Results 7,581-7,600 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: What, in the professor's opinion, is the main reason those involved in making the decision and the authorities and advisers did not know that Anglo was a busted flush, that it was insolvent at that time? Why did they not know that?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: Should they have known at that stage that Anglo was insolvent?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: Who should have known?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: In the professor's opinion, was there a genuine belief at that time that Anglo's problems were short term in nature - cash flow, liquidity issues - that the underlying solvency of the bank was sound? Was that the genuine belief in September 2008?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: Nobody?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: When Professor Honohan talks about Monday, 29 September, on page 123, he says "it became clear that Anglo could not survive another day." Was the position that stark? Was it that imminent that Anglo, without any intervention, would be gone the following day?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: In the course of preparing his report, did Professor Honohan come across any evidence or example of anybody in the Central Bank or the Financial Regulator conveying a message to Government, privately or publicly, in writing or verbally, that this was heading for disaster - the unsustainable model of lending that the bank was engaging with, the over-exposure to one sector of the economy - did...
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: Professor Honohan said that there was a failure of regulation. Was that due to inadequate legislation?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: Inadequate resources?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: The allocation of resources.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: Having said all of that, should we have been more prepared? There were clear warning signs in 2007 and in March 2008 of problems in the international banking system. Should we have been more prepared in terms of having resolution legislation prepared and ready to go in the event of something like what happened in September 2008 transpiring?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: Did Professor Honohan encounter any evidence of overt or covert pressure from political masters towards those in the authorities responsible for regulating the banks and those responsible for prudential supervision? Was an environment created where questioning of the model was unwelcome? Was there any evidence of direct contact where people were slapped down for raising issues or questions...
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: On page 7 of his report Professor Honohan says that in an important sense the major responsibility lies with the directors and senior management of the banks that got into trouble. It was not part of Professor Honohan's report to examine the role of the banks, but is that his view if he were to have a hierarchy of responsibility for causing the banking crisis?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: In the Governor's comments today, he is advocating that at the end of September 2008, Anglo should have been liquidated. He acknowledges that this is with the benefit of hindsight, because that is not in his original report as a recommendation.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: In such a scenario, what would have happened to the €52 billion-worth of deposits it had on its books at that time?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: It was not there then.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: It is not clear in that scenario under the circumstances of that time-----
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: We cannot be sure what would have happened to the €52 billion of deposits. Given that it was acknowledged that Anglo Irish Bank was about to go under the following day without any intervention and that the bank had a balance sheet of €100 billion at the end of September 2008, does it strike Professor Honohan as odd that at that time a call was not made to the ECB to say there...
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: On the issue of senior bonds and deposits being ranked equally in law, pari passuto use the term used earlier, how much of a complicating factor would that have been at the time, if one were trying to separate good banks and bad banks and to separate deposits from bondholders? This issue was put forward during the course of 2009 and 2010 as being a problem.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Michael McGrath: I wish to clarify one issue regarding the net cost of the banking crisis in terms of direct State support. Professor Honohan gives a figure of €40 billion for it, which is quite different from what the Government is indicating. The indications are that all of the moneys put into the surviving banks will eventually be recouped, which would leave a bill of between €30 billion...