Results 18,461-18,480 of 27,945 for speaker:Michael McGrath

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

Michael McGrath: I suppose the point is, Mr. Grimes, that in September 2007 we had hundreds of people queuing on the streets of Dublin to get their cash out of Northern Rock, and this was a full year before the crisis hit Ireland as such, and the main banks. And so the question that I think a lot of people would want to know is, why the Central Bank and the Department of Finance were not more prepared with...

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: Can I just clarify, Mr. Grimes, did you say that the amount of emergency liquidity assistance at the end of September '08 was in the region of €40 billion?

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

Michael McGrath: Normal ECB lending, but what type of lending what that? That wasn't ELA?

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 how much actual ELA was there in the Irish banking system at that time?

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

Michael McGrath: Okay. So when you were making the arrangements for a €3 billion facility for Anglo Irish Bank, for example, that would have been ELA?

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

Michael McGrath: There was no other ELA in the system-----

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

Michael McGrath: -----at that stage?

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

Michael McGrath: Okay. Can I just ask you to clarify in the course of the meetings you attended on the night of the guarantee decision, who raised the issue of subordinated debt being included in the guarantee, or did anyone raise it in your presence?

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

Michael McGrath: By whom?

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: You weren't in the room when the banks were present at any stage, were you?

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

Michael McGrath: Okay. Can I just take you to Vol. 1 page 56, Mr. Grimes, which is an extract from a meeting in July 2008 of the domestic standing group.

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

Michael McGrath: And from the documentation before us it is clear that the domestic standing group discussed Seán Quinn's contracts for difference in Anglo. Can I ask you, Mr. Grimes, when did you become aware of Mr. Quinn's exposures to CFDs?

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

Michael McGrath: Approximately?

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

Michael McGrath: These meetings of the domestic standing group noted that Anglo was funding Mr. Quinn's margin calls. Can you recall when you became aware of that?

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

Michael McGrath: Well, it's in the core booklet.

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

Michael McGrath: Pages 56 and 57.

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

Michael McGrath: And it relates to a meeting which you attended.