Results 17,681-17,700 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Your particular role focused on communications. So in terms of the bailout and the lead up to the bailout in November 2010, to what extent was the Minister unhappy with the level of public knowledge which emerged? And obviously when Governor Honohan made the phone call to RTE and the IMF arrived in town on, I think, 18 November, the whole thing blew up. But what was the Minister's view?...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: And was he ... was he particularly uneasy or unhappy then about any element of the bailout package which was subsequently negotiated and agreed?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: And what greater clarity was he looking for in terms of the future of the banks-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: What specifically?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Okay. Finally, Ms Herbert, you mentioned the issue of corporation tax. Can you elaborate on the level at which the corporation tax issue was raised? Was it prior to the bailout negotiations? Was it ECOFIN? And who specifically raised the issue of Ireland's corporation tax and what were they looking for?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: To increase the rate, is it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Was it a red line issue for the Minister?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Okay. Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Thank you very much, Chair, and you are very welcome, Dr. Somers, and thank you for getting through a very comprehensive statement there quite quickly. Can I start by asking about the Merrill Lynch memo for the Government on Sunday, 28 September 2008? And can I ask you to comment on the discussions and the options considered at that time and the advice the NTMA would have provided to the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Okay. So when did you see that memo?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Were you away that weekend?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Then the Merrill Lynch presentation to the NTMA two days earlier on 26 September which again set out a number of strategic options. Were you provided with a copy of that at the time and were you involved in any discussions on the 26th or prior to your departure?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: You were in attendance at a meeting which the note says was 25 September, so it's on page 23 of the evidence book, where "CEO NTMA" is listed as being in attendance. So this was a meeting to discuss liquidity issues. Do you recall that meeting?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: And do you share the view of Mr. McDonagh, which he expressed earlier on, that the expectation within the NTMA was that Anglo would be nationalised?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: So was it the view of NTMA at the end of September '08, that if something had to be done with Anglo that it should be nationalised, as opposed to guaranteed?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Okay. But you're not saying that. Your position was that Anglo should be nationalised at the end of September.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: And were you aware at the time that Mr. McDonagh, as the director of finance, was strongly of the view that the bank should be nationalised? He felt that it was insolvent and that he conveyed that to the Department of Finance through Kevin Cardiff? That's what he told us in the last couple of hours. Were you aware of that at the time?