Results 18,081-18,100 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael McGrath: We'll ask him that when he comes in.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael McGrath: And is it your understanding that the phrase "a bomb will go off [not in Frankfurt, but in Dublin]", was used in the conversation? Was that ever recited to you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael McGrath: But the Wright report, Strengthening the Capacity of the Department of the Finance, was issued in 2010, which contained many recommendations which were described as urgent, as you know. Prior to your appointment, what was the level of implementation on these recommendations? Do you have any comment on that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael McGrath: Thank you very much, Chair, and you're very welcome, Mr. Moran. Sorry for delaying your evening with the late start. Can I start by asking if you were aware of any contrarian voices or contrarian views inside the Department of Finance in relation to property inflation issues or the issues in the banking system and would you want to elaborate on that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael McGrath: And I suppose a related question to that would be if somebody below the level of Secretary General or below the level of assistant secretary held quite a strong view which was contrary to the overall view of the Department; was there a mechanism put in place, and is there one now, for that view to be channelled to the level of the Minister so that at least the Minister would be aware: "Look,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael McGrath: Okay. Given the Department's primary role in terms of fiscal policy and in light of the fact that during your tenure, you would have had considerable experience in the areas of taxation and budgets, can I ask you to comment on the fact that cyclical taxes, including stamp duty, corporation tax, capital gains tax, rose as a percentage of total revenues from about 8% in 1987 to 30% in 2006,...
- 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: The reports seem to include corporation tax as one.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael McGrath: Which is debatable.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael McGrath: It's debatable.
- 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: And did the Department sufficiently highlight the risks associated with that strategy to the decision-makers, to the Government of the day?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael McGrath: Yes, but in terms of the mix of the revenue base? I mean, the Department on fiscal policy can point to budget strategy memos every June, and, typically, the actual budget and the outturn exceeded that. But on the issue of the dependence within the revenue base on transaction-based taxes, and the growing dependence in the early 2000s and mid-2000s, is there sufficient evidence, in your view,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael McGrath: Okay. Mr. Moran, each year the Governor of the Central Bank would issue a pre-budget report to the Minister, known as the Governor's letter. You state that these letters did not suggest that the Governor had any concerns about financial stability. Should the Governor's letters, or any other reports from the Central Bank, always be taken at face value, and not subject to challenge from...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael McGrath: What was, and is, the Department of Finance's role in the area of financial stability?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael McGrath: And is there any sense that the Governor, in the letter, would hold back to some extent, and then, in a meeting, there might be better flow in terms of a verbal exchange and the risks might be articulated more? Like what would happen when the Governor's letter would come in, would there then be a follow-up meeting, between the Minister and the Governor, to discuss it, and go into more detail?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Michael McGrath: Okay. Mr. Moran, in page 5 of your opening statement, you state that in general terms, the biggest deficiency of advice prior to the crisis was not linking macro-fiscal and financial stability risks. "The Department shares that deficiency," you said. Can you advise the committee more recently what changes have you introduced to address that issue, and how, can you give us an assurance that...