Results 3,521-3,540 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael D'Arcy: And then the last question, Mr. Cowen, did you ever ask the NTMA to place funds within the NTMA in a particular bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael D'Arcy: Mr. Cowen, thank you for coming back. Another couple of hours will do you. Did I hear correctly previously when you said you didn't have a financial adviser at the Deportment of Finance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael D'Arcy: Okay. You said in evidence this morning-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael D'Arcy: Sorry?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael D'Arcy: You said in evidence this morning that when you went into a Deportment you'd source ... to try and source the best people.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael D'Arcy: Who was the best person in the Department of Finance in relation to banking?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael D'Arcy: Kevin Cardiff. You valued his opinion.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael D'Arcy: Okay. Mr. Cowen, were you aware that the market analysis in relation to some of the Irish banks, not all of them, at the end of '07, early '08, was that the difficulty ... that their loan book was substantially impaired or would be substantially impaired?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael D'Arcy: In the period that we're discussing this afternoon, Mr. Cowen, up as far as the time you became Taoiseach, did you believe that Anglo Irish Bank was systemic to the Irish banking system prior to your elevation to the office of Taoiseach?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael D'Arcy: RBS offered an advice note in late 2007 stating that Anglo Irish Bank with only ... with no banking network structure, with no ATM's, with a small number of actual clients, that it was not systemic to the Irish banking system.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael D'Arcy: Okay. If I could just go back to some of the evidence form yesterday, Mr. Cowen, please. You said that ... from your own evidence today, you said in budget '06 there was a cost-benefit analysis done in relation to the tax incentive schemes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael D'Arcy: In evidence yesterday, Mr. Donal McNally ... he was a ... an official within the Department - you know Donal - stated that the SSIA scheme ... that there was no analysis prepared by the Department in relation to that. That was passed to you subsequently when you became Minister for Finance. There was a bill of €2.5 billion for the Exchequer over the period. Would...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Thank you, Chairman. Mr. McNally, you're very welcome.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: I'm going to start, Mr. McNally, with a quotation from the former Taoiseach, Garret FitzGerald, who said in 1984 that the Government is going to keep its hand out of the till from now on. In terms of expenditure in your period, in the senior role in expenditure, did the Governments, successive Governments, keep their hand out of the public expenditure till or not?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Mr. McNally, the level of expenditure from 1998 by the State was €20.5 billion. Ten years later it was €62.5 billion. That's a trebling of expenditure on behalf of the State in a relatively short period. Did the Department do any international peer reviews with trading partners or anything of that nature to see ... to gauge the expenditure by the Irish State with other states?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Mr. John Moran, in his evidence before us, I'm not sure if you had the opportunity to hear what he said in relation to the deficit from your period '08 to when you left, or to date, that the deficit for that period was in the region of €100 billion. And that on the basis of that €100 billion, that that is part of the national debt. Could I ask your analysis of the €100...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Mr. McNally, can I ask you, in relation to the narrowing of the tax base over that period, and the reliance ... the over-reliance on the transactional taxes that were attached to the construction sector, was there comment within the Department that there was a prospect that if those taxes were not as buoyant as they were, that the State could be exposed, potentially, to a shock?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Okay. The ... can I ask, Mr. McNally, is it possible for a civil servant, even a very senior, experienced civil servant to say, "No, you can't do that, Minister, it's too far, it's beyond the pale", that it's irresponsible to implement a specific type of policy?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Can ... can I ask ... you were involved in ... during the period of ... two high-profile policy decisions. The SSIAs: can I ask what was your view about the SSIAs? They were €15 billion with the State contributing a portion of that.