Results 10,341-10,360 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Thanks, Chair. Mr. Corrigan, a number of differences have emerged between the NTMA's position on some issues and the Department's and Senator O'Keeffe went through some of those there - the nationalisation of Anglo, your view that AIB would need more capital than Bank of Ireland, the issue of placing deposits in the banks. So can I ask: do you believe that the NTMA was sufficiently listened...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: You referred earlier to the NTMA's view that there was a need for what you called a "deep dive" into the banks to examine their underlying health and that happened first in September 2008 when PwC were appointed but when did the NTMA first start saying this, first start asking or suggesting that, look, we need to go in here and do a due diligence on the banks to see-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: But the NTMA wasn't suggesting that at a much earlier point. And I'm not saying it was your role to do so but in the spring and summer 2008-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: The NTMA was at no earlier meeting of the domestic standing group?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Right.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: A crisis meeting.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay. But just to be clear the domestic standing group from 2007 onwards had been looking at bank liquidity, had been looking at a scoping paper on different scenarios of banks failing, insolvent banks, etc., and the NTMA were present at those meetings. Is that not the case?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: On 25 September 2008 - and I don't believe this minute is in your core booklet, so if you don't recall it, then, obviously, you can't answer - but it was one of these crisis meetings and the CEO of the NTMA, Dr. Somers, was present, you were present along with PwC, Merrill Lynch, the Financial Regulator, the AG, the Taoiseach, Arthur Cox and there was a reference in that paper to "D Doyle...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Very finally, the Deauville declaration - you made reference to it in your witness statement - of October 2010. Given Ireland had been borrowing on the markets up to the early part of September 2010 at reasonable rates, 4% to 5%, what impact did the Deauville declaration have when this issue of burden-sharing was floated, what impact did that have on Irish yields and-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Directly as a result?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: So did it contribute to what happened subsequently in November or was that inevitable anyway, entering into a programme. What role did it play, if any?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: And before the formal negotiations begun into the programme, the Government were saying, you know, we're funded up to the middle of next year, up to mid-2011, so there's no urgency around all of this. Like, what would the NTMA's recommendation be as to how far ahead a country should be funded? How much cash, how much reserves would you have for the ongoing running of a country in the kitty?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay, thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Thank you, Chair. Mr. McCarthy, you're very welcome. Can I start by asking you about some evidence given by Kevin Cardiff when he commented that ... on the decision to enter into bailout negotiations in November 2010, he said the communication at ministerial level over the weekend prior to the announcement of the start of negotiations had not been clear enough to prevent them walking into...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay, that's fine. You say on page 2 of your witness statement that it was made clear on the night of the guarantee that no European or ECB initiative was in prospect which would address the immediate crisis faced by Ireland. So did Governor Hurley advise those present that he had spoken to Mr. Trichet on that day?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: And was a message conveyed that you should stand behind your banks as a country and don't let any bank fail? Was that message conveyed through the same channel?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: That was the backdrop?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay. But was that expressly stated on the night?