Results 3,681-3,700 of 6,295 for speaker:Michael D'Arcy

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Michael D'Arcy: Was it the only way forward?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: Chair. "The risks never materialised", but they did materialise.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: Yes, but they did materialise in 2007.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: And do you think you or the Department were strong enough?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: Do you feel that the Department were kept up to speed by the Central Bank and the regulator's office sufficiently about financial stability? Did you have enough information?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: And in terms of the Central Bank information flow between the Central Bank and yourselves, was that sufficient in relation to financial stability matters?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: Okay. Did you have sight of the SR ... FSR reports from the Central Bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: Can I ask your view in relation to the level of indebtedness outlined in those reports? I think 2004 was the first period when they outlined a 71% level of indebtedness in relation to GDP, climbing to the 2007, the final FSR report, to 248%. In terms of financial stability did anybody in the Department of Finance consider that that was a concern?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: You don't really-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: I suppose what I'm trying to scope, Mr. McCarthy, is ... what you ... what the Department did about it apart from a line?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: To put it into context, we went from a very, very low level of household indebtedness to the highest in Europe - 248% of GNP according to the final FSR report. What did the Department do in relation to that matter specifically? Can you itemise anything that was done from the economics section?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: But would it not surely ... I'm not allowed use the word "surely" I believe, sorry, could it not have been a danger to the financial stability of the banks-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: -----overall, overall? Would that not impact upon the macroeconomic perspective?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: Sorry, can I just-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: I'm not asking you about you being chief economist at that stage, I'm asking for your view of what the Department of Finance did in relation to that level of growth.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: Thank you, Chairman. Mr. Cardiff, in your statement you said, "I said, in response to a direct question, that I thought the immediate nationalisation of Anglo, with guarantees as required for that institution, but only a strong political declaration in relation to support for the others, was a better option in my opinion." That was the answer that you gave. Who asked you that question?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: Was that question put to most people in the room or just some of the people in the room?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: It wasn't a single question to you, as a person who had perhaps the most knowledge within the Department of Finance?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael D'Arcy: And could you offer some insight into why the people in the room were asked that question and why Brendan McDonagh and the NTMA were in the room next door and that question was never put to them?