Results 10,221-10,240 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Sceptical?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: And then prior to the guarantee, did the Minister ever consider the need to, you know, carry out a root-and-branch review of the banks from January to September 2008, to actually ask the regulator to go in and do a detailed assessment of the underlying health of the banks? Was that ever discussed or considered?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: And did he ever indicate to you then what his plan was in terms of Anglo, if it was nationalised, what to do with it then? Was it to strip it down in some sense and protect the good assets?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Your particular role focused on communications. So in terms of the bailout and the lead up to the bailout in November 2010, to what extent was the Minister unhappy with the level of public knowledge which emerged? And obviously when Governor Honohan made the phone call to RTE and the IMF arrived in town on, I think, 18 November, the whole thing blew up. But what was the Minister's view?...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: And was he ... was he particularly uneasy or unhappy then about any element of the bailout package which was subsequently negotiated and agreed?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: And what greater clarity was he looking for in terms of the future of the banks-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: What specifically?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Okay. Finally, Ms Herbert, you mentioned the issue of corporation tax. Can you elaborate on the level at which the corporation tax issue was raised? Was it prior to the bailout negotiations? Was it ECOFIN? And who specifically raised the issue of Ireland's corporation tax and what were they looking for?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: To increase the rate, is it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Was it a red line issue for the Minister?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Okay. Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Thank you very much, Chair, and you are very welcome, Dr. Somers, and thank you for getting through a very comprehensive statement there quite quickly. Can I start by asking about the Merrill Lynch memo for the Government on Sunday, 28 September 2008? And can I ask you to comment on the discussions and the options considered at that time and the advice the NTMA would have provided to the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Okay. So when did you see that memo?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Were you away that weekend?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Then the Merrill Lynch presentation to the NTMA two days earlier on 26 September which again set out a number of strategic options. Were you provided with a copy of that at the time and were you involved in any discussions on the 26th or prior to your departure?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: You were in attendance at a meeting which the note says was 25 September, so it's on page 23 of the evidence book, where "CEO NTMA" is listed as being in attendance. So this was a meeting to discuss liquidity issues. Do you recall that meeting?