Michael W. D'Arcy

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.[3]

D'Arcy was a supporter of Leo Varadkar in his successful leadership campaign. Varadkar became the youngest ever Taoiseach on 14 June 2017 and Leader of Fine Gael, having been elected to the position by the party's electoral college system.

Kate O'Connell, a Fine Gael TD for Dublin Bay South, notably described Varadkar's supporters during the leadership campaign as being "choir boys".[4]

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."[5]

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.[6]

On 11 June 2019, the Government approved the publication of the Investment Limited Partnership (Amendment) Bill 2019. The Bill, which is on the Government's priority legislation list and is also a key deliverable in the Government's IFS 2025 Strategy. The aim of the Bill is to make Ireland a more attractive domicile for private equity fund.[7]

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.[8]. 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.[9]

He lost his seat at the 2020 general election. He was elected to the Seanad in April 2020.