Results 4,901-4,920 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: On page 122 of Mr. Carswell's book, he discusses the displeasure of Anglo Irish Bank towards stockbroking firms, and the firm I am talking about here is Davy:By this stage Davy had grounds for suspicion that a major bad debt problem was building up at Anglo. The stockbroking firm had a busy private clients division which backs up property investment for wealthy customers. Davy turned down a...
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: In relation to Davy's which had issued advice that the share prices of Anglo were not a good buy.
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: October 2007.
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: Would it be normal that the bank in question, which had the advice note from a stockbroking firm, would contact the Financial Regulator?
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: Not for other banks?
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: In page 210 of his book Anglo RepublicMr. Carswell quotes an article from The New York Times, the headline of which was, "Can one bank bring down a country?" Can one bank bring down a country?
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: On page 218 Mr. Carswell writes that on the night of the guarantee, the Monday night, 29 September 2008, both AIB and Bank of Ireland anticipated that Anglo would be nationalised at the weekend. What is his understanding of how or why Anglo was not nationalised on the weekend following the guarantee?
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: I will address two aspects to continue on from the Chairman. In Mr. Carswell's book, he stated that Bank of Ireland lost €10 billion in deposits in two months in late 2010 and AIB lost €12 billion in deposits in two months and that, in the calendar year, AIB lost a further €13 billion in deposits. Was the ECB right to look for its money back?
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: Two months after the end of the bank guarantee, the funding cliff appeared. Mr. Carswell's book says that Bank of Ireland lost €10 billion and AIB lost €12 billion. In the previous six months, AIB had lost an additional €13 billion.
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: Was the ECB correct to look for its money back in light of the increased ELA? On top of that, Mr. Carswell wrote on page 305 that Anglo Irish Bank had primarily looked for increases of €14 billion from the Central Bank of Ireland. In the same two months-----
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: Sorry. Anglo Irish Bank also looked for an additional €45 billion in those two months from the ECB.
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: Yes.
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: There were no assets left with which-----
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: My last question is on which bank benefited most from the Asset Covered Securities (Amendment) Act 2007.
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: No, I am sorry, but that was not the question.
- Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)
Michael D'Arcy: Which bank benefited most?
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Michael D'Arcy: Dr. Bacon is very welcome. In terms of the figure X that Deputy Pearse Doherty has just put on the record - that is €34 billion - there is some confusion whether the amount was €34 billion out of €80 billion or €90 billion, or €158 billion.
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Michael D'Arcy: We will say it was €34 billion out of €80 billion or €90 billion. Dr. Bacon's figure was remarkably close to the conclusive figure, which was a little bit less than €32 billion. His analysis was concluded in March or April 2009. Is that correct?
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Michael D'Arcy: Did Dr. Bacon have sight of the PwC report that was conducted on behalf of the Minister for Finance, subsequent to the bank guarantee? He did not. The fieldwork on that was concluded in December 2008, four months before Dr. Bacon's analysis was concluded. That report stated that the banks were solvent. I ask Dr. Bacon to outline his review of that report.
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Michael D'Arcy: Okay. From what Dr. Bacon saw in the period prior to his concluding his report, were the banks solvent at that stage?