Results 2,481-2,500 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Well, sorry, Chairman, I think it has to be questioned did that propel the State into a bailout?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: That's a lot of money.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Our national ... our national debt wasn't much smaller than that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: -----at that time.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Thank you, Chairman. Mr. Moran, you're welcome. In your statement on page 2, you say: Had we not had to fund large fiscal deficits for 2010 and [...] thereafter, the State's negotiating power with the [...] markets or indeed with the European and IMF backstop funders would have been [...] different. It might have helped to avoid being shut out of markets and to have avoided a troika...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Mr. Cardiff told us we were borrowing money previously at 15%.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: It was 8% at the time of the bailout, not 14%.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: And the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Sure. And the interest rate that was agreed with the troika was 6% ... almost 6%.
- 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: Sure.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Something of the discount or-----?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: A profit? Okay.
- 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: In your own opening statement, you touched upon the vulture funds, Mr. Moran, and can I ask your ... how appropriate it is that the assets are now going to the market at the write ... at the written down rate, and that some of the funds have them for 12 months, 18 months, and double their money in that short period?
- 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 (18 Jun 2015)
Michael D'Arcy: I'm asking your opinion-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Sorry, I'm not saying that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: No, no, it's not, that's your interpretation.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: What I'm trying to find out-----