Results 10,181-10,200 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: You've outlined the rationale, as you see it, for the bank guarantee decision. Do you still believe today that that was the right decision, Mr. Cowen?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: And, do you believe now that that decision was made with inadequate, incomplete or, perhaps, inaccurate information?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: Was there a view on the night that the decision was made that no actual money would have to be put into the banks by the State? Was that the basis of the decision?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: Yes but what I'm asking is: did you envisage at that time that any money would have to be put into the banks when the decision was made?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: How do you respond to the view of Governor Honohan which was conveyed to this committee that even with the information available at the time, the decision, in his view, that should have been made was to take the two "failed banks" as he called them, Anglo and Nationwide, into custody in effect by nationalising them, seek to provide ELA for a period and try to achieve some burden-sharing? Now...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: Mr. Lenihan was advocating nationalising Anglo. Did he explain why he felt that would be a better course of action? What would have been the benefit of nationalising Anglo at that time, as was explained to you in the discussion you had with him, and, indeed, Kevin Cardiff seemed to hold a similar view? Nationalise and do what was the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: Chair, very finally, can I ask to put up on screen the note of a telephone conversation you had with Gordon Brown, the British Prime Minister? I have given the reference already. So this was on 30 September. So later on in the day after the guarantee had been announced, this is a memo by Dermot McCarthy of a conversation you had with Gordon Brown and it would appear to have been quite a...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: Thank you. Thanks, Chair.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: Thank you very much, Chair. Mr. Cowen, you say in your witness statement that the Central Bank Reform Act of 2010 has provided "a new and effective structure and brought further clarity to the roles and accountability amongst the regulatory and supervisory institutions of the State". So can I ask, in your opinion, to what extent did the banking crisis influence the changes made to the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: Okay. You referred earlier, Mr. Cowen, to the issue of corporation tax and efforts, perhaps, by others to put that issue on the table. Can you tell us, specifically, was this requested as part of the bailout negotiations ... that Ireland's 12.5% corporation tax rate would be changed ... or prior to then? Can you clarify exactly what happened on that issue?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: But was it raised by others?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: At what level - ministerial level, official level?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: So that would be ECOFIN or Eurogroup? And that would have been prior to the negotiations?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: Okay. Can I just ask that Department of Finance, Vol. 3, page 55, would be put on the screen. And the point I'm raising, Mr. Cowen, is-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: Page 55 of-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: Of Department of Finance, Vol. 3.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: It should be coming up on screen. And it's giving an overview, really, of the cost of recapitalising the banks and if you look at Anglo Irish Bank, for example, the total of €29.3 billion, this was as of January 2011, and it goes through the chronology there - €4 billion in June 2009, €8.3 billion in the prom note in March 2010, increasing then to €10.3 billion...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: That's okay. It's there, yes. The top part of that table, it's just going through the chronology and I'm not asking any question of detail. My question is: in terms of the factors that led to the bailout in November 2010, is it the case that the extent to which it took so long and there were so many changes in the overall bill for recapitalising the banks, and the difficulty that there was...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: When was the idea of preparing a four-year national recovery plan first mooted in Government?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Michael McGrath: So around September?