Results 5,061-5,080 of 6,295 for speaker:Michael D'Arcy

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Michael D'Arcy: Does Professor Lane think that deep down, the banks knew the market had overheated?

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Michael D'Arcy: Some 190 people or corporate entities had approximately €30 billion of loans on the commercial loan book. How would Professor Lane class that scale, involving such a small number of people or corporate entities, in terms of risk management?

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Michael D'Arcy: Governor Honohan attended and gave evidence last week. Part of his evidence related to his discussions with the former Minister for Finance, Brian Lenihan. He had hoped to get to the weekend following the bank guarantee if emergency liquidity assistance could have been made available. Why does Professor Lane think such assistance was not available at that stage? It would have allowed the...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Michael D'Arcy: Remarkably, subsequent to that week in 2008, the amount of ELA went from a very small level to about €90 billion, and then there was an additional amount of tens of millions of euro from other EU funding. The relatively small amount of ELA in that period would have been a fraction of what subsequently went in. Can Professor Lane explain? I am baffled as to why a small amount was not...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Michael D'Arcy: In regard to the funding cliff that appeared subsequent to that when the guarantee was concluded, did that have an influence on the eventual State bailout?

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Michael D'Arcy: In relation to the subsequent bailout and the deals prepared by the ECB, the IMF and the Commission, the rates and the terms and conditions were so penal that they were akin to the national penal laws. In Professor Lane's paper dated February 2011 he made the point that the UK and Denmark made funds available to non-EU countries at much lower rates. Why or how, in the period of solidarity,...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Michael D'Arcy: But the European Commission rates were higher than the IMF rates.

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Michael D'Arcy: As a matter of information, a December 2010 agreement between Iceland and the UK and Dutch Governments on the Icesave debt had an interest rate of 3.2%. Professor Lane's paper, which he presented us with prior to this morning's meeting, seems to indicate that he was critical of NAMA. It states that in the absence of medium-term liquidity support, forced deleveraging over a short...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Michael D'Arcy: I just want to explore this a little further-----

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Michael D'Arcy: I thank the Governor for attending. I will start with his position that Anglo should have been allowed to fail at the end of September 2008. That is his view now. Was it his view at that stage also?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Michael D'Arcy: So, with the benefit of hindsight, that is Professor Honohan's view.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Michael D'Arcy: Eventually, Professor Honohan's report states, there was a broad consensus that the guarantee scheme for all institutions was the best approach - that is what his report states.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Michael D'Arcy: In terms of dissenting voices, was the Minister, Mr. Lenihan, not a dissenting voice?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Michael D'Arcy: Professor Honohan is saying that Mr. Lenihan's view was that Anglo and INBS should have been nationalised.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Michael D'Arcy: In the piece Professor Honohan provided for the Brian Lenihan book, he stated: "As he told me himself, Brian argued strongly for the immediate nationalisation of both Anglo and INBS - but ... he was overruled on the night."

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Michael D'Arcy: Who overruled him?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Michael D'Arcy: What the Governor is saying is that Mr. Lenihan was overruled on the night, although we are not naming anybody. Who has the authority to overrule the Minister for Finance?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Michael D'Arcy: But Professor Honohan said he was overruled.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Michael D'Arcy: I have not asked Professor Honohan to name them. I have asked who has the authority, which body has the authority, to overrule the Minister for Finance.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Michael D'Arcy: I have a question in regard to DEPFA. On the weekend prior to the State guarantee there were difficulties in terms of its liquidity, and funds were presented into that particular bank. In the professor's piece in the same book, he made the point that, here, the Irish authorities stood firm, resisting foreign pressures to provide Government or Central Bank support towards the bank that was...