Results 3,821-3,840 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Okay. And, no, you've been very upfront on that. Can I ask you, Mr. Cardiff, subsequently there was an interview by Mr. Sean FitzPatrick on "The Marian Finucane Show" and it was Dermot Gleeson, in evidence, stated that he was very annoyed with what was said. Did you hear that evidence ... or that interview with Marian Finucane by Sean FitzPatrick?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: You didn't?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Okay. Did you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: You just killed a line of questioning there on me, Mr. Cardiff. Yes, just to wrap up, Mr. Cardiff, the funding cliff in your documents, Vol. 2 ... KCA, Vol. 2, page 137, there's a letter from Mr. Alan Gray.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: 137, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: And in the first paragraph, he goes straight to it, "However, as I know you are aware [this is a letter from Mr. Alan Gray to you] the day we give a time limited guarantee is the day we need to plan for exiting." Was there sufficient conversation about the exiting? And I suppose the angle I'm coming from, Mr. Cardiff, was you've said in evidence that it was the subsequent two years to the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: I know that too.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: But I think, on the night of the guarantee, my concern ... I'm trying to scope is ... was there sufficient conversation held for when the State ran out of the guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Just-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Yes. Just on that, Mr. Cardiff, if it wasn't dealt with on the night, Mr. Alan Gray clearly raises it immediately. The funding cliff ... I suppose the question I'm asking you is, did the guarantee create the funding cliff and did that propel-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Well, sorry, Chairman, I think it has to be questioned did that propel the State into a bailout?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: That's a lot of money.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Our national ... our national debt wasn't much smaller than that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: -----at that time.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Thank you, Chairman. Mr. Moran, you're welcome. In your statement on page 2, you say: Had we not had to fund large fiscal deficits for 2010 and [...] thereafter, the State's negotiating power with the [...] markets or indeed with the European and IMF backstop funders would have been [...] different. It might have helped to avoid being shut out of markets and to have avoided a troika...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Mr. Cardiff told us we were borrowing money previously at 15%.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: It was 8% at the time of the bailout, not 14%.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: And the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael D'Arcy: Sure. And the interest rate that was agreed with the troika was 6% ... almost 6%.