Results 9,661-9,680 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Sure. Just to put it in context, can you give us a direct comparison, because we had evidence from Mary Burke who was the head of banking supervision, that back in 2006, for example, there was a three-person team responsible for Bank of Ireland and Anglo Irish Bank-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: -----and there was a three-person team responsible for AIB and Irish Life & Permanent. So give us a comparison. Where are we at today, in terms of staff resources for ... responsible for a certain number of banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Okay, four to six people. And they are dedicated solely to work on issues relating to that bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Can I ask Mr. Roux, do you believe that the authorities, the national supervisory authority and the ECB, now have effective instruments available to deal with future excessive credit growth or sectoral concentration in terms of lending by the banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Okay. Can I ask you Mr. Roux to clear up one thing ... this issue of principles-led regulation, which was used in Ireland and is being cited as the method of regulation in the developed world. Where did it come from? What's the provenance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: So, in the Irish case, are you saying that it wouldn't be fair to blame the system of principles-based regulation, was it more the application of that regulation, the way in which it was executed? Is that what you're saying? You can put it in your own words, but-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Your opening statement goes into some detail about the changes at, at European level and you describe the changes as being profound - the additional capital requirements, for example, since the crisis. But can I ask you, Mr. Roux, to give us your view on the responsibility for the regulation of the banks in Ireland in the years leading up to the crisis? To what extent can it be attributed...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Yes, up to 2008. It's only ... I'm asking your view. I know you weren't here, etc., but you have an informed view-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Have you read the reports; the Honohan report, Regling and Watson, Nyberg, have you read those reports?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: What was your impression?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Thank you very much Chair. Mr. Roux, I would like to ask, you mentioned that the decision to take actions against large Irish banks rests with the ECB. Can I ask who recommends that action? Is it the supervisory teams of the Central Bank of Ireland or the supervisory teams from the ECB?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Okay. So there is no risk of an information gap between people who are working on the ECB side and people working on the national supervisory authority side in respect of individual banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Okay, and information is flowing freely between people based here and people based in Frankfurt.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: They are the one team.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Can I ask, Mr. Roux, do you support the position of Governor Patrick Honohan that the Department of Finance should seek to block payments of up to €270 million to the remaining junior bondholders in IBRC?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: It was on the Irish Independentyesterday.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Well, I would dispute that, Chair,-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: -----because the BRRD deals with resolution and bondholders and junior bondholders not being paid. This is the work-out of that in an Irish context, so I would argue it's directly relevant.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Well, I would like a more detailed answer to the one I asked. Do you agree with the Governor's position?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Yes.