Results 3,281-3,300 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: You were an experienced banker, Mr. Fitzgerald. Should you have considered those matters or raised them at the board level?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: I suppose where I'm coming from, Mr. Fitzgerald, is you had a large number of staff underneath you. Your job was to get ... to look after the retail deposits-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: And the corporate deposits. And did you ... a term that is being used is "silos". Were you siloed? Did you only consider that and never offer other opinions to other executives within the bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: You were aware of the extent to which Anglo Irish Bank was a monoline bank.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: Were you aware that the figures that we've had presented to us was ... were, upon analysis, prior to the guarantee ... 82% of Anglo Irish Bank was made up of commercial real estate lending, 17% corporate, much of which was attached to the commercial real estate, and 1% residential. Were you aware of that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: And were you satisfied at that stage that it was ... you used the term "prudent" ... that that was a prudent banking model?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: Not now, but back then.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: Sorry, at what stage did the crisis hit do you... in your view?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: Would you consider yourself somebody who is well-informed about what the market was saying about your institution - Anglo Irish Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: And in terms-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: Did RBS not have a market note in relation to Anglo Irish Bank being monoline and that it was not systemic to the Irish sector? Were you aware of that market note?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: That was in 2007.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: If I could move on, Mr. Fitzgerald, did you consider at any point during 2008 that the bank was insolvent?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: On the night of the guarantee, did you believe the bank was insolvent?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: Did you believe there was billions required by the State at that stage or tens of billions required by the State to underwrite the bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: You didn't?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: You said earlier that you were a person who was well-informed.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: But you must have been well-informed that the corporate deposits were possibly likely to ... I think the term used "flight to quality", that was your term.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: That that was likely to happen based upon the monoline status of the bank.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael D'Arcy: Liquidity runs directly into solvency depending on the extent of the crisis.