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

Michael D'Arcy: But to the Taoiseach-----

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

Michael D'Arcy: Yes.

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

Michael D'Arcy: Can I read a passage from a book called The Default Lineby Faisal Islam? He is Channel 4's-----

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

Michael D'Arcy: -----yes: Something remarkable happened. Ireland's Central Bank Governor, Patrick Honohan, also a member of the ECB governing council, rang up Ireland's main morning radio show and invited himself on air from Frankfurt. He revealed the likelihood of a bailout worth tens of billions of euro, and that teams from the ECB, IMF and EU were already in Dublin. In fact, Honohan was to chair a...

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

Michael D'Arcy: Sorry, Governor, you've said that in the previous day-----

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

Michael D'Arcy: -----that the members of the governing council-----

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

Michael D'Arcy: -----were imploring you to-----

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

Michael D'Arcy: Lenihan.

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

Michael D'Arcy: Yes. And he was-----

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

Michael D'Arcy: Passed on the message and he hadn't.

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

Michael D'Arcy: Did you not announce the programme?

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

Michael D'Arcy: In Kevin Cardiff's evidence, Governor Honohan, on three occasions he says: Overall, though, these two days of discussions [this is 14 November] had achieved quite a bit. There was one point of disagreement [though] towards the end of day two [I think]. Mr. Masuch said that his bosses in the ECB would now hope and expect the Minister for Finance would immediately announce a decision to...

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

Michael D'Arcy: Yes.

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

Michael D'Arcy: Governor, the members of the ECB governing council were saying to you, for you to implore the Minister to take action, and when he didn't, did you choose to take that action?

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

Michael D'Arcy: And that's why we're scoping them, Governor. Did you undermine the negotiation team's position by doing-----

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

Michael D'Arcy: I'm asking a question.

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

Michael D'Arcy: The letter of 19 November, were you aware of the contents of that letter from President Trichet?

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

Michael D'Arcy: Were you aware that there was a threat to remove ELA?

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

Michael D'Arcy: Okay. In the film "The Godfather", Don Corleone said it was an offer he couldn't refuse. Was that letter from Mr. Trichet an offer that the Irish Government could not refuse?

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

Michael D'Arcy: The amounts of €10 billion for bank recapitalisation, €25 billion for banking support and €50 billion for financing the State, what analysis was carried out by the troika to come up with these figures?

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