Results 17,921-17,940 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: -----IBRC, as it subsequently became into the long term. But then the Government made a contrary decision the following day and my question-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Well, it was formally made the following day-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: -----and announced and the management team who had advocated a fundamentally different direction for the bank-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: -----remained in place and were charged with responsibility of implementing the Government decision.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: So was it appropriate that the management team in their entirety remained in place to implement a strategy that they had advocated against and that they were lobbying against?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: That's what it was.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Okay, can I ask you about the letter from ECB President Trichet on 15 October 2010?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: And this has been published as you know and can I ask you, Governor, is it your view that at that point, the ECB had essentially made the decision that Ireland would need to enter a programme of assistance? And, secondly, do you believe that it was appropriate and in order for the ECB to be raising broader issues such as economic strategy, fiscal consolidation, etc., at that stage, issues...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: And the appropriateness of the ECB raising broader issues - economic policy, fiscal policy-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Yes-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Thank you very much, Chair. Governor Honohan, do you judge the IMF country reports and OECD reports as an important information instrument aid in banking regulation, banking supervision and financial stability issues?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Okay. Did you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Did you get the figures for the ELA exposure?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: They sure are.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: So, towards the end of November 2010, the total exposure of the ECB to the Irish banking system was €131 billion-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: -----of which ELA was €45 billion?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Was that effectively State guaranteed, Governor?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: The €45 billion or the €131 billion?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: €45 billion.