focused on contributing to economic and social development in the African region. The bank was founded in 1963 and the fund established in 1972 with membership consisting of 54 African states and 26 non-African states. The group’s mission is to help reduce poverty, improve living conditions and mobilise resources for the continent’s economic and social...

Seanad: Markets in Financial Instruments Bill 2018: Second Stage (10 Oct 2018)

Michael D'Arcy: ...that a person guilty of an offence under certain provisions of the MiFID II regulations, such as operating without authorisation, is liable on conviction on indictment to a maximum penalty of €10 million and-or imprisonment for ten years. This is a continuation of the criminal sanctions regime that existed in Irish law under our MiFID I regime. While the main part of this Bill is...

Seanad: Budget 2019: Statements (9 Oct 2018)

Michael D'Arcy: ...presented to Dáil Éireann earlier today. The budgetary measures announced today are being made in the context of a strong and growing economy. Gross domestic product, GDP, is expected to grow by 7.5% in 2018 and 4.2% in 2019. There are an 380,000 more people at work today than there were in 2011 and the rate of unemployment is at its lowest level in a decade. The progress...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Home Building Finance Ireland Bill 2018: Committee Stage (20 Sep 2018)

Michael D'Arcy: The number of deferrals in 2016 was 55,000. In 2017, it was almost 59,000 and in 2018 it is 57,700, which means deferrals are decreasing. I do not have the percentage in this regard because during that period the number of units could have been greater. As I said there are currently 1.92 million properties but this increases or decreases as new units come on stream and some are excluded. ...

Insurance (Amendment) Bill 2018: Second Stage (10 Jul 2018)

Michael D'Arcy: ...is the lesser, and the MIBI’s primary purpose is to compensate victims of road traffic accidents caused by uninsured drivers and unidentified vehicles and covers 100% of a claim, subject to a limit of €1.22 million in the case of claims for property damage. This uncertainty was reinforced when, taking account of a clearly outlined reference to MIBI in the ICF legislation,...

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

Michael D'Arcy: ...finance for residential development in the State. HBFI is being proposed in the context of a major shortfall in the supply of housing in recent years. The CSO recently estimated that just under 15,000 housing units were delivered in 2017. While residential building has increased significantly in recent years, it continues to fall well short of estimated annual demand of between 30,000...