Results 4,181-4,200 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: But Mr. Hurley, in 1995 the indebtedness of the personal sector was 71%. Twelve years later it was 248%, now, 71% of GDP and 248% of GNP. That happened effectively on your watch, and that compiled with the level of indebtedness to the commercial real estate sector and I want to quote page ... I believe this document is section 33AK-protected ... sorry one moment.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: Yes. It's analysis that was concluded by ... based upon the assessment of a financial institution, which I'm not naming ... but, what I'm asking Mr. Hurley, for a comment upon the level of indebtedness of the personal sector coinciding with the indebtedness of eight financial institutions and I'm quoting Vol. 2, page 176, that is not available, I believe it is a section 33AK-protected...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: What did the Central Bank do under your tutelage to impact upon massive growth in the personal indebtedness sector and the massive growth in the bank balance sheets? What did they do, what policy tools, what instruments did you use-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: Apart from the FSR-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: Okay. Apart from the FSR reports and the pre-budget letters, how did the Central Bank ensure that the Government was at all time informed about the current macroeconomic situation and understood that the effect the macroeconomic developments could have on the financial stability on the banking sector in its entirety?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: Mr. Hurley, why did you not use-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: Why did you not use the tools that were available to you within the powers of the Central Bank Act in conjunction with the Financial Regulator to impact upon the excessive lending that occurred during your tenure as Governor?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: Why did you not use those powers?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: Why did not you use-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: Thank you, Chairman. Mr. Hurley, could you outline your formal and informal interactions during your period as Governor with the European Central Bank, including your interactions with Jean-Claude Trichet?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: Core documents. Vol. 2, page 165. There's a handwritten note, Mr. Hurley-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: ----- up to the guarantee-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: Chairman, the question I asked was, "During your tenure as Governor...".
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: This was during his tenure as Governor. Can I ask, up to the guarantee and prior to the guarantee, Mr. Hurley, in ... did you see the interaction between Mr. Trichet and the committee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: No, between this committee and Mr. Trichet when he attended in the Royal Hospital in Kilmainham.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: I put the question to Mr. Trichet if he was aware that Anglo Irish Bank was virtually certain to default the next day and his answer was:Again, it was not the responsibility of the ECB to survey the banks. We were relying of course upon the local authorities for surveillance [that was yourself, for surveillance] and on possible governments in case the drama would unfold. So no memory, no I...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: So that's a "Yes", you were in contact with the ECB.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: Is that a "Yes"?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: "Was known" -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael D'Arcy: ----- by the ECB?