Results 17,341-17,360 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael McGrath: And how long typically would it have taken before you'd get approval in principle or ... or a ... a verbal assurance that the bank would be interested in supporting a project?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael McGrath: Okay, thank you. Thanks, Chair.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Thank you very much, Chair. Mr. Begg and Mr. Dunne, you're very welcome. Mr. Begg, can I start with you and this is an issue Deputy Higgins did touch on. For most of your tenure on the Central Bank board, you were general secretary of congress. During this period, members of affiliated unions would have seen significant benefits from the economic boom. So, to what extent did your role in...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Okay. Both of you have raised the issue of the change to the regulatory structure in 2003 and can I put this to you first, Mr. Dunne, given that you served on the board of IFSRA and also the overall Central Bank board as well? Do you accept the overall conclusion that Governor Honohan reached on that issue? He examined the institutional structure and the changes that were made and he said...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Okay. Mr. Begg, do you want to offer a view on it? You've dealt with it in your witness statement as well.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Can I ask, do both of you accept that while principles-led regulation was the orthodoxy of the time, that principles-led regulation could have been more intrusive? We have heard evidence along those lines from Cyril Roux, for example, currently the deputy governor and head of financial supervision, that being principles-led did not necessarily mean light-touch. It could have been more...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: So, even before 2003, the regulatory approach was principles-led?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: And had been for a number of years?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Okay. Was there ever any suggestion, Mr. Dunne, that there was a lack of powers for the Financial Regulator in his role in terms of supervising the banks and regulating the banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: I suppose I have to put it to you, the thrust of the evidence so far, on the question of powers, has been that there were sufficient powers and the powers that were available were, generally speaking, not used?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: But it wasn't sought either. It wasn't sought.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Can I ask you both, Mr. Begg first, in the round and given your knowledge now and the experience that you hold, how do you apportion responsibility for the banking crisis?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Try to give me a hierarchy if you can, in your view, of the relative-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: That's the first one ... the international dimension.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Okay. That you've given four reasons there now and the actions of the banks in terms of their lending strategy, their concentration in property and construction, hasn't featured in your top four causes of the banking crisis.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Well, I asked it in order of the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: -----of importance so-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: You put the international dimensions-----