Results 1-20 of 101 for nama speaker:Michael D'Arcy

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael D'Arcy: Can I ask you, Mr. Somers, you said in your opening statement, "Transferring them to NAMA [the loans] would be a bonanza for lawyers and other professionals, as well as requiring a large staff in NAMA." In the event, a very large number of loans were transferred at a substantial discount. Would you have acted differently? Do you feel the NAMA discount was appropriate? And were you...

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?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Home Building Finance Ireland Bill 2018: Committee Stage (20 Sep 2018)

Michael D'Arcy: This is a mirror image of the SBCI and NAMA. If someone applied and made all his or her financial details available to HBFI for a loan, that information would not be made available under FOI, so this is the same as NAMA. Commercial sensitivity is involved, which is the reason we are mirroring exactly what the SBCI and NAMA have.

Topical Issue Debate: NAMA Portfolio (20 Feb 2018)

Michael D'Arcy: When I was given this issue, I contacted the Taoiseach and I have been made aware of some of the background to it. It is important to note that NAMA has a commercial remit and a statutory objective to obtain the best achievable return for the taxpayer. However, in the context of its commercial remit and consistent with section 2 of the National Asset Management Act 2009, NAMA is at all...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Michael D'Arcy: Mr. Duffy, you are about to leave AIB. You are about to move to another jurisdiction, you are probably in a better position than most now to offer a view in relation to the establishment of NAMA. I am not sure if you have seen the transcripts from NAMA's evidence to the inquiry to date. Could I ask your view ... was the establishment of NAMA helpful or unhelpful towards the banking crisis?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Michael D'Arcy: Can I ask Mr. McDonagh ... the average loan discount ... and I am operating from the core documents of NAMA - NAMA C4b Vol. 1, dated 31 March, page 26. And this is a presentation you made, Mr. McDonagh to the public accounts committee on 13 January 2011, "[The] loans transferring to NAMA was actually going to be less than the 30% estimate in the [Minister ...] Minister's September...

Banking System: Statements (1 Apr 2010)

Michael D'Arcy: It is very important with regard to NAMA because property has already gone into NAMA where land has been de-zoned. The haircut we are discussing is already out of date and is on the way down. This is something both Ministers will have to sort out between them.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Michael D'Arcy: Okay and, I suppose, the same question in relation to NAMA, the establishment of NAMA?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Michael D'Arcy: Mr. Purcell, if we could bring up the document, Vol. 1, page 125, the NAMA annual report please? The NAMA discount or the famous or infamous haircut. INBS, the institution you represented, amounted to 61%, the highest of all institutions. Could you offer an explanation why INBS was the highest?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael D'Arcy: Can I move on, Mr. Moran, please? I want to ask your view and your opinion about NAMA, and, you know, there's some discussion now about write-downs in the banks. The NAMA write-down was €42.5 billion. How much of the €42.5 billion write-down will the taxpayers see back?

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

Michael D'Arcy: The report does not deal with NAMA, but can I ask Mr. Regling's view on the attempted solutions subsequent to his report - the establishment of NAMA? It is a follow-on from the question. There is an Irish saying that "if I was going somewhere I would not start from here."

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael D'Arcy: Sorry, Mr. O'Flynn, Minister Lenihan told us very clearly during the NAMA debates, that the discount would stay with the borrower, would stay ... and that the banks ... while the money-to-par value that was transferred to NAMA ... that the borrower would still be on the hook for the discounted amount or loan.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Michael D'Arcy: In previous evidence, Mr. Peter Bacon, you seemed a little bit piqued, Mr. McDonagh, in relation to his evidence that he gave that NAMA is a ... I'll get the exact term that he used, I think - "a debt collection agency". You seemed a little bit piqued at that. Do you feel that is an unfair characterisation of NAMA?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Michael D'Arcy: The bank guarantee, we were informed, would be the cheapest in history. We were told €4 million to €5 million; the expectation was NAMA would have a write-down of less than 30%, it was double that. Did the bank guarantee and then the establishment of NAMA with the crystallisation of the losses to the banks, did that lead to the national bailout in your view, Mr. Daly?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Michael D'Arcy: ...with the Financial Regulator's office on this matter. We made it clear that our legal advice is that the loan-to-value information was provided [at a time] before the enactment of the NAMA legislation. As the NAMA Act did not exist at that time, any examination of the information provided prior to the Act could not be carried out under the NAMA Act or be actionable by NAMA under section...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael D'Arcy: Can I ask you, subsequent to that, when you had left, about 15 months later, all of the NAMA moneys were transferred, the loans were transferred to NAMA from the covered institutions. Were you surprised with the level of discount considering that you had overseen... you had been the prudential director for ... from going back to 2003 and, subsequently, you were the CEO ... were you surprised...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Michael D'Arcy: -----Chairman, please? In terms of NAMA - you brought up NAMA, Ms Harney, the €42 billion discount - Minister Lenihan was at pains to stress that the discounted money would still go ... the assets and liabilities would transfer together and that the discount ... that the State would get back the discount because the individual who borrowed the money would still owe the money. How...

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

Michael D'Arcy: ...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 timescale can be self-defeating by driving down property values in a fire sale process. I...

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael D'Arcy: Mr. Moran, in terms of the Irish assets, I mean, your argument is fine about assets in London and New York and Chicago, but I'm talking about the Irish assets that have gone to the market, from NAMA, with the write-down and they're being sold 12 months later, 18 months later, at twice the money. Is that good business for the Irish taxpayer, of which ...? We keep hearing, " NAMA's going to...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Michael D'Arcy: Thanks, Chair, Mr. Cowen. Could I go to core documents DOT/BCO Vol. 5, page 6? Mr. Cowen, in terms of the analysis for NAMA, the expectation was, and Minister Lenihan on the floor of the Dáil said it would be something between a 25% and 30% write-down. When the analysis was concluded it was a lot more than 25% to 30%, it was almost ... I think it was 59% was the average. Did the...