Results 9,341-9,360 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: And I don't know if that's a section 33AK issue or not, but that's very general and broad, and the question is reasonable, in my opinion, and Mr. Trichet, in the course of our discussions, was very clear in his statement on that issue. The ECB never gave any message. "No message to Brian [Lenihan], no message to the Government of Ireland, but, if you read the papers at the time, all central...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: But that's-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: The message was clear to Ireland and the message was clear to you. That message being-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: -----"stand behind your banks; no bank should fail."
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Which you received?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Including in the context of the Irish banking crisis?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Okay. Over the course of that evening of the 29th, was any contact made with the ECB? Did you make any contact when you stepped out of the room where the meeting was taking place, for example?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Not during that evening. And can you give an approximate time of when the full plenary meeting made the decision on the course of action? The Government incorporeal decision is subsequent, but the decision where the course of action was decided upon of a six-bank guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Okay. And as far as you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: I understand, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: I understand. And as far as you can recall, were the representatives of both the main banks present when that decision was conveyed by the Taoiseach?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Was there any discussion on the night of solvency, about any one bank or the banking system generally, or was it regarded as a liquidity crisis?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Was there any discussion at all about possible insolvency of one or more of the banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Not while you were present at any-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: And in the context of issuing a guarantee, was the option of guaranteeing new debt issuances considered, as opposed to an almost blanket guarantee of existing liabilities?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Was consideration given to just guaranteeing-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: -----new debt?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Why not?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: In that it may not have been credible for the markets, wouldn't have been robust enough, or-----