Results 18,241-18,260 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: IBRC Operations (10 Jun 2015)

Michael McGrath: 63. To ask the Minister for Finance the date when his Department discovered that it actually did hold the minutes of the Irish Bank Resolution Corporation board meeting of 15 March 2012; the way this discovery was made; where the minutes were found in his Department; the other board minutes of the Corporation that were held by his Department relating to the years 2009 to 2012; and if he will...

Written Answers — Department of Finance: IBRC Operations (10 Jun 2015)

Michael McGrath: 70. To ask the Minister for Finance if he will provide, in tabular form, for each individual board meeting of the Irish Bank Resolution Corporation, from the nationalisation of the Bank on 21 January 2009 to the appointment of the special liquidator on 7 February 2013, the date of each such meeting; the date on which the board minutes were received in his Department in respect of each such...

Written Answers — Department of Finance: IBRC Liquidation (10 Jun 2015)

Michael McGrath: 71. To ask the Minister for Finance in view of his confirmation that his Department was in receipt of the minutes of board meetings at Irish Bank Resolution Corporation prior to the putting in place of a new relationship framework with the corporation in March 2012, the procedure that was in place within his Department for reviewing those board minutes, and for following up on any issues...

Written Answers — Department of Finance: IBRC Liquidation (10 Jun 2015)

Michael McGrath: 72. To ask the Minister for Finance the date he learned that the actual loss to the Irish Bank Resolution Corporation on the Siteserv transaction in 2012 was €119 million, as recorded in the minutes of the board meeting of the corporation on 15 March 2012; and if he will make a statement on the matter. [22650/15]

Written Answers — Department of Education and Skills: Special Educational Needs Staffing (10 Jun 2015)

Michael McGrath: 162. To ask the Minister for Education and Skills the reason a school (details supplied) in County Meath is losing a special needs assistant; and if she will make a statement on the matter. [22546/15]

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: Thank you, Chair. You're very welcome, Ms O'Dea. Can I start by asking, prior to 2008 the regulator had proposed a number of initiatives to impose more explicit requirements on banks such as directors' compliance statements, corporate governance guidelines and fit and proper requirements. What was your view of these initiatives, and can you describe the circumstances in which the board...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: Ms O'Dea, did principles-led regulation die on the night of the bank guarantee?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: Was there a formal decision to move away from principles-led regulation and to move into more intrusive regulation which you have described?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: And was it your decision and the decision of the board to change the nature and the practice of the regulation early in 2009?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: So, principles-led regulation was no more in early 2009. Is that your testimony?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: In April 2009, the Government announced the initiative to establish NAMA. Were you, as regulator, involved in that decision, or advising the Government as to what the consequences might be for the banks of setting up an asset management-type agency?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: And did you believe that it was an appropriate decision? Did you believe that the idea of cleansing the balance sheets of the banks of bad loans, dealing with the uncertainty about bad debts in theory improving liquidity and credit flow, did you think it was the right idea? Or did you believe that those loans should have been left on the balance sheets of the banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: And did you ever envisage that the NAMA initiative would ultimately expose a €42 billion hole in the balance sheet of the banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: It didn't create it but-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: But NAMA, ultimately NAMA paid €31.8 billion for loans with a face value of €74 billion. So there was a shortfall of €42 billion which the taxpayers had to plug then through recapitalisation. So, did you ever believe in early 2009 that the NAMA initiative would result in, in that type of a shortfall?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: NAMA didn't create it, but-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: ... it exposed it, it allowed the full extent of it to be seen of the losses.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: Thank you very much, Chair. Mr. Roux, you're very welcome. And can I start by asking you do you believe that you now have sufficient powers to take direct action against banks, if that were necessary, to avoid another financial stability crisis?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: So the ECB ... as the new single supervisory authority, as such. And you might just explain how the regulation is working in practice now, the division of responsibilities between the Central Bank in Ireland and the ECB. You have gone into it in an element of detail in your testimony which you provided but can you just advise the committee how that works in practice?