Results 81-100 of 106 for nama speaker:Michael D'Arcy

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Michael D'Arcy: ...Chair. Mr. Nyberg said earlier in his submission that the Central Bank was in contact with the European Central Bank prior to the guarantee. In light of that and in light of the establishment of NAMA, and then in light of the national bailout, is it possible for us to conduct and conclude our work without representatives from the European Central Bank attending?

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Michael D'Arcy: I put it to Mr. Nyberg that the report was concluded and presented at some stage in late 2008, based on the night in question which was the end of September 2008. The establishment of NAMA took place within 12 months and on the transfer of loans of €72 billion - as Deputy Doherty pointed out earlier €62 billion of the €72 billion was with 190 people - at the...

Seanad: Economic Growth and Job Creation: Statements (4 Mar 2014)

Michael D'Arcy: .... For some, there must be write-offs. On the other hand, AIB was the first to come to the table and agree to carry out write-offs under certain circumstances. There is good news concerning the NAMA sector and its first cousin, the IBRC liquidator. Some commentators and politicians claimed that NAMA would exist for 20 or 30 years. Something similar was claimed about the IBRC liquidator....

Seanad: Order of Business (18 Dec 2013)

Michael D'Arcy: I remind Members that the NAMA legislation was designed not to be open or transparent. People should remember that. The Minister for Finance does not work for the Garda Síochána or the Office of the Director of Public Prosecutions. The exclusive role of certain bodies that are in place is to deal with any wrongdoing that might occur.

Seanad: Budget 2014: Statements (15 Oct 2013)

Michael D'Arcy: ...X, Y and Z as we have itemised we should initiate a number of pilot projects both in urban and rural Ireland in terms of towns and villages that over-developed. The developers are bankrupt and are in NAMA but NAMA does not or will not provide the funds, whichever is the case. In conjunction with funding from NAMA we could advance a number of those pilot projects to show the people in...

Seanad: Order of Business (23 Apr 2013)

Michael D'Arcy: ...development of 420 units was being sold by an international auctioneering firm, which I assume is operating under the instruction of receivers, themselves operating under the instruction of NAMA. NAMA, an organ of this State that is obliged to accrue as much money for the State as possible, will effectively sell 420 dwelling units for a super value per unit, most likely to international...

Seanad: Irish Bank Resolution Corporation Bill 2013: Second Stage (6 Feb 2013)

Michael D'Arcy: ...of employment will have immediate effect for each employee. However, I welcome the view expressed by the Minister that, in all likelihood, many of the people concerned will be employed by NAMA or the liquidator. It is important to touch on the reasons we are here. We are here to come to an affordable solution - the most relevant term that has been used here - to a ¤48 billion liability...

Seanad: Mortgage Credit (Loans and Bonds) Bill 2012: Second Stage (17 Oct 2012)

Michael D'Arcy: ...ago I noticed a full page newspaper advertisement for Savills which was selling 1,000 apartments in seven developments in Dublin city. I am almost certain these apartments are in the possession of NAMA. They were being advertised as being under different management and rented. The future of the housing sector lies in those apartments being put on the market to set a base price which...

Seanad: NAMA and Irish Bank Resolution Corporation Transparency Bill 2011: Second Stage (6 Jun 2012)

Michael D'Arcy: ...in his speech. Those prices will be going up, backdated to 1 January 2010. That will be of real benefit to every future purchaser of a property from now on. I welcome the €2 billion that NAMA will invest in the construction sector. Effectively it is an injection of cash following its sale of property abroad. I am not sure if that will be replaced by other funds. On a number of...

Seanad: Budget 2012: Statements (6 Dec 2011)

Michael D'Arcy: ...between the large investor, institutional investors and the small investor. Those are farmers, gardaí, teachers and people all over the place who made unwise investments. Section 19 of the NAMA Act welcomed the banking sector in respect of €3.5 billion for both and €4 billion for the following year. On tax exiles I would favour the carrot and stick approach. Tax exiles are welcome...

Seanad: Housing Market: Motion (22 Jun 2011)

Michael D'Arcy: ...we find ourselves. Our national debt is €100 billion and our deficit this year will be €18 billion. The recapitalisation of the banks cost €70 billion and €35 billion has been paid out on NAMA bonds. When these figures are added together, our overall debt is approaching that of Greece which is on the brink of defaulting on its loans. My major concern with regard to debt...

Stability and the Budgetary Process: Motion (Resumed) (1 Dec 2010)

Michael D'Arcy: ...we might as well appreciate that we cannot afford it. At the end of this year, the national debt will be €95 billion. A further €80 billion will be accounted for by the bank guarantee and the NAMA moneys, which are to increase further. It has been suggested that the US Government made the worst possible decision when it decided to let Lehman Brothers go. It was let go because there...

Local Government (Mayor and Regional Authority of Dublin) Bill 2010: Second Stage (Resumed) (17 Nov 2010)

Michael D'Arcy: ...debt was €35 billion and by the end of this year it will be €95 billion, with an additional €50 billion in liability for the banks and another €40 billion to €50 billion in liability for NAMA, again resulting from the actions of banks. We have gone from approximately €35 billion to €180 billion in a matter of years.

Bank Guarantee Scheme: Motion (Resumed) (17 Nov 2010)

Michael D'Arcy: ...accepted the liability and converted what was a capitalist liability into national sovereign debt of another €50 billion. On top of that there will be a transfer of loans from Irish banks to NAMA and a significant haircut will be applied to the €81 billion worth of loans. The haircut has been greater than anticipated but it is somewhat relevant because while the amount of the haircut...

Loan Guarantee Scheme: Motion (19 Oct 2010)

Michael D'Arcy: ..., not a problem with capitalisation, which was not correct. All small businesses, however, are now experiencing cash flow difficulties. Part of the problem is that much of the money has gone into NAMA and the wall of cash that would flow into the economy never appeared. Those with small and medium enterprises often employ two, three or four people. When someone has a business and works...

Economic Strategy: Motion (Resumed) (30 Sep 2010)

Michael D'Arcy: ...was €84 billion for the first half of this year, with a deficit of €20 billion. At the end of this year it will be €94 billion. On top of that there is €81 billion, which the NTMA states NAMA will cost, plus the costs of €45 billion we found out about today. The sum total is approximately €230 billion. I want to be fair. Over a period of ten years, NAMA will generate some...

Personal Debt (28 Apr 2010)

Michael D'Arcy: ...it does not say much about anything. In respect of the code of conduct, is the Minister aware that the banks have already lodged thousands of cases with the courts? They are ready to go and when NAMA is substantially complete they will be able to go after the citizens of the country to ensure the bank figures are okay. However, the people will not be okay. I refer to those who have...

Personal Debt (28 Apr 2010)

Michael D'Arcy: The Minister has ignored questions on this matter. Will he not consider some form or small version of NAMA to ensure relief for the people who have done it properly and who have been fair and correct but who got caught at the wrong time?

Banking System: Statements (1 Apr 2010)

Michael D'Arcy: ...every matter. An item on the news last night, where Charlie Bird was in Cape Cod, was distasteful. It is distasteful for the public to have to swallow the bitter pill of €80 billion between NAMA and recapitalisation but there is nothing more annoying or distasteful to citizens of this country than seeing the people who caused this crisis living in multi-million euro mansions. The Garda...

Banking System: Statements (1 Apr 2010)

Michael D'Arcy: What is the Minister's opinion of the significant conflict that is taking place at present between his Department and the NAMA structure and the Minister for the Environment, Heritage and Local Government, who is instructing planning sections, via departmental circulars, to de-zone land? There is an incredible conflict in that regard. It is important to hear the Minister's view——