Results 1,981-2,000 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: These strategies.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: Yes, there was the CEOs made a presentation to the board in October '01, October '02-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: Yes. Were you the governor of the board?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: During those three strategies.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: You were. And does the board take ownership of those strategies?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: And Mr. Burrows, you were deputy governor?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: And does the board take ownership of those strategies?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: And the growth, the level of growth from '01 to '08 was, for Bank of Ireland, 30% of the balance sheet. Do you take ownership of those ... of that also?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: The rate of growth - did that rate of growth ultimately lead to the downfall of Bank of Ireland?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: Yes. Did your strategy not move away from a previous strategy in terms of deposit ratios versus lending, which were much more stable than the wholesale ... the dependence on the wholesale markets? And that was the strategy of the board?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: Have you read Simon Carswell's book, Anglo Republic?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: You haven't. Mr. Carswell was here previously. He gave evidence. And part of that evidence that I put to him was a quotation attributed to Mr. Soden that ... it was page 55, that if a liquidity crisis occurs, that Anglo were gone. So Mr. Soden certainly must have known something about liquidity. And could you comment on the fact that Mr. Soden commented upon liquidity for Anglo and you...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: Well, Mr. Soden left Bank of Ireland in May 2004, so it was during Mr. Crowley's period as governor and yourself, Mr. Burrows, as deputy governor. Did Mr. Soden ever mention anything about liquidity to the board, Mr. Burrows, during your time on the board, that liquidity could be ... potentially become a problem if there was a liquidity crisis?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: And in terms of the '01 to '05 period ... and the reason I'm questioning you in relation to this period is because Mr. Buckley, CEO of AIB, when he gave evidence, also was satisfied ... and I'm going read the quotation to you, Mr. Burrows, that ... I questioned Mr. Sheehy and I said to him, "Mr. Sheehy, you made the point that the bank took too much risk [in that '01 to '05 period.]" And Mr....
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: I'm asking about the '01 to '05 period.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: Not really. Senator Barrett made the point about a substantial increase in residential investment property risk doubling ... or investment doubling over a 15-month period. Mr. Burrows, you said that risk should have been the fundamental driver of strategy, this morning.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: At what stage did you ... at what stage did you realise that that should have been in place prior to your leaving the bank, or did you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: Can I ask Mr. Burrows also-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: Well ... can I ask Mr. Burrows, in terms of the ... there's seems to be a conflict of evidence between yourself and Mr. Goggin. Mr. Goggin also stated to the committee that it was ... he met with the Central Bank on the morning, the Monday morning, the 29th, and he was asked would he consider ... would Bank of Ireland consider taking over IL&P. Were you aware of that request by the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: You were. Okay. In terms of your conversation subsequently with Governor Hurley ... and the term that Mr. Goggin used was "virtually certain" that Anglo would default the next day.