Results 20,261-20,280 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: Professor Kane is broadly aware-----
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: There is no point in any of us going into questions with Professor Kane about the Irish banking crisis per se. It is more the broader issues-----
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: It was important to clarify this. Professor Kane made an interesting remark which was that by the time accountants report a firm as being insolvent, the firm has been insolvent for a very long time. Can he explain what he means by this? Does it come down to the recognition of an asset value and if the asset is impaired? Is it because of the accounting standards that there is a significant...
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: One of the issues we will be examining is the question which arose in 2008 of solvency versus liquidity in the banks in Ireland. The balance sheets at the time were clearly reporting that the banks were solvent but the question arises of whether adequate provision was made against potential losses or impairments in respect of the assets on the balance sheets. Professor Kane spoke about the...
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: One of the central points that Professor Kane made is that there is an implicit safety net for banks. They know, if they get into trouble and are too big to fail, that the State will come to their rescue. Does he think that was a real consideration in the lead-up of the crisis in the back of the minds of executives running large and systemically important institutions around the world?...
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: Is the lesson that we should not allow firms to become too big to fail or is it that we should regulate them differently?
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: Professor Kane is not necessarily saying institutions should not be allowed to become too big to fail.
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: Is it Professor Kane's view that by 2008 some institutions had become too big to fail across Europe and the US?
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: Does Professor Kane wish to express a view on Anglo Irish Bank?
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: I apologise, he was referring to Anglo Irish Bank.
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: When Professor Kane said "AIB" he was referring to Anglo Irish Bank, is that correct?
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: Just so we are clear for the record.
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: We get confused ourselves. Professor Kane suggested two ways of dealing with the issue of banks that are too big to fail. The first is that one strips out from the reported profit flows some measure of the benefit of being too big to fail in terms of an implicit safety net or guarantee.
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: How does one measure that benefit?
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: Professor Kane was strong on the issue of penalties and punishment in his opening statement.
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: We cannot deal with the area of criminal law but I ask him about regulatory breaches. Where clear breaches are identified by the regulator what kind of penalties should be imposed on the institutions and individuals concerned, depending on the severity of the offence?
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: Professor Kane is suggesting such people should not be allowed to hold senior positions in institutions.
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: Did that happen in the US?
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: Does he think there is reluctance in Europe and the US to address that issue properly by imposing sufficient sanctions where breaches are identified?
- Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)
Michael McGrath: Does Professor Kane believe the lessons have been learned from the crisis?