Results 2,521-2,540 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: And could you offer some insight into why the people in the room were asked that question and why Brendan McDonagh and the NTMA were in the room next door and that question was never put to them?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Was William Beausang in the room and was he asked that question also?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: He was not. Was the ... there was an e-mail between William Beausang and yourself. You ... the e-mail was shared to you from Brendan McDonagh, the question of the impact on the Irish sovereign, I think it was 26 September. Was that e-mail, was it-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: I don't have the reference but it was 26 September, Chairman, from Brendan McDonagh. The question went from William Beausang to Brendan McDonagh in relation to the impact on the sovereign of a full Government guarantee.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: It is.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: You got it, thanks.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: You remember that one?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: And was ... were people in the room, given the information on the impact of the sovereign rating, that it would cost the State for a Government guarantee, via that e-mail in question, the view of the NTMA?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: You're ... the Minister-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: No, I'm aware of that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: You're ... the ... on the same date, document DOF-01731, which is the Merrill Lynch strategic official document to the NTMA, on ... sorry ... this is William Beausang's-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: You've a good memory, Mr. Cardiff. The SLS scheme that was being considered, and it says, "a qualification from Merrill Lynch, Anglo had...". Can I ... I assume I can read this, Chairman? This isn't section 33AK protected? I don't think it is anyway.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Okay. Well, I didn't get a chance, sorry about that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: The Merrill Lynch strategic document to the NTMA, strategic options, 26 September 2008.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Yes it is, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Yes. Qualification, Mr. Cardiff: Anglo has €3.3 bn of loans on the watchlist. A 10% fall in commercial property value would result in an additional provision of €7 bn. €23 bn liquidity deficit by the end of the year. Additional €17 bn of liquidity expected to be lost once information becomes public. Total €40 bn. I mean, those are startling...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Do you know who advised the Minister to make that statement?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: Pardon?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: But I assume he would have discussed it with senior officials, prior to the speech being made on the floor of the Dáil.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael D'Arcy: I don't want to be-----