Results 11,181-11,200 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: What did you have to say to him?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Sure, and Mr. Kenny acknowledged that he did make contact with you. So, pertaining to Anglo Irish Bank, what did you want to convey to him, if anything?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: He specifically referred to ... that the origin of the call was your brother said to Mr. Kenny that you wanted to convey something to him.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Okay. Mr. Chairman, I know we are not going anywhere near the whole criminal trial area, but just to ask Mr. Moran that what was said in court that you have immunity from the DPP, that that is accurate in relation to all matters pertaining to Anglo.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Thank you, Chair. Mr. Gantly, you are very welcome.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Can I start by just going back to the issue of tracker mortgages? And I know you weren't on the banking side, as group treasurer, but in terms of interest rate risk, were you aware of the extent of the tracker mortgage interest rate risk and was this issue ever discussed at board level, to your knowledge? And I know you weren't on the board, but can you just discuss that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: When did the bank start rolling out tracker mortgages?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: I think '05 actually, yes. I think '05.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Okay. And can you just explain to the inquiry how a bank would fund, let's say, a bundle of mortgages - an individual mortgage, a bundle of mortgages? Where does that money come from?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: The money, ultimately, is coming from-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: -----deposits, wholesale funding, you know, your funding mix.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: The point I am getting at is, like, from a bank's point of view, I could never understand the logic of a tracker mortgage because you were linking the price that you could, ultimately, charge the consumer to a lever that you had no control over. I mean, at the peak, what proportion of your funding, as a bank, was accounted for by ECB funding?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: I mean, a small percentage?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Percentage wise?
- 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: Between a quarter and a third.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Okay. So, in the years prior to that, the proportion of your funding-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: -----from the ECB would have been lower?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Dramatically lower.