Results 3,741-3,760 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: You made the point that you didn't have a legal role.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Okay. Was there anything, informally, that you could've done, that may have been available to-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: -----in your view, in your sector that you could've discussed it with the Minister, could have discussed it with your senior officials, that this was growing at a dangerous rate?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Okay. Can I ask, when you mention the DSG, can you recall what structures were in place prior to the appointment of the DSG to safeguard financial stability within the Department?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: I'm asking within the Department-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: No legal role? It's irrelevant to you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Okay, can I just push on because I'm kind of going around the house there, Chairman. In section 5.10, Mr. Beausang ... yes ... sorry ... hang on now, sorry one moment ... you, in 5.9.4, you quote the FSR reports. Did you see the level of personal indebtedness, the household indebtedness, the increase in those?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: To the point that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: And, again, did the Department of Finance do anything about those levels of household indebtedness?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: And can I ... did ... the Department of Finance, because you didn't have a legal role, did that mean you didn't do anything about it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Can I ask what percentage of the loan book, in the mortgage loan book, household indebtedness was sub-prime?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: 50%?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: I would suggest that it was probably a small amount.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Okay-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: What about the establishment by the Irish banks of 100% mortgages? Did you ... the Department of Finance do anything about that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Okay, can I move on, Mr. Beausang, please? In spring '08, the DSG was party to the drafting of legislation to provide for the nationalisation of a financial institution or the issuance of a guarantee by the Minister. We see that the Attorney General provided levels of secrecy in relation to those that didn't go through the standard structures because of the importance of the legislation....
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: The legislation-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Yes. The legislation was subsequently enacted in 2011.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: I don't remember any referendum in relation to property rights or anything of that nature and if the constitutional issues weren't dealt with by referendum, well, the legislation stood and was implemented. Why then was it not proceeded with in 2007? It may have been a tool available to the Department of Finance to deal with the ... the institutions who were in greater difficulty.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Can I just move on, Mr. Beausang, as well, please? The DSG compromised a group of experienced officials. How did the group fail to conclude that a serious banking crisis was on the rise and given the ... the following indicators? The financial markets were warning from mid-2007 about the Irish loan book concentrations. The reduced availability of liquidity to the financial institutions...