Results 1,881-1,900 of 6,295 for speaker:Michael D'Arcy

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Michael D'Arcy: Okay and, I suppose, the same question in relation to NAMA, the establishment of NAMA?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Michael D'Arcy: In terms of the numbers from the national Exchequer from the British Government for RBS, £46 billion was provided for RBS. Ulster Bank, the figure I had was €14.3 billion, you said €14.9 billion, but it was in that territory. Ulster Bank's ratio of RBS was, you know, the figures I have '07, 3%, '08, 2%, '09, 3%, '10, 3%. It seems like a very large quantity of the funds...

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Michael D'Arcy: One third of the overall moneys from the national Exchequer of the UK that went into RBS found their way into Ulster Bank.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Michael D'Arcy: Okay, and can I read a quotation to you please, "For all those who say investment banking is this evil thing, as a terrible activity which lost all the money, the most money that RBS lost, the least wise decisions, were property lending in the UK and Ireland, of which Ireland was worst of all." That came from Mr. Stephen Hester, RBS boss. Do you think that is fair?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Michael D'Arcy: February 2012.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Michael D'Arcy: Can I ask, Mr. McCarthy, the 100% loan to value of mortgages, they were available from First Active prior to Ulster Bank making them available?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Michael D'Arcy: Was there an international dimension or did you take the provision of 100% mortgages from another jurisdiction? When did the idea come up initially? I'm not talking about the First Active, was that on your watch in First Active or was it before that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Michael D'Arcy: And did you take it from an international ... or from some other jurisdiction and say this could work here?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Michael D'Arcy: Okay. The terms, the loans that were offered and the terms offered to borrowers which were outside the normal commercial terms that were available from your institution made during your period as CEO. Can you identify why this happened or how it was allowed happen? The exceptions rather than the rule.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Michael D'Arcy: Can I just bring to your attention just a follow on, document UBI, Vol. 2. And it's a report form the Financial Regulator June '06 and attached to the report is page, go to page 13. And the letter that's attached to this shows ... the letter is page 3 but there is an appendix attached on page 13. And I think it's out of 61 files inspected 46 had some form of an exception deficiency and...

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Michael D'Arcy: But these are surprising. That out of 61, 46 had deficiencies of this nature. Could you explain that to the committee please?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Michael D'Arcy: Can we just forget the reply, explain the appendix there with the likes of "Value of loan repayments included in DSR calculation not clear", "No evidence to support recalculation of DSR", income, "No details of income, P60, payslips." I mean these would suggest that there is an enormous deficiency in the documentation required for a loan.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Michael D'Arcy: Just to finish. You have had sight of this document?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Michael D'Arcy: Can I just, No. 37 - "Use of terms 'nixers' in branch assessment and the use of income arising from 'nixers' in accessing a mortgage application."

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael D'Arcy: Thank you. Mr.Torpey. You know, we've books of evidence here, but can I just ask you a very simple question? Is there any responsibility ... is there any accountability in the banking sector then and now? Does the buck stop anywhere?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael D'Arcy: And in what way are they accountable? Do they lose their job, do they get sacked, are they fired? In what way are they accountable?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael D'Arcy: And the appropriate sanction is what?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael D'Arcy: How often are you aware that that has happened?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael D'Arcy: And can people be dismissed for incompetence?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael D'Arcy: In evidence yesterday, I put it to Mr. McCarthy that the Ulster Bank sector of the RBS was about 3% in the year that you left; '08, 2%; '09, 3%. So it was ranging between 3% and 2% and yet of the €46 billion that were placed into Ulster via RBS, via the UK taxpayer, Ulster Bank took about a third of it. How would you describe the handling of Ulster Bank since you joined from First...