Results 4,141-4,160 of 6,295 for speaker:Michael D'Arcy

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael D'Arcy: Were they more exposed than anybody else?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael D'Arcy: Can I just conclude then, there was a financial stability report in November '07, which stated that the Irish citizens were indebted, now the most indebted people in Europe, up to 248% of GNP and they also stated the difficulty in relation to the CRE sector. Again, the coincidence of the FSR report, this report that you had sight of and a further ten months down the line. Did the banks'...

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael D'Arcy: Was ours worse than anywhere else?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael D'Arcy: Just to finish-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael D'Arcy: -----was ours worse than anywhere else?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael D'Arcy: In terms of liquidity.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael D'Arcy: Ours wasn't?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael D'Arcy: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Michael D'Arcy: Thank you, Chair. Mr. Hurley, thank you for coming. Just ... in your interaction with the Chairman, Mr. Hurley, are you saying then effectively that the buck did not stop with you in terms of your responsibility for banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Michael D'Arcy: So, did the buck stop with you or not?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Michael D'Arcy: I am aware about the carved-out responsibilities, Mr. Hurley. But, I suppose, what the Chairman started off this morning with ... what I'm trying to clarify, is in terms of your overall responsibility for the financial sector for stability. That was your overall responsibility.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Michael D'Arcy: I'm aware of that. But what I'm trying to see was ... who was the person who had the final responsibility. Is that you or is it the opposite, the Financial Regulator?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Michael D'Arcy: So ... and I don't want to put a leading question to you, Mr. Hurley ... in the final analysis, for overall responsibility for the Irish financial institutions, the Irish banking sector, did the buck stop with you?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Michael D'Arcy: Mr. Hurley, the ... have you followed evidence being given by previous witnesses to date?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Michael D'Arcy: And, specifically, I'm talking about senior executives from the financial institutions - AIB, Bank of Ireland, Ulster Bank - that have before ... appeared before us previously. And one of the themes that has ran through that, Mr. Hurley ... one of the major issues was that the banks did not have access to consolidated data in relation to developers, to major projects or, in particular, to...

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Michael D'Arcy: Mr. Hurley, I have read the financial stability reports and I will come back to them in a moment. One of the criticisms was that the banks were unaware that certain people who they had lent money to also had a cross-collateralisation, a cross-securitisation of loans with another bank and each bank was unaware that that other ... that same individual was indebted to another institution. On...

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Michael D'Arcy: While the functions were divested to the Financial Regulator, your role, as we’ve stated at the very start, was to oversee the financial stability of the entire sector.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Michael D'Arcy: On any occasion, did you request from IFSRA the top ten exposures, analysing the risk that the financial stability reports ... that you’ve stated in the FSR reports, was any of that analysis done in relation to the commercial real estate sector?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Michael D'Arcy: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Michael D'Arcy: But you had authority over the financial stability of the entire sector. What I’m trying to scope, Mr. Hurley, is you had access to the consolidated data, in particular for the commercial real estate sector, and I’m trying to scope did you request that data, did you analyse that data of the top ten exposures within each financial institution to protect the stability of the...