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

Michael D'Arcy: Did anybody from within the ECB tell you to make that phone call to tell the people of Ireland that there was a bailout going ... discussions, negotiations, that they were occurring at that stage?

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

Michael D'Arcy: Please do.

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

Michael D'Arcy: Who were they, please?

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

Michael D'Arcy: Who were they?

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

Michael D'Arcy: Could you name them, please?

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

Michael D'Arcy: On the Wednesday night?

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

Michael D'Arcy: Did you tell either Brian Cowen or Brian Lenihan that you were going to make the call?

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

Michael D'Arcy: Should you have contacted Brian Lenihan or Brian Cowen?

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...

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