Results 2,861-2,880 of 6,295 for speaker:Michael D'Arcy

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: Okay. Mr. McDonagh said earlier today, Mr. Somers, that there was ... when he was in conversations with the Financial Regulator, there was no information.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: He subsequently said that, until the NTMA hired, on behalf of the Department of Finance, Merrill Lynch, that there was no structure. Were you aware that the apparatus of the State was operating in that way in relation-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: Can I ask you if the NTMA had any analysis of the large debt or concentrations in multi-bank loan exposures by the Irish banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: The PwC report.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: Yes. Was there any peer analysis carried out by NAMA in the lead up to the crisis, a peer review?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: Not your expertise?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: Did you know how to analyse the analysis?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: No, in terms of what the markets were saying, what the credit default swaps pricing was?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: What stage were you aware of the worsening liquidity in relation to the financial institutions prior to September '08?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: When did it come to ye?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: And what advice did the NTMA give to the Minister and the Government leading up to the liquidity crisis in the short period before the night of the bank guarantee?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: And what's your own opinion in relation to the Central Bank's unwillingness to act as a lender of last resort?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: Can I ask you, Mr. Somers, you said in your opening statement, "Transferring them to NAMA [the loans] would be a bonanza for lawyers and other professionals, as well as requiring a large staff in NAMA." In the event, a very large number of loans were transferred at a substantial discount. Would you have acted differently? Do you feel the NAMA discount was appropriate? And were you...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: And can I ask you about the €42 billion discount? How much of that will the State see back?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: Yes. Can I just ... the NTMA, the payment structure for staff is outside the public service model.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: I'm aware that the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: The question I'm asking you is-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: The question I'm asking you is, should that NTMA model be used in other areas, financial regulation or in the Central Bank, to get the best of the best?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: I'm asking you should it be, should it be-----