Results 21-40 of 48 for 5 million 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: 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...

Markets in Financial Instruments Bill 2018: Second Stage (3 May 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, imprisonment for ten years or both. 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...

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

Michael D'Arcy: ..., health and education. Housing is a key priority for Government. Including appropriations-in-aid, the sum appropriated for the Department of Housing, Planning and Local Government will have increased year-on-year by just over 50%, with gross expenditure on the housing programme increasing by an estimated €0.5 billion to €1.3 billion this year. Compared to the amount...

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...

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

Michael D'Arcy: If one goes back several years, since the real damage impacted upon the finances of the State, we have been doing that. Some 400,000 people out of 2 million people pay a zero rate of universal social charge. A total of 36 % of the workforce pays no income tax. These figures are rarely quoted. I absolutely agree that within those figures there are part-time workers for whom the system...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: ...to tackle the obesity and overweight problem in this country. The tax will apply to non-alcoholic water and juice-based drinks which contain added sugar and which have a total sugar content of 5 grams or more per 100 ml. Liable products will be identified by reference to the combined nomenclature classifications of goods to nutritional information required under the EU-wide food...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Michael D'Arcy: I am reading out the note. In the context of €1,098 million in total receipts, the deficit behind the 2016 forecast was 5%. It should also be noted that forecasting yields is becoming increasingly difficult with continued irregularities and fluctuations in tobacco clearances and tax receipts. While overall yields have continued to rise over the past three years, issues such as...

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: 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....

Seanad: Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014: Second Stage (21 Jun 2017)

Michael D'Arcy: ...board. In particular, the Government supports this Private Members' Bill insofar as it extends the time limit for complaints in regard to long-term financial services, similar to the extension set out in section 51 of the Government Bill. Section 3 of Deputy Doherty's Bill amends subsection (4) of section 57BK of the Central Bank Act 1942, which now reads that, "The Financial Services...

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 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...

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...

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.

Seanad: Budget 2016: Statements (13 Oct 2015)

Michael D'Arcy: I appreciate that and believe he is doing the right thing. We must look at the headline figures. Our receipts in 2015 from taxes were €44.6 billion, while receipts for 2016 are expected to be over €47 billion, an increase of almost €3 billion. VAT is up by €750 million, corporation tax is up by €500 million, capital gains tax by €250 million and...

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...

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: 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.

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?