Results 18,261-18,280 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: So, going back to my first question, you state that the authorities, principally the ECB, now have adequate powers but can I ask you if the Central Bank has adequate resources and expertise available to it now to regulate the banks or to perform its regulatory functions in terms of the banks? And I do so in the context of The Irish Timesarticle this morning detailing some correspondence you...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Does that mean we can't keep them?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: We can't keep them.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: So in the area that you have responsibility for as deputy governor and, essentially, head of financial regulation, what would be the vacancy rate currently?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: In the banking area.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: So you have 124 positions filled-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: -----and you have 140 approved.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Okay. And the 16 vacant positions, are efforts being made to fill those positions, but they've been unsuccessful, or why ... why is there a vacancy of 16 positions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: And-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Sure. Just to put it in context, can you give us a direct comparison, because we had evidence from Mary Burke who was the head of banking supervision, that back in 2006, for example, there was a three-person team responsible for Bank of Ireland and Anglo Irish Bank-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: -----and there was a three-person team responsible for AIB and Irish Life & Permanent. So give us a comparison. Where are we at today, in terms of staff resources for ... responsible for a certain number of banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Okay, four to six people. And they are dedicated solely to work on issues relating to that bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Can I ask Mr. Roux, do you believe that the authorities, the national supervisory authority and the ECB, now have effective instruments available to deal with future excessive credit growth or sectoral concentration in terms of lending by the banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Okay. Can I ask you Mr. Roux to clear up one thing ... this issue of principles-led regulation, which was used in Ireland and is being cited as the method of regulation in the developed world. Where did it come from? What's the provenance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: So, in the Irish case, are you saying that it wouldn't be fair to blame the system of principles-based regulation, was it more the application of that regulation, the way in which it was executed? Is that what you're saying? You can put it in your own words, but-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Your opening statement goes into some detail about the changes at, at European level and you describe the changes as being profound - the additional capital requirements, for example, since the crisis. But can I ask you, Mr. Roux, to give us your view on the responsibility for the regulation of the banks in Ireland in the years leading up to the crisis? To what extent can it be attributed...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Yes, up to 2008. It's only ... I'm asking your view. I know you weren't here, etc., but you have an informed view-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: Have you read the reports; the Honohan report, Regling and Watson, Nyberg, have you read those reports?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Michael McGrath: What was your impression?