Results 3,601-3,620 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: The narrowing of the tax base. The Chairman spoke about the cyclical taxes. Now you can count whichever taxes you wish to be cyclical or counter-cyclical. The narrowing of the tax base, the reduction in the wealth taxes, the capital gains taxes, the transaction taxes and then the decreasing of the income tax. Was he correct then and were you wrong?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Can I ask you in relation to your period in Finance about expenditure. In 1997, the expenditure, total capital and current, was €18.8 billion. Seven years later, it was almost €41 billion. Again the Chairman touched upon it but I'm touching upon it now. A lot of it was based upon taxes that were going to come from the property sector, so long as the property sector kept...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: You're welcome back again. Governor, can I ask about the funding cliff that appeared from mid-2010 onwards? It was obvious that there was a very serious difficulty arising. Mr. Cardiff, in evidence, spoke about the guarantee and the guarantee being the attempted solution, but, subsequent to that ... it was the two years and two months afterwards that the convergence of a number of factors-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: I'm aware of that, Chairman.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: So was the factors that arose between the guarantee and the bailout ... could you just discuss those further, Governor, with us, please, because there was three or four crucial items: NAMA, PCAR, recapitalisation and nationalisation of Anglo and then a corporate bank run then as well? Could you discuss those a little bit further, please, and the impact of those on forcing us into a bailout?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: Why were the losses too big?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: Was there surprise at the level of discount?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: There was surprise.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: Major surprise?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: What was the ... you said you spoke with Peter Bacon who, in evidence, said that his report was presented to Government March '09, and his figure was €35 billion impairment.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: When was it understood-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: That was 20% on the €158 billion loan book. When, and at what stage, was there a realisation that the banks were going to cost the State tens of billions rather than billions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: The-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: Can I just move, Mr ... or, Governor, please, in relation to the SSR legislation. Deputy Doherty spoke to you at the start of the meeting. We've been told it was very complicated and, it was on the basis of it being very complicated legislation, that potentially there were constitutional difficulties and other difficulties and that was the reason why it was dropped. It was concluded in...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: A light version.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: The DSG chose not to progress this. Should it have been progressed and was it possible to provide the light version, that we currently have, and would that have been a very useful tool in light of the circumstances that arose on 29 September '08?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: Do you know if the Central Bank implemented any performance management reviews or reporting with regard to the use of the Government guarantee by the banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: And just to finish, Governor-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: Last question. The ELA and the ECB's exposure to Irish financial institutions prior to the bailout, what was the total amount?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: €150 billion.