Results 10,241-10,260 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: And do you share the view of Mr. McDonagh, which he expressed earlier on, that the expectation within the NTMA was that Anglo would be nationalised?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: So was it the view of NTMA at the end of September '08, that if something had to be done with Anglo that it should be nationalised, as opposed to guaranteed?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Okay. But you're not saying that. Your position was that Anglo should be nationalised at the end of September.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: And were you aware at the time that Mr. McDonagh, as the director of finance, was strongly of the view that the bank should be nationalised? He felt that it was insolvent and that he conveyed that to the Department of Finance through Kevin Cardiff? That's what he told us in the last couple of hours. Were you aware of that at the time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: He would have been speaking for the NTMA?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: -----even at that stage?
- 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: But the content of his message is quite different to what you said a few moments ago where you seem to be somewhat indifferent on the question of nationalising Anglo. His message was, "It should be nationalised. Essentially, it's insolvent and it shouldn't be guaranteed."
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: But you were the boss.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Okay. I suppose, I'm just trying to get-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Yes, but I'm just trying to get clarity on what the NTMA position was. I don't think I'm quite there yet ... at the end of September as to what the NTMA was saying to the authorities and the Government as to what you recommended should be done.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Okay. And what was your overall view then of the decision to issue a guarantee?
- 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: So you wouldn't necessarily have guaranteed existing bonds, senior bonds?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: And do you think in the heat of the severe liquidity crisis, that guaranteeing the deposits but not guaranteeing the bonds would have allowed the banks then to raise money in the markets?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Your view on the fact that your colleagues, Mr. McDonagh and Mr. Whelan, were present in Government Buildings on the night but were not invited into the meeting and asked their opinion?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Okay. Can I raise the issue of the placing of deposits by the NTMA in the Irish banks and the decision that was made in August of 2007 to cease that practice and as deposits matured, that you wouldn't be renewing them and you would be placing them in the Central Bank. Can you outline your thinking at that time? Was it concern with the Irish banking system, the global banking system ......
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Where was the pressure from, Dr. Somers?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: The Department of Finance, Central Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: And had you a particular concern about Anglo back in August 2007?