Results 3,721-3,740 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Yes. Was there an understanding within the Department of Finance ... you said last week, Mr. Cardiff, that you didn't know ... I put it to you that you were the last man standing on the nationalisation of Anglo but that you didn't know that you were right. Was there an understanding that these decisions were going to cost the State tens of billions or billions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: No.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: The decision to nationalise Anglo, could you discuss the measures and the associated timelines that were put in place to try to quantify the debt exposure to the State?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Sorry, just to clarify that, Mr. Cardiff, the PwC ... that's Project Atlas?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Yes. Where PwC took the bank's valuations - they didn't source valuations for themselves?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: The Project Atlas and the PwC report ... in evidence, Peter Bacon said that he was conducting a report almost in conjunction with that and his evidence was that he felt there would be a €35 billion loss. Was that the first occasion anybody started talking in terms of tens of billions of euro loss for the banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: And, sorry, your reaction ... I think my time is up. And your reaction to the first occasion people started talking in terms of tens of billions of euros loss?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Well, he said there would be a €35 billion impairment.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Thank you, Chairman. Mr. Beausang, you're welcome. On page 3 of your opening statement, Mr. Beausang, you state, "The model of 'principles-led' 'risk-based' supervision was set out in IFSRA's Strategic Plan." Section 5.4, you also state, "We knew that IFSRA’s supervisory approach was, therefore, strongly underpinned by a comprehensive system of technical regulation encompassing...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Can I ask you your view in relation to, you are talking about a prudential regulation of the institutions. You are talking about the prudential-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: And your view in terms of the Central Bank's role in terms of financial stability, did they do a good job or poor job? Your view please?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Looking at the banks please?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Can I ask you about the awareness of the Department of Finance in relation to the build up of the banking balance sheets that was freely available from banking reports, AGMs, and the role and actions of the Department of Finance in terms of any impact that they proceeded to really impact on the system?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Mr. Beausang, the bank balance sheets increased year on year in the region of 30% for eight years in a row. I am asking the role of the Department of Finance, if they raised any flags? I think Mr. Rob Wright used the term he would have pressed the red button and asking about your knowledge of the role of the Department of Finance.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: And nothing to do with the Department of Finance; is that what you're saying?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Yes. And did you choose to do anything about it, the growth-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Okay, you didn't have a legal role. Was it discussed about the growth of the balance sheets in the banks - 30% year-on-year growth for eight years in a row? Was it discussed at all, even informally, in the Department of Finance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Informally?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: And informally, was it discussed?