Results 1,241-1,260 of 6,295 for speaker:Michael D'Arcy

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Michael D'Arcy: Does Professor Lane think that deep down, the banks knew the market had overheated?

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Michael D'Arcy: Some 190 people or corporate entities had approximately €30 billion of loans on the commercial loan book. How would Professor Lane class that scale, involving such a small number of people or corporate entities, in terms of risk management?

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Michael D'Arcy: Governor Honohan attended and gave evidence last week. Part of his evidence related to his discussions with the former Minister for Finance, Brian Lenihan. He had hoped to get to the weekend following the bank guarantee if emergency liquidity assistance could have been made available. Why does Professor Lane think such assistance was not available at that stage? It would have allowed the...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Michael D'Arcy: Remarkably, subsequent to that week in 2008, the amount of ELA went from a very small level to about €90 billion, and then there was an additional amount of tens of millions of euro from other EU funding. The relatively small amount of ELA in that period would have been a fraction of what subsequently went in. Can Professor Lane explain? I am baffled as to why a small amount was not...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Michael D'Arcy: In regard to the funding cliff that appeared subsequent to that when the guarantee was concluded, did that have an influence on the eventual State bailout?

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Michael D'Arcy: In relation to the subsequent bailout and the deals prepared by the ECB, the IMF and the Commission, the rates and the terms and conditions were so penal that they were akin to the national penal laws. In Professor Lane's paper dated February 2011 he made the point that the UK and Denmark made funds available to non-EU countries at much lower rates. Why or how, in the period of solidarity,...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Michael D'Arcy: But the European Commission rates were higher than the IMF rates.

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Michael D'Arcy: As a matter of information, a December 2010 agreement between Iceland and the UK and Dutch Governments on the Icesave debt had an interest rate of 3.2%. Professor Lane's paper, which he presented us with prior to this morning's meeting, seems to indicate that he was critical of NAMA. It states that in the absence of medium-term liquidity support, forced deleveraging over a short...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Michael D'Arcy: I just want to explore this a little further-----

Joint Oireachtas Committee on Education and Social Protection: Impact of Social Protection Payments on Income Distribution: Discussion (21 Jan 2015)

Michael D'Arcy: I probably know even less about economics. However, while I am unsure of what they were saying, I was hearing different things from Professor Tim Callan and Professor John FitzGerald, which is a problem for me. Perhaps one or both of them might explain this. From Professor FitzGerald, I heard that people doing less well economically, in one measurement, did not-----

Joint Oireachtas Committee on Education and Social Protection: Impact of Social Protection Payments on Income Distribution: Discussion (21 Jan 2015)

Michael D'Arcy: No; I am not to blame.

Joint Oireachtas Committee on Education and Social Protection: Impact of Social Protection Payments on Income Distribution: Discussion (21 Jan 2015)

Michael D'Arcy: From what I heard from Professor John FitzGerald, they did marginally better than those at the top, but I heard the opposite from Professor Tim Callan. That is what I heard, although perhaps it might not be what they were saying. My second question, on foot of such income redistribution, concerns the point one often hears that taxing the rich will solve all problems, with the rich being...

Seanad: Order of Business (27 Jan 2015)

Michael D'Arcy: I raise the issue of part-time workers and how unfairly some employers are treating their staff. Many people work 15 to 25 hours a week. In the past such employees had the opportunity to condense their work timing into three days. It has been brought to my attention that some employers, mainly the multiple supermarkets, in particular Tesco and Dunnes Stores, are forcing their staff to come...

Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)

Michael D'Arcy: Professor Kane is very welcome. The “too big to fail” theory is often used but that comes from the perspective of the bank. I want to reverse that perspective and ask the professor's opinion of a country that is too small to guarantee. Were we too small to guarantee?

Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)

Michael D'Arcy: Is there a metric on that? The Irish national debt was approximately €45 billion, GDP was €160 billion and the metric on the bank guarantee was €440 billion. Is there a standard metric that is used?

Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)

Michael D'Arcy: At the end of the guarantee a funding cliff was created, which created its own problems. The professor analysed a dozen or so blanket guarantees. Was our exposure to that funding cliff in line with that of other countries or did they reduce that problem in a different manner?

Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)

Michael D'Arcy: The professor uses a lot of traffic and vehicular analogies and the term “extreme drunken driving”. Is there an example of that in Irish banking terms that he is aware of?

Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)

Michael D'Arcy: He has touched on Basel I, II and III. Some hold the view that these risk analysis mechanisms are over complicated. Is there a prospect that when the banking sector becomes over-regulated it drives money into the private equity markets that are unregulated?

Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)

Michael D'Arcy: So is all of ours.

Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)

Michael D'Arcy: What is the professor's opinion of the private equity funds which are banks in all but name. They are completely unregulated. We do not know who the investors are, their share capital ratios. Is that an area where we could be gathering up major difficulties for the future?