Results 3,021-3,040 of 6,295 for speaker:Michael D'Arcy

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: And it's the last paragraph, first line. Oh sorry-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: -----first paragraph ... last paragraph, first line.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: Is it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: I'll read the line to you, "The traditionally conservative approach to lending in EBS unravelled in the period ['00 to '07]." You came in mid-'05. Did you ... were you aware-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: Correct.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: You ... were you aware that that had happened?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: I'm well aware.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: But what I'm asking you: were you satisfied with the change? And did you have any impact when you entered, when you joined the organisation, for those changes to continue changing? Did you do anything to try and revert back to the more conservative method of lending?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: I suppose where I'm coming from is-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: Yes. Where I'm coming from, Mr. Merriman, was you were coming in at a very high level, with substantial experience behind you, and you had seen the market growth and I'm asking did you request any changes to the conservative ... or to revert back to conservative lending approach?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: Thank you. Thank you, Chairman.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: Thank you, Chairman. Ms Harney, Mr. Gormley, you're welcome. Thank you. Mr. Gormley, in the e-mails between yourself and Mr. McWilliams, Mr. McWilliams says, "The dept of finance is worried that people will call the government's bluff and they will have to come up with the cash for this." Was the Government guarantee a bluff and was it the most expensive bluff in Irish political history?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: I think Mr. McWilliams did.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: Sorry, just let me clarify for you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: If I could-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: Yes ... sorry?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: Sorry, it's part of the documents ... it's appendix that was-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: Its on the screen: "The dept of finance is worried that people will call the government's bluff". So, he was stating that the Department of Finance were concerned that potentially the markets, would consider this a bluff. The NTMA, in evidence, were concerned that the markets would interpret it in a similar way and as we know, they were excluded from the conversation. Similar question for...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: And in the conversation between, I assume Minister Lenihan, in contacting the other members of Cabinet, did he state that it was a liquidity crisis, a liquidity problem, and not a solvency, to Ministers?