Results 1,381-1,400 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: On page 57 of Anglo Republic - Inside the Bank That Broke Ireland, Mr. Carswell states that AIB established a win-back team. He wrote, "In 2004 AIB chief executive [who I will not name] established a win-back team as part of the bank's efforts to understand why the bank was losing business." Were the other banks outside of Anglo prepared to move in a different direction in order to win back...
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: Mr. Carswell made the point that there was a date when there was a 30% increase in lending. At what stage does he think the Anglo model ramped up to a degree where it was no longer sustainable?
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: Anglo was lending money out but was required to have minimum capital ratios. On page 59 of his book Mr. Carswell says that the chief executive of Bank of Ireland "could not get to grips with Anglo. I said it in my own organisation, if there was ever a downturn or liquidity crisis they were done for, they were gone." As subsequently noted, that liquidity crisis did come. Was there a model...
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: In his submission this afternoon Mr. Carswell stated:At one point the Department of Finance was described by one of its own officials as being "under siege" in the lobbying campaign by the financial industry. The aim was to get legislation passed to allow the banks to issue bonds backed by commercial mortgages. The financial sector won out. The legislation was passed in early 2007, right...
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: How did that further exacerbate the boom?
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: On page 122 of Mr. Carswell's book, he discusses the displeasure of Anglo Irish Bank towards stockbroking firms, and the firm I am talking about here is Davy:By this stage Davy had grounds for suspicion that a major bad debt problem was building up at Anglo. The stockbroking firm had a busy private clients division which backs up property investment for wealthy customers. Davy turned down a...
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: In relation to Davy's which had issued advice that the share prices of Anglo were not a good buy.
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: October 2007.
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: Would it be normal that the bank in question, which had the advice note from a stockbroking firm, would contact the Financial Regulator?
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: Not for other banks?
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: In page 210 of his book Anglo RepublicMr. Carswell quotes an article from The New York Times, the headline of which was, "Can one bank bring down a country?" Can one bank bring down a country?
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: On page 218 Mr. Carswell writes that on the night of the guarantee, the Monday night, 29 September 2008, both AIB and Bank of Ireland anticipated that Anglo would be nationalised at the weekend. What is his understanding of how or why Anglo was not nationalised on the weekend following the guarantee?
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: I will address two aspects to continue on from the Chairman. In Mr. Carswell's book, he stated that Bank of Ireland lost €10 billion in deposits in two months in late 2010 and AIB lost €12 billion in deposits in two months and that, in the calendar year, AIB lost a further €13 billion in deposits. Was the ECB right to look for its money back?
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: Two months after the end of the bank guarantee, the funding cliff appeared. Mr. Carswell's book says that Bank of Ireland lost €10 billion and AIB lost €12 billion. In the previous six months, AIB had lost an additional €13 billion.
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: Was the ECB correct to look for its money back in light of the increased ELA? On top of that, Mr. Carswell wrote on page 305 that Anglo Irish Bank had primarily looked for increases of €14 billion from the Central Bank of Ireland. In the same two months-----
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: Sorry. Anglo Irish Bank also looked for an additional €45 billion in those two months from the ECB.
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: Yes.
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: There were no assets left with which-----
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: My last question is on which bank benefited most from the Asset Covered Securities (Amendment) Act 2007.
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: No, I am sorry, but that was not the question.