Results 3,661-3,680 of 6,295 for speaker:Michael D'Arcy
- 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: Governor, the members of the ECB governing council were saying to you, for you to implore the Minister to take action, and when he didn't, did you choose to take that action?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: And that's why we're scoping them, Governor. Did you undermine the negotiation team's position by doing-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: I'm asking a question.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: The letter of 19 November, were you aware of the contents of that letter from President Trichet?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: Were you aware that there was a threat to remove ELA?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: Okay. In the film "The Godfather", Don Corleone said it was an offer he couldn't refuse. Was that letter from Mr. Trichet an offer that the Irish Government could not refuse?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael D'Arcy: The amounts of €10 billion for bank recapitalisation, €25 billion for banking support and €50 billion for financing the State, what analysis was carried out by the troika to come up with these figures?
- 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-----