Results 10,061-10,080 of 27,945 for speaker:Michael McGrath

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: -----in the autumn of 2010.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: Okay. And what was your view of the first letter received from Mr. Trichet then in the middle of October 2010 where, effectively, he's saying, "Look, you can take this extraordinary level of ELA support for granted." And he's quite explicit, and of course we know where all of that let to eventually. But what was the view within the Department of the ELA being highlighted in that manner and...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: Thank you, Chair. You're very welcome Mr. McCreevy. Mr. McCreevy, during your time as Minister for Finance, did you get anything wrong?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: Well it's not good enough for me. Can you go into a bit more detail?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: But can I ask you again, in your time as Minister for Finance, do you think you got anything wrong?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: Specifically.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: Nothing?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: Well you have the benefit of hindsight today. So with the benefit of hindsight even, is there anything you would like to allude to that you feel you could have done better?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: And do you believe, Mr. McCreevy, in any sense that you should take any share of the responsibility for the crisis that emerged four years later?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: Okay. Can I put an assertion to you, Mr. McCreevy, that the ingredients of what would eventually become a major crisis were very much in place by the autumn of 2004. For example, there was a rapid expansion of the balance sheets of the banks in the two or three years leading up to the end of your tenure. There was a growing dependence on property lending by the banks at...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: So on those issues that I highlighted there, did you not have any concerns about the trends that were emerging-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: -----in the early 2000s?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: There's no one in this room has made that assertion, Mr. McCreevy, so-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Michael McGrath: Mr. Brian Patterson, the chairman of IFSRA, told this committee that it was the responsibility of the Minister for Finance to monitor the chairman of the financial regulatory board and to set goals for him. Would you accept this statement? Do you believe this role was carried out adequately for the period in which Mr. Patterson was chairman and which overlapped with your time as Minister?