Results 3,841-3,860 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Can I move on, Mr. Moran, please? I want to ask your view and your opinion about NAMA, and, you know, there's some discussion now about write-downs in the banks. The NAMA write-down was €42.5 billion. How much of the €42.5 billion write-down will the taxpayers see back?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Sure.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Something of the discount or-----?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: A profit? Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: And can I ask your view about the NAMA profit? We're being told it might make €1 billion profit. But that's after the almost 60% write-down. Can I ask your view on that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: In your own opening statement, you touched upon the vulture funds, Mr. Moran, and can I ask your ... how appropriate it is that the assets are now going to the market at the write ... at the written down rate, and that some of the funds have them for 12 months, 18 months, and double their money in that short period?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Mr. Moran, in terms of the Irish assets, I mean, your argument is fine about assets in London and New York and Chicago, but I'm talking about the Irish assets that have gone to the market, from NAMA, with the write-down and they're being sold 12 months later, 18 months later, at twice the money. Is that good business for the Irish taxpayer, of which ...? We keep hearing, " NAMA's going to...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: I'm asking your opinion-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Sorry, I'm not saying that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: No, no, it's not, that's your interpretation.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: What I'm trying to find out-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Sorry, Mr. Moran made a statement ... said I made a statement. I'm asking his view about vulture funds coming in here, flipping assets for twice the money, in a short span.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: A comment, please.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Michael D'Arcy: Thank you, Chairman. Mr. Considine, you're welcome. I want to start with the Wright report, Mr. Considine, please, on page 22, section 3.2.5, there's a diagram, you've probably seen it, I'm sure you've seen it.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Michael D'Arcy: Effectively, it's the starting position with the Department in relation to the budgetary expenditure and then the final position. When Mr. Wright was before us, we discussed this. Can I ask your view about that particular diagram in that era?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Michael D'Arcy: The report ... the report says, "We examined why relatively prudent fiscal advice in June was systematically ignored in the Budget process." Now, you've mentioned the politicians on a number of occasions. Were you, as an individual, as perhaps the leading civil servant in the State, as a Secretary General, Department of Finance, were you strong enough with your Minister?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Michael D'Arcy: I'm asking ... for your years.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Michael D'Arcy: Sorry, the Wright report says it was.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Michael D'Arcy: Yes ... systematically.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Michael D'Arcy: Were you strong enough?