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Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: Was the ability available within the Department of Finance, the Central Bank, the Regulator's office-----

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: We touched briefly on the PwC analysis carried out on behalf of the Department of Finance. Did Mr. McWilliams have sight of any reports?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: So it was Mr. McWilliams's analysis-----

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: Is it instinct?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: What is Mr. McWilliams's view on the PwC report, which was published early in 2009 following the completion of the fieldwork relating to it in December 2008? How does he tally what it contains with what happened when NAMA was established some 13 months later with a 50% writedown?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: I am asking Mr. McWilliams.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: Mr. McWilliams is a very experienced broadcaster and commentator. He does not give away much by his body language but I did detect some dissatisfaction on his part regarding the use of the term "unpatriotic" in respect of him and other contrarian commentators. What is his view on the put downs that were placed in the public domain regarding him and others?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: Intentionally?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: Mr. McWilliams clearly has analysis based upon the 14 blanket guarantees that were extended internationally at various times. How does the Irish blanket guarantee rate in terms of its expense in the context of GDP?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: I welcome Professor McDonough and thank him for coming here. He states: The global crisis, the European crisis, and the Irish crisis all find their origins in the same basic institutions of the age. All are rooted in the four institutions of globalisation, neoliberalism, repression of labour, and yes, financialisation. Which of these does he believe was the most important in causing the...

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: Professor McDonough also states, "A neoliberal approach to government in Ireland began when a minority Fianna Fáil government came to power in 1987". Could he name non neoliberal Governments prior to 1987?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: What about the Fine Gael-Labour coalition Government prior to 1987?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: What about the Fianna Fáil Government under Charlie Haughey immediately prior to that?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: Would Professor MdDonough describe most of the Governments since 1987 as neoliberal?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: Is that irrespective of which party was in government?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: How did neoliberalism and globalisation affect the Irish bank guarantee?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: In his opening address, Professor McDonough states, "Ireland at this time was caught up in a perfect storm, one whose great winds have periodically abated only to blow up again". What period is he talking about, this era of the perfect storm?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: Can I ask the witness what, in his opinion, are the ingredients of the perfect financial storm?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: The era of stagnant wages was mentioned as from 2007 until now, is this correct?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Michael D'Arcy: Regarding the low interest rates from the crisis era, would they have contributed?

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