Results 2,941-2,960 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: -----and you set that aside and you went with Mr. Bacon's. Is that what you're saying?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: Yes. Just ... on 9 April 2009, Mr. Paul Carty, the chairman of the NPRF, wrote to the Minister in relation to the due diligence exercise on AIB, ultimately citing AIB would need additional capital of up to €1.6 billion in 2010-'11 over the already injected €3.5 billion. Do you recall why the Minister proceeded with the injection of €3.5 billion only having been informed...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: April 9, 2009.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: And can you explain the eventual injection of €19.8 billion into AIB and how that total was reached?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: Thank you, Chairman. Mr. Gray, you're welcome.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: Can I ask you, Mr. Gray, following the visit by two senior Anglo Irish execs to your office on the day of the guarantee, you subsequently spoke with An Taoiseach, Brian Cowen, did you tell him during that telephone conversations that both of those executives had attended your office during the day?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: And with the benefit now of hindsight, should you have told the Taoiseach?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: Okay. In the month of September, were you aware that the Central Bank were ... was pairing institutions or having conversations and some ... with one institution with another?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: That was all. Can I now ask the question that I've asked previously? It was known that the Anglo bonds were due on a particular date-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: I shall be careful, Chairman, as always.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: Why wasn't something done on the weekend, rather than waiting for the following week to come?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: I'm trying not to make a judgment here now, Mr. Gray, but we've been told that if you were taking a bank down, you could only do it at a weekend. And, the weekend came and went.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: In terms of ... well, that's been the evidence that's been given by Governor Hurley - that if there was something to be done, it would be done at a weekend when you would have more time, more hours, rather than a number of ... a small number of hours during the week.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: Okay, sure. Did you see former Governor Hurley's evidence where he used the term in relation to some of the powers available to the Central Bank as "theoretical"?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: No, if you haven't seen it, you know, I don't see the point. Can I ask, Mr. Gray, you entered the Central Bank in early '07?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: And the final FSR report was concluded and that final FSR report outlined the substantial increase in household debt. It was, clearly, itemised as an area of substantial concern.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: Why was it allowed go unchecked or was the matter raised at board level? This State went from one of the lowest household debt, 71% of GDP, going back to '97, to a predicted figure of 248% of GNP.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: And finally, Mr. Gray, in September '08, in your witness statement, you state, "In addition to two institutions which were being very closely monitored by the Regulator, one of the other institutions advised that “if markets do not improve they risked breaking liquidity ratios in a matter of weeks.”What actions did the Central Bank Financial Regulator take to support the two...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: Were proposals by the Central Bank or the Financial Regulator or the financial institutions of the other financial institutions, were any proposals made to assist those two that were in immediate difficulty?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: Did you personally present any proposals to the Taoiseach to assist either of the two institutions?