Results 2,121-2,140 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: No, between this committee and Mr. Trichet when he attended in the Royal Hospital in Kilmainham.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: I put the question to Mr. Trichet if he was aware that Anglo Irish Bank was virtually certain to default the next day and his answer was:Again, it was not the responsibility of the ECB to survey the banks. We were relying of course upon the local authorities for surveillance [that was yourself, for surveillance] and on possible governments in case the drama would unfold. So no memory, no I...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: So that's a "Yes", you were in contact with the ECB.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: Is that a "Yes"?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: "Was known" -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: ----- by the ECB?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: Can I ask you, Mr. Hurley, why you don't wish to discuss about the contact with Jean-Claude Trichet?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: Chairman ... Finally, you said about one bank that the ECB would have been informed. In evidence from Mr. Brian Goggin, he was ... or, sorry, Mr. Richie Boucher, in early September 2008 the liquidity position of INBS was discussed. Were the ECB up to speed, informed about the liquidity of INBS in September 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: Just finally, to conclude on this. You returned to the Central Bank.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: And were you brought up to speed on exactly what had happened prior to your illness?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: Thank you, Chair. Mr. Hurley, you're welcome. Can I ask you, Mr. Hurley, in the conversation that occurred on the night of the guarantee, you discussed previously about the subsequent international events that occurred. Was there any conversation about a potential funding cliff when the guarantee would end?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: But the subsequent national events that occurred, the establishment of NAMA, the exit of commercial deposits ... being replaced with further liquidity from the ECB, and the tax base having narrowed over the period of years, plus the international events. The perfect storm of all of those events.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: The commercial real estate losses in the loan book that subsequently transpired, were you surprised at the reductions, the write-downs, the discounts, within all of the banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: It all occurred on your watch as Governor of the Central Bank.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: The expectation with NAMA was that the figures would be between 25% and 30%.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: You said that the ... earlier, that the Anglo Irish Bank would open the next day, that the structure was put in place, that the assets were moved within the Central Bank for emergency liquidity. Why were Bank of Ireland and AIB requested to provide €5 billion in liquidity each on that night also?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: Can I just ... Chairman, if I could, please ... on two occasions there are two separate sources that state, "Minister for Finance", then "Minister for Finance, Minister Lenihan". When Governor Honohan came to us in January he ... I put to him about the portion he wrote, the chapter in the book upon Brian Lenihan, that he had been overruled. He subsequently said he wasn’t the senior...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: No, sorry-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: Can I ask you, did you see any of that happening on that night?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: There was no overruling.