Results 4,881-4,900 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)
Michael D'Arcy: I am quoting what the witness has stated.
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)
Michael D'Arcy: My question is relevant.
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)
Michael D'Arcy: PwC was subsequently paid €5 million to carry out an analysis of the banks covered by the bank guarantee. It subsequently discovered, when the report was published, or the analysis was, that the banks were solvent.
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)
Michael D'Arcy: The professor made the point that light touch regulation led to the Financial Regulator making the statement to the Taoiseach that the banks were solvent. In light of PwC being paid €5 million to analyse direct-----
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)
Michael D'Arcy: It is in this report here. I ask the professor to comment on her statement in her paper on the Financial Regulator making a statement to the Taoiseach that the banks were solvent.
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)
Michael D'Arcy: Perhaps the professor could help me out a little bit with the sequencing of the letter, what I am calling the Kevin Cardiff note. That is dated 25 September. Is that correct?
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)
Michael D'Arcy: That is the Thursday before the bailout, the bank guarantee, which was four days subsequent to that.
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)
Michael D'Arcy: We have the benefit of having received some additional evidence between the professor's previous visit and this visit. Some of the evidence shows that Anglo Irish Bank was losing approximately €1 billion a day, cash deposits.
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)
Michael D'Arcy: On the Monday this note would have been four days out of date. The €8.5 billion could have been, in my analysis, significantly reduced.
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)
Michael D'Arcy: Could the professor explain that please?
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)
Michael D'Arcy: Would the capital ratios-----
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)
Michael D'Arcy: I thank Professor Honohan for clarifying that. The other aspect in Professor Honohan's second point is that he refers, in quotes, to "an event of default". It is half way down the page.
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)
Michael D'Arcy: Professor Honohan states: "... Government were effectively precluded from liquidating or extensively restructuring the guaranteed institutions because they would have to repay the guaranteed debt forthwith". Is that the ISDA, where it would call an event?
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)
Michael D'Arcy: Yes.
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: I welcome Mr. Carswell and thank him for coming. His book is a very good read, one of the best reads I have come across to date. What is his interpretation of the Anglo business model in terms of risk, which some of the other banks have struggled to get a handle on?
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: On page 57 of Anglo Republic - Inside the Bank That Broke Ireland, Mr. Carswell states that AIB established a win-back team. He wrote, "In 2004 AIB chief executive [who I will not name] established a win-back team as part of the bank's efforts to understand why the bank was losing business." Were the other banks outside of Anglo prepared to move in a different direction in order to win back...
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: Mr. Carswell made the point that there was a date when there was a 30% increase in lending. At what stage does he think the Anglo model ramped up to a degree where it was no longer sustainable?
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: Anglo was lending money out but was required to have minimum capital ratios. On page 59 of his book Mr. Carswell says that the chief executive of Bank of Ireland "could not get to grips with Anglo. I said it in my own organisation, if there was ever a downturn or liquidity crisis they were done for, they were gone." As subsequently noted, that liquidity crisis did come. Was there a model...
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: In his submission this afternoon Mr. Carswell stated:At one point the Department of Finance was described by one of its own officials as being "under siege" in the lobbying campaign by the financial industry. The aim was to get legislation passed to allow the banks to issue bonds backed by commercial mortgages. The financial sector won out. The legislation was passed in early 2007, right...
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: How did that further exacerbate the boom?