Results 2,681-2,700 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: The €17.5 billion from the pension reserve fund, was this a condition of the bailout that those moneys would be used?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: The discussions held with the ECB, in particular, Governor, in relation to the burden-sharing for bondholders both senior and subordinated, they were held and they were ... the possibility of burning senior bondholders, raised on a number of occasions. Could you shed some more light on the ECB's refusal and then, subsequently, in a number of years later, we had the bailing-in of bondholders...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: Thank you, Chairman. Governor Honohan, I just want to read a line from Kevin Cardiff's statements. And this is in relation to leaks from early November until the actual bailout: If it is the case that hidden sources were using leaks of inaccurate information to bounce Ireland into a bailout, then the people concerned were not just undemocratic, but antidemocratic. They ought to be asked...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: I don't know if that's a "Yes" or a "No", Governor.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: Are you aware that there were individuals briefing from the ECB?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: I just want to go back to finally, Governor, the terms and conditions of the actual bailout. It was a poor deal for Ireland, the terms and conditions.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: I can state that statement because-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: I can, the Governor said so on 19 January 2015. In your paper.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: But why did you agree to a poor deal at that stage?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: Can I just read a line from your own statement, on 19 January, addressed to the IMF, CEPR Central Bank conference, "As designed in November 2010, the EU-IMF Programme of assistance was acknowledged to be one that lacked a strong probability of success."
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: What was your belief at the time that the programme was signed? You signed with the Minister for Finance in relation to the IMF moneys or the request. What was your belief at the time? Did you believe at the time it would be successful, not forwarding ... by forwarding yourself into the future, that something may alter subsequently?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: Why did you sign if you thought-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: Was it the only way forward?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Thank you, Chairman. Mr. McNally, you're very welcome.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: I'm going to start, Mr. McNally, with a quotation from the former Taoiseach, Garret FitzGerald, who said in 1984 that the Government is going to keep its hand out of the till from now on. In terms of expenditure in your period, in the senior role in expenditure, did the Governments, successive Governments, keep their hand out of the public expenditure till or not?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Mr. McNally, the level of expenditure from 1998 by the State was €20.5 billion. Ten years later it was €62.5 billion. That's a trebling of expenditure on behalf of the State in a relatively short period. Did the Department do any international peer reviews with trading partners or anything of that nature to see ... to gauge the expenditure by the Irish State with other states?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Mr. John Moran, in his evidence before us, I'm not sure if you had the opportunity to hear what he said in relation to the deficit from your period '08 to when you left, or to date, that the deficit for that period was in the region of €100 billion. And that on the basis of that €100 billion, that that is part of the national debt. Could I ask your analysis of the €100...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Mr. McNally, can I ask you, in relation to the narrowing of the tax base over that period, and the reliance ... the over-reliance on the transactional taxes that were attached to the construction sector, was there comment within the Department that there was a prospect that if those taxes were not as buoyant as they were, that the State could be exposed, potentially, to a shock?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael D'Arcy: Okay. The ... can I ask, Mr. McNally, is it possible for a civil servant, even a very senior, experienced civil servant to say, "No, you can't do that, Minister, it's too far, it's beyond the pale", that it's irresponsible to implement a specific type of policy?