Results 20,181-20,200 of 27,945 for speaker:Michael McGrath

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: I wish to ask a last question. Professor Black said one of the reasons it could all happen again is because there was no accountability for bankers and regulators. What does that mean?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: I welcome Mr. Nava and I thank him for taking the time to attend the committee. Does the European Commission accept any responsibility for the regulatory framework within which the banking crisis developed in Ireland and elsewhere in Europe?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: I accept that. If Mr. Nava will not accept responsibility is it then a statement of fact that the European Commission was responsible for the regulatory framework and the setting of minimum regulatory standards in the member states? Is that a statement of fact?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: Senator Barrett alluded to the period of 2000, maybe even 2002 to 2006. We heard evidence from the Governor of our Central Bank that by 2006 and 2007, essentially the damage was done, in terms of the losses being inherently in the system. Was principle-based regulation a mistake during that period?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: Mr. Nava referred in his statement to minimum standards below which countries could not go but they were allowed to set a higher standard of regulation. Did Ireland meet the minimum standards of regulation during the period in question?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: Was that checked by the European Commission during those years?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: So the banking directive at EU level was adequately transposed into Irish law and in terms of oversight, was that the limit of the European Commission's role during those years? There was no additional supervision and the Commission's only job was to ensure that the directive was transposed into Irish law. What about the implementation of the law? Was that entirely a matter for domestic...

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: I will move on to the present time and the measures that have been put in place to prevent a future crisis, particularly the single resolution mechanism and, as part of that, the single resolution fund. Is that fund live as we speak?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: Very quickly, on the June 2012 summit agreement regarding separating banking debt ---

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: It is a very quick question and it is not really about Ireland either.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: Is the European Commission satisfied with the progress, or lack thereof, on the implementation of that June 2013 summit agreement?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Michael McGrath: The June 2012 communiquéfrom the European Council on the separation of banking debt from sovereign debt. Is the European Commission satisfied with progress in that regard?

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Second Stage (4 Feb 2015)

Michael McGrath: I can proceed.

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Second Stage (4 Feb 2015)

Michael McGrath: I welcome to opportunity to speak to the Second Stage of this very important legislation, the Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015. I apologise to the Minister for not being here for all of his speech. I was attending the banking inquiry at a private meeting. I was not expecting this Bill to be introduced so.

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Second Stage (4 Feb 2015)

Michael McGrath: I understand. Nonetheless, I am glad this debate is getting under way. We have called for this a Bill for a considerable period. Many thousands of mortgages have been sold by existing financial institutions to private equity funds, in the main, and because of the operation of the code of conduct on mortgage arrears, those mortgage holders now find themselves outside of the statutory...

Other Questions: Mortgage Lending (4 Feb 2015)

Michael McGrath: I thank the Minister for clarifying the matter. I do not have any difficulty with the loan-to-income ratios. It is a better measure of the affordability of a mortgage because it measures someone's capacity to service a mortgage on a monthly basis. The Central Bank has got that one right. On the issue of the 15% wriggle room the banks have, what they have told me privately is that they...

Other Questions: Mortgage Lending (4 Feb 2015)

Michael McGrath: I welcome regulation as some rules are absolutely needed. I welcome their introduction. The debate is really about the detail. The Central Bank has got it right largely for first-time buyers. On the sliding scale a first-time buyer buying a house worth €400,000 will be required to come up with a 15% deposit, which is a lot. In Dublin many properties for first-time buyers will...

Other Questions: Mortgage Lending (4 Feb 2015)

Michael McGrath: The Central Bank has claimed it has nothing to do with it.

Other Questions: Mortgage Lending (4 Feb 2015)

Michael McGrath: 9. To ask the Minister for Finance his views on whether the new rules introduced by the Central Bank of Ireland requiring a 20% deposit for non-first time buyers will result in many homeowners finding it impossible to move on to a new home; and if he will make a statement on the matter. [4670/15]