Results 3,001-3,020 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Tánaiste, you were the ... Deputy Rabbitte's finance spokesperson from '02 onwards to '07. And you had cited the FSR reports in your own opening statement. You itemise about, on page 3, the ... loading of citizens with "unsustainable debt".
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: The loading of citizens with "unsustainable debt".
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Did you ever go to the then, or whoever was acting, Central Bank Governor to ask the Governor to take action in relation to the sustainable debt that was being clearly stated in the FSR reports, about household debt in particular?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Can I ask ... can I ask, did you go to the Governor? Not quotes that you put out there, did you seek a meeting ... did you correspond with the Governor, requesting the Governor to use the tools that were available to him, as the Governor of the Central Bank, in relation to financial stability?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: But the question, Chairman, the question I asked was, if I could, please, did you request the Governor to use the tools available to him in relation to the financial stability-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: No, I didn't ask that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Did you ask the then Governor of the Central Bank to use the tools that were available to him in relation to financial stability because the level of personal indebtedness?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Any stage.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael D'Arcy: Mr. Merriman you are welcome. Could you bring up book 1, page 125 to 128 please? Mr. Merriman, was consideration given to the fact that during the period of substantial growth, '04 to '08, that other banks in the Irish market were seeing double-digit growth? And was it possible that all banks could achieve the same level of double-digit growth within the jurisdiction? Could every bank be...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael D'Arcy: In evidence from other witnesses from the banking sector, Mr. Merriman, the demographics that ... coming towards the late '70s, that the children born at that stage would be requiring finance for properties and the like, going to the mid-noughties. It would suggest or would it suggest that the level of lending was carefully planned and that each institution had an objective to achieve its...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael D'Arcy: Mr. Merriman, Mr. Fergus Murphy gave evidence last week that when he joined the financial institution, the EBS, that there was a change of strategy. Was that change of strategy driven by one individual?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael D'Arcy: You joined in early 2005; is that correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael D'Arcy: Oh, mid-July, okay. In evidence previously presented by others, a lot of people have said that there was a period - late '05, early '06 - that it was a point of no return; the extent of the downturn was going to be substantially more than if some actions had been taken prior to that. Did you notice, or did you have any knowledge prior to joining EBS, that potentially there was a fall coming?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael D'Arcy: In your opening statement you ... or previously you discussed that 50% of the funding for EBS came from wholesale funding and, prior to that, in the late '90s, it was all backed by deposits. At what stage did EBS move from ... when did EBS achieve 50% wholesale funding, are you aware?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael D'Arcy: Mr. Merriman, have you seen the witness statement from Fidelma Clarke? Have you read that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael D'Arcy: You have. Page 5, Ms Clarke says, "The traditionally conservative approach to lending in EBS unravelled in the period ['00 to '07]." Were you aware that there was an unravelling of the conservative approach by EBS?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael D'Arcy: It's page 5.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael D'Arcy: Oh, sorry, okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael D'Arcy: It's, "Effectiveness of banks' credit strategy and risk management."