Results 1-20 of 106 for nama speaker:Michael D'Arcy

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

Michael D'Arcy: ...debt, which is approximately €205 billion, can be reduced by 5% or so because we have figures on our cash balances, such as the money we have in the banks, our investment there and other moneys potentially coming from NAMA. That brings us to indebtedness of about 95% of GNI*. No matter what way we analyse these figures, our national indebtedness is about 10% higher than the...

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

Michael D'Arcy: ...of up to 80% of development costs, meaning that borrowers must still provide significant levels of equity or raise third party equity in the market to access HBFI funds. Thanks to the considerable efforts of NAMA in delivering more than 8,000 units of residential housing in recent years and its commitment to facilitating the delivery of some 20,000 units by the end of 2020, the State now...

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

Michael D'Arcy: .... These are banks, credit unions, firms that have acquired loan books from Irish institutions in recent years, licensed moneylenders, local authorities and the National Asset Management Agency, NAMA. If the proposed amendment is enacted, higher purchase companies, those that provide personal contract plans, PCPs, and financial leasing companies will also be required to provide data to...

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

Michael D'Arcy: This is a mirror image of the SBCI and NAMA. If someone applied and made all his or her financial details available to HBFI for a loan, that information would not be made available under FOI, so this is the same as NAMA. Commercial sensitivity is involved, which is the reason we are mirroring exactly what the SBCI and NAMA have.

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

Michael D'Arcy: Yes, but so does this. The same rules that apply to the SBCI and NAMA will apply to this.

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

Michael D'Arcy: ...by focusing on those areas of the market that are currently underserved by the banks and alternative finance providers. Thanks to the considerable efforts undertaken by the National Asset Management Agency, NAMA, in delivering more than 7,200 units of residential housing in recent years and its commitment to facilitate the delivery of some 20,000 units by the end of 2020, the State now...

Topical Issue Debate: NAMA Portfolio (20 Feb 2018)

Michael D'Arcy: When I was given this issue, I contacted the Taoiseach and I have been made aware of some of the background to it. It is important to note that NAMA has a commercial remit and a statutory objective to obtain the best achievable return for the taxpayer. However, in the context of its commercial remit and consistent with section 2 of the National Asset Management Act 2009, NAMA is at all...

Finance Bill 2017: Report Stage (Resumed) (23 Nov 2017)

Michael D'Arcy: ...tax code and of all other OECD countries. It would be difficult to justify the taxation of business profits without also taking due account of business losses. As Deputies are aware, under the NAMA Act 2009 a new section – section 396C – was inserted into the Taxes Consolidation Act 1997. The provision limited the amount of prior-year losses that a NAMA-participating...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: Bought from NAMA.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Michael D'Arcy: From NAMA.

Seanad: Budget 2018: Statements (10 Oct 2017)

Michael D'Arcy: ...On the €750 million, I am speaking to countless builders - small builders of 20 units or 50 units - who cannot get funding. The €750 million from the ISIF fund that is to be made available via NAMA for small builders is twice as much money as AIB and Bank of Ireland made available to builders, big or small, in Ireland. That is the scope of the potential impact. Senator...

Seanad: Budget 2018: Statements (10 Oct 2017)

Michael D'Arcy: ...wage. Dublin is in a different space because it is much more expensive in Dublin. We have not been good enough in this area but in this budget there is the likes of the €750 million which will flow for non-NAMA debtors. I made a huge error earlier. I apologise. I said it was only for NAMA debtors. It is for non-NAMA debtors. I like to think I have touched on the general...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Michael D'Arcy: The sector in the Irish financial institutions that did the most damage was that relating to commercial real estate. The latter overheated and that led to the establishment of NAMA to deal with the Irish banks' loan books. Subsequently, there was a substantial commercial real estate sector in the non-Irish domiciled banks. Does Mr. Sugarman have any knowledge of the commercial real estate...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners (2 Feb 2017)

Michael D'Arcy: I am suggesting, on the basis of €158 million from NAMA from the last quarter, that the €50 million is well overshadowed by that. I suggest that perhaps a sectorial analysis should be conducted to try to recoup those funds that were aggressively avoided by the vulture funds.

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: The SMU has such a huge brief, involving the banks, NAMA, IBRC and the credit unions. Multiple billions of euros are overseen in terms of the policy. Nearly half the members of the banking inquiry are in this room. We were concerned that the Central Bank was not on top of its brief. Is the SMU on top of its brief?

Seanad: Joint Committee of Inquiry into the Banking Crisis: Statements (2 Feb 2016)

Michael D'Arcy: .... One other country went as far as 50% in terms of guaranteeing the assets of banks; we went to 100%, which was unheard of. In terms of the numbers in the report and those large exposures, NAMA and others had 29 connections, with a debt of €34 billion, equivalent to almost our national debt at that stage. That was for 29 connections. The banks took those connections without a...

Seanad: Finance (Miscellaneous Provisions) Bill 2015: Second Stage (12 Nov 2015)

Michael D'Arcy: ...;55 billion is not as incorrect, by multiples, as that estimate was. Another serious miscalculation was made by others in the Department of Finance or somewhere else, who were advising the previous Administration on NAMA. The Minister informed both Houses that the writedown on the loan book of €74 billion would be 25% but it was 58%. Again they were wrong by multiples. I use the...

Seanad: National Mortgage and Housing Corporation Bill 2015: Second Stage (4 Nov 2015)

Michael D'Arcy: ...at the moment. We should not be afraid to look at something new. There have been announcements of the €3.8 billion social fund in respect of construction of social and affordable housing, and there was the NAMA announcement in the budget. I have looked at Senator Barrett's Bill, although I did not get the opportunity to attend his briefing, and I know everything he does tends to...

Seanad: Budget 2016: Statements (13 Oct 2015)

Michael D'Arcy: ...no money was given back - it was all taken. On this occasion, I welcome the opportunity to give people back some money so that they can spend more and revitalise the economy. I will not deal with NAMA now but would like to welcome the €10 million fund for an affordability housing pilot scheme. I know what it means to be displaced from one's own area. The population overspill in...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Michael D'Arcy: Can I just slip back into the NAMA mode following Deputy Doherty? The amount of moneys that were transferred across was €74 billion. That was the full amount. The discounted amount was ... moneys paid ... was €32 billion. A discount of €42 billion was the quantum in its ... in actual figures. How much of the €42 billion would the State get back that was discounted?