Results 17,881-17,900 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: But can I ask you again, in your time as Minister for Finance, do you think you got anything wrong?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: Specifically.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: Nothing?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: Well you have the benefit of hindsight today. So with the benefit of hindsight even, is there anything you would like to allude to that you feel you could have done better?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: And do you believe, Mr. McCreevy, in any sense that you should take any share of the responsibility for the crisis that emerged four years later?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: Okay. Can I put an assertion to you, Mr. McCreevy, that the ingredients of what would eventually become a major crisis were very much in place by the autumn of 2004. For example, there was a rapid expansion of the balance sheets of the banks in the two or three years leading up to the end of your tenure. There was a growing dependence on property lending by the banks at...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: So on those issues that I highlighted there, did you not have any concerns about the trends that were emerging-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: -----in the early 2000s?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: There's no one in this room has made that assertion, Mr. McCreevy, so-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: Mr. Brian Patterson, the chairman of IFSRA, told this committee that it was the responsibility of the Minister for Finance to monitor the chairman of the financial regulatory board and to set goals for him. Would you accept this statement? Do you believe this role was carried out adequately for the period in which Mr. Patterson was chairman and which overlapped with your time as Minister?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: Finally, Mr. McCreevy, going back to the budget strategy memos, which were signed off on each June and you would have signed off on those within the Department as the Minister, you would have signed off on the advice contained in the budget strategy memo, is that correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: And you would have endorsed it's contents-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: -----in so bringing, in bringing to Cabinet? And, can I ask then Minister ... Mr. McCreevy, in light of the fact that there was a lot of horse-trading from that memo in June to the announcement of the budget in December, did the advice of the Department change from June to December or how otherwise can you explain the fact that in 1999, 2000, 2001, 2002 the income tax and welfare package...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: Yes, I have that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Michael McGrath: My question is a pretty narrow one, and that is, when you got to your feet ... during the first week of December to introduce the budget for the following year, was the ... the Department's advice, as set out in the June budgetary strategy memo, was that still the most up-to-date advice from the Department or did their advice change from June to budget day?