Results 16,561-16,580 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: Sure.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: Finally, just on the events of ... of that day, and you've given your account of the ... the conversations with Mr. Trichet, Mr. Kevin Cardiff, when he was before the committee, was also questioned about it and he said he had contacts that day with Frankfurt as well and the message he was getting was that a statement of support from the ECB on the Government's banking strategy, which was...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: Okay, the nature of the statement-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: -----was an issue.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Michael McGrath: Thank you, Minister.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Thank you very much, Chair. You're very welcome, Mr. O'Connor and Mr. Walsh. Can I just take you back to the first engagement that you had with the regulator in September 2008? Can you advise the committee when PwC was first approached and by who? And what reason were you given for being contacted at the time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Okay. So the meeting happened the following day following the initial contact. Was there any procurement process involved for the appointment of PwC?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Okay. And can you comment if you were requested for any input into the scope and specification of the engagement or was this provided to you by the Financial Regulator at the time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Sure, and were there a number of drafts of the letter of engagement between the regulator and your firm?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Okay and I think you said that the overall fees for the three Project Atlas reports was €2.4 million. The Minister has previously put a figure of €3.8 million on the record in the Dáil. Is that accounted for by fees to Jones Lang LaSalle? Or can you account for that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Okay, so the €2.4 million you quoted is excluding VAT.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: And can you comment on what other fees PwC earned during the banking crisis by way of due diligence on AIB, Bank of Ireland, during the various recapitalisation programmes that took place in the subsequent couple of years? Do you have the overall picture?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Sure. Can I ask you, Mr. O'Connor, just to clarify a comment you made to Deputy O'Donnell on the issue of whether Anglo was solvent on the night of the guarantee? And I think you used the measure of whether it was able to meet its obligations as they fell due, as opposed to the measure of whether its liabilities exceeded the true value of its assets. Can you just clarify your statement...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Yes. So you were using a liquidity measure of solvency, as such-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: -----in arriving at that conclusion.