Oireachtas Joint and Select Committees

Wednesday, 9 September 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Michael D'ArcyMichael D'Arcy (Fine Gael) | Oireachtas source

We had representatives from PwC here this morning and Project Atlas was discussed, and there were three separate versions - Project Atlas 1, 2 and 3. The final version was presented to the Minister in early 2009. I think it was February, shortly before you had started. Around that same period Mr. Peter Bacon was conducting research, and Mr. Peter Bacon was the first person to state that the cost to the State would now be tens of billions. Were you party to any conversation with the Minister in relation to how PwC could say that the banks were solid and solvent, and at practically the same time - a matter of a few weeks later - Mr. Peter Bacon was making his assertions that the cost to the State would now be tens of billions?

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