Results 9,301-9,320 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Is that stated in the Act?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Because the relevant section is very clear and it doesn't put any constraints or restrictions on the guidelines that you had the power to issue to the regulator and I'm putting the question to you, did you have the power for example to issue-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Yes, section 33D. Mr. Hurley is very familiar with it, section 33D of the 2003 Act.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: I'm not sure it's in the core booklet but it's ... it's the Act.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Yes, it does ... I'll read it in full, I think it's important because it does refer to policies and principles which ... which you stated.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: But is that your interpretation? I mean, it says you could issue guidelines as to policies that the regulator is required to implement. That's pretty clear: policies.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: But could a policy not deal with sectoral concentration limits?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Would it be fair to describe that as your interpretation Mr. Hurley?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: But there are also the additional powers that are set out in Governor Honohan's letter, which the Chair referred to earlier on, which were not removed by the 2003 Act.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Mr. Hurley, I think this is the core of it. Is it your assertion that you did not have the power to issue direct policy measures to the Financial Regulator for implementation concerning, for example, capital ratios, sectoral concentration limits, loan-to-deposit ratios, wholesale funding dependancy, 100% residential mortgages? Did you have the power or not, in your view, to direct the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Which are ... relating to the policy-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: That the authority is required to-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: And principles, yes they're separate, principles is one thing, policies is another thing.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Used.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Yes, you didn't believe the risks warranted that level-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: -----of intervention.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Okay, but do you now accept that you should have went further than highlighting risks and you should have taken action?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: You say in your opening statement, page 4:The reports from the Nyberg Commission and Regling and Watson suggested ... there was a basis for taking some action by about the end of 2005. In hindsight I agree with this view and I consider now that the Central Bank should have escalated and reinforced its warnings on risks. However, at the time the Bank considered ... its approach in the 2005...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: The issue there is I consider now, so the question is in the context of that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: -----what should you have done?