Results 8,001-8,020 of 27,945 for speaker:Michael McGrath
- Written Answers — Department of Arts, Heritage and the Gaeltacht: Arts Funding (26 Feb 2015)
Michael McGrath: 258. To ask the Minister for Arts, Heritage and the Gaeltacht the amount of funding committed by the Government for the planned multi-functional events centre in Cork; when the funding must be drawn down by; if her Department has been advised of an indicative start date for the project; and if she will make a statement on the matter. [8628/15]
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: I thank Mr. McWilliams for coming before us. The warnings he gave from 2000 onwards have been well ventilated. I would like to discuss further his thoughts about the crisis period of autumn 2008. Irrespective of what he believes should have been done subsequently, does he believe the decision taken at the end of September 2008 to guarantee the banks was the right one?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: Mr. McWilliams referred to a period of two years.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: Can I tease out your train of thought at the time and what you believed should have happened but maybe did not happen? On 28 September you said the only option is to guarantee 100% of all depositors, creditors in the banking system. After the guarantee on 1 October you described it as a masterstroke, a practical blueprint for the new financial architecture that will emerge from this global...
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: They had not reported from 19 October.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: You had earlier written about 100% of creditors being guaranteed.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: Approximately 1 billion of those were repaid during the guarantee. That is €1 billion.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: In practical terms what did you expect to happen over those two or three weeks that did not happen?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: For a while, yes.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: Absolutely. Do you believe that at that time, in September 2008, the value of the liabilities in the Irish banking system exceeded the real value of the assets?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: That the banks were insolvent.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: The guarantee resolved the liquidity issue in the short term at least but one could argue, and it is a fact, the banks were still insolvent.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: Do you believe with the benefit of hindsight that the banks were insolvent at the end of September 2008?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: They got that and they were still insolvent.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: They were all insolvent.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: I know but insolvency is a very particular term with a particular meaning.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: Can you name them for the record?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: To clarify, for the record of the inquiry, who do you believe was insolvent at that time?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: Professor McDonough is very welcome. Are we pronouncing your name right?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: Very good. I thank him for his attendance and participation. I will start by maybe developing a better understanding of his economic outlook and philosophy, which is shaping his opinions, and will put a few questions to him in that context. He referred to the Single European Market. Is he in favour of the Single European Market and of the European Union project, for example? Could he...