Results 16,541-16,560 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: Well, I think you're ... to bring it down to the net point, you're referring there to dated subordinated debt. Undated subordinated debt was not included. There was about €12 billion of dated subordinated debt included in a €375 billion guarantee, and about €1.4 billion of that dated subordinated debt fell due for repayment and was repaid during the guarantee. So, is...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: What else are you talking about?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: Yes but existing debt was senior debt as well, so I put it to you that there's a contradiction in what you're saying.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: But in terms of the fiscal cost, very modestly less.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: Or else present alternative evidence if you can, but-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: Thank you, Chair. Good evening, Minister Noonan, and thank you for your attendance.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: Can I start by asking you about the testimony of Cyril Roux, the current deputy governor of the Central Bank? In his testimony in June, he highlighted that in the area of banking supervision there are 140 approved posts and 124 of those are currently filled - so a vacancy rate of in excess of 10%. So are staffing and vacancy rates discussed with the Governor, in your regular meetings, and...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: I think the specific issue raised was around pay and restrictions on pay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: That was the reason he gave, but this is an issue that arose-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: -----in evidence going back a number of years as well in the regulator's office where, apparently, they couldn't fill vacancies. And one might assume that that issue was no longer relevant but they have a vacancy rate of over 10% in banking supervision today. That was his evidence, so I am just putting that to you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: Okay. Minister, have you concluded in your own mind that, as a State, we're likely to get a better return from disposing of our shareholding in the banks that we currently have part ownership of or are you still holding out the prospect of a deal on bank debt from Europe?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: You might give me a bit of leeway, Chair. It was a long, but a useful answer to get out there-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: -----on the record. It was important to get it on the record, so, in-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: -----in summary, Minister, do I take it that the, the position is that for the remainder of the lifetime of the current Government, there won't be a sale of a shareholding in AIB, but equally there won't be an application to the ESM for retroactive bank recapitalisation? Is that the Government's position?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: Minister, you refer on page 9 of your witness statement to the proposed introduction of an independent budget office and can I put it to you that you would be doing democracy a service if you put such an office in place before the next election so that the proposals of the various parties could be independently costed and which would allow for informed decision making by voters at the next...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: The final issue I want to touch on, Chair, is going back to the ... the end of March 2011 banking statement which you made. It isn't in the core booklets that you have, but the NTMA paper of 20 March 2011, which I'm sure you're familiar with, which examined the issue of burden-sharing, it didn't limit its analysis to Anglo and Irish Nationwide. They included the surviving banks as well, and...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: Just on the events of-----