Results 18,441-18,460 of 27,945 for speaker:Michael McGrath

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael McGrath: But he did confirm in the meeting that he held some contracts for difference in Anglo Irish Bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael McGrath: Okay. And when you were considering the import and the significance of that and reflecting back on the meeting you had with David Drumm at the end of September 2007, did you link the two together in your own mind and decide on what course of action might be appropriate?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael McGrath: And then, going forward a few weeks, how did you subsequently find out? I think on 21 March you indicated that you found out the full extent of the CFDs. How did that come to your attention?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael McGrath: And, Mr. Neary, how did you feel when it subsequently emerged publicly that the extent of the stake built up in Anglo, by Mr. Quinn, was over 29%, that from November 2007 to July 2008. Anglo had lent just under €2 billion to Mr. Quinn to fund margin costs associated with the contracts for difference? How did you react to that when the full picture emerged?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Michael McGrath: Okay. Thank you, Chair.

Written Answers — Department of Finance: National Minimum Wage (27 May 2015)

Michael McGrath: 59. To ask the Minister for Finance if his Department consulted with external economists prior to its submission to the Low Pay Commission on the national minimum wage; and if he will make a statement on the matter. [20943/15]

Written Answers — Department of Public Expenditure and Reform: Departmental Bodies Data (27 May 2015)

Michael McGrath: 65. To ask the Minister for Public Expenditure and Reform the number of staff employed in the Irish Government Economic and Evaluation Service at the end of December 2012, December 2013, December 2014, and currently; and if he will make a statement on the matter. [20940/15]

Written Answers — Department of Public Expenditure and Reform: Departmental Bodies Data (27 May 2015)

Michael McGrath: 66. To ask the Minister for Public Expenditure and Reform the annual cost of the Irish Government Economic and Evaluation Service in each year from 2012 to 2014; and if he will make a statement on the matter. [20941/15]

Written Answers — Department of Public Expenditure and Reform: Departmental Bodies Data (27 May 2015)

Michael McGrath: 67. To ask the Minister for Public Expenditure and Reform if he will provide a list of the projects and proposals on which the Irish Government Economic and Evaluation Service has provided advice and analysis to Government Departments and agencies, in each year from 2012 to 2014 and in 2015 to date; and if he will make a statement on the matter. [20942/15]

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: Chairman, a bit of consistency, please, in your application of the rules.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: Thank you very much, Chair. You're very welcome, Mr. Grimes. Can I just start by asking you if there was a clear understanding of who had ultimate accountability for the financial stability of the financial system, and you believe that this was clearly defined and understood by both the Central Bank and the regulator?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: And that was clearly understood by both entities?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: Thank you. You refer in your witness statement on page 11 that special resolution regime legislation as such was not available at the time, and this was in the crisis in September 2008. Can I ask you why special resolution legislation was not available at that stage, given that you said yourself contingency arrangements were being planned since early 2008?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: Yes. But can I ask the Central Bank's position? Did the Central Bank recommend to the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: -----Department of Finance that special resolution legislation be prepared?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: And that was conveyed to the Department of Finance?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Michael McGrath: Okay. And what did you make of the fact that at the end of September '08 it would appear that there wasn't resolution legislation in place, and you believe if it was ready that the Government would have had greater options as to what they may have decided to do?