Results 10,521-10,540 of 27,945 for speaker:Michael McGrath

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Can I ask, do both of you accept that while principles-led regulation was the orthodoxy of the time, that principles-led regulation could have been more intrusive? We have heard evidence along those lines from Cyril Roux, for example, currently the deputy governor and head of financial supervision, that being principles-led did not necessarily mean light-touch. It could have been more...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: So, even before 2003, the regulatory approach was principles-led?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: And had been for a number of years?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Okay. Was there ever any suggestion, Mr. Dunne, that there was a lack of powers for the Financial Regulator in his role in terms of supervising the banks and regulating the banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: I suppose I have to put it to you, the thrust of the evidence so far, on the question of powers, has been that there were sufficient powers and the powers that were available were, generally speaking, not used?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: But it wasn't sought either. It wasn't sought.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Can I ask you both, Mr. Begg first, in the round and given your knowledge now and the experience that you hold, how do you apportion responsibility for the banking crisis?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Try to give me a hierarchy if you can, in your view, of the relative-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: That's the first one ... the international dimension.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Okay. That you've given four reasons there now and the actions of the banks in terms of their lending strategy, their concentration in property and construction, hasn't featured in your top four causes of the banking crisis.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Well, I asked it in order of the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: -----of importance so-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: You put the international dimensions-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: -----at number one and not what the banks did themselves-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Yes, undoubtedly.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Mr. Dunne-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: -----your assessment of where responsibility rests and-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Thank you, Mr. Dunne.