Results 9,461-9,480 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: And was your request met in full?

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

Michael McGrath: Okay, and that was for the calendar year, 2008, and that request would have been put in during-----

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

Michael McGrath: -----2007.

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

Michael McGrath: And the request which you refer to in May 2008, that was for the calendar year, 2009.

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

Michael McGrath: It was an early stage of ... early of-----

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

Michael McGrath: -----early stage of the planning.

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

Michael McGrath: Okay. Okay. But to your knowledge that was the first request that was refused during your time as head?

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: Sure. You said a few moments ago that prudential enforcement cases weren't taken or weren't recommended because you simply didn't have the resources to process them and to follow through. Is that accurate?

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

Michael McGrath: Isn't that quite an alarming point and quite a striking point? And doesn't it go really to the heart of what your job was that you really weren't in a position to do your job? Even if you felt that a prudential enforcement case should be taken against the bank, you didn't pursue it because of a lack of resources. You simply weren't able to do your job.

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

Michael McGrath: And who did you make this known to?

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

Michael McGrath: But did that not basically mean you couldn't do your job in full?

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

Michael McGrath: Okay. In your opening statement, you essentially say that a lack of powers wasn't the key issue. Is that accurate?

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: I think one of the key questions that a lot of people would like answered is: did the Financial Regulator have the power and if it wanted to do so, could it have halted the amount of lending that the banks were engaging in to the property and construction sector?

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

Michael McGrath: But it wasn’t done.

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

Michael McGrath: Thank you.

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

Michael McGrath: Thank you, Chair. You're very welcome, Mr. Horan.

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

Michael McGrath: Can I start by asking did you judge the IMF country reports and OECD reports as an important information instrument to aid in banking regulation and banking supervision and financial stability issues?

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

Michael McGrath: Thank you. There may be a view that the approach of principles-based regulation arose from the new structure in 2003 but you state in your opening statement "The core strategy of IFSRA was a 'principles-based' approach. It was a continuation of the approach to supervision, previously adopted by the Central Bank." So, can you clarify, in your view, since when - in Ireland - was there a...