Results 4,001-4,020 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Those are the figures that we've quoted here.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: What term would you use for that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Horrendous, okay. And can ... what did you ... what was the role that you used? What was your role within the Central Bank as the most senior economist that straddled both the Central Bank and IFSRA in terms of what you did to prevent that year-on-year horrendous growth? Unsustainable, in your own terms.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Did you have access to the consolidated data?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Yes, and you made the point earlier to Deputy O'Doherty, I think it was, that the bubble was a standard bubble, same as previous bubbles.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: The bubble was a standard bubble-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: -----and that it was commercial-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: -----commercial property that eventually ... and if it was a standard bubble and you had awareness of it, why was there not reports conducted previously in terms of the commercial sector which was the sector that eventually broke the Irish banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Sorry-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Why then, you as the most senior economist, within the Central Bank, did you not insist that it is the commercial real estate sector that is the more dangerous of the two sectors? And that went unchecked until 2006.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Perhaps if you could provide those documents as well in relation to the ... for the committee, it would be helpful.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Could I just move on, please? You were a member of the domestic standing group on behalf of the Central Bank.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: The simulations ... the simulation of the exercise in light of the crisis that eventually emerged, there were two standards applied, a stress test and a higher stress test. Were you ... were you consulted in relation to the simulation exercise by the domestic standing group?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Can I ask you ... a term that you used earlier with me was "horrendous and unsustainable". Why was there not a much, much higher - potentially a doomsday scenario - stress test if you knew that the growth of the balance sheet was horrendous, unsustainable ... why would you just have a standard stress test and then a higher stress test?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Mr. O'Connell, can I just-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: -----can I just hold you there, please, for a moment? You've presented evidence here that ... the term you used was "horrendous", "unsustainable," and yet if the ... if a much higher - potential doomsday - stress test had been implemented, potentially the decisions made by others coming closer to the guarantee might have been different if a much higher stress test had been applied, much higher.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: I'd prefer if you'd stay with the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: -----please.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael D'Arcy: Could a different decision have been arrived at?