Results 2,901-2,920 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael D'Arcy: Was the NTMA position clearly outlined the night of the guarantee to everybody in the room? The NTMA were outside the door, their views were stronger than most, in relation to guarantee.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael D'Arcy: But were, was the Taoiseach and Minister for Finance, were they fully informed that the NTMA did not view the guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael D'Arcy: Can I ask, Mr. McCarthy, in terms of the FSR reports from the Central Bank and the Financial Regulator, you quote them on page 7 of your opening statement, section 3.3, or 6.3, did ... were you fully informed, did you read the reports, did you read the appendices, did the Taoiseach read the appendices, and I'm talking about the '04, '05, '06 and '07 reports, which were clearly itemising the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael D'Arcy: Existence?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael D'Arcy: Should you have read them?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael D'Arcy: In terms of the financial stability reports, the final report, '07, clearly itemised where the public debt, the household debt, had come from ... that's a line that I pursued, Mr. McCarthy, 71% in 1997, of GDP. In '07 the predicted figure was 248% of the GNP, highest in, in Europe; some of the highest in the world. You should have read those reports.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael D'Arcy: Mr. McCarthy, when you were assistant secretary, you were member of the McDowell group on the establishment of the single regulatory authority for the financial services sector. Were you involved in the establishment of the Financial Regulator?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael D'Arcy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael D'Arcy: And who was the Tánaiste at that stage? Who was the Tánaiste?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael D'Arcy: Harney. Did you have any role in the selection and appointment of people in the executive positions within ... following the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael D'Arcy: You didn't. Okay. Chairman.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Michael D'Arcy: Thank you, Chairman. Mr. Gallagher, you're welcome. Who were the most experienced, most capable people dealing with the markets and finance in the State from the public sector side?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Michael D'Arcy: Why do you think the representatives from the NTMA were called to Government Buildings and then left outside the room?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Michael D'Arcy: Okay. Thank you. The markets had come to a position in relation to the liquidity in relation to Irish banks. The Morgan Kelly theory is that it wasn't anything to do with the US sub-prime, or the freezing of the liquidity markets, that it was a matter that the markets had decided that the exposure to property, in particular commercial real estate, that the Irish balance sheets of financial...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Michael D'Arcy: Can I ask, Mr. Gallagher, you've quoted the term "one shot at it".
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Michael D'Arcy: This was said on the night. The deposit guarantee scheme went from €20,000 to €100,000, a fivefold increase. Was there over-exuberance in terms of the attempts to deal with matters? Very few deposit guarantee schemes were increased by fivefold internationally. And then, just to follow on from that is, was there an over-exuberance in relation to banking, in relation to...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Michael D'Arcy: To your knowledge, did any other jurisdiction guarantee every bank within its boundaries?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Michael D'Arcy: The "no quote for Ireland" was being said by the domestic banks.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Michael D'Arcy: The two domestic banks were trying to differentiate between their request for a guarantee and nationalising Anglo and INBS, risking further contagion for the whole industry. Could you comment upon that please? Why exclusively were the two main banks, when there was no quote for any Irish bank, why do you think they were attempting-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Michael D'Arcy: Were they causing the problem?