Results 20,101-20,120 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: Was it Professor FitzGerald's sense that this approach had the imprimatur of a very senior level within AIB?
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: Did it strike Professor FitzGerald as an unusual approach?
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: What did the Professor do for them?
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: Did they pay for that?
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: It was about a year later that Professor FitzGerald approached the Central Bank in March or April 2007 to express concerns about the manner of the stress tests.
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: The Professor did that in writing.
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: What concerns did the Professor raise in that correspondence?
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: If the Professor was to characterise his concerns at that time, was it around the assumptions being used in the stress tests not being adverse enough?
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: The Governor of the Central Bank was sitting on the ESRI's council. Was the issue ever discussed at that level?
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: Looking back at the period, is it Professor FitzGerald's view that the health of the banks and the banking system was the biggest risk to the economy at that stage?
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: In terms of the interaction with the Department of Finance and the political system generally, was there ever an example of what Professor FitzGerald would regard as inappropriate contact or inappropriate pressure by an elected representative, by a politician, on Professor FitzGerald personally or on the workings of the ESRI?
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: That is fine. Professor FitzGerald makes a strong criticism of fiscal policy and I want to tease out that with him. Looking back at the budgets for 2005 to 2006, inclusive, the forecast in terms of a general government balance was 0.8% for 2005, 0.6% for 2006 with the outturn for that year being better at a 2.9% surplus, and the projection for 2007 was a 1.2% surplus. What should the...
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: Professor FitzGerald related a very interesting anecdote about the 2007 general election. It is instructive for anyone to look at the manifestos of the time. Some might characterise it as a contest of who could give away the most. Why does Professor FitzGerald think there was such an approach by a number of political parties at the time? Was there something approaching a national...
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: I am sure Professor FitzGerald will not be led anywhere he does not want to go.
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: It was Professor FitzGerald's observation.
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: Is that nobody, whether in government or opposition?
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: One of the tools Professor FitzGerald recommended which could have been used to deal with his concerns on an impending housing bubble was to impose a tax on mortgage interest payments. When did he first propose that, how would it have worked and what reaction did he get?
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: That would be paid to Revenue.
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: Was that model used elsewhere?
- Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)
Michael McGrath: Could I clarify the difference between the work Professor FitzGerald did for AIB, Ulster Bank and PTSB and the work he did not do for AIB subsequently? Was it that AIB wanted him to do stress tests as opposed to just framing macroeconomic scenarios?