Results 17,621-17,640 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Directly as a result?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: So did it contribute to what happened subsequently in November or was that inevitable anyway, entering into a programme. What role did it play, if any?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: And before the formal negotiations begun into the programme, the Government were saying, you know, we're funded up to the middle of next year, up to mid-2011, so there's no urgency around all of this. Like, what would the NTMA's recommendation be as to how far ahead a country should be funded? How much cash, how much reserves would you have for the ongoing running of a country in the kitty?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay, thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Thank you, Chair. Mr. McCarthy, you're very welcome. Can I start by asking you about some evidence given by Kevin Cardiff when he commented that ... on the decision to enter into bailout negotiations in November 2010, he said the communication at ministerial level over the weekend prior to the announcement of the start of negotiations had not been clear enough to prevent them walking into...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay, that's fine. You say on page 2 of your witness statement that it was made clear on the night of the guarantee that no European or ECB initiative was in prospect which would address the immediate crisis faced by Ireland. So did Governor Hurley advise those present that he had spoken to Mr. Trichet on that day?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: And was a message conveyed that you should stand behind your banks as a country and don't let any bank fail? Was that message conveyed through the same channel?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: That was the backdrop?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay. But was that expressly stated on the night?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: That was the understood position?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay. And was any consideration given over the course of the evening to making contact with the ECB and making the point to them, "We're about to make a major decision about our banking system, the scale of which is potentially beyond the capacity of this State and we're putting it to you, finally, are you prepared to make any intervention to assist?" Was any consideration given to making...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Was clear. Okay. Can I just clear up one issue with you? Were you present when the banks, Bank of Ireland and AIB, were informed of the Government decision to go down the guarantee route because we've had conflicting evidence from Bank of Ireland and AIB? Bank of Ireland's evidence was that they certainly knew on the night and left Government Buildings on the clear understanding, having...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay, but is it possible that one bank was given one message in a bilateral with an official and another bank was not given the same message and so they're both correct in what they're saying? Is that possible?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay. You say on page 11 of your witness statement, when you speak about parliamentary scrutiny, that, "As a general observation, it is understandably more likely that parliamentary time and political engagement will arise in respect of specific actions or measures rather than broader policies and options". Is that your experience of what happened in the time that you were Secretary General...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay. So would you say that that represented a failing of Oireachtas scrutiny, that lack of attention maybe on the bigger issues, the bigger questions, as opposed to, you know, maybe local issues or specific Government decisions rather than policy direction. Was it a failing in your view, or not?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay. Can you recall the issue of subordinated debt being included in the guarantee ... that being discussed on the night?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: And who recommended that it should be included ... that dated subordinated debt should be included? Was it the banks, was it on the official side ... the Central Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay. Deputy Doherty questioned you about the issue of corporation tax during the bailout negotiations. Was it specifically put to Ireland, in the lead-up to those negotiations or during those negotiations by a member of the troika, that you should increase our corporation tax rate?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Michael McGrath: Okay. Just going back to the issue of the incorporeal Cabinet meeting, can you tell us how that works in the sense that once you get through to a majority of Cabinet members and they agree to the proposal from the Taoiseach and the Minister for Finance, is that it or do you contact everyone? Is everyone's view logged, recorded - how does that work?