Results 2,501-2,520 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Sorry, Mr. Moran made a statement ... said I made a statement. I'm asking his view about vulture funds coming in here, flipping assets for twice the money, in a short span.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: A comment, please.
- 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?