Results 3,981-4,000 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Are you satisfied that the international analysis now is on the mark?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Potentially the difficulty that is coming down the track, at some stage in the future, is a different crisis than what has happened in the past.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: The Basel III rules, they are untested, in the same way Basel II was untested prior to the crisis. They were completely inadequate.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Can I ask your view about the areas that are unregulated that are offering similar banking services, the new platforms that are available today, the private equity firms that effectively act as financial institutions? Are there risks from these sources of financing that, Basel III or that, are unregulated by sectors within finance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: But are these not ... these are effectively unregulated, the equity companies?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Is the same level of oversight in these money markets occurring as there is in banking institutions currently?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: I hope it's not principles-based?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Thank you, Chairman. Mr. O'Connell, on page 4 of your written statement, you state, about halfway down through the second paragraph: Around that time, a memo was sent from the economics function in the bank to the then Governor recommending that bank lending to the property sector needed to be reined in; for many years in the past the Central Bank imposed credit ceilings on banks in the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Yes. Could I just ask-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Okay, sorry.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Yes. In your statement, you suggest that the authorities were well aware of the dangerous developing situation in terms of the property bubble. When did you realise that there was a bubble forming? When did it start in your own mind?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: And, tell me, when did you believe that it moved on from an ordinary property bubble to a very serious, significant property bubble; that it had become really excessive?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: I asked you when did it become really excessive?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: It was massively excessive around 2000. And what term would you use for the subsequent growth, as we've seen in previous evidence from AIB, Bank of Ireland and Anglo in the region of 30% per annum growth year-on-year compound-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: In the balance sheet, yes, of the banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: I mean, in mind ... keeping in mind that you said in 2000 it was massively excessive.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Okay-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Excessive?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: What term would you use where ... where it eventually got to where it got to ... what ... what was ... what was the one term that you would use?