Results 1,301-1,320 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael D'Arcy: I am talking about the latent influence by people. If one has a criticism of the economy, a major player will come out and be very critical of that rather than picking up a phone and influencing a report in a different way.
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael D'Arcy: In Professor FitzGerald's opening statement he stated that by 2006 effectively the bubble was irreversible. In his opinion, at what stage were the banks insolvent?
- Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)
Michael D'Arcy: I thank the Chairman and thank Mr. Buti for appearing before the committee. Mr. Buti said that for the first time Article 99.4 of the treaty was used. What was the sanction for the usage of Article 99.4? Was there a sanction in relation to the Government's policy?
- Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)
Michael D'Arcy: Yes.
- Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)
Michael D'Arcy: Was that a mistake?
- Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)
Michael D'Arcy: I thank Mr. Buti. Mr. Buti used the term "incomplete set of tools" on a number of occasions. In previous evidence we found out that the Department of Finance in Ireland, before the guarantee before the crisis, considered passing special resolution legislation. The reason that was not used was because it could create the concern that if the legislation was on the Statute Book, perhaps...
- Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)
Michael D'Arcy: Mr. Buti made the point towards the end of his submission that the "financial sector was thought to simply channel funds in an efficient manner to where the real economy needed them". Is that not a very naïve statement about the financial sector?
- Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)
Michael D'Arcy: When Mr. Buti's colleague from the Commission, Mr. Nava, was before us, I asked him for his view on the three big rating agencies' performance prior to the crisis. He said it was not his sector, but Mr. Buti's.
- Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)
Michael D'Arcy: There are a number of cases against the rating agencies in the United States. Are there cases pending in respect of the big three in the eurozone? Finally, I would like Mr. Buti's view on the big four audit firms prior to the crisis.
- Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)
Michael D'Arcy: I welcome Dr. Donovan. I read his book. On the bank guarantee, on page 200, he wrote:The decision provided a comprehensive government guarantee in respect of the financial obligations of the six domestic institutions - Allied Irish Banks (AIB), Anglo Irish Bank (Anglo), Bank of Ireland, Educational Building Society, Irish Life & Permanent and Irish Nationwide Building Society (INBS)...
- Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)
Michael D'Arcy: Footnote No. 6 states:Foreign banks operating in Ireland subsequently were offered the option of availing of the guarantee for a fee similar to that levied on domestic Irish institutions. However, in the end, they decided not to participate. Which banks, of which Dr. Donovan is aware, were offered the extension of the guarantee?
- Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)
Michael D'Arcy: Then I will explore Dr. Donovan's view on the bank guarantee. We were quoted the gross figure of €64 billion initially. Then Governor Honohan stated a figure of €40 billion. Would the figure have been higher if those banks that were offered the extension of the guarantee had decided to participate in the offer for them to be covered, and if it had been higher, does Dr....
- Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)
Michael D'Arcy: Billions of euro?
- Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)
Michael D'Arcy: Tens of billions of euro?
- Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)
Michael D'Arcy: In Dr. Donovan's book, on page 183, there is a chapter entitled, "9.3 Maximizing Liquidity Availability and the NTMA Deposit Episode". Would Dr. Donovan expand on the NTMA deposit episode?
- Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)
Michael D'Arcy: Could the NTMA have disallowed the option of placing funds into Anglo Irish Bank, if it had decided against it?
- Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)
Michael D'Arcy: I refer Dr. Donovan to page 195, the second last paragraph.
- Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)
Michael D'Arcy: It states:The NTMA reluctantly complied with explicit government instructions. However, one can conjecture as to what might have happened if the NTMA, given its considerable professional experience and standing, had sought to press at high levels its significant misgivings with respect to Anglo. Would Dr. Donovan discuss that further?
- Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)
Michael D'Arcy: It is Dr. Donovan's book.
- Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)
Michael D'Arcy: It is pre-guarantee.