Results 17,541-17,560 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Communications, Energy and Natural Resources: Energy Schemes (16 Jul 2015)

Michael McGrath: 794. To ask the Minister for Communications, Energy and Natural Resources the annual cost of grants under the better energy homes scheme in each year from 2010 to 2014; and if he will make a statement on the matter. [29730/15]

Written Answers — Department of Transport, Tourism and Sport: Departmental Funding (16 Jul 2015)

Michael McGrath: 825. To ask the Minister for Transport, Tourism and Sport the funding available from his Department for the specific improvement grant scheme in 2015; if he will support the provision of funding for a scheme (details supplied) in County Cork; and if he will make a statement on the matter. [29614/15]

Written Answers — Department of Transport, Tourism and Sport: Vehicle Clamping (16 Jul 2015)

Michael McGrath: 832. To ask the Minister for Transport, Tourism and Sport if he will review the clamping arrangements that are in place at railway station car parks (details supplied) [29929/15]

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Michael McGrath: My question is: over the course of the evening was any reference made to correspondence that had been sent a few days earlier, on 25 September, from Alan Gray to Kevin Cardiff? Did any issue around that come up, to your recollection on the night?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Michael McGrath: You don't believe Alan Gray was mentioned?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Michael McGrath: You don't? Okay. That's fine.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Michael McGrath: Yes. Can I just clarify one thing? The ... it's often stated that the guarantee was a €440 billion guarantee. The Nyberg report, on page 77, gives a breakdown of the guarantee. The guarantee was €375 billion. Is that your understanding as well?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Michael McGrath: That was the actual-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Michael McGrath: Okay. Thank you very much. You refer to the issue of dated subordinated debt being included, and you state that some concerns were raised on the night of the guarantee by Governor Hurley and by some officials in the Department, but the overall view taken was that sub debt should be included.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Michael McGrath: How strong were those concerns that were raised? Can you recall the nature of them?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Michael McGrath: Do you recall why the Governor was possibly against it or raised some concern?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Michael McGrath: Okay. The issue of the promissory notes for Anglo Irish Bank. To what extent was the sovereign fully standing behind those promissory notes? Would they have had the same legal standing as sovereign bonds, for example? Can you just give us a legal perspective on the status of those promissory notes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Michael McGrath: Okay. If, on the night of the guarantee, there was knowledge that ... that a bank had essentially failed and the decision was made to just let it go, in the absence of specific legislation, a bank would just then have been liquidated under the Companies Acts in the normal way.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Michael McGrath: Okay. And in that normal liquidation scenario then, senior bondholders and depositors would rank equally.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Michael McGrath: Okay. So just going back to that issue of special resolution legislation and, as you said, there are different types of resolutions and some resolution-type options were available on the night of the guarantee. But the scenario I want to raise is if ... if a decision had been reached that a bank had essentially failed and instead of having a disorderly wind-up of a bank ... just collapsing...

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Michael McGrath: So in the months leading up to September 2008, was any serious consideration given to having legislation in place for the orderly wind-down of a bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Michael McGrath: Okay. So you were never asked - just to clarify - to prepare any such legislation for ... for winding up a bank in an orderly fashion-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Michael McGrath: -----and seeking to prioritise certain-----