Results 1,181-1,200 of 6,295 for speaker:Michael D'Arcy

Seanad: Access to Finance for SMEs: Statements (19 Nov 2014)

Michael D'Arcy: I welcome the Minister of State to the House. He has told us this is the first occasion he has been to the House. The reality with respect to SMEs is that finance becomes irrelevant if people have no spending power. The latest figure indicates that 70,000 more people are back in work; the figure of 1.9 million has been crossed in terms of people who are now back in work. That has a major...

Seanad: Access to Finance for SMEs: Statements (19 Nov 2014)

Michael D'Arcy: I think they will.

Seanad: Access to Finance for SMEs: Statements (19 Nov 2014)

Michael D'Arcy: I can only give the Senator the information that I know. The staff in the local enterprise office in Wexford know much more than I know. The staff in those offices are up to speed on what is available and they pass that information on to businesses throughout the country. I will conclude by referring to the banks, God bless them. Significant funds are available and the banks are improving,...

Seanad: Finance Bill 2014: Second Stage (4 Dec 2014)

Michael D'Arcy: I thank Senator O'Brien for giving me the opportunity to speak at this stage in the proceedings. The Minister of State is very welcome to the House. The budget was a welcome departure from previous budgets in which there were only tax increases. On this occasion, there was a tax reduction of €650 million. For the first time in a number of years, the very hard-pressed taxpayer got an...

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Michael D'Arcy: Mr. Nyberg is very welcome. We appreciate his attendance today. His report is entitled, Misjudging Risk. In the scheme of misjudging risk internationally, how bad was the Irish banking sector's misjudgment of risk? It is the obvious question.

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Michael D'Arcy: They were pretty good.

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Michael D'Arcy: I will touch on the PwC report commissioned by the Government after the guarantee. It was presented in late 2008 and was to deal with the insolvency of the banks on the night in question. Is Mr. Nyberg satisfied with the methodology used by PwC to prepare the report? He had access to their papers and the analysis they carried out. Is he satisfied that it was sufficient?

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Michael D'Arcy: I put it to Mr. Nyberg that the report was concluded and presented at some stage in late 2008, based on the night in question which was the end of September 2008. The establishment of NAMA took place within 12 months and on the transfer of loans of €72 billion - as Deputy Doherty pointed out earlier €62 billion of the €72 billion was with 190 people - at the...

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Michael D'Arcy: One of Mr. Nyberg's key conclusions was the importance of group thinking. He mentioned it on a number of occasions throughout the report. At one stage he said that a national speculative mania prevailed in Ireland during the boom. Is that not apportioning blame to the people of Ireland? A lot of people did not party and a lot of people did not participate in the boom. The State supported...

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Michael D'Arcy: Thank you, Chair. Mr. Nyberg said earlier in his submission that the Central Bank was in contact with the European Central Bank prior to the guarantee. In light of that and in light of the establishment of NAMA, and then in light of the national bailout, is it possible for us to conduct and conclude our work without representatives from the European Central Bank attending?

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Michael D'Arcy: I am asking that question mainly because Mr. Nyberg had sight of more than most in regard to the Irish banking sector. I am asking for an opinion.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Dec 2014)

Michael D'Arcy: I welcome Mr. Wright and thank him for coming. It is important to set the scene for people. Mr. Wright was the Secretary General in the Department of Finance in Canada.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Dec 2014)

Michael D'Arcy: The Canadian economy, he said, is a small economy but it is in the top ten economies, or thereabouts, worldwide.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Dec 2014)

Michael D'Arcy: One could say that Mr. Wright is one of the top ten civil servants worldwide.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Dec 2014)

Michael D'Arcy: Where I am coming from on this is Mr. Wright's experience. He has been around the block, and he was in a very good position to do the analysis on behalf of the Department. If he had been in the Department, would he have pushed the red button? Those are his own words.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Dec 2014)

Michael D'Arcy: I thank Mr. Wright for being so frank in his answer.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Dec 2014)

Michael D'Arcy: Exactly.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Dec 2014)

Michael D'Arcy: I am not trying to criticise. Mr. Wright mentioned the NTMA being sectioned off, and he used the term "silo" on a number of occasions. In this jurisdiction, a silo stores agricultural produce. However, should the NTMA be put back under the remit of the Department of Finance?

Committee of Inquiry into the Banking Crisis: Context Phase (18 Dec 2014)

Michael D'Arcy: In yesterday's evidence, Mr. Nyberg stated that the Central Bank and Financial Regulator blocked the introduction of a special resolution scheme or legislation in 2007. As the witness knows, it would have been a useful tool available to the Department of Finance in the event of an economic crash. Should the Department of Finance have been stronger in standing up the Central Bank and...

Committee of Inquiry into the Banking Crisis: Context Phase (18 Dec 2014)

Michael D'Arcy: Mr. Wright has done in-depth analysis of the Department of Finance. Yesterday, in evidence, we had a conversation regarding contrarian views among staff. Did Mr. Wright see any evidence of potential for somebody with an alternative view that was not of the mainstream? Could that have had an impact on promotion within the Department?