Results 3,001-3,020 of 6,295 for speaker:Michael D'Arcy

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: That was in 2007.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: If I could move on, Mr. Fitzgerald, did you consider at any point during 2008 that the bank was insolvent?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: On the night of the guarantee, did you believe the bank was insolvent?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: Did you believe there was billions required by the State at that stage or tens of billions required by the State to underwrite the bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: You didn't?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: You said earlier that you were a person who was well-informed.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: But you must have been well-informed that the corporate deposits were possibly likely to ... I think the term used "flight to quality", that was your term.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: That that was likely to happen based upon the monoline status of the bank.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: Liquidity runs directly into solvency depending on the extent of the crisis.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: Were you aware of Professor Morgan Kelly's interview on "Prime Time" immediately after the ... I think it was within ... I think it was 30 September, in relation to ... his theory was that the asset values were so poor that the guarantee was a mistake? Did you see that interview on "Prime Time" with Professor Morgan Kelly?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: Are you aware of it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: His assertion was that the liquidity wasn't available through Irish banks because of the quality of their loan book.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: And do you think that's a fair comment?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: And, which caused which? Was the liquidity crisis caused due to the standard of the loan book or was it, as you say, the crisis came after the guarantee?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: Sorry, Mr. Fitzgerald, but the question I asked you was which caused the bank to crash. Was it ... the theory that Professor Morgan Kelly put forward was that the standard of the loan book was so poor that that caused the liquidity crisis within Anglo and other Irish banks.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: I'm not asking you what was evident. I'm asking you which caused it, in your opinion.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: Not the standard of the loan book, as put forward by Professor Kelly?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: But which was correct? I'm not talking about the months prior to the guarantee, what was evidenced. Which was the case, with hindsight, Mr. Fitzgerald?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: The standard of the loan book?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael D'Arcy: Mr. Fitzgerald, Project Atlas - conducted by PwC - I think some of it had started prior to the guarantee and subsequently concluded the field work prior to Christmas 2008. The report was presented to the Minister in early 2009, the Minister for Finance, Mr. Lenihan. I think it was February 2009 it was presented. Were you aware of that?