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

Michael D'Arcy: If you could, please.

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

Michael D'Arcy: Thank you, Chair, Governor. Governor, the independence of the ECB and your own independence, do you feel that they are appropriate?

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

Michael D'Arcy: Is the ECB the most powerful committee in Europe?

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

Michael D'Arcy: To your knowledge, does or has the ECB participated in regime change, governmental regime change?

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

Michael D'Arcy: If I could read a passage from Stress Test: Reflection on Financial Crises,Timothy Geithner?

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

Michael D'Arcy: And he says: At one point that Fall, a few European officials approach us with a scheme to try to force Italian Prime Minister Berlusconi out of power. They wanted us to refuse to support IMF loans to Italy until he was gone. We told the President about this surprising invitation, but as helpful as it would have been to have better leadership in Europe, we couldn't get involved in a...

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

Michael D'Arcy: Lorenzo Bini Smaghi is a former colleague of yours?

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

Michael D'Arcy: He corroborated a story from Timothy Geithner in his publication. Mario Monti, the former European Commissioner who became Prime Minister, in an interview with Alan Friedman in the Financial Times, verifies where he was approached five months before he was selected.

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

Michael D'Arcy: No, Friedman was spoken to by the then President of Italy, that he should be on standby to become President or Prime Minister of Italy.

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

Michael D'Arcy: Well, I suppose, what I'm trying to get there, Governor, is, there are only two other agencies involved with the IMF-----

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

Michael D'Arcy: No, I'm asking you-----

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

Michael D'Arcy: I'm asking you was it the European Central Bank, Governor, of which you were-----

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

Michael D'Arcy: Formally or informally?

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

Michael D'Arcy: Okay, thank you. And your former vice-president of the European Central Bank, Lucas Papademos-----

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

Michael D'Arcy: -----became prime minister of Greece?

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

Michael D'Arcy: Again, it's been described as a coup d'état,in spirit.

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

Michael D'Arcy: Can I ask any information about the ECB's ... did the ECB have any role in a former vice-president becoming prime minister of Greece?

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

Michael D'Arcy: Thank you, Chairman. Mr ... or, Governor Honohan, can I ask about your ... the occasion that you phoned "Morning Ireland"? Was it Thursday morning?

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

Michael D'Arcy: You'd been in ... you were in Frankfurt on that Thursday morning?

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

Michael D'Arcy: Were you in Frankfurt the day before?

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