Results 2,921-2,940 of 6,295 for speaker:Michael D'Arcy

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Michael D'Arcy: Yeah. So the conversation about NAMA making a €1 billion loss ... can I ask you your view on that? Is it a €1 million - sorry, a €1 billion profit, or is it a €41 billion loss?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Michael D'Arcy: Which is the fairest? Is it NAMA making a €1 billion profit or the banks losing €41 billion?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Michael D'Arcy: Well, I'm asking you-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Michael D'Arcy: I'm asking you which is yours.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Michael D'Arcy: Well, I'm asking you to select one, please.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Michael D'Arcy: I'll give you another go at it.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Michael D'Arcy: Okay. Mr. Ahearne, on 7 September 2007, Professor Morgan Kelly stated in an article in The Irish Timesthat his view was the exposure to the commercial real estate sector posed a grave threat to the banks' solvency. Why do you think, as a professor of economics, he got such a little ... such a small hearing?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Michael D'Arcy: If I could slip back a little bit before your time, before you started with Mr. Lenihan ... Minister Lenihan. In the book that's been quoted to you in relation to Minister Lenihan, in Governor Honohan's article, Governor Honohan said the Minister told him he was overruled on the night of the guarantee. Did Minister Lenihan ever tell you that ... make that statement to you?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Michael D'Arcy: None?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Michael D'Arcy: Okay. We'll fast forward a little bit, then. In previous evidence, it's been stated that the ECB was briefing against the Republic of Ireland prior to the State taking the national bailout. Were you aware of people briefing against the State?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Michael D'Arcy: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Michael D'Arcy: Okay. You say on page 5 of your opening statement, the third bullet point down - this is the market participants who you'd spoken with - and they had made the point to you that investors were expressing concern. Who were the market participants who expressed that concern to you?

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-----