Results 2,961-2,980 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael D'Arcy: Sorry, the discounted amount that you didn't bring into NAMA, that was with the banks, is the money I'm discussing.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael D'Arcy: What I'm trying to explore is the discounted amount that wasn't transferred into NAMA that remain on the banks' balance sheets, that the developers are ... had borrowed ... the full value. Will the State see any of that money?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael D'Arcy: Sorry, the loans were ... the full loans were €74 billion. NAMA were ... paid the six covered institutions €32 billion.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael D'Arcy: There was a discounted amount of €42 billion.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael D'Arcy: The money is lost to the banks.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael D'Arcy: Yes, I'm aware but will the State get the money back is what I'm trying to ask?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael D'Arcy: True. Mr. O'Flynn, Mr. Dan McLaughlin, chief economist with Bank of Ireland ... I'm not sure if you saw any of his evidence?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael D'Arcy: He stated very clearly that there was a commercial real estate sector that damaged the banking sector more than anywhere else and he itemised the ... Anglo Irish Bank as being the most expensive to the State, costing over €30 billion. And he also stated clearly that and the documents that we've had at our perusal stated that Anglo Irish Bank was 82% commercial real estate, 1%...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael D'Arcy: You stated previously, Mr. O'Flynn, that the international dynamics were the biggest factor. Is that ... would I be correct in assessing that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael D'Arcy: The global.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael D'Arcy: Those macro influences were in other jurisdictions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael D'Arcy: Nowhere else had the same banking crisis ... same banking crash like ours. Did you explain that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael D'Arcy: But, Mr. O'Flynn, sorry. Just to make ... the €64 billion was 1.5 times the national debt of the nation. The UK's banking crash wasn't 1.5 times ... the equivalent of the national debt of the UK.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael D'Arcy: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Thank you, gentlemen. In 2007, the Fine Gael manifesto also called for tax cuts and additional public expenditure in many areas, for example, the extension of medical cards-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Can you restart the clock, Chairman?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Only six minutes. In the Fine Gael manifesto of 2007, it called for tax cuts and additional public expenditure in many areas. An example is the extension of medical cards. Can you explain how your expenditure policies would have been less pro-cyclical than the Government's? Let's start with Mr. Bruton.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Taoiseach, you mentioned about the '97 election, the expenditure by the State in 2000, or in 1997, was €18.8 billion. A decade, 11 years later, it was €63 billion. Again, a similar question to the 2007 Fine Gael manifesto: what were the specific policies that you were advocating, that Fine Gael were advocating, to lower expenditure in a period, in that decade, where it had...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: You're talking about growing the economy and it bringing in additional moneys. What I'm asking you were, in terms of the '07 Fine Gael manifesto, were there specific policies that you were advocating to lower expenditure? An example in that same decade or period, the public sector pay bill went from €8 billion to €18 billion. Were you, or did you advocate policies to reduce...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Taoiseach, on page three of your witness statement, the first bullet point, you state: "Significant tax incentives were introduced - and subsequently extended beyond the lifespan originally agreed - for property investment ... hotels ... holiday camps, holiday cottages". You were the Minister for Tourism and Trade when a pilot programme was introduced, it became known as the seaside resort....