Results 9,641-9,660 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: In April 2009, the Government announced the initiative to establish NAMA. Were you, as regulator, involved in that decision, or advising the Government as to what the consequences might be for the banks of setting up an asset management-type agency?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: And did you believe that it was an appropriate decision? Did you believe that the idea of cleansing the balance sheets of the banks of bad loans, dealing with the uncertainty about bad debts in theory improving liquidity and credit flow, did you think it was the right idea? Or did you believe that those loans should have been left on the balance sheets of the banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: And did you ever envisage that the NAMA initiative would ultimately expose a €42 billion hole in the balance sheet of the banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: It didn't create it but-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: But NAMA, ultimately NAMA paid €31.8 billion for loans with a face value of €74 billion. So there was a shortfall of €42 billion which the taxpayers had to plug then through recapitalisation. So, did you ever believe in early 2009 that the NAMA initiative would result in, in that type of a shortfall?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: NAMA didn't create it, but-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: ... it exposed it, it allowed the full extent of it to be seen of the losses.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Thank you very much, Chair. Mr. Roux, you're very welcome. And can I start by asking you do you believe that you now have sufficient powers to take direct action against banks, if that were necessary, to avoid another financial stability crisis?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: So the ECB ... as the new single supervisory authority, as such. And you might just explain how the regulation is working in practice now, the division of responsibilities between the Central Bank in Ireland and the ECB. You have gone into it in an element of detail in your testimony which you provided but can you just advise the committee how that works in practice?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: So, going back to my first question, you state that the authorities, principally the ECB, now have adequate powers but can I ask you if the Central Bank has adequate resources and expertise available to it now to regulate the banks or to perform its regulatory functions in terms of the banks? And I do so in the context of The Irish Timesarticle this morning detailing some correspondence you...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Does that mean we can't keep them?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: We can't keep them.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: So in the area that you have responsibility for as deputy governor and, essentially, head of financial regulation, what would be the vacancy rate currently?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: In the banking area.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: So you have 124 positions filled-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: -----and you have 140 approved.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Okay. And the 16 vacant positions, are efforts being made to fill those positions, but they've been unsuccessful, or why ... why is there a vacancy of 16 positions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: And-----