Results 11,061-11,080 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: To be less dependent on wholesale funding.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Okay. You were a member, as you indicated to the Chairman, of the supervisory board of Anglo Irish Bank Austria. The sale of this bank in December 2008 reduced Anglo's deposit base by around €600 million at a time when the bank's overall liquidity position was coming under pressure, so can you explain why did Anglo agree to sell this subsidiary at this juncture despite the resulting...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Did you support the decision, agree with it at the time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Did Anglo provide some vendor financing as such, €24 million to the buyer as part of the sale agreement?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Yes. And what was the rationale behind that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: In your witness statement you take us through the key events leading up to the autumn of 2008, and you refer to the Northern Rock issue in the autumn of 2007, then the so-called St. Patrick's Day massacre where the share price of Anglo took a hammering, and then you come to the collapse of Lehman Brothers on 15 September 2008, and you say at the end of that paragraph on page 6 that "While...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Sure, but, I mean, the sense comes from what people were saying and what you were hearing and what was being discussed.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: What I'm asking you is do you believe that the people who were running Anglo Irish Bank in the second half of September 2008, before the guarantee, felt the game was up, that the bank really had no long-term future?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: That they knew the bank would not survive?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: But were existential issues.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Yes, and what are you basing that view on?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: And do you believe that those grave concerns about the survival of the bank pre-guarantee in September 2008 were shared with the authorities?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Can I just ask you about the area that you had responsibility for? And when I look at the annual report for Anglo at September 2008, which was the year end, the amount of customer deposits was €51.5 billion, of which retail deposits were €19 billion and non-retail deposits were over €32 billion. So, this is the very end of September 2008. Can you define "retail...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Persons, individuals?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Okay, and that €19 billion of retail deposits, how much of that would have been in Ireland? This is the group figure now. The bank was €14.7 billion, the group, €19 billion, broadly speaking.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Okay. And then non-retail deposits of €32 billion. What are non-retail deposits?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: And how much volatility was there in the overall level of deposits that the bank was holding? Would some of those non-retail deposits be overnight deposits which were flowing in and out? Can you give us the sense of the level of movement?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Okay.