Results 9,401-9,420 of 27,945 for speaker:Michael McGrath
- Written Answers — Department of Public Expenditure and Reform: Departmental Bodies Data (27 May 2015)
Michael McGrath: 66. To ask the Minister for Public Expenditure and Reform the annual cost of the Irish Government Economic and Evaluation Service in each year from 2012 to 2014; and if he will make a statement on the matter. [20941/15]
- Written Answers — Department of Public Expenditure and Reform: Departmental Bodies Data (27 May 2015)
Michael McGrath: 67. To ask the Minister for Public Expenditure and Reform if he will provide a list of the projects and proposals on which the Irish Government Economic and Evaluation Service has provided advice and analysis to Government Departments and agencies, in each year from 2012 to 2014 and in 2015 to date; and if he will make a statement on the matter. [20942/15]
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Chairman, a bit of consistency, please, in your application of the rules.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Thank you very much, Chair. You're very welcome, Mr. Grimes. Can I just start by asking you if there was a clear understanding of who had ultimate accountability for the financial stability of the financial system, and you believe that this was clearly defined and understood by both the Central Bank and the regulator?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: And that was clearly understood by both entities?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Thank you. You refer in your witness statement on page 11 that special resolution regime legislation as such was not available at the time, and this was in the crisis in September 2008. Can I ask you why special resolution legislation was not available at that stage, given that you said yourself contingency arrangements were being planned since early 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Yes. But can I ask the Central Bank's position? Did the Central Bank recommend to the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: -----Department of Finance that special resolution legislation be prepared?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: And that was conveyed to the Department of Finance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Okay. And what did you make of the fact that at the end of September '08 it would appear that there wasn't resolution legislation in place, and you believe if it was ready that the Government would have had greater options as to what they may have decided to do?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: I suppose the point is, Mr. Grimes, that in September 2007 we had hundreds of people queuing on the streets of Dublin to get their cash out of Northern Rock, and this was a full year before the crisis hit Ireland as such, and the main banks. And so the question that I think a lot of people would want to know is, why the Central Bank and the Department of Finance were not more prepared with...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Can I just clarify, Mr. Grimes, did you say that the amount of emergency liquidity assistance at the end of September '08 was in the region of €40 billion?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Normal ECB lending, but what type of lending what that? That wasn't ELA?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: And how much actual ELA was there in the Irish banking system at that time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Okay. So when you were making the arrangements for a €3 billion facility for Anglo Irish Bank, for example, that would have been ELA?