Results 1,401-1,420 of 6,295 for speaker:Michael D'Arcy

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

Michael D'Arcy: Which bank benefited most?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: Professor Farrell made the point that if there was a better funded and structured committee system, the Government arguments, say, in regard to the bank guarantee, could have been tested. I refer to the evidence we have heard and discussed on the information given to the Government, and subsequently after the guarantee by PwC. PwC had six months in the banks to see whether they were...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: I refer to the confines imposed by the Abbeylara judgment. A large proportion of Professor Farrell's submission was about the expansion of committees but I seek his views in the context of the confines of the Abbeylara judgment and then subsequently, the confines of the referendum that was lost to expand the powers of a committee of investigation.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: What is the view of Professor Farrell regarding a committee potentially impugning the good name of a citizen?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: Earlier, Senator MacSharry discussed the reluctance, not just of the body politic itself but of the public to change. For instance, the Constitutional Convention was reluctant to move away from proportional representation through the single transferable vote, PR-STV. Can Professor Farrell shed some light on why the public and the body politic are reluctant to change a system which, in his...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: Finally, what is Professor Farrell's view of the quality of the referendums? As he has stated we have had more referendums than most, what is his view on their quality and the impact of the change in the general system?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: I thank the professor for attending. I refer to the paper written jointly by herself and Professor Blánaid Clarke. On page 31, it states that "directors of both AIB and Bank of Ireland held simultaneous appointments on the board of the Central Bank." Did that happen in Canada? Professor Hardiman has given Canada as an example of a good regulatory regime.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: The discussion paper continued: In September 2008, against the backdrop of this deliberate policy of light-touch regulation that the regulator insisted that Anglo was not insolvent and that it had enough assets to cover its debts. There is no evidence to suggest Anglo is insolvent on a going-concern basis. It is simply unable to continue on a current basis from a liquidity point of view,...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: I am quoting what the witness has stated.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: My question is relevant.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: PwC was subsequently paid €5 million to carry out an analysis of the banks covered by the bank guarantee. It subsequently discovered, when the report was published, or the analysis was, that the banks were solvent.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: The professor made the point that light touch regulation led to the Financial Regulator making the statement to the Taoiseach that the banks were solvent. In light of PwC being paid €5 million to analyse direct-----

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: It is in this report here. I ask the professor to comment on her statement in her paper on the Financial Regulator making a statement to the Taoiseach that the banks were solvent.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: Perhaps the professor could help me out a little bit with the sequencing of the letter, what I am calling the Kevin Cardiff note. That is dated 25 September. Is that correct?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: That is the Thursday before the bailout, the bank guarantee, which was four days subsequent to that.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: We have the benefit of having received some additional evidence between the professor's previous visit and this visit. Some of the evidence shows that Anglo Irish Bank was losing approximately €1 billion a day, cash deposits.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: On the Monday this note would have been four days out of date. The €8.5 billion could have been, in my analysis, significantly reduced.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: Could the professor explain that please?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: Would the capital ratios-----

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

Michael D'Arcy: I thank Professor Honohan for clarifying that. The other aspect in Professor Honohan's second point is that he refers, in quotes, to "an event of default". It is half way down the page.