Results 16,641-16,660 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Sure. But just to clarify this point because the ... you know, early October is only a few days after the end of September-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: -----and by 20 October, you were writing to Kevin Cardiff specifically addressing issues around the capitalisation of the banks and the possibility of additional capital being needed. That was followed up with a further letter on 19 November, which is in annex 6 ... 16 rather, which you provided to us. So, my question is, when you were preparing the paper on 25 September and, indeed, when...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: But it isn't referenced, to my knowledge, in the paper - is it - of 25 September?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Sure, but the paper makes no reference at all to the possibility of the State having to put in capital.
- 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: But by 20 October, you were writing directly about the State injecting capital through the pension reserve fund or other sources in exchange for preference equity shares. That was one of the options you were specifically setting out.
- 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. Finally, do you now believe, looking back, that in your discussion with the Taoiseach on the night the guarantee was decided or a number of days previous when you did take the initiative to document some key points and key challenges that the State was facing, that you should have identified the likelihood, or the possibility at least, that the State would have to inject money into the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: I only ask it because, you know, less than a month later you wrote a specific paper on the capital requirements of the banks, which included the prospect of the State injecting capital and this was before the State had made any announcement that it was likely to have to inject capital into the banks. That came, I think, on 28 November ... was the first reference by the State. So you seemed...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: -----that it would involve the State injecting money into the banks.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: You say you were not advocating a guarantee, but if you look at the paper of 25 September, under the heading, "A. Improved Liquidity in the Banking Sector", which was the burning issue of the time, you set out the options. One, the preference of an ECB intervention, which it became clear - if it hadn't been clear already - that that was not going to happen, and then under "Potential National...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: So if I was reading that, I would interpret it as advocating a guarantee.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Thank you very much Chair. Good evening, Mr. Browne. Can I start by taking you to core booklet Vol. 1, page 67? So, this is an inspection of commercial property lending activities at Anglo by the Financial Regulator in May 2007. And in the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: That's fine, yes. Mr. Browne has it anyway. Page 67, Vol. 1. So, that particular inspection by the Financial Regulator identified 30 separate issues which it required to be addressed and which it listed in a report dated 27 June 2007. Varying degrees of seriousness, I think would be fair to say, Mr. Browne, but a number of quite important issues. So, can I ask, were you made aware of...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Okay and would correspondence from the Financial Regulator typically have been brought before the board?
- 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: Okay and to your recollection that wasn't the only time that correspondence from the regulator would have been included-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: -----in the board pack and discussed.
- 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.