Michael W. D'Arcy

Michael William D'Arcy (born 26 February 1970) is the chief executive of the Irish Association of Investment Management. He is an Irish former Fine Gael politician who was elected to the Seanad for the Agricultural Panel in April 2020. He was a Teachta Dála (TD) for the Wexford constituency from 2016 to 2020, and previously between 2007 and 2011. He served as Minister of State at the Department of Finance from 2017 to 2020. He previously served as a Senator for the Administrative Panel from 2011 to 2016.[1]

For his father, see Michael D'Arcy.

Michael W. D'Arcy
Senator
In office
29 June 2020 – 30 September 2020
ConstituencyAgricultural Panel
In office
24 April 2011 – 30 February 2016
ConstituencyAdministrative Panel
Minister of State
2017–2020Finance
Teachta Dála
In office
February 2016 – February 2020
In office
May 2007 – February 2011
ConstituencyWexford
Personal details
Born (1970-02-26) 26 February 1970
Gorey, County Wexford, Ireland
Political partyFine Gael
Children2
Parent
Alma materUniversity College Cork

Early and private life

D'Arcy was born in Gorey, County Wexford, in 1970. He is the son of Michael D'Arcy, a former TD and Minister of State, and the grandson of Timothy D'Arcy, a former county councillor.[2] D'Arcy was educated at Ballythomas National School, Gorey Community School and the University of London, where he studied law.[3][2] In the past D'Arcy has been an active GAA player, winning an All-Ireland junior football title with Wexford in 1992, and five Wexford senior football titles with Killinierin. He also played youth soccer with Wexford. He is the current chairman of Kilanerin–Ballyfad GAA Club.

Before entering politics, D'Arcy worked as a teacher and a farmer,[4] and continued to run a dairy farm in Annagh near Gorey while serving as a TD.[3] He is married and has two children.

Political career

D'Arcy first held political office in December 2003, when he was co-opted as a Wexford County Councillor for the Gorey area, to replace his father Michael who had been forced to stand down when the Local Government Act 2001 abolished the dual mandate. He was re-elected at the 2004 local elections where he topped the poll.[5]

During his time on Wexford County Council, D'Arcy held the position of the council's vice-chairman. He was also chairman of County Wexford Vocational Education Committee from 2004 to 2007 and a member of the board of management of Gorey Community School and Kilmuckridge Vocational College. He is a former director of Wexford County Enterprise Board and Wexford Organisation for Rural Development.

D'Arcy was first elected to Dáil Éireann at the 2007 general election. His father was previously a TD for the same constituency. He served as the party deputy spokesperson on justice, with special responsibility for Equality from 2007 to 2010, and was the deputy spokesperson on communications, energy and natural resources, with special responsibility for telecommunications from 2010 to 2011. During the 2007 to 2011 term, he served on the Oireachtas Committee on Communications, Energy and Natural Resources.

He lost his seat at the 2011 general election to party colleague Liam Twomey. He was subsequently elected to Seanad Éireann on the Administrative Panel in April 2011,[5] whereupon he became the Fine Gael Seanad Spokesperson on Finance.

He was re-elected to Dáil Éireann for the Wexford constituency at the 2016 general election.

Oireachtas Banking Inquiry Committee

D'Arcy was a member of the Oireachtas Banking Inquiry Committee, which was a joint committee of the Houses of the Oireachtas. It was formally established in November 2014, to inquire into the reasons Ireland experienced a systemic banking crisis. Following completion of its investigation and public hearings, the committee published its final report on 27 January 2016.[6]

Minister of State

D'Arcy was a supporter of Leo Varadkar in his successful leadership campaign. In June 2017, after Varadkar was appointed as Taoiseach, D'Arcy was appointed Minister of State at the Department of Finance and Public Expenditure and Reform, with special responsibility for Financial Services and Insurance. In late 2018, D'Arcy and Minister for Finance Paschal Donohoe welcomed Ireland's issuing of its first green bond, making Ireland one of the first countries in the world to do so. D'Arcy stated that: "Irish Sovereign Green Bonds will help to fund the green projects set out in the National Development Plan which contains €23 billion in direct Exchequer funding for eligible green projects over the next ten years."[7]

Michael W. D'Arcy pictured (second right) with Taoiseach Leo Varadkar (second left) and others at European Financial Forum 2019

On 26 April 2019, D'Arcy and Paschal Donohoe jointly launched Ireland for Finance, a strategy for the further development of the International Financial Services (IFS) sector in Ireland to 2025. The aim is for Ireland to be a top-tier global location of choice for specialist international financial services.[8]

