Results 3,341-3,360 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: Mr. Ahearne, could you enlighten the committee in relation to your opinion and the Minister's opinion following the intervention by Governor Honohan on the "Morning Ireland" programme announcing that there was a likely bailout about to occur?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: Mr. Ahearne, you joined the Minister's staff in March 2009.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: 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...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: Could I just-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: Yes. I just want to finish this point. PwC were paid millions of euros and they had access to all the banks. Mr. Peter Bacon had no access to the banks' information and you're telling me that you ignored or paid less attention to the PwC report and you followed Mr. Bacon, is that correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: No, I understand.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: But there were two reports.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: But, Mr. Ahearne, what I'm saying is that PwC had access to all the banks, all their loan books, all the information-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: -----and you set that aside and you went with Mr. Bacon's. Is that what you're saying?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: Yes. Just ... on 9 April 2009, Mr. Paul Carty, the chairman of the NPRF, wrote to the Minister in relation to the due diligence exercise on AIB, ultimately citing AIB would need additional capital of up to €1.6 billion in 2010-'11 over the already injected €3.5 billion. Do you recall why the Minister proceeded with the injection of €3.5 billion only having been informed...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: April 9, 2009.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: And can you explain the eventual injection of €19.8 billion into AIB and how that total was reached?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: Thank you, Chairman. Mr. Gray, you're welcome.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: Can I ask you, Mr. Gray, following the visit by two senior Anglo Irish execs to your office on the day of the guarantee, you subsequently spoke with An Taoiseach, Brian Cowen, did you tell him during that telephone conversations that both of those executives had attended your office during the day?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: And with the benefit now of hindsight, should you have told the Taoiseach?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: Okay. In the month of September, were you aware that the Central Bank were ... was pairing institutions or having conversations and some ... with one institution with another?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: That was all. Can I now ask the question that I've asked previously? It was known that the Anglo bonds were due on a particular date-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: I shall be careful, Chairman, as always.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: Why wasn't something done on the weekend, rather than waiting for the following week to come?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael D'Arcy: I'm trying not to make a judgment here now, Mr. Gray, but we've been told that if you were taking a bank down, you could only do it at a weekend. And, the weekend came and went.