Results 3,861-3,880 of 6,295 for speaker:Michael D'Arcy

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: Did you ... did you see the section when Mr. Wright was before us? Did you see his presentation?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: Yes. One of the lines that he did use was, he would have pressed the red button.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: Yes. Would ... would you ... why did you not press the red button?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: Okay. I'll move on, Chairman. You were a member of the CBFSAI board?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: Okay. Why did the board and the Department accept the soft landing scenario?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: Mr. Considine, in the Honohan report, on page 84, under section 6.17, he points out that the FSR cites no quantitative analytical evidence for the conclusion of a soft landing. You say there is from other sectors?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: We'll move on then to the FSR reports and during your period there was an ... Deputy Higgins discussed the growth of the balance sheets. But the growth in personal indebtedness went from 71% in 1995 to ... of GDP to 248% projected in the final 2007 FSR report. The vast majority of that happened on your watch, from '02 to '06, where they passed the European average and then went from the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: Personal indebtedness specifically, Mr. Considine, please.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: But the action or inaction?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: What action would-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: Yes, Chairman. Mr. Considine, I'm not saying with the benefit of hindsight. FSR report after FSR report clearly itemised the level of personal indebtedness for the citizens was increasing. Start from the low level, move up to European average, surpass the European average, and then the people of this country became the most indebted in Europe. Not with the benefit of...

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: The highest level of indebtedness in Europe.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: And now, with hindsight?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: And, finally, what was going to be the outcome when there was a downturn, when the citizens were now hugely indebted and there was a downturn when the banks were going to be coming looking for the money?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: I am not talking about hindsight. The growth started and continued unchecked.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: Thank you, Chairman. If I could just continue there, Mr. Doyle, please? You said Kevin and the Minister went to Dame Street.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: Your note for the Cabinet meeting of the Sunday-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Michael D'Arcy: Sunday morning. So, subsequent to the Cabinet meeting, they went to Dame Street, is that correct?