On 11 June 2019, the Government approved the publication of the Investment Limited Partnership (Amendment) Bill 2019. The aim of the bill was to make Ireland a more attractive domicile for private equity fund.[9]

On 20 June 2019, D'Arcy welcomed the completion of Report and Final Stages of the Judicial Council Bill, as part of a series of reforms to reduce increasing insurance premiums in Ireland. The amendments provide for the establishment of a Personal Injuries Guidelines Committee whose sole function will be to develop the relevant personal injury guidelines for appropriate general damages for various types of personal injuries.[10] D'Arcy has stated that bringing the levels of personal injury damages awarded in Ireland more in line with those awarded in other jurisdictions is the single most essential challenge which must be overcome if there is to be a sustainable reduction in insurance costs.[11]

Senator
D'Arcy with Lisa Chambers in 2020

D'arcy lost his seat at the 2020 general election.[12][13] He was elected to the Seanad in April 2020.[14] In September 2020, he quit the Seanad to become chief executive of the Irish Association of Investment Management (IAIM).[15]

His appointment was criticised by opposition politicians. Sinn Féin leader Mary Lou McDonald objected to a recent former minister being employed by an organisation that had lobbied him as a minister.[16] Labour Party finance spokesperson Ged Nash said it was intolerable for the department of finance to become a "training ground for corporate careers in the financial services industry".[16] Critics pointed to Standards in Public Office Commission (SIPO) regulations and section 22 of the Lobbying Act, which forbids a person in public office from lobbying for 12 months after leaving that office.[17] IAIM responded that D'Arcy and the association "will not be engaging in any lobbying activities until the 12-month cooling off period has been completed, in adherence with the regulations".[17]

See also

References
  1. "Michael W. D'Arcy". Oireachtas Members Database. Archived from the original on 16 April 2019. Retrieved 30 January 2008.
  2. "'Scrapper' D'Arcy is confident of victory". independent. Retrieved 15 November 2022.
  3. "'It's a big role and I'm looking forward to it'". independent. Retrieved 15 November 2022.
  4. "Profile: Michael D'Arcy (FG)". The Irish Times. Retrieved 15 November 2022.
  5. "Michael W. D'Arcy". ElectionsIreland.org. Archived from the original on 22 December 2017. Retrieved 30 January 2008.
  6. "Report of the Joint Committee of Inquiry into the Banking Crisis". Oireachtas. Archived from the original on 25 May 2019. Retrieved 24 June 2019.
  7. "Ministers Donohoe and D'Arcy welcome successful green bond sale". Department of Finance. Archived from the original on 24 June 2019. Retrieved 24 June 2019.
  8. "Ministers Donohoe and D'Arcy launch "Ireland for Finance" - A new strategy for the international financial services sector". Department of Finance. Archived from the original on 22 June 2019. Retrieved 24 June 2019.
  9. "Government gives green light to publish Investment Limited Partnership (Amendment) Bill 2019 to improve regulatory landscape for private funds". Department of Finance. Archived from the original on 24 June 2019. Retrieved 24 June 2019.
  10. "The Cost of Insurance Working Group". Department of Finance. 21 December 2018. Archived from the original on 20 October 2019.
  11. "Minister D'Arcy welcomes passage of the Judicial Council Bill in the Seanad". Department of Finance. Archived from the original on 22 June 2019. Retrieved 24 June 2019.
  12. Gallagher, Conor (10 February 2020) [9 February 2020]. "Wexford results: Verona Murphy elected on 11th count". The Irish Times. Dublin. Archived from the original on 21 June 2021. Retrieved 20 June 2021.
  13. "Election 2020: Wexford". The Irish Times. Dublin. 10 February 2020. Archived from the original on 21 June 2021. Retrieved 21 June 2021.
  14. O'Halloran, Marie (4 April 2020). "Seanad election results: Full list of Senators voted in to new Seanad". Irish Times. Dublin. Archived from the original on 5 June 2021. Retrieved 5 June 2021.
  15. Taylor, Cliff (28 September 2020). "Former junior finance minister to head funds sector lobby group. Michael D'Arcy to resign Seanad seat for Irish Association of Investment Management post". The Irish Times. Dublin. Archived from the original on 21 June 2021. Retrieved 21 June 2021.
  16. Ryan, Philip (28 June 2020). "Former Minister of State Michael D'Arcy not seeking exemption from Sipo rules to take up lobbying role". Irish Independent. Dublin. Archived from the original on 21 June 2021. Retrieved 21 June 2021.
  17. Ryan, Órla (28 September 2020). "Former junior minister won't engage 'in any lobbying activities' for 12 months as CEO of funds sector lobby group". TheJournal.ie. Archived from the original on 21 June 2021. Retrieved 21 June 2021.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.