Results 9,421-9,440 of 27,945 for speaker:Michael McGrath

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: There was no other ELA in the system-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: -----at that stage?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: Okay. Can I just ask you to clarify in the course of the meetings you attended on the night of the guarantee decision, who raised the issue of subordinated debt being included in the guarantee, or did anyone raise it in your presence?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: By whom?

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: You weren't in the room when the banks were present at any stage, were you?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: Okay. Can I just take you to Vol. 1 page 56, Mr. Grimes, which is an extract from a meeting in July 2008 of the domestic standing group.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: And from the documentation before us it is clear that the domestic standing group discussed Seán Quinn's contracts for difference in Anglo. Can I ask you, Mr. Grimes, when did you become aware of Mr. Quinn's exposures to CFDs?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: Approximately?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: These meetings of the domestic standing group noted that Anglo was funding Mr. Quinn's margin calls. Can you recall when you became aware of that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: Well, it's in the core booklet.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: Pages 56 and 57.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: And it relates to a meeting which you attended.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: And did you think it was appropriate for a bank to fund margin calls for the biggest investor in its own shares?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: Highly unusual. And would you have expressed that view at the meeting?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: And from the documentation before us, the domestic standing group was told the CEO of Anglo Irish Bank had very recently advised the Financial Regulator that there was a low point in the share price below which the bank could not continue to lend to Mr. Quinn. Did that cause concern at the meeting?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: It does.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: But can I ask you what was the position of the Central Bank with regard to the exposure that Seán Quinn had built up in Anglo Irish Bank in relation to contracts for difference in the summer of 2008? What was the Central Bank's position?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: And did you believe it was a significant issue potentially which could affect the stability of the financial system?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: And what action was the Central Bank taking at that time to address that concern which you have expressed there now?