Results 8,101-8,120 of 27,945 for speaker:Michael McGrath

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Michael McGrath: I welcome Mr. Carswell and thank him for his attendance. I refer to chapter 14 of his book dealing with the guarantee. Perhaps I can put some matters on the record and ask Mr. Carswell to confirm if he believes they are accurate. Mr. Carswell refers to a view within Anglo Irish Bank on 29 September 2008 that it would be short at least €1.5 billion the following day and that the bank...

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Michael McGrath: Mr. Carswell said the bank had lost €1.8 billion in deposits over the course of the day, 29 September, and did not have any reserves left. The bank had borrowed €900 million from the Central Bank, and there was more than €2 billion of debt which had to be repaid the following day and if depositors came knocking, Anglo would not have been able to pay them. Mr....

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Michael McGrath: That is fine. I will not be quoting extensively from it. I just want to tease out some points. I am on page 213.

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Michael McGrath: I am; page 213. Mr. Carswell names an individual who I will not name but he states that the view within the bank, at the very end of September 2008, was that there were only €500 million of bad loans on an overall loan book of €73 billion. That was the position as Mr. Carswell understands it from the perspective of the institution at that time.

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Michael McGrath: That was the extent of the losses on the loan book.

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Michael McGrath: Yes. Regarding the evening of 29 September, Mr. Carswell has a detailed chronology but he is clear, and it is on the record, that Anglo was not involved in the discussions later in the evening of 29 September. Their involvement was earlier in the day, with bilateral meetings with the other banks, the pillar banks, and so forth.

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Michael McGrath: On the question of solvency, which Deputy O'Donnell touched on, does Mr. Carswell believe there was an understanding within Anglo Irish Bank that at the end of September 2008 it was potentially facing a solvency crisis?

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Michael McGrath: Does Mr. Carswell think they believed that?

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Michael McGrath: Within the authorities, namely, the Central Bank and the Financial Regulator, does Mr. Carswell believe there was any sense at that time, in the eye of the storm at the end of September 2008, that we were looking potentially at solvency issues or did they believe it was a liquidity issue as well?

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Michael McGrath: I ask about the workings of the credit committee and the risk and compliance committee within Anglo Irish Bank during the critical years from, say, 2003 onwards. How would Mr. Carswell characterise how they worked and the governance arrangements that would have applied?

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Michael McGrath: On the credit committee and the risk and compliance committee within Anglo, how would Mr. Carswell characterise their workings during the years when there was a major expansion of credit from the bank to the property and related sector? The Chairman has asked me to put my final question. Mr. Carswell has documented a lot of very useful information in his book but where does he believe...

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Michael McGrath: What about the gaps in our knowledge?

Written Answers — Department of Finance: Banking Sector Recruitment (11 Mar 2015)

Michael McGrath: 51. To ask the Minister for Finance when a new chief executive of Allied Irish Banks will be appointed; the steps that have been taken to date in the process; and if he will make a statement on the matter. [10610/15]

Written Answers — Department of Finance: Financial Services Regulation (11 Mar 2015)

Michael McGrath: 52. To ask the Minister for Finance the reason the period of time non-executive directors may serve on the board of the Central Bank of Ireland's regulated institutions has been extended beyond the previous limit of nine years as set out in the Corporate Governance Code for Credit Institutions and Insurance Undertakings 2013; and if he will make a statement on the matter. [10611/15]

Written Answers — Department of Finance: Ministerial Meetings (11 Mar 2015)

Michael McGrath: 53. To ask the Minister for Finance further to Parliamentary Question No. 216 of 17 February 2015, if he will indicate which of the meetings listed he was personally in attendance at; and if he will make a statement on the matter. [10614/15]

Written Answers — Department of Finance: Ministerial Meetings (11 Mar 2015)

Michael McGrath: 54. To ask the Minister for Finance further to Parliamentary Question No. 216 of 17 February 2015, if he will provide similar information for 2013, and which of these meetings he was personally in attendance at; and if he will make a statement on the matter. [10615/15]

Written Answers — Department of Finance: Ministerial Meetings (11 Mar 2015)

Michael McGrath: 55. To ask the Minister for Finance if he will provide details of the meetings he, or officials of his Department, have had in 2013, 2014, and to date in 2015, with representatives of advocacy on behalf of distressed mortgage holders and persons whose mortgages have been or may be sold to third parties; if he will indicate those meeting in which he was personally in attendance; and if he will...

Written Answers — Department of Finance: Tax Yield (11 Mar 2015)

Michael McGrath: 59. To ask the Minister for Finance the cost of extending, to the self-employed, an earned income tax credit equivalent to the Pay-As-You-Earn tax credit; and if he will make a statement on the matter. [10646/15]

Written Answers — Department of Finance: Tax Yield (11 Mar 2015)

Michael McGrath: 60. To ask the Minister for Finance the cost of reducing the 11% universal social charge rate for the self-employed to 8%; and if he will make a statement on the matter. [10647/15]

Written Answers — Department of Finance: Insurance Coverage (11 Mar 2015)

Michael McGrath: 61. To ask the Minister for Finance the position regarding his proposal to provide a State-backed insurance scheme for first-time house purchasers; and if he will make a statement on the matter. [10649/15]