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

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Michael D'Arcy: The bank guarantee, we were informed, would be the cheapest in history. We were told €4 million to €5 million; the expectation was NAMA would have a write-down of less than 30%, it was double that. Did the bank guarantee and then the establishment of NAMA with the crystallisation of the losses to the banks, did that lead to the national bailout in your view, Mr. Daly?

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Michael D'Arcy: ...of three years and decided that would be the average term for the loans. Every 1% subsidy the banks get paid, and this is how it would have happened going back to the 1980s and 1990s, is €1.5 million, so instead of it being 2.9% it should be 5.9%. That 3% is close to €5 million per annum. That is where the money is going.

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Michael D'Arcy: The Minister said in his speech there would be an increase of €1.6 million for Bord Bia. The actual document states that it is €2 million. We are in the territory of a 6% increase, which is not sufficient for Bord Bia's needs. Without the potential of food tariffs being applied in 2019, a standard increase might be fair enough. However, with the value of our exports to the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael D'Arcy: In the Department the banking and financial services policy group has €11 million according to page 9 of the document we received. The output to the end of May is €2.5 million. The output for consultancy services is €162,000 but the Estimate for the year is €5 million. It seems very low given the importance of the banking and financial services sector and given...

Seanad: Access to Finance for SMEs: Statements (19 Nov 2014)

Michael D'Arcy: ...House. The reality with respect to SMEs is that finance becomes irrelevant if people have no spending power. The latest figure indicates that 70,000 more people are back in work; the figure of 1.9 million has been crossed in terms of people who are now back in work. That has a major impact upon small and medium enterprises. Those people who are back in work are able to spend money and...

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. ...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: PwC was subsequently paid €5 million to carry out an analysis of the banks covered by the bank guarantee. It subsequently discovered, when the report was published, or the analysis was, that the banks were solvent.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: The professor made the point that light touch regulation led to the Financial Regulator making the statement to the Taoiseach that the banks were solvent. In light of PwC being paid €5 million to analyse direct-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Michael D'Arcy: In terms of €40 million rent abatement, Mr. Daly, it's a very small amount of money; it's less than 1% of your rent on a stream of €5 billion over the five-year period.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Estimates for Public Services 2016
Vote 7 - Office of the Minister of Finance (Revised)
Vote 8 - Office of the Comptroller and Auditor General (Revised)
Vote 9 - Office of the Revenue Commissioners (Revised)
Vote 10 - Office of the Appeal Commissioners (Revised) (30 Jun 2016)

Michael D'Arcy: They are almost zero from the budget of €5 million.

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...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Michael D'Arcy: Was presented to the Minister in March '09. And you're dealing with the banks in ... at what, summer '09? That report ... PwC were paid €5 million for the valuations for ... I think the fieldwork was concluded December '08. So what you are telling me was Project Atlas, which was commissioned by the Financial Regulator, was presented to the Minister in March, wasn't given to you in...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: ...basis. It is simply unable to continue on a current basis from a liquidity point of view, he told the Taoiseach.Can the professor comment on the subsequent analysis by PwC for which it was paid €5 million?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Michael D'Arcy: The ... we know the NAMA numbers were ... people who were transferred were people with €20 million plus. I just want to take the comparison between that and the policy exceptions for owner-occupiers and the policy exceptions for buy-to-let mortgages. The policy ... on page 47 ... on ... in 2005 we have the policy exceptions for owner-occupiers at 10% and for buy-to-lets at 20% ... at...

Financial Resolutions 2018 - Financial Resolution No. 4: General (Resumed) (11 Oct 2017)

Michael D'Arcy: ...the issues of the actual tax take. People are talking about the tax reductions in respect of the universal social charge, USC, and the widening of the tax band. The tax band will widen by €750 to €34,550. This is still below the average industrial wage and I have spoken on this issue for years. Ireland is an unusual jurisdiction in that people pay a higher rate of tax...

Seanad: Finance Bill 2017: Committee Stage (6 Dec 2017)

Michael D'Arcy: I have to dispute that again. The budget that went through the Dáil is giving the largest ever quantity of money - €15 billion - for the public side of health. A further €6.5 billion is being provided for the private side of health. When both figures are added together, it is clear that our expenditure of €21.5 billion on health for fewer than 5 million people is...

Select Committee on Agriculture, Food and the Marine: Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised) (21 Mar 2017)

Michael D'Arcy: ...war, which now cannot be written out of the conversation. It was not even in the conversation five or six months ago and no analysis has been done. Bord Bia is talking about spending an extra €4 million or €5 million on the beef sector, which is worth €4.5 billion. The potential exists for a catastrophe in the beef sector in two years time. I do not think a...

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 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...

Seanad: Budget 2018: Statements (10 Oct 2017)

Michael D'Arcy: ...Brexit. I will also address recent developments in international financial services and the cost of insurance. The economy continues to perform well, with real growth at 4.3% expected for this year and 3.5% for 2018. This is perhaps most evident in the labour market. Employment has increased in each of the past 19 quarters and this has been well balanced across the sectors and regions....