Results 3,941-3,960 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Michael D'Arcy: Mr. Patterson, on page ... on Vol. 2 of your documents, page 54, and I put this to Mr. O'Reilly this morning also, the Nyberg report, on section 4.4.2. The last line of that section: "Indeed it was even suggested that detailed enquiries by the [Central Bank] regarding the basis for the [Financial Regulator's] assessments could have been regarded as an unacceptable intrusion into the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Michael D'Arcy: Where do you think Mr. Nyberg came up with that analysis?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Michael D'Arcy: Can I put it to you, Mr. Patterson, that the consolidated data was available per institution to IFSRA or the Financial Regulator's office, that consolidated data was not available per individual institution? The institutions themselves had their own data. And again I put this to Mr. O'Reilly this morning, that the ... you were the only body who had knowledge of the people who were at the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Michael D'Arcy: Okay. The genesis of the growth started around 2001 and you came in shortly after that. The growth, the figures that we have is around 30% year on year, compound, by the banks. Did you realise that that was a dangerous level of growth?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Michael D'Arcy: The FSRs that came in the name of IFSRA, the Financial Regulator-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Michael D'Arcy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Michael D'Arcy: Or the Central Bank, sorry.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Michael D'Arcy: But it was IFSRA who would have collated them along with the Central Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Michael D'Arcy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Michael D'Arcy: The level of personal indebtedness, which was itemised as a particular vulnerability, in 1995 was 71% of GDP ... I've collated these figures from the FSR reports. In two ... of GDP. In 2007, 12 years later, the figure of GNP in the IFSRA ... or in the FSR report was 248%, taking this country to the most personally indebted nation within western Europe. Was that not highlighted to you, as...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Michael D'Arcy: Did you notice it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Michael D'Arcy: Were you aware that the citizens of this country-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Michael D'Arcy: -----went from being low debt-to-GDP ratio-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Michael D'Arcy: -----to the highest in Europe?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Michael D'Arcy: And should action have been taken to prevent that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Michael D'Arcy: Again this morning I put to Mr. O'Reilly, Mr. Patterson, that principles-based regulation in this jurisdiction was similar to principles-based regulation in other jurisdictions. And yet our crash in the banking sector was 40% of GPD, a multiple times that of other countries. Can you explain how we were so much worse than other jurisdictions with the same principles-based regulation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Michael D'Arcy: And what brought down our banking sector? What was the primary reason?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Michael D'Arcy: Just going back to Nyberg report: willingness and ability to act, to take action. Do you believe there were effective tools, instruments available to deal with the excessive credit growth and sector risk concentration, and can you assess the use and the efficacy of these instruments?
- Seanad: Draft Commission of Investigation (Certain matters concerning transactions entered into by IBRC) Order 2015: Motion (10 Jun 2015)
Michael D'Arcy: It is good to be back. One of the ushers stopped me on the way in and said he did not know who I was.
- Seanad: Draft Commission of Investigation (Certain matters concerning transactions entered into by IBRC) Order 2015: Motion (10 Jun 2015)
Michael D'Arcy: Like Senator Barrett, I must temper my comments as I am a member of the banking inquiry. I welcome a number of things. First, it is good to have an experienced judge in this sector. It is not going to be easy for anybody to take a fair view in terms of how analysis is conducted of the size of these loans. These are loans of tens of millions of euro, and potentially hundreds of millions of...