Results 18,061-18,080 of 27,945 for speaker:Michael McGrath

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: It is challenging questioning, Chairman, and it has to be.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: Mr. Cardiff in your opinion was there a lack of skilled professional economists in the Department, and how did this impact the way in which the Department performed its duties during your tenure?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: Okay, and finally---

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: Finally Mr. Cardiff, in terms of the overall Central Bank and Financial Services Regulatory Authority board and their work on financial stability issues and issuing bulletins, did you feel that board members had the knowledge and expertise to draw their own conclusions on financial stability aspects?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: Thank you, Chair, and you're very welcome, Mr. Moran. You put some context in your witness statement around the whole issue of burning bondholders and, and I appreciate that. But can I put one specific question to you, and that is at the end of March 2011, when Minister Noonan was preparing to go into the Dáil and announce his statement on the restructuring of the banking system ......

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: I do.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: That doesn't answer the question, Mr. Moran.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: It was a fairly straight question.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: Did he threaten-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: Did he raise the issue of withdrawing the funding support for the Irish banks if the Government went ahead and imposed losses?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: I appreciate that you weren't a party to the conversation, but what is your understanding of the answer to the question I was putting.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: Is it your understanding-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: Yes and that's all context and that's all in your statement, but again, to go back to the question, is it your understanding that there was a threat or not to withdraw the funding support for the Irish banks in the ECB?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: And was there a record kept of that conversation? Or notes recorded?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: Okay, because, on page 5 of your statement, you refer to the context in which the decision was made not to proceed with the burden-sharing and you say that the funding implications to the banks and their retail depositors of a withdrawal of Central Bank funding support had to be considered, amongst other issues.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: So that's a live issue.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: Do you think that might've been spelled out to him a little earlier on?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Michael McGrath: In a conversation that he had?