Results 7,781-7,800 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Justice and Equality: Insolvency Service of Ireland Data (5 Feb 2015)

Michael McGrath: 185. To ask the Minister for Justice and Equality the number of personal insolvency proposals vetoed by banks in the course of the work of the Personal Insolvency Service of Ireland; and if she will make a statement on the matter. [5330/15]

Written Answers — Department of Justice and Equality: Residency Permits (5 Feb 2015)

Michael McGrath: 186. To ask the Minister for Justice and Equality the number of applications received for residency here, based on the extension of criteria for investors in budget 2014; and if she will make a statement on the matter. [5385/15]

Written Answers — Department of Health: Prescription Charges (5 Feb 2015)

Michael McGrath: 235. To ask the Minister for Health the total amount raised from prescription charges in 2014; and if he will make a statement on the matter. [5384/15]

Written Answers — Department of Environment, Community and Local Government: Local Authority Housing Mortgages (5 Feb 2015)

Michael McGrath: 282. To ask the Minister for Environment, Community and Local Government the number of local authority mortgages currently in existence; the total value of local authority mortgages outstanding; the number that are in arrears for more than 90 days; the total amount of arrears on local authority mortgages; and if he will make a statement on the matter. [5388/15]

Written Answers — Department of Environment, Community and Local Government: Local Authority Housing Mortgages (5 Feb 2015)

Michael McGrath: 283. To ask the Minister for Environment, Community and Local Government the actions that are being taken to assist persons who are in arrears to a local authority and the actions to be put in place to achieve a sustainable solution to their arrears; and if he will make a statement on the matter. [5389/15]

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: I welcome Professor Black. I want to ask about the inclusion of subordinated debt in the guarantee. He is highly critical of it and makes the point that the Irish response was the worst in history because of the inclusion of subordinated debt. What possible justification could there have been for including subordinated debt? I want to put the figures in context. The guarantee was...

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: What is Professor Black's view on what happened two years later when the guarantee ended? Approximately €20 billion in senior bonds, which were unsecured, came out of guarantee and there were efforts to impose losses on them but those efforts did not work. We will explore that issue and the role of the ECB will come into question. Should losses have been imposed at that stage when...

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: I asked about senior debt.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: In terms of an alternative strategy in the teeth of the crisis in 2008, would it possibly have been to let banks fail or to take them into receivership, as Professor Black put it, separating good assets from bad assets, protecting depositors and burning bondholders? What is his alternative model?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: You are saying that in Ireland deposit insurance was up to €100,000 and when the crash hit in September 2008 anyone with deposits in excess of that, such as corporate deposits, institutional investors or those with personal savings in excess of €100,000, should have been burned.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: What is curious is that you say with absolute certainty that the worst possible decision was made, but can you say with certainty that it was better than letting the banks fail and letting €170 billion of deposits included in the guarantee fail? How can you say with certainty that that would not have been worse or better? I do not know.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: I wish to ask a last question. Professor Black said one of the reasons it could all happen again is because there was no accountability for bankers and regulators. What does that mean?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: I welcome Mr. Nava and I thank him for taking the time to attend the committee. Does the European Commission accept any responsibility for the regulatory framework within which the banking crisis developed in Ireland and elsewhere in Europe?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: I accept that. If Mr. Nava will not accept responsibility is it then a statement of fact that the European Commission was responsible for the regulatory framework and the setting of minimum regulatory standards in the member states? Is that a statement of fact?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: Senator Barrett alluded to the period of 2000, maybe even 2002 to 2006. We heard evidence from the Governor of our Central Bank that by 2006 and 2007, essentially the damage was done, in terms of the losses being inherently in the system. Was principle-based regulation a mistake during that period?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: Mr. Nava referred in his statement to minimum standards below which countries could not go but they were allowed to set a higher standard of regulation. Did Ireland meet the minimum standards of regulation during the period in question?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: Was that checked by the European Commission during those years?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: So the banking directive at EU level was adequately transposed into Irish law and in terms of oversight, was that the limit of the European Commission's role during those years? There was no additional supervision and the Commission's only job was to ensure that the directive was transposed into Irish law. What about the implementation of the law? Was that entirely a matter for domestic...

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: I will move on to the present time and the measures that have been put in place to prevent a future crisis, particularly the single resolution mechanism and, as part of that, the single resolution fund. Is that fund live as we speak?