Results 16,721-16,740 of 27,945 for speaker:Michael McGrath

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Can I just ask you about the area that you had responsibility for? And when I look at the annual report for Anglo at September 2008, which was the year end, the amount of customer deposits was €51.5 billion, of which retail deposits were €19 billion and non-retail deposits were over €32 billion. So, this is the very end of September 2008. Can you define "retail...

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Persons, individuals?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay, and that €19 billion of retail deposits, how much of that would have been in Ireland? This is the group figure now. The bank was €14.7 billion, the group, €19 billion, broadly speaking.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay. And then non-retail deposits of €32 billion. What are non-retail deposits?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: And how much volatility was there in the overall level of deposits that the bank was holding? Would some of those non-retail deposits be overnight deposits which were flowing in and out? Can you give us the sense of the level of movement?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay. Were you in charge of non-retail deposits as well?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Even when you were - your title was head of retail deposits - you were in charge of non-retail deposits?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Just to clarify, on top of the €51 billion of retail and non-retail, then there were interbank deposits of €20 billion. That wouldn't have fallen under your area.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Was that under treasury?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: So, talk me through the scenario where at the end of September 2008. If Anglo had collapsed or had been allowed to collapse, how would this have worked itself out? You had €51.5 billion of customer deposits. How much cash should you have on hand? If the bank collapsed, how would it have played out?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Your opinion is all I'm asking.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: You know, you were in charge of all the deposits.