Results 17,941-17,960 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: But the sovereign was standing behind-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: -----the ELA?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Did you say earlier, Governor, that the ECB would never have withdrawn ELA?
- 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: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: So it was a game of chicken.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: On the evening of 18 November, when you stepped out of the informal gathering of the ECB, was it a meeting-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: -----or was it an informal-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: -----gathering. You stepped out to make the call to-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: -----Minister Lenihan, presumably you relayed the contents back to your colleagues when you went back in.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Okay. But did anyone suggest to you, within the realm of the ECB, that you should consider making a public statement?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: You said, Governor, that there was excitement and alarm at ECB level on 18 November. You made contact with Minister Brian Lenihan, the following day you made the statement on "Morning Ireland". On 19 November, Mr. Trichet issued the infamous letter to Brian Lenihan, which contained what I think can only be described as a very direct and explicit threat. Is it the case that the ECB, come...
- 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: Just to clarify - you don't believe it was a threat.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: So you would have seen it as a threat.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Finally, Chair, on the issue of the involvement of the ECB in the question of burden sharing, both in November 2010 and in March 2011, Kevin Cardiff's description of what Mr. Trichet said at Kilmainham was that it was a fallacy that the ECB simply advised Government.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: At the end of March ... 31 March?
- 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: Mr. Cardiff said-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Michael McGrath: Mr. Cardiff said he received an instruction-----