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Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: No, Chairman, you took some of my time, Chairman.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: You took some of my time, please. If you don't mind, Chairman, just very quickly.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: My last question, Mr. Neary ... my last question to you, Mr. Neary-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: Thank you, Chairman. Mr. Neary, you said that the principles-based system failed. But there is no system without people. Did the people within the principles-based system fail?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: You had powers that you chose not to use. We spoke about them earlier. Quantitative controls.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: You had those powers that were unused. Was it a failure of the people within the system to choose not to use those powers?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: Mr. Neary, did you fail in your role as the CEO of the Financial Regulator's office?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: Mr. Neary, were you up to the job?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: Can I ask, Mr. Neary, you said that the dinner that Deputy O'Toole brought up, that that was a once off.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: Were there any other dinners ran by the IBF banks AGMs that you attended?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: When you say a good few, monthly?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: And, final question, Mr. Neary, do you believe the Irish banks lended recklessly?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: Recklessly?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: Well, I did ask the question-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: -----but he answered a different question, Chairman.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: He ... he-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: He posed a different question.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: I didn't use those terms, Chair.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: Thank you, Chairman. You have answered some of this previously, Mr. Neary, but I suppose I just want to scope the ... the last portion of it. With particular reference to the final solution of a blanket guarantee and the reaching of that, what other options were considered? You had representatives from AIB who thought there was a four-bank guarantee in place; Bank of Ireland, who were at...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: And you didn't participate in how-----

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