Results 4,401-4,420 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Michael D'Arcy: I do.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: Thank you Chairman. Mr. Boucher, you're very welcome. NAMA has highlighted the issues in relation to valuations and the veracity of security and titles. Can you comment on why your internal controls never highlighted these issues as a problem during your tenure? And the document, the core documents I'm using-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: Sure. NAMA have highlighted the issues in relation to valuations and the security and titles involved that were transferred from NAMA ... from yourselves to NAMA. Can you comment on why your internal controls did not highlight those concerns?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: The documents that I'm using are BOI - B4, pages 27 to 31.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: 43%?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: And the documentation ... why ... the question I'm asking you is, why did your internal controls not raise that issue directly with you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: Okay. Mr. Boucher, in terms of ... you said the biggest mistake you made was in relation to the funding of the mortgage book in the UK. Is that correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: Yes, and document BOI - Vol. 1, B1, page 23, Funding and Liquidity, this should be up on your screen. This document-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: Okay, sorry.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: That's fine.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: Funding and Liquidity, 3.1, "The single biggest strategic mistake the Bank made, in common with a large number of banks throughout the world, was to become over-reliant on wholesale funding to grow its loan assets particularly outside its core franchises". That document is contrary to what you're saying was the biggest mistake. Could you ... if you see it there, Funding and Liquidity, 3.1.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: On that same page, Mr. Boucher, it says that the amount of the reduction in wholesale funding is €69 billion that the bank were using. Was it a €69 billion mistake?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: Okay, can I just move on page 35 in the same document and it's a line that I use with Mr. Goggin, in all the Bank of Ireland documents a term cropped up continually and that was to protect the franchise. Are you aware of the term that was used?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: And on page 35, where there is an assessment of your competitors and the fourth paragraph on that page, we are discussing the 100% mortgages that we discussed earlier and other products, we're discussing "hero" products. Was Bank of Ireland's 100% mortgage a hero product? Fourth paragraph, page 35-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: You-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: Did it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: Can I----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: But did protecting the franchise overrule the risk?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: Mr. Boucher, you've presented before the finance committee previously and the question of moral hazard has been raised with you and in terms of debt forbearance, has your position in Bank of Ireland altered at all in terms of debt forbearance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael D'Arcy: Okay and that was up to 2013, from 2013 to date-----