Results 9,541-9,560 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: In his report, Governor Honohan notes that pressure was exerted on the Financial Regulator. Can you comment on his view that the Financial Regulator acted in a deferential manner towards the Department of Finance in regard to proposed legislative changes and he cites compliance statements, fit and proper requirements, etc.? Can you characterise the relationship between the Financial...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: Can I ask you about pressure from the industry, the banking industry, Mr. Neary? How extensive ... was there lobbying by the industry of you personally and your senior executives on the approach to regulation, on specific regulatory issues affecting certain institutions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: Can I put to you, Mr. Neary, some of the evidence from Mary Burke yesterday again on this issue? And I'm paraphrasing but she painted a picture of senior executives at the regulator's office meeting bank executives behind the backs of the employees of the regulator who were directly regulating those banks. She painted a picture of meetings on the seventh floor involving very senior people...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: Mr. Neary, when did you first become aware of Seán Quinn's contracts for difference exposure in Anglo?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: In the context of what is in the public domain. For example, there is a book by Simon Carswell, Anglo Republic, which claims that some time around late September 2007, Mr. David Drumm met you at your office to tell you about Seán Quinn's investment in Anglo Irish Bank and the concerns that Anglo's board had about it. Did that happen, for example?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: That was, that was in September 2007-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: And Seán Quinn's name was mentioned to you specifically by Mr. Drumm at that stage in the context, possibly, of holding contracts for difference in Anglo Irish Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: And did you look into it further at that stage?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: And when did you first establish facts?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: Was there a meeting between you and Mr. Quinn in January 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: And when you first learned of this issue-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: -----were you satisfied, Mr. Neary, that you took the adequate and appropriate steps to assess the significance of it and the possible impact that it might have on the stability of Anglo Irish Bank and the wider financial system?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: In the seven months from September 2007 to March 2008, did you take adequate steps to get to the bottom of the issue?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: You had the CEO of a bank at your door-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: I'm just making the point to Mr. Neary. You had the CEO of a bank in your office in September 2007 bringing this issue to your attention.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: Thank you, Chair. Mr. Neary, was there consensus at board level of the CBFSAI and the Financial Regulatory Authority about the regulatory approach with banks and was there ever any difference of opinion expressed between the two?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: Thank you. What role did the Financial Regulator play in the preparation of the financial stability report every year?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: But was it a joint report, ultimately?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Michael McGrath: So, Mr. Neary, when you described earlier on the Central Bank's assessment in the financial stability report as being overly benign, should that be not "our assessment"?