Results 4,101-4,120 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael D'Arcy: Okay, well, I'll conclude on this now. I'll conclude on this, Chairman.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael D'Arcy: I just, to just conclude, from Mr. Carswell's book there was a sense among stockbrokers that Anglo and the regulator were working hand in glove. A letter sent to Merrion by Anglo's lawyers, I won't name them, on instruction from Mr. Drumm, threatened the firm with legal action over the traders' comments to a client and demanding a retraction of what he had said, was copied to the regulator.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael D'Arcy: Yes, I'm reading it. Mr. Neary insists that, that his investigation was separate from Anglo's representation but Mr. Conroy was not convinced. You're telling me that the ... that you instigated the investigation, not upon anybody's request.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: Chair. Mr. Grimes, thank you for coming. Can I, first of all, clarify with you, please, because it is still a little bit unclear and Mr. Patrick Neary is in tomorrow, can you define exactly what is guidance in the definition of guidance that the CB ... Central Bank could provide for the Financial Regulator, in terms of financial stability? Is it instruction, is it direction, or what...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: Could you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: I'm still not sure that's clear ... you said you could tell and to give an instruction but could you tell the regulator that there was a specific issue that was causing concern for the Central Bank, that the stability of the banking sector could be at risk? Could you tell them to do ... to make a particular action or not?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: I just want to explore this a little bit more, Chairman, please, so ... so what you've said is you could raise the matter with the regulator-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: -----directly, raise the matter directly-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: If a guidance was issued----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: -----there was a matter to be acted upon. Is that correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: Okay and then it was a matter for the regulator to act?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: That's your understanding?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: Okay, thank you. In terms of the information available to us from the Central Bank, did the Central Bank identify specific problems developing in the Irish economy? The Central Bank have the responsibility for financial stability and that requires it to communicate such problems to the Department of Finance. Do you believe the nature and severity of the problems were clearly communicated...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: I suppose-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: The period from the Northern Rock issue to the guarantee.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: You ... in the first page of your opening statement, I want to quote you: For example, it did not collect [the Central Bank did not collect] information on the consolidated balance sheets of individual banks on which calculations of capital were based using the prudential framework. Also, the Central Bank did not examine the quality of bank assets; [that] was the role of the Financial...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: But you had the information in relation ... per sector? So, the commercial real estate sector -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: Yes. And in terms of the ... the bank balance sheet growth from '01 to '08 for the main banks in the region ... year on year, 30% growth per annum, compound. And also the level of indebtedness of the ... the private sector in relation to GDP ratio. From the FSR reports and I'm ... I collated these figures, in 1995 the rate was 71% of GDP, for 2007 the rate of indebtedness ... personal...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: My question to you is: why did you not act in relation to the guidance for the Financial Regulator to act upon his powers when you saw those levels of growth? You identified them in the FSR reports year on year and there was no action taken by you ... and when I say you ... not you, individually, but your organisation.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: Truly large?