Results 1,361-1,380 of 6,295 for speaker:Michael D'Arcy

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: Dr. Bacon is very welcome. In terms of the figure X that Deputy Pearse Doherty has just put on the record - that is €34 billion - there is some confusion whether the amount was €34 billion out of €80 billion or €90 billion, or €158 billion.

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: We will say it was €34 billion out of €80 billion or €90 billion. Dr. Bacon's figure was remarkably close to the conclusive figure, which was a little bit less than €32 billion. His analysis was concluded in March or April 2009. Is that correct?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: Did Dr. Bacon have sight of the PwC report that was conducted on behalf of the Minister for Finance, subsequent to the bank guarantee? He did not. The fieldwork on that was concluded in December 2008, four months before Dr. Bacon's analysis was concluded. That report stated that the banks were solvent. I ask Dr. Bacon to outline his review of that report.

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: Okay. From what Dr. Bacon saw in the period prior to his concluding his report, were the banks solvent at that stage?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: I will ask a leading question. When Dr. Bacon concluded his report, were the banks solvent or not in his opinion?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: May I ask the question a little bit differently then?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: Would the quantum of funds required have wiped out the banks' capital ratios?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: Does Dr. Bacon have any knowledge on the subsequent NAMA pricing model?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: So Dr. Bacon has no information on that, along with everybody else. Point 32 on page 8 of Dr. Bacon's submission states, "In conclusion, it appears that the Asset Management approach has the potential to offer greater assistance to achieving resolution of the impairment issue upfront and maximising taxpayer returns, over the longer term." Has NAMA been run in an appropriate way to...

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: I ask about Dr. Bacon's third report, which was implemented.

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: Yes. The implementation of the recommendations that had the effect of cooling the property market-----

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: Sorry, the first report in 2001. Subsequently those recommendations were removed. Does Dr. Bacon believe that the then upcoming general election had any influence?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: Professor Ahearne is very welcome. What was his reaction to the news that the bank guarantee had been put in place on the night of 29 September?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: At that stage, when no major analysis or empirical research were available, did Professor Ahearne think it was a good or a bad idea?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: Professor Ahearne had spoken with the Minister, Brian Lenihan, in mid-September 2008 - the dominos conversation. The guarantee was put in place, and at the end of December he wrote:In the case of a failing bank, the EU will only allow state funds to be used to wind up the bank or for a complete restructuring. Rightly so. Pumping funds into failing banks is simply pouring taxpayers' money...

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: Professor Ahearne used it.

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: We knew subsequently that Anglo Irish Bank and Irish Nationwide Building Society were failing. In that case, pumping money into failing banks was simply “pouring taxpayers’ money down the drain”.

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: Did the bank guarantee lead in part or completely to the nation’s bailout in late 2010?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Michael D'Arcy: One third of tax receipts prior to the collapse of the banking sector were coming from transaction taxes and capital taxes. How would you itemise that quantum of tax coming from a source of funding that is not available every year?

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Michael D'Arcy: I welcome Mr. Carswell and thank him for coming. His book is a very good read, one of the best reads I have come across to date. What is his interpretation of the Anglo business model in terms of risk, which some of the other banks have struggled to get a handle on?