Results 17,601-17,620 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: -----in December 2010?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: A number of officials from the NTMA would have travelled out and met with-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay, and did it go any further beyond that then?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: And the initial proposal seemed to be that they were prepared to make an investment of ... in the order of €1.4 billion. €1 billion in preference shares and to pay the market value of 24% of the ordinary shares in Bank of Ireland which were ... was about €400 million. And so Colonel Gaddafi didn't quite almost own a good share in Bank of Ireland, Mr. Corrigan? Not...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Yes. So to what extent was there day-to-day contact between that team and the financial institutions? I mean, would the shareholder unit have been getting minutes from the banks, for example, on a-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: And would they also have gone to the Department?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Sub-committees?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay, finally, you made reference to the ECB grudgingly providing emergency liquidity assistance to the Irish banks in November 2010. Can you elaborate, what do you mean by that? The ECB was providing record levels of funding to the Irish banks as we know at that time. What was your reaction to the letter from Mr. Trichet of 19 November 2010 which essentially threatened that the ELA may...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Yes?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: So do you feel that if the ECB had taken a different approach November 2010 and had made a public statement of support for the Irish banking system, along with providing liquidity, that that would have been very helpful to our situation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Thanks, Chair. Mr. Corrigan, a number of differences have emerged between the NTMA's position on some issues and the Department's and Senator O'Keeffe went through some of those there - the nationalisation of Anglo, your view that AIB would need more capital than Bank of Ireland, the issue of placing deposits in the banks. So can I ask: do you believe that the NTMA was sufficiently listened...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: You referred earlier to the NTMA's view that there was a need for what you called a "deep dive" into the banks to examine their underlying health and that happened first in September 2008 when PwC were appointed but when did the NTMA first start saying this, first start asking or suggesting that, look, we need to go in here and do a due diligence on the banks to see-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: But the NTMA wasn't suggesting that at a much earlier point. And I'm not saying it was your role to do so but in the spring and summer 2008-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: The NTMA was at no earlier meeting of the domestic standing group?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Right.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: A crisis meeting.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay. But just to be clear the domestic standing group from 2007 onwards had been looking at bank liquidity, had been looking at a scoping paper on different scenarios of banks failing, insolvent banks, etc., and the NTMA were present at those meetings. Is that not the case?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: On 25 September 2008 - and I don't believe this minute is in your core booklet, so if you don't recall it, then, obviously, you can't answer - but it was one of these crisis meetings and the CEO of the NTMA, Dr. Somers, was present, you were present along with PwC, Merrill Lynch, the Financial Regulator, the AG, the Taoiseach, Arthur Cox and there was a reference in that paper to "D Doyle...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Very finally, the Deauville declaration - you made reference to it in your witness statement - of October 2010. Given Ireland had been borrowing on the markets up to the early part of September 2010 at reasonable rates, 4% to 5%, what impact did the Deauville declaration have when this issue of burden-sharing was floated, what impact did that have on Irish yields and-----