Results 17,981-18,000 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael McGrath: Okay, thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael McGrath: Thank you very much, Chair. You are very welcome, Mr. Cardiff. Can I just ask you about the Financial Regulator, when you were asked on the last occasion here who the regulator was accountable to, you said the regulator was accountable to the Oireachtas. Can I ask you to clarify who the regulator would be operationally accountable to, would it be the board?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael McGrath: Can I take you to the letter from Jean-Claude Trichet on 19 November 2010 and you express some surprise in your composite statement as to why that letter was sent because the ECB was very much involved in the preliminary discussions with the Irish Government on the possible scope of a programme and so forth. So why do you think that letter was sent and why do you think the threat, for want...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael McGrath: He had been getting a bit frustrated at governing council level that the expectation that Ireland would enter a programme hadn't materialised quickly enough for them.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael McGrath: Can I ask you, Mr. Cardiff, notwithstanding what you have said about the Deauville declaration, for example, in October 2010, the reports that were coming out of the G20 in Korea, the possibility that there was briefings going on against Ireland, had it become inevitable in any event that Ireland would require external assistance at that stage?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael McGrath: We had been borrowing at 6% for eight-year money back in September, which is a high rate in today's terms but, even in the succeeding two months, things had deteriorated and moved quite quickly, that you felt a programme would be required.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael McGrath: Sure. The interest rate on the official programme, the bailout, 5.8%, was that higher than the Government expected at the time? Certainly there was a letter from the Governor on 21 November when these issues were emerging and at that time he was stating that the interest rate looks like it would be higher than expected. The NTMA subsequently said 5.8% was not unreasonable. So to what...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael McGrath: Sure. The national recovery plan which you spoke about was published by the Government on 24 November 2010. Roughly, when did work start at Department level on preparing that national recovery plan?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael McGrath: Are we talking about weeks, a few months?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael McGrath: Okay, so in today's hearing we are looking at the period from the beginning of 2009 onwards and of all the events that happened in 2009 and 2010, from nationalising Anglo to recapitalisation of the banks, the setting up of NAMA, the entering into the bailout programme in November 2010, I am sure in hindsight there are probably many issues you think could have been handled differently or...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael McGrath: Yes, very finally, Chair, on 31 March 2011, the new Government's major statement on banking, it appears there was a very late change because of the ECB's position on burden sharing and you ... you give an account of it on page 203 of your composite statement. And I know you weren't directly involved in the telephone conversations that day with Frankfurt but what is your understanding of how...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael McGrath: There would be no statement of support from the ECB-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael McGrath: -----following the Government announcement.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael McGrath: And that would have had very serious consequences?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Michael McGrath: Thank you.
- Credit Unions: Motion [Private Members] (23 Jun 2015)
Michael McGrath: I move:"That Dáil Éireann:agrees that:— the Government has no clear policy to support the strategic growth and development of credit unions in Ireland;notes that:— the credit union movement is critical to the economic and social well-being of communities all over Ireland with almost 3 million members and nearly 400 offices nationally; — the sector, offering...
- Other Questions: Irish Fiscal Advisory Council (23 Jun 2015)
Michael McGrath: That is not what the Irish Fiscal Advisory Council states.
- Other Questions: Irish Fiscal Advisory Council (23 Jun 2015)
Michael McGrath: There is a fundamental disagreement here between the Irish Fiscal Advisory Council's report and the Department of Finance.
- Other Questions: Irish Fiscal Advisory Council (23 Jun 2015)
Michael McGrath: That would be very helpful. The Minister should also accept the Fianna Fáil Party's recommendation that, as the general election approaches, the Irish Fiscal Advisory Council be given the power to cost the proposals of all the political parties and Independent Members. To do so would be to do a great service to members of the public who will have to work out all the different noises...