Results 4,121-4,140 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: That's a bit of an understatement-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: Mr. Grimes, did you ... did you participate in the FSR reports?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: Thank you, Chairman. Ms Burke, you're very welcome. Thank you for coming. One of the objectives of the Financial Regulator was the promotion of the financial services industry in Ireland. Did the objective get in the way of correct prudential supervision?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: And was the single regime a mistake?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: For both-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: -----international and ... for both, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: Can I ask you, Ms Burke, your ... your view in relation to guidance? You quoted the section 33 from the Central Bank in relation to guidance between the Central Bank and their role in financial stability.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: And it's something that I am trying to get a handle on. Can I ask your view in relation to guidance, what guidance means? We've had former Governor Hurley in here previously and we had Mr. Grimes in this morning. Could you give the committee what your knowledge of guidance means, of guidance from the Central Bank board to IFSRA-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: Did you hear former Governor Hurley's view that this piece of legislation was theoretical?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: I am not sure if you had. You heard the quotation about ... from Governor, former Governor Hurley?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: Do you have an opinion upon his view that it was theoretical?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: Thank you, Chairman. Mr. Horan, thank you for coming. In the DSG reports there's a lot of mention of ... this is the quotation "highlighting the inherent strengths of the Irish financial system and economy". Was the frequency of this particular stance not a cause of concern by members of the group?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: Can I ... can I ask you ... if you go to booklet ... Vol. 2 of your booklets, Mr. Horan, please, page 136. I believe this is 33AK redacted, so it won't be coming up on the screen. At the bottom of ... of page 136, the "International investor views and the share price of Irish banks have continued to fall". Am I allowed read this, Chairman, and exclude names of banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: Yes, okay. Irish bank share prices have continued to fall and have lost between 30% and 50% of their value since start of ['07]. Notwithstanding the posting of good results by [a bank] ... its share price fell by 6% that day, at one point falling 8%, perilously close to the 9% figure at which trading in a share is temporarily suspended. The decrease in value of Irish bank shares has been...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: Can I ask you, which was the bigger difficulty? Was it a bigger difficulty that financial broker firms had decided that the Irish banks were in serious trouble because of their loan book or the liquidity crisis? Which came first? Which was the biggest problem?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: You were the banking supervisor.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: Which was the biggest issue? I suppose what I am saying is the liquidity crisis ... this is almost a year, it is ten months before the guarantee. The liquidity crisis, while there was contingency planning for events, this was the November 7th report from a major player in the international markets stating quite clearly a negative perspective on the Irish banking sector because of property...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael D'Arcy: But it was available, liquidity was available.