Results 16,621-16,640 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: But if they had been allowed to work them out over time, as opposed to NAMA doing it, then the outcome may have been different.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Thank you very much, Chair. Mr. Ahearne, I'd just like to quote an extract from Ajai Chopra's witness statement which will be put into evidence and to ask you a question and I know you haven't ... you haven't seen it before. He said:It is understandable that there is a strong sense in Ireland that burden sharing between Irish taxpayers and bank creditors has been unfair. In late 2010,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Sure. And, finally, to what extent, Mr. Ahearne, was the failure to get to the bottom of the black hole in the Irish banks over the course of 2010, when there were various statements about the likely overall bill ... is it the case that the markets eventually lost confidence in our ability to get to the bottom of that black hole and lost patience in that? How significant a role did that...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Yes. Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Thank you very much, Chair. Good afternoon, Mr. Gray. Just if I can take you to that letter of 25 September '08 addressed to Mr. Kevin Cardiff, and you have spoken about this at length so we should be able to get through these questions quite quickly. There weren't any terms of reference for that paper, I think you've confirmed that. It was your own initiative following the discussion...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Sure.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: And that's all set out in the paper.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: And just to clarify, in preparing this paper on that evening, you didn't consult with anybody else?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Okay, and the recipients were Mr. Hurley, Mr. Cardiff, to whom it was addressed, and the ... David ... is that David Doyle?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: So he was sent a copy as well.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Sure, and apart from the Central Bank authority meeting, which informed your decision to write this paper, did you have any direct discussions before writing this or, indeed, after this ... after writing it, with Mr. Doyle and Mr. Hurley about this paper?
- 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.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Okay, and with the Minister for Finance, Mr. Lenihan, did you have any direct discussions with him around this time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: No. And can I ask, Mr. Gray, at that time, were you the beneficial owner of any shares in the Irish banks or ... either directly or through investment portfolios that you might have had a share in?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Sure, and that would ... no shares in Irish bank would extend to include any investment portfolios that you had?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Were not invested in the Irish banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Thank you. Can I ask you: when did you first realise that additional capital would have to be injected into the banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Okay.