Results 9,221-9,240 of 27,945 for speaker:Michael McGrath
- Written Answers — Department of Finance: Banking Sector Regulation (19 May 2015)
Michael McGrath: 139. To ask the Minister for Finance the circumstances in which customers who were mis-sold payment protection insurance on their credit card can claim compensation, even if the product was purchased more than six years ago; the role the Central Bank of Ireland will play in this; and if he will make a statement on the matter. [19680/15]
- Written Answers — Department of Environment, Community and Local Government: Flood Relief Schemes Expenditure (19 May 2015)
Michael McGrath: 485. To ask the Minister for Environment, Community and Local Government if he will provide details of the amount of money paid out to businesses not households in County Cork under the flood relief fund established in response to the flood event in June 2012; and if he will make a statement on the matter. [19477/15]
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Thank you very much, Chair. You are very welcome Mr. McDonnell and Mr. Murphy. If I can start by asking if PwC performed any stress testing as part of the external audit of Bank of Ireland to take into account the correlation between different types of property being financed- residential, commercial, development land and speculative land banks - and if you did, what conclusions were drawn?...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Okay. Are you happy enough to take some questions on the financial statements prior to the years-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: -----that you became the auditor in charge,
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: -----which was a -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: -----2005, 06, 07? Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Can I ask why the financial statements for Bank of Ireland for 2005, 2006 and 2007, for example, would not have provided a breakdown by sector of the loans owed to the bank by customers? So I'm talking about the notes to the accounts, the disclosures by the bank in the financial statements for 2005, 6 and 7, for example, there is no breakdown by sector whereas we have looked at the accounts...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Sure, yes-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Okay-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: And that came into effect-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: -----at the end of '07 is it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Yes -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Okay. And prior to then, the level of disclosure was dictated by what?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Okay. And did that set a minimum standard? Was it open to the directors of the bank, for example, to go beyond that and provide additional disclosure in the notes to the accounts?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Yes -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Okay. For example, the account to the end of March 2005 in the relevant note, which was 15, dealing with loans and advances to customers, subsection C, there was a reference of concentration of exposure to credit risk. It said: ''Group's exposure to credit risk from its lending activities does not exceed 10% of loans and advances to customers after provision in any individual sector or...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: -----the new IFRS-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Okay. I suppose, the point I am getting at is that it wasn't until the financial statements for the year ended 31 March 2008 were published, which was May 2008, that a reader of the Bank of Ireland financial statements would have realised the extent of that bank's dependence on the property and construction sector. None of the accounts prior to that gave any information on the bank's...