Results 17,561-17,580 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Michael McGrath: -----creditors over others.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Michael McGrath: That was not requested. So, we have heard in evidence over the last number of weeks that there were potential constitutional issues, that there were legal difficulties around the whole area of property rights and that that's why that option was not pursued.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Michael McGrath: Yes, types of resolutions.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Michael McGrath: And just to clarify - the bailing in of subordinated bondholders, what legislation provided for that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Michael McGrath: 2010?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Michael McGrath: Yes. And, very finally, you said that the ECB had the power and the right to withdraw ELA support for the Irish banks. But when you saw the letter of 19 November 2010 to Minister Lenihan, when the ECB linked the continuation of ELA to the introduction of fiscal consolidation, structural reforms, financial sector restructuring, did you have any concern that in making that link between ELA...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Michael McGrath: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Michael McGrath: Thank you.
- Written Answers — Department of Public Expenditure and Reform: Pension Provisions (15 Jul 2015)
Michael McGrath: 112. To ask the Minister for Public Expenditure and Reform if he has considered amending the rate of the public service pension reduction on amounts over €100,000 to ensure that high paid retired public servants are not financially better off as a result of the Lansdowne Road agreement; and if he will make a statement on the matter. [29414/15]
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Thank you very much, Chair. You're very welcome, Mr. Corrigan. Can I start by asking about the haircut on the acquisition of loans by NAMA from the participating institutions. It ended up around 57%. Can you comment on the level of discounts which were ultimately arrived at and the reasons why you believe those discounts were so high?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Sure. I think it's generally accepted that the NAMA process over the course of 2010 took longer than expected, so to what extent were the delays in that process as a result of the, you know, incomplete security documentation, incomplete documentation generally, large collateral or differences in loan valuations? What type of difficulties did NAMA encounter when they went in and did the due...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay. Overall, you are the supportive of the establishment of NAMA, is that correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: So do you agree ... disagree with the views expressed by Dr. Somers last week, who seemed to take the view that the banks knew where the bodies were buried, as he put it, and that they were best placed to collect the loans and that while you might have an overarching structure of NAMA, with a small number of people in the NTMA, that the actual workout of the loans would be best left to the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Do you think the loan-by-loan acquisition was the way to go?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay. And then over the course of 2009 and 2010 when there were various rounds of bank recapitalisation, what was the nature of your discussions with Government and your advice to Government in relation to recapitalising the financial institutions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Senator O'Keeffe dealt fairly comprehensively with the issue of the view within the NTMA that it would have been better to nationalise Anglo even in September 2008. Was that the corporate view of the NTMA or was it just a view of individuals? Did you collectively arrive at a view which was then the NTMA view?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay. And then you said a while ago that it would be a matter of conjecture as to whether or not it would have made any difference to the ultimate outcome but can I ask your view? Would it have saved any money, for example, to nationalise Anglo in September 2008 as opposed to in January 2009, which is what subsequently happened? Would it have made any difference?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay. I suppose the question is nationalise in September '08 and then do what? What would have followed that in your thinking? And your preference was to nationalise Anglo, but what were the next steps then that would have been taken?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: I mean, the only way that money would be saved is if somebody didn't get paid - senior bondholders, depositors. How could some money have been saved?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay.