Results 9,981-10,000 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Thank you, Chair. You're very welcome back, Governor Honohan. Can I start by asking you about your official report, where you refer to the over-reliance in the financial stability reports from the Central Bank on the annual stress tests and even the stress tests in the summer of 2008 provided a reassuring picture. How has the Central Bank addressed this over-reliance since? And do you...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: On page 9 of your witness statement, you refer back to the issue of the guarantee and you make the point that its impact has been over-analysed and I think, for the first time, you put a figure on the potential costs of that decision as opposed to an alternative decision which might have involved trying to bail in the bondholders of Anglo and INBS, and you put a figure of somewhere between...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Can I take you, Governor, to September 2010, when the future of Anglo Irish Bank was under serious consideration? And I recall at that time and I believe it was 7 September 2010, when a number of Members of the Oireachtas were invited to a private briefing in the offices of Anglo Irish Bank on Burlington Road and I attended at that time. I think there were, perhaps, over 20 Members of the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Chief financial officer, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Okay-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Essentially, Governor Honohan, they were lobbying TDs on the eve of a Government decision-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: -----and they were lobbying in favour of ensuring a future for Anglo Irish Bank or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: -----IBRC, as it subsequently became into the long term. But then the Government made a contrary decision the following day and my question-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Well, it was formally made the following day-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: -----and announced and the management team who had advocated a fundamentally different direction for the bank-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: -----remained in place and were charged with responsibility of implementing the Government decision.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: So was it appropriate that the management team in their entirety remained in place to implement a strategy that they had advocated against and that they were lobbying against?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: That's what it was.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Okay, can I ask you about the letter from ECB President Trichet on 15 October 2010?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: And this has been published as you know and can I ask you, Governor, is it your view that at that point, the ECB had essentially made the decision that Ireland would need to enter a programme of assistance? And, secondly, do you believe that it was appropriate and in order for the ECB to be raising broader issues such as economic strategy, fiscal consolidation, etc., at that stage, issues...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: And the appropriateness of the ECB raising broader issues - economic policy, fiscal policy-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Yes-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Thank you very much, Chair. Governor Honohan, do you judge the IMF country reports and OECD reports as an important information instrument aid in banking regulation, banking supervision and financial stability issues?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Okay. Did you-----