Results 41-60 of 106 for nama speaker:Michael D'Arcy

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Michael D'Arcy: So was the factors that arose between the guarantee and the bailout ... could you just discuss those further, Governor, with us, please, because there was three or four crucial items: NAMA, PCAR, recapitalisation and nationalisation of Anglo and then a corporate bank run then as well? Could you discuss those a little bit further, please, and the impact of those on forcing us into a bailout?

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: Nexus Phase (18 Jun 2015)

Michael D'Arcy: And can I ask your view about the NAMA profit? We're being told it might make €1 billion profit. But that's after the almost 60% write-down. Can I ask your view on that?

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 (11 Jun 2015)

Michael D'Arcy: Were you surprised when the information came out that 19 lenders within NAMA had €22 billion worth of loans?

Seanad: Draft Commission of Investigation (Certain matters concerning transactions entered into by IBRC) Order 2015: Motion (10 Jun 2015)

Michael D'Arcy: ...inquiry, where the money went and how the €40 billion this State put into lending and financial institutions vanished. It did not vanish. It went into losses of this nature and in particular on losses in NAMA. Eventually I believe we will have to conduct an analysis of where all of the losses went in the banking sector. However, that is for another day, not this occasion. The...

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 (21 May 2015)

Michael D'Arcy: But the subsequent national events that occurred, the establishment of NAMA, the exit of commercial deposits ... being replaced with further liquidity from the ECB, and the tax base having narrowed over the period of years, plus the international events. The perfect storm of all of those events.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Michael D'Arcy: The expectation with NAMA was that the figures would be between 25% and 30%.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Michael D'Arcy: Okay. Page 47 of the ... of your booklet: "Bank of Ireland transferred 191 connections to NAMA with [an] aggregate ... value of [€9.76 billion] ... Cases including policy exceptions [were] identified [of] 139 out of 191 ... [or] ... (73%) with aggregated exposure of [€8.78 billion]". That seems like a very, very high figure for exceptions ... for a huge quantum of money. Were...

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Michael D'Arcy: The ... we know the NAMA numbers were ... people who were transferred were people with €20 million plus. I just want to take the comparison between that and the policy exceptions for owner-occupiers and the policy exceptions for buy-to-let mortgages. The policy ... on page 47 ... on ... in 2005 we have the policy exceptions for owner-occupiers at 10% and for buy-to-lets at 20% ... at...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael D'Arcy: No. Okay. Can I ask Mr. McLaughlin, in terms of the discount of the Bank of Ireland loans that were transferred to NAMA, your reaction when you heard of the 43% discount?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael D'Arcy: And same question for both of you, was the establishment of NAMA with the mark to market at the lowest point, was it a mistake?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael D'Arcy: That's contrary to what representatives of NAMA have said, that they are a model.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael D'Arcy: Mr. McArdle, I'd hate to leave you out over there. Ulster Bank didn't participate with NAMA Were you surprised at the quantity of funds required from RBS for Ulster Bank?

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

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Michael D'Arcy: Bottom of page 55: Bank of Ireland transferred 191 connections to NAMA with aggregate nominal value of €9.760 billion. Cases including policy exceptions have been identified in 139 out of 191 connections (73%).Can I ask, Mr. Goggin-----

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

Michael D'Arcy: Thank you, Chairman. Mr. Buckley, the AIB loans transferred to NAMA, had a discount of 56%. Were you surprised and can you comment on that reduction, please?