Results 18,481-18,500 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: And did you think it was appropriate for a bank to fund margin calls for the biggest investor in its own shares?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Highly unusual. And would you have expressed that view at the meeting?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: And from the documentation before us, the domestic standing group was told the CEO of Anglo Irish Bank had very recently advised the Financial Regulator that there was a low point in the share price below which the bank could not continue to lend to Mr. Quinn. Did that cause concern at the meeting?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: It does.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: But can I ask you what was the position of the Central Bank with regard to the exposure that Seán Quinn had built up in Anglo Irish Bank in relation to contracts for difference in the summer of 2008? What was the Central Bank's position?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: And did you believe it was a significant issue potentially which could affect the stability of the financial system?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: And what action was the Central Bank taking at that time to address that concern which you have expressed there now?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: I would put it to you, Mr. Grimes, that the concerns were documented at this meeting in July 2008 and there's a reference to this being: a very sensitive market situation as if Quinn was unable to meet to his margin requirements and if the 'overhang' of Anglo shares were disposed of by the [contracts for difference] counterpart[s], ... the adverse impact on Anglo's share price could be very...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: So, just to clarify, there were no actions by the Central Bank, just to clarify.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: And were there actions by the Financial Regulator that you were aware of as a very senior person in the Central Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Thank you, Chair. You're very welcome, Ms Burke. In his witness statement, John Hurley stated "No request for funding or resources from the Financial Regulator was ever refused." Is that accurate?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Okay, who did you report to directly, Ms Burke?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: And who was that in 2006-07.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Okay, and he then would have reported to the CEO-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: -----Mr. Neary?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Okay. So if Mr. Hurley's statement is accurate, then your request for additional resources either fell at the hurdle of Mr. Horan or Mr. Neary.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Okay. So if what you're saying is accurate, and what Mr. Hurley is saying is accurate, then it fell at the hurdle of the CEO, Mr. Patrick Neary.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Absolutely. He'll have an opportunity to do so. I'm just trying to join the dots, Chairman. You have stated in your evidence and it has been confirmed that there are about 50 people working in the banking supervision areas. How many were employed overall by the regulator, the IFSRA, by the Financial Regulator?
- 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: Okay, yes.