Results 17,821-17,840 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: Mr. FitzPatrick?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: And what did he have to say?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: And was that the first you had heard of Seán Quinn's exposure to contracts for difference in Anglo?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: Did Mr. FitzPatrick say something along the lines of what was written in The FitzPatrick Tapesby Tom Lyons and Brian Carey, "What I said was, what was really happening was ... coming ... from the shorters, these guys, the hedge funds, trying to get Quinn”? Was that his message, his explanation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: Okay, and the fact that there was such a hit to the share price over one day, did you not regard that as the markets passing judgment on Anglo on the business model? Was it a forewarning of greater problems to come ... that the market had lost confidence in that way?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: And what did you do with the information you ... you gathered? You asked Mr. Fitzpatrick to take up the issues with the authorities-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: -----and did you personally do anything further on that issue?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: You attended a private dinner in the Anglo Irish Bank offices on 24 April 2008. How did that dinner come about and were you accompanied by an official from the Department?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: Was it informal or were there speeches or ...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: Were you accompanied by anyone?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: And can I ask-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: Can I ask in light of the fact that the share price had taken a whack a month earlier and the knowledge that you had learned of ... of Mr. Quinn's contracts for difference, for example, and the serious liquidity pressures that Anglo and other banks were facing, was it wise and prudent to go along to a dinner like that without an official from the Department of Finance from the banking side?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: And were the pressures that the bank was facing at that time discussed?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: No, not at all? Okay. Mr. Cowen, did anyone lobby you for a guarantee of bank liabilities during your time as Minister for Finance? So up to May 2008, were you lobbied personally-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: -----in favour of a guarantee of any kind?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: No. As you know, we heard evidence from Kevin Cardiff that a number of people had made representations or had made their views known in favour of a guarantee. He said Seán FitzPatrick did, for example, through Governor Hurley, in April 2008 ... that former Minister McCreevy, at an event, expressed his view that there should be some political statement behind the banking system. You...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: Okay. And his reference in his testimony to a "DD" having suggested the need for a broad guarantee, he couldn't be certain of who DD was referring to; you can't enlighten us on that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: Okay. Why was resolution legislation not prepared in the first five months of 2008, given that you, as a Department, were looking at all of the various scenarios? There was certainly a reference to nationalisation legislation in early 2008 but why was special resolution legislation dealing with a scenario of a bank failing and the need to protect depositors - try to separate them from other...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: Okay. So in May 2008-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Michael McGrath: Okay. So it wasn't being seriously countenanced because of those difficulties, it wasn't seen as feasible